Senior Secured Loan Sample Clauses

Senior Secured Loan. The obligations of the Borrower to Lender hereunder shall rank senior to all other debts of the Borrower, whether now or hereinafter existing, except with respect to the leaseholder agreement between Borrower and Beflort Manor, LP successor to Xxxx Group, LLC, for the real property located at 000 X Xxxx Xxxxxx Xxxx 000, Xxx Xxxxxxx, XX 00000 ("Landlord"). Landlord shall retain its security interest in its real estate and lease as described in Exhibit 1. Secured Promissory Note
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Senior Secured Loan. Classification LTV <=65% LTV <=70% LTV<=75% LTV <=80% LTV <=85% LTV <=90% Multifamily 80 % 80 % 80 % 75 % 65 % 55 % Retail, Office, Industrial, Healthcare, Land Development, Construction Properties and other 80 % 80 % 80 % 75 % 65 % 60 % Hotel 80 % 75 % 70 % 65 % N/A N/A Sale/Leaseback Loan Classification LTV <=65% LTV <=70% LTV<=75% LTV <=80% LTV <=85% LTV <=90% Multifamily 80 % 80 % 80 % 75 % 65 % 55 % Retail, Office, Industrial, Healthcare, Land Development and other 80 % 80 % 80 % 75 % 60 % 50 % Hotel 80 % 75 % 70 % 65 % N/A N/A B-Note Loans Classification LTV<=75% LTV <=80% LTV <=85% LTV <=90% Multifamily 60 % 60 % 60 % 50 % Retail, Office, Industrial, Healthcare, Land Development and other 55 % 55 % 55 % 50 % Hotel 60 % 55 % N/A N/A Mezzanine Loan Classification LTV <=80% LTV <=85% LTV <=90% Multifamily 40 % 40 % 40 % Retail, Office, Industrial, Healthcare and other 40 % 40 % 40 % Hotel 50 % N/A N/A For purposes of calculating the Class A Advance Rate with respect to any Acquired Loans, Agented Loans and Participation Loans, the applicable Class A Advance Rate will be determined by reference to the type of underlying Loan being acquired, assigned, agented or participated in, as the case may be.
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Senior Secured Loan. (l) Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations under this Indenture shall be in U.S.
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Senior Secured Loan. Schedule 10 hereto lists all of the Senior Secured Loan Documents. The set of documents delivered to Lender pursuant to Section 5.01(n) is a full, complete and correct copy of the Senior Secured Loan Documents and such documents have not been modified and are in full force and effect. There are no agreements or understandings relating to the Senior Secured Loan that are not fully and accurately described in the documents delivered to Lender.
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Senior Secured Loan. A Loan that (i) is not (and is not permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the Obligor of such Loan, other than any senior obligation that is held entirely or controlled by the Borrower, (ii) is secured by a valid first priority perfected security interest or lien in, to or on the assets of the Obligor under such Loan (such assets to include the cash flow of the Obligor) which security interest or lien is not subordinate to the security interest or lien securing any other obligation for borrowed money, other than any senior obligation that is held entirely or controlled by the Borrower and (iii) the Servicer determines in its sole discretion to have collateral (including the valuation of the Obligor based upon cash flows) securing the Loan on or about the time of origination; provided, that, notwithstanding the foregoing, any right of payment pursuant to any of (x) any obligation which is less than the greater of $1,000,000 or 10% of the outstanding principal amount of such Loan, (y) a revolving credit facility for working capital that is senior to such Loan and is collateralized by a valid first priority perfected security interest in the accounts receivable or other specific asset classes of the Obligor or (z) a hedging agreement between the Obligor and a hedging counterparty provided to enhance the collateral securing the Loan and the long-term cash flow of the Obligor shall be permitted hereunder and shall not otherwise disqualify such Loan as a Senior Secured Loan. A Loan that (A) is subordinate to one or more senior obligations held or controlled by an Affiliate of the Borrower and (B) would satisfy the requirements of clauses (i) and (ii) above if such senior obligations were instead held and controlled by the Borrower, shall be deemed to satisfy the requirements of clauses (i) and (ii) above if the Borrower and the relevant Affiliate shall have entered into an intercreditor agreement, in form and substance reasonably satisfactory to all Lenders providing that the effective priority in right of payment of the Obligor’s obligations to the Borrower and the effective priority of the Borrower’s security interest or lien, as applicable, securing such Loan are at least pari passu with the security interest or lien securing such other senior obligation.
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Senior Secured Loan 
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Related to Senior Secured Loan

  • Senior Secured Leverage Ratio The Borrower will not permit the Senior Secured Leverage Ratio as of the end of any Fiscal Quarter ending after the Closing Date and occurring during any period set forth below to be greater than the ratio set forth opposite such period: Senior Secured Period Leverage Ratio ------ -------------- Closing Date to 3.10:1 3/31/98 4/1/98 to 6/30/98 3.00:1 7/1/98 to 9/30/98 2.85:1 10/1/98 and thereafter 2.75:1

  • Consolidated Senior Secured Leverage Ratio Upon and after the consummation of a Qualified Notes Offering, permit the Consolidated Senior Secured Leverage Ratio as of the end of any fiscal quarter of the US Borrower (beginning with the fiscal quarter ended September 30, 2018) to be greater than (A) during a Specified Acquisition Period, 4.00 to 1.00, and (B) at all other times, 3.50 to 1.00.

