Transferee’s Principals means collectively, (A) Transferee’s managing members, general partners or principal shareholders and (B) such other members, partners or shareholders which directly or indirectly shall own a fifty-one percent (51%) or greater economic and voting interest in Transferee.
Transferee’s Principals shall have the meaning set forth in Section 5.2.13(d)(ii) hereof.
Transferee’s Principals means, with respect to any proposed transferee, such transferee’s shareholders, partners, members or non-member managers that, directly or indirectly, (i) own ten percent (10%) or more of the legal, beneficial or economic interests in such Transferee or (ii) are in control of such Transferee. As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management, policies or activities of such Person, whether through ownership of voting securities, by contract or otherwise and the term “controlled” shall have a correlative meaning.
Examples of Transferee’s Principals in a sentence
Other than in connection with a TIC Assumption, the proposed transferee (the “ Transferee”) or Transferee’s Principals (hereinafter defined) must have demonstrated expertise in owning and operating properties similar in location, size and operation to the Property, which expertise shall be reasonably determined by Lender.
More Definitions of Transferee’s Principals
Transferee’s Principals means collectively, (A) Transferee's managing members, general partners or principal shareholders and (B) such other members, partners or shareholders which directly or indirectly shall own a fifty-one percent (51%) or greater economic and voting interest in Transferee.
Transferee’s Principals shall have the meaning set forth in Section 5.2.13(d)(ii) hereof. "UCC" or "UNIFORM COMMERCIAL CODE" shall mean the Uniform Commercial Code as in effect in the applicable State in which the Property is located.
Transferee’s Principals means (i) the managing members, general partners or principal shareholders of an entity, or (ii) such other members, partners, or shareholders of an entity who shall have at a least 15% beneficial ownership interest in such entity. Mortgagor Concentration Tishman Speyer DC Portfolio II. One Alliance Center. Bethany Maryland Porxxxxxx II. Extendicare Portfolio and Extendicare Portfolio II. Waivers; Modifications Tishman Speyer DC Portfolio II. 2445 M Street. 0000 Xxxxxxxxxxxx Xxxxxx xxx 0000 Xxxnsylvania Xxxxxx. Bethany Maryland Porxxxxxx II. Eagle Rock. 200 Galleria. Inspection Property Release Extendicare Portfolio, Extendicare Portfolio II and Tishman Speyer DC Portfolio II. The release of individual Mortgaged Properties are permitted in connection with the substitution of such Mortgaged Properties with other properties as collateral subject to the satisfaction of conditions set forth in the loan documents. Greenbriar Shopping Center. The Mortgagor may obtain a release of an REPRESENTATION FROM SCHEDULE II PROPERTY AND EXCEPTION ------------------------------- ---------------------------------------------- unimproved specified portion of the Mortgaged Property for no consideration in accordance with criteria set forth in the Mortgage. Four Points by Sheraton - Saginaw. The Mortgagor may obtain a release of an unimproved specified portion of the Mortgaged Property for no consideration provided certain conditions are satisfied, including the achievement of certain DSCR and LTV ratio tests. Highlands at Galloway Apartments. X xxxxxon of the Mortgaged Property may be released for no consideration pending the outcome of a condemnation proceeding provided certain conditions are satisfied.
Transferee’s Principals shall include Transferee's (A) managing members, general partners or principal shareholders and (B) such other members, partners or shareholders which directly or indirectly shall own a 15% or greater interest in Transferee; Transferee and Transferee's Principals shall, as of the date of such transfer, have an aggregate net worth and liquidity reasonably acceptable to Lender; Transferee, Transferee's Principals and all other entities which may be owned or controlled directly or indirectly by Transferee's Principals ("Related Entities") must not have been a party to any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any insolvency act, or any act for the benefit of debtors within seven (7) years prior to the date of the proposed transfer of the Property; Transferee shall assume all of the obligations of Borrower under the Loan Documents in a manner satisfactory to Lender in all respects, including, without limitation, by entering into an assumption agreement in form and substance satisfactory to Lender and one or more Transferee's Principals having an aggregated net worth and liquidity reasonably acceptable to Lender shall execute in favor of Lender a Guaranty of Recourse Obligations and Environmental Indemnity Agreement in form acceptable to Lender; There shall be no material litigation or regulatory action pending or threatened against Transferee, Transferee's Principals or Related Entities which is not reasonably acceptable to Lender; Transferee, Transferee's Principals and Related Entities shall not have defaulted under its or their obligations with respect to any other indebtedness in a manner which is not reasonably acceptable to Lender; No Event of Default or event which, with the giving of notice, passage of time or both, shall constitute an Event of Default, shall otherwise occur as a result of such transfer, and Transferee and Transferee's Principals shall deliver (A) all organization documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender, and (B) all certificates, agreements and covenants reasonably required by Lender; and Borrower shall deliver, at its sole cost and expense, an endorsement to the existing title policy insuring the Security Instrument, as modified by the assumption agreement, as a valid first lien on the Property and naming the Transferee as owner of the Property, which endorsement shall insure that, as of the date of ...
Transferee’s Principals shall have the meaning set forth in Section 3.02(a).
Transferee’s Principals means, with respect to any proposed transferee, such transferee’s shareholders, partners, members or non-member managers that, directly or indirectly, (i) own ten percent (10%) or more of the legal, beneficial or economic interests in such Transferee or (ii) are in Control of such Transferee.