Representation 34 definition

Representation 34. With respect to Loan No. 10019241/Chase Village Apartments, members of the related Borrower may obtain financing secured by pledges of their respective ownership interest in the entities comprising the related borrowing entity, upon the prior written consent of the holder of the Mortgage and the satisfaction of certain conditions, including specified debt service coverage and loan to value ratios, execution of an intercreditor and subordination agreement by an institutional mezzanine lender, establishment of a lockbox arrangement and receipt of rating agency confirmation. With respect to Loan No. 10018624/Tarrant Parkway Commons, the sole member of each Co-Borrower at the time of the closing of the subject mortgage loan ("Tarrant Pledging Member") obtained a loan from an unrelated party in the amount of $1,910,000.00, secured by the Tarrant Pledging Member's membership interests in each such Co-Borrower. This subordinate loan is subject to a subordination agreement providing that payment rights with respect to the subordinate loan are subordinated to the subject mortgage loan. The related Mortgaged Property is subject to a lockbox arrangement. With respect to Loan No. 10018625/Elk Lakes Shopping Center, the sole member of each Co-Bo▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇ ▇he subject mortgage loan ("Elk Pledging Member") obtained a loan from an unrelated party in the amount of $4,685,916.00, secured by the Elk Pledging Member's membership interests in each such Co-Borrower. This subordinate loan is subject to a subordination agreement providing that payment rights with respect to the subordinate loan are subordinated to the subject Mortgage Loan. The related Mortgaged Property is subject to a lockbox arrangement.
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Examples of Representation 34 in a sentence

  • Representation 34: The Loan Agreement permits the Columbiana Property and interests in the Columbiana Borrower to be transferred without Lender's consent provided that certain conditions are satisfied and provided that the transferee is a Qualified Transferee (as defined below).

  • Grievance Procedure 32 Section 23.01 Filing Grievances 32 Section 23.02 Resolution at Earliest Possible Step 33 Section 23.03 Waiver of Additional Process 33 Section 23.04 Filed Within 15 Days 33 Section 23.05 Step One 33 Section 23.06 Step Two 33 Section 23.07 Step Three 34 Section 23.08 Suspension and Discharge Grievances Filed At Step Two 34 Section 23.09 Lodge Representation 34 Section 23.10 Time Limits 34 Section 23.11 No Interruptions in Service 35 Article XXIV.