Direct Owner definition

Direct Owner means each Subsidiary of the Borrower that directly owns, or is the ground lessee of, an interest in any Property.

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Direct Owner means, with respect to any Person, any other Person who has any direct ownership interest in such Person.

Direct Owner has the meaning specified in the definition of “Unencumbered Eligible Property”.

Examples of Direct Owner in a sentence

• Notwithstanding anything in this Article 10.3 to the contrary, the Construction Manager remains fully responsible under it’s Contract with the Owner, and the implementation of this direct purchase program shall not be used in any manner by the Construction Manager to justify any delay unless such delay is a direct result of the Owner’s failure to comply with the terms of the Direct Owner Purchase Program through no fault of the Construction Manager.

• Name of Subsidiary State of Incorporation/Formation Borrower Direct/Indirect Ownership Interest Direct Owner 1.

• Each direct and indirect Wholly Owned Subsidiary of the Borrower that is the Direct Owner of an Unencumbered Property or an Indirect Owner of any such Direct Owner and each of which shall be organized under the laws of a State in the United States.

• Notwithstanding anything in this Article 10.3 to the contrary, the Construction Manager remains fully responsible under its Contract with the Owner, and the implementation of this direct purchase program shall not be used in any manner by the Construction Manager to justify any delay unless such delay is a direct result of the Owner’s failure to comply with the terms of the Direct Owner Purchase Program through no fault of the Construction Manager.

• The Subsidiary Guaranty provided by a Subsidiary Guarantor shall be automatically released, solely as it relates to such Subsidiary Guarantor, at such time as such Subsidiary Guarantor is no longer a Direct Owner of an Unencumbered Asset.

More Definitions of Direct Owner

Direct Owner means each Subsidiary of the Borrower that directly owns any Eligible Loan Asset.

Direct Owner means, (i) as to any Unencumbered Property that is owned by or ground leased to a Subsidiary of the Borrower, the Subsidiary of the Borrower that directly owns or ground leases such Unencumbered Property and (ii) as to any Unencumbered First Mortgage Receivable held by a Subsidiary of the Borrower, the Subsidiary of the Borrower that directly holds such Unencumbered First Mortgage Loan Receivable.

Direct Owner means, as to any Eligible Asset that is owned by or ground leased to a Subsidiary of the Borrower, any Subsidiary of the Borrower that directly owns or ground leases a portion of such Eligible Asset.

Direct Owner has the meaning set forth in the definition of Unencumbered Asset.

Direct Owner has the meaning specified in the definition of “Eligible Property.”

Direct Owner means each Subsidiary of the Company that directly owns, or is the ground lessee of an interest in, any Unencumbered Portfolio Property.

Direct Owner means each Subsidiary of the Borrower that directly owns an interest in any Property.