impose requirements intended to preserve such entity’s separateness that are substantially similar to the SPE Requirements. The Independent Director or Independent Manager for each of Borrower, on one hand, and Mortgage Borrower and Mortgage Pledgor (if any), on the other hand, shall at all times be separate persons.
“Initial Maturity Date” is defined in Section 2.4(a).
“Initial Required Equity” means an amount equal to or greater than $61,754,677.00.
“Inspector” means the independent inspector retained by Administrative Agent (for the benefit of Lender) at Borrower’s cost to perform the functions described in Section 4.5.
“Institutional Real Estate Investor” means (i) any bank, insurance company, pension fund or other similar non-individual investor, provided that said entity conducts business in the United States, or (ii) a United States based real estate fund that is comprised of investors that are Institutional Real Estate Investors.
“Interest Rate” shall mean a rate of one thousand four hundred basis points (i.e., 14.0%) per annum.
“Investor” is defined in Section 14.13.
“IRS Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.
“Late Charge” is defined in Section 2.2(b).
“Leases” has the meaning ascribed to such term in the Master Loan Agreement.
“Legal Requirements” means all applicable existing and future federal, state and local laws, ordinances, rules and regulations and court orders affecting the Mortgaged Property, the Collateral, Borrower, Mortgage Borrower, Mortgage Pledgor or the Indemnitor including those pertaining to zoning, landmarks, historical sites, wetlands, subdivision, land use, environmental, traffic, fire, building, union collective bargaining agreements (which are binding upon trade contractors performing work at the Mortgaged Property), occupational safety and other applicable labor laws (including any applicable minimum or prevailing wage laws), health and Americans with Disabilities Act.
“Lender” is defined in the introductory paragraph on page one of this Agreement.
“Lender Parties” means Lender, DK, any present and future Administrative Agent, loan participants, co-lenders, loan servicers, custodians and trustees, and each of their respective directors, officers, employees, shareholders, agents, affiliates, heirs, legal representatives, successors and assigns.
“Lien” means any security interest or encumbrance of or in the Mortgaged Property or the Collateral securing an obligation owed to, or a claim by, any Person other than the owner of the Mortgaged Property or the Collateral, whether such interest is based on common law, statute