  • Default on Senior Indebtedness The Company may not pay the principal of, or premium, if any, or interest on, the Subordinated Securities or make any deposit in trust under Article IV or XIII and may not repurchase, redeem or otherwise retire (except, in the case of Subordinated Securities that provide for a mandatory sinking fund pursuant to Article XII by the delivery of Subordinated Securities by the Company to the Trustee pursuant to Section 12.03) any Securities (collectively, “pay the Subordinated Securities”) if any principal, premium or interest or other amount payable in respect of Senior Indebtedness is not paid within any applicable grace period (including at maturity) or any other default on Senior Indebtedness occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, the default has been cured or waived and any such acceleration has been rescinded or such Senior Indebtedness has been paid in full in cash; provided, however, that the Company may make payments on the Subordinated Securities without regard to the foregoing if the Company and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Indebtedness. During the continuance of any default (other than a default described in the preceding sentence) with respect to any Senior Indebtedness pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Company may not make payments on the Subordinated Securities for a period (a “Payment Blockage Period”) commencing upon the receipt by the Company and the Trustee of written notice of such default from the Representative of any Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period (a “Blockage Notice”) and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated by written notice to the Trustee and the Company from the Person or Persons who gave such Blockage Notice, by repayment in full in cash of such Designated Senior Indebtedness or because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this Section 14.03), unless the holders of such Designated Senior Indebtedness or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness, the Company may resume payments on the Subordinated Securities after such Payment Blockage Period. Not more than one Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to any number of issues of Senior Indebtedness during such period. For purposes of this Section 14.03, no default or event of default that existed or was continuing on the date of the commencement of any Payment Blockage Period with respect to the Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment Blockage Period by the Representative of such Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days.

  • Secured Indebtedness The Borrower shall not permit the ratio of (i) Secured Indebtedness of the Borrower and its Subsidiaries to (ii) Total Asset Value to be greater than 0.40 to 1.00 at any time.

  • Senior Subordinated Notes The subordination provisions contained in the Senior Subordinated Notes and in the other Senior Subordinated Note Documents are enforceable against the Borrower and the holders of the Senior Subordinated Notes, and all Obligations are within the definition of "Senior Debt" included in such subordination provisions.

  • Notes Subordinated to Senior Indebtedness The Company covenants and agrees and the Trustee and each Holder of the Notes, by its acceptance thereof, likewise covenants and agrees, that all Notes shall be issued subject to the provisions of this Article Ten; and the Trustee and each person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees that the payment of all Obligations on the Notes by the Company shall, to the extent and in the manner herein set forth, be subordinated and junior in right of payment to the prior payment in full in cash or Cash Equivalents of all Obligations on the Senior Indebtedness; that the subordination is for the benefit of, and shall be enforceable directly by, the holders of Senior Indebtedness, and that each holder of Senior Indebtedness whether now outstanding or hereinafter created, incurred, assumed or guaranteed shall be deemed to have acquired Senior Indebtedness in reliance upon the covenants and provisions contained in this Indenture and the Notes.

  • Notes Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of Notes, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article 11, the Indebtedness represented by the Notes and the payment of the principal of, premium, if any, and interest on the Notes are hereby expressly made subordinate and subject in right of payment as provided in this Article 11 to the prior payment in full in cash or Cash Equivalents or, as acceptable to the holders of Senior Indebtedness, in any other manner, of all Senior Indebtedness. This Article 11 shall constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of or continue to hold Senior Indebtedness; and such provisions are made for the benefit of the holders of Senior Indebtedness; and such holders are made obligees hereunder and they or each of them may enforce such provisions.

  • No Payment When Senior Indebtedness in Default (a) In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any Senior Indebtedness beyond any applicable grace period with respect thereto, or in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing and shall have resulted in such Senior Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in payment or event of default, then no payment shall be made by the Company on account of principal of (or premium, if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided , however , that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article XII by delivering and crediting pursuant to Section 12.02 Securities which have been acquired (upon redemption or otherwise) prior to such default or which have been converted pursuant to Article XIV. In the event that, notwithstanding the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any payment with respect to which Section 15.02 would be applicable.

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