Tenant Site definition
Examples of Tenant Site in a sentence
Notwithstanding the other provisions of this Section 2.17, no cash offer from the Servicer or any Affiliate thereof shall constitute a fair price for a Specially Serviced Tenant Site Asset unless such offer is the highest cash offer received and at least two (2) independent offers (not including the offer of the Servicer or any Affiliate) have been received.
The Servicer and the Indenture Trustee shall each furnish to the other such reports, certifications and information in its possession, and access to such books and records maintained thereby, as may relate to the Notes, the Tenant Site Assets, the Tenant Leases or the other Collateral and as shall be reasonably requested by the other in order to enable each to perform its duties hereunder.
If title to Equity Interests is acquired by virtue of realization on the Collateral, the Servicer shall act in accordance with the Servicing Standard to liquidate Specially Serviced Tenant Site Assets or such Equity Interests on a timely basis in accordance with, and subject to the terms and conditions of, Section 2.17 and the Indenture.
The Person conducting any such new valuation must be a valuation expert selected by the Servicer if neither the Servicer nor any Affiliate thereof is submitting an offer with respect to a Specially Serviced Tenant Site Asset and selected by the Indenture Trustee if either the Servicer or any Affiliate thereof is so submitting an offer (as notified in writing to the Indenture Trustee).
The Servicer shall give the Indenture Trustee, the Manager, the Obligors and the Controlling Class Representative not less than ten (10) Business Days prior written notice of its intention to sell any such Specially Serviced Tenant Site Asset pursuant to this Section 2.17(b).
No Interested Person shall be obligated to submit (but none of them shall be prohibited from submitting) an offer to purchase such Specially Serviced Tenant Site Asset, and notwithstanding anything to the contrary herein, the Indenture Trustee in its individual capacity (or in its capacity as Backup Manager) or its affiliates or agents, may not bid for or purchase such Specially Serviced Tenant Site Asset.
Any offer by the Servicer shall be unconditional; and, if accepted, such Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets shall be transferred to the Servicer without recourse, representation or warranty other than customary representations as to title given in connection with the sale of real property.
Any sale of any Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets shall be final and without recourse to the Indenture Trustee or the Obligors, and if such sale is consummated in accordance with the terms of this Agreement, neither the Servicer nor the Indenture Trustee shall have any liability to any Noteholder with respect to the purchase price therefor accepted by the Servicer or the Indenture Trustee (including whether such purchase price was fair or adequate).
If an additional offer or offers, as the case may be, are received and the original offer of the Servicer or any Affiliate thereof is the highest of all cash offers received, then the bid of the Servicer or such Affiliate shall be accepted; provided that the valuation expert hired by the Indenture Trustee has otherwise determined, as described above in this Section 2.17(c), that such offer constitutes a fair price for such Specially Serviced Tenant Site Asset or Specially Serviced Tenant Site Assets.
The failure of the Servicer to disclose any information otherwise required to be disclosed by this Section 2.09 shall not constitute a breach of this Section 2.09 to the extent that the Servicer so fails because such disclosure, in the reasonable belief of the Servicer, would violate Section 2.10 or any applicable law or any provision of a Transaction Document prohibiting disclosure of information with respect to the Notes or a Tenant Site Asset.