Subsidiary Property definition
Examples of Subsidiary Property in a sentence
Each Operating Account shall be opened by the Property Manager, upon receipt of a fully-executed Owner Subsidiary Property Management Agreement between the Property Manager and the applicable Owner Subsidiary and a W9 completed by such Owner Subsidiary, at U.S. Bank, N.A. or another bank to be determined by the Property Manager.
Borrower is the sole member of the Subsidiary Property Owners and owns 100% of the economic and Voting Interests of the Subsidiary Property Owners free and clear of all liens, restrictions, claims, pledges, encumbrances, charges or rights of third parties and rights of setoff or recoupment whatsoever other than those in favor of the Agent hereunder.
Each Subsidiary Property Owner is a limited partnership, corporation or limited liability company, as applicable, duly organized pursuant to its certificate of limited partnership or other organizational agreements filed with the appropriate Secretary of State and is validly existing and in good standing under the laws of its state of organization.
No Subsidiary Property Owner shall settle, adjust or compromise any claim under such insurance policies without the prior written consent of the Agent; provided, however, that such Subsidiary Property Owner may make proof of loss, settle, adjust or compromise any claim under such insurance policies which is of an amount less than $250,000.00 so long as no Default or Event of Default has occurred and is continuing.
No reorganizations, spin-offs or new business lines of any Subsidiary Property Owner shall be established or occur without the prior written consent of the Majority Banks, except as permitted under §5.2.
No Subsidiary Property Owner will conduct any of its business operations other than through such Subsidiary Property Owner.
All of the property, rights and interests of the Subsidiary Property Owners and the Borrower which are or are intended to be subject to the security interests and liens created by the Security Documents, including, without limitation, the Guaranty.
Banks, by making the Loans or taking any action pursuant to any of the Loan Documents, shall not be deemed a partner or a joint venturer with any Subsidiary Property Owner or the Borrower or fiduciary of any Subsidiary Property Owner or the Borrower.
The Agent shall have received incumbency certificates, dated as of the date of this Agreement, signed by a duly authorized officer of the Trust (with respect to the Borrower), and the Subsidiary Property Owners and giving the name and bearing a specimen signature of each individual who shall be authorized to sign, in the name and on behalf of such Subsidiary Property Owner, the Borrower and the Trust, each of the Loan Documents to which such Person is or is to become a party.
Provided no Event of Default has occurred and is continuing, and the maturity of the Obligations has not been accelerated, Aquia, or any Subsidiary Property Owner which Agent approves in writing to incur Subsidiary Subordinate Debt, shall be permitted to pay only accrued but unpaid interest on the Subsidiary Subordinate Debt.