Senior Lender definition
Examples of Senior Lender in a sentence
The proposed 12-month operating budget shall include with particularity the projected (I) Total Gross Revenues, (II) Total Senior Lender Debt Service Payments, (III) Total Approved Operating Expenses, (IV) Total Property Management Fee Payment, (V) annual General Partner Asset Management Fee, (VI) annual Limited Partner Asset Management Fee, (VII) payments by the Borrower into the Capital Replacement Reserve, and (VIII) Residual Receipts, on a month-by- month basis for the applicable Fiscal Year.
Failure of Subordinate Lender to send a default notice to Senior Lender shall not prevent the exercise of Subordinate ▇▇▇▇▇▇'s rights and remedies under the Subordinate Loan Documents, subject to the provisions of this Agreement.
Senior ▇▇▇▇▇▇'s permission for the placement of the Subordinate Loan Documents does not constitute Senior Lender as a joint venturer or partner of Subordinate Lender.
If Subordinate Lender or Senior Lender defaults in performing or observing any of the terms, covenants or conditions to be performed or observed by it under this Agreement, the other, non-defaulting Lender shall have the right to all available legal and equitable relief.
Senior Lender shall have the opportunity, but not the obligation, to cure any Subordinate Mortgage Default within 60 days following the date of such notice; provided, however that Subordinate Lender shall be entitled, during such 60-day period, to continue to pursue its rights and remedies under the Subordinate Loan Documents, subject to the limitations set forth in Section 6(b) below.