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MLP » Topics » (a) No Default shall exist under the Loan Documents, or would exist with notice or passage of time, or both;These excerpts taken from the MLP 10-K filed Mar 31, 2009. (a) No Default shall exist under the Loan Documents, or would exist with notice or passage of time, or both;(b) Administrative Agent shall have received any and all sums then due and owing under the Loan Documents together with all escrow, closing and recording costs, the costs of preparing and delivering such partial release and the cost of any title insurance endorsements required by Administrative Agent, including, without limitation, a CLTA and 111 endorsement;(c) Administrative Agent shall have received evidence reasonably satisfactory to Administrative Agent that: (i) the portion of the Property to be reconveyed and the portion of the Property which shall remain encumbered by the Mortgage are each legal parcels lawfully created in compliance with all subdivision laws and ordinances and, at Borrower’s sole cost, Administrative Agent shall have received any title insurance endorsements to that effect requested by Administrative Agent; and (ii) that the portion of the Property which shall remain encumbered by the Mortgage have the benefit of all utilities, easements, public and/or private streets, covenants, conditions and restrictions as may be necessary, in Administrative Agent’s reasonable judgment, for the anticipated development and improvement thereof;(d) Administrative Agent shall have received evidence reasonably satisfactory to Administrative Agent that any tax, bond or assessment which constitutes a lien against the Property has been properly allocated between the portion of the Property to be reconveyed and the portion of the Property which shall remain encumbered by the Mortgage; and(e) Administrative Agent shall have received in immediately available funds for the ratable benefit of the Lenders the Plantation Golf Course Release Price. As used herein, the “Plantation Golf Course Release Price” shall mean the sum of $45,000,000.00. The Plantation Golf Course Release Price shall be applied for the ratable benefit of the Lenders to reduce outstanding principal under the Loan and the Credit Limit shall be permanently reduced by the amount of the Plantation Golf Course Release Price.Neither the acceptance of any payment nor the issuance of any partial release by Administrative Agent shall affect Borrower’s obligation to repay all amounts owing under the Loan Documents or under the lien of the Mortgage on the remainder of the Property which is not reconveyed.
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3.3 Financial Covenants. In order to reflect the agreement of the parties to modify the financial covenants provided in the Loan Agreement, Section 7.12 is amended to read in its entirety as follows:(a) No Default shall exist | EXCERPTS ON THIS PAGE:
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