Law means any action, code, consent decree, constitution, decree,
directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty, rule of public policy, settlement agreement,
statute, or writ, of any Governmental Authority, or any particular section, part or provision thereof.
Lender has the
meaning assigned to such term in the introduction to this Agreement.
Liabilities means all liabilities, obligations,
losses, claims, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable and documented out of pocket attorneys fees and expenses) and disbursements of any kind or nature whatsoever.
Lien means any deed of trust, mortgage, lien, pledge, charge, security interest or encumbrance of any kind (including any
agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing;
provided that the leasehold interests of tenants in respect of rental properties and possessory interests of occupants pursuant to an extended stay program shall not constitute Liens for purposes of this Agreement.
Liquidity means, with respect to any Person, the sum of (a) its unrestricted Cash, plus (b) its unrestricted Cash
Equivalents.
Margin Stock has the meaning assigned to such term in Regulation U.
Material Adverse Effect shall mean a material adverse effect on (a) the property, taken as a whole, business,
operations, financial condition or prospects of any Borrower, (b) the ability of any Borrower to perform its obligations under any of the Facility Documents to which it is a party, (c) the validity or enforceability of any of the Facility
Documents, (d) the rights and remedies of the Lender under any of the Facility Documents, (e) the timely repayment of the principal and interest of all Advances or payment of other amounts payable in connection therewith or (f) the
Collateral.
Maximum Credit has the meaning ascribed to such term in the Pricing Side Letter.
Minimum Liquidity Amount has the meaning ascribed to such term in the Pricing Side Letter.
Minimum Tangible Net Worth Amount has the meaning ascribed to such term in the Pricing Side Letter.
Multiemployer Plan means an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA that is
sponsored by any Borrower or a member of its ERISA Group or to which any Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.
Net Worth means, with respect to any Person, the excess of total assets of such Person, over total liabilities of such
Person, determined in accordance with GAAP.
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