Pledgor definition
Examples of Pledgor in a sentence
Each of Borrower and Pledgor has filed (or has obtained effective extensions for filing) all federal, state and local tax returns required to be filed and has paid (unless they are not yet past due or are being contested in good faith, provided adequate reserves have been set aside), or made adequate provision for the payment of all federal, state and local taxes, charges and assessments payable thereby.
For avoidance of doubt, no Transfer of the Property or of any direct interest in Borrower or Pledgor shall occur without the prior written consent of Lender, or release Borrower, Pledgor or Guarantor from any liability under the Note and other Loan Documents.
Other than the Loan Documents, neither Borrower nor Pledgor is subject to any contractual obligations pursuant to which its assets are bound that might materially adversely affect the Property or the business, operations, or condition (financial or otherwise) of Borrower or any other Borrower Party, or has incurred any Indebtedness other than unsecured trade payables incurred in the ordinary course of business relating to the ownership, renovation and operation of the Properties.
Each of Borrower and Pledgor believes that its tax returns (if any) properly reflect the income and taxes of Borrower or Pledgor, as applicable, for the periods covered thereby.
Pledgor owns one hundred percent (100%) of all interests in Borrower, and is the sole and managing member of Borrower.