Trust Manager definition
Examples of Trust Manager in a sentence
Borrower shall not replace Trust Manager without ▇▇▇▇▇▇’s prior written consent, which may be withheld in ▇▇▇▇▇▇’s sole and absolute discretion, and any such replacement shall comply with all relevant State of Delaware trust laws.
In addition, if Trust Manager holds title to the Property (in its capacity as manager of Borrower), upon replacement of such Trust Manager, Borrower shall deliver to Lender a date down endorsement to the title policy issued to Lender in connection with the closing of the Loan, without exceptions other than Permitted Encumbrances and confirming that such replacement trustee holds title to the Property subject to the lien of the Security Instrument.
Borrower shall cause Trust Manager to (a) initially indicate on the Ownership Records that MDRR XXV Depositor 1, LLC, a Delaware limited liability company, is the sole Beneficial Owner of Class 2 Beneficial Interests of Borrower and (b) periodically revise, contemporaneously with the issuance or transfer of Beneficial Interests in accordance with the Trust Agreement, changes in mailing addresses, or other changes.
Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened in writing against ▇▇▇▇▇▇▇▇, Guarantor, and/or Trust Manager which might have a Material Adverse Effect.
Borrower and Trust Manager shall at all times be a Special Purpose Entity.