Common use of Deemed Distributions Clause in Contracts

Deemed Distributions. Borrower represents that any transfer by Mortgage Lender or Mezzanine A Lender of Owner’s funds (whether pursuant to Section 2.4.4, Section 6.11 or otherwise under the Mortgage Loan Agreement or whether pursuant to Section 2.4.4 or otherwise under the Mezzanine A Loan Agreement) to Lender pursuant to the Mezzanine A Loan Agreement, other Mezzanine A Loan Documents, Mortgage Loan Agreement or any other Mortgage Loan Document is intended by Borrower to constitute, and Borrower represents that such transfers shall constitute, distributions from Owner or Mezzanine A Borrower to Borrower and shall be treated as such on the books and records of Borrower, Mezzanine A Borrower and Owner. Borrower agrees that all such distributions shall comply with the requirements of Section 18-607 of the Delaware Limited Liability Company Act. Borrower agrees that no provision herein or in any other Loan Document is intended by Borrower to, nor shall any such provision be construed to create, a debtor-creditor relationship between Owner, Mezzanine A Borrower and Borrower.

Deemed Distributions. Borrower represents that any transfer by Mortgage Lender or Mezzanine A Lender of OwnerBorrower’s funds (whether pursuant to Section 2.4.45.4(b), Section 6.11 6.13 or otherwise under otherwise) to or for the Mortgage benefit of any Mezzanine Loan Agreement or whether Borrower pursuant to Section 2.4.4 or otherwise under the Mezzanine A Loan Agreement) to Lender pursuant to the Mezzanine A Loan Agreement, other Mezzanine A Loan Documents, Mortgage Loan this Agreement or any other Mortgage Loan Document is intended by Borrower to constitute, and Borrower represents that such transfers shall constitute, distributions from Owner or Mezzanine A Borrower to Current Mezzanine Loan Borrower (or, if any New Mezzanine Loan exists, from Borrower to New Mezzanine Loan Borrower and (where applicable) from New Mezzanine Loan Borrower to Current Mezzanine Loan Borrower), and shall be treated as such on the books and records of Borrower, Mezzanine A Borrower and OwnerMezzanine Loan Borrower. Borrower agrees that all such distributions shall comply with the requirements of Section 18-607 of the Delaware Limited Liability Company Act. Borrower agrees that no provision herein or in any other Loan Document is intended by Borrower to, nor shall any such provision be construed to create, a debtor-creditor relationship between Owner, Mezzanine A Borrower and Borrowerany Mezzanine Loan Borrower or any Mezzanine Loan Lender.