Subpartnership definition
Examples of Subpartnership in a sentence
Neither Borrower nor any of its wholly Owned Subsidiaries nor any Subpartnership shall engage to any substantial extent in any line or lines of business other than the businesses of owing, managing, leasing and operating regional malls and retail strip shopping centers and other related businesses to the extent incidental to the conduct of any of the foregoing businesses.
Each Subpartnership, Resorts and Debtor have fully complied with all requirements imposed on them in connection with (a) the organization and formation of such Subpartnership or Resorts, as applicable, and (b) the sale, distribution and offer of partnership interests in such Subpartnership and membership interests in Resorts.
The Lender shall have received a copy of the Organic Documents for the Subpartnership that will be capitalized with the proceeds of the requested Advance.
Except in connection with the dissolution and liquidation of the Partnership pursuant to Section 13 of this Agreement, the Partnership may not distribute to the Partners securities of entities in which the Partnership invests or interests held by the Partnership in any Subpartnership or other entities.
Any purchase or sale of any assets between the Partnership or any Subpartnership and the General Partner, the Management Company, any other ▇▇▇▇▇▇-▇▇▇▇▇ managed fund or account, the Approved Person or their respective Affiliates must be on such terms and conditions that are no less favorable to the Partnership or Subpartnership than those provided by an unaffiliated third party in an arm’s length transaction and must first be approved by the Executive Board.
If following any such Property Release, the Wholly-Owned Subsidiary or Subpartnership owning the Project so released does not have any ownership interest in any of the remaining Collateral, the Agent and the Lenders shall, at Borrower's request, release such Wholly-Owned Subsidiary or Subpartnership from any guaranty of the Obligations executed by it.
Notwithstanding anything in this Agreement to the contrary, the Lender shall not be obligated to make any additional Advance to the Borrower pursuant to this Agreement if, based on the Lender's determination in its reasonable discretion, the Partnership or any Subpartnership has failed to satisfy its obligation to make the distributions described in the preceding sentence and such failure is continuing.
Except as otherwise expressly permitted by the terms of this Agreement, Borrower shall, and shall cause each of its Wholly Owned Subsidiaries and each Subpartnership to, preserve and keep in full force and effect its existence, rights, franchises and trade names.
The Borrower acknowledges to the Lender that (i) each Subpartnership is generally obligated to distribute all net cash flow (other than tax distributions) to its members (including the Partnership) and (ii) the Partnership is generally obligated to distribute all net cash flow (other than tax distributions and amounts established as reserves) to its partners (including the Borrower).
Neither Borrower, the REIT nor any Guarantor Subpartnership is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, the Interstate Commerce Act, the Investment Company Act of 1940 or any other federal or state statute or regulation such that its ability to incur indebtedness is limited or its ability to consummate the transactions contemplated by the Loan Documents is materially impaired.