Junior Mezzanine Loan Sample Clauses

Junior Mezzanine Loan. Defined in the Recitals.
Sample 1
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Junior Mezzanine Loan. (a) Borrower and Lender are entering into the Junior Mezzanine Loan Agreement contemporaneously with this Agreement. Under this Agreement and the Junior Mezzanine Loan Agreement, Lender may advance to Borrower an aggregate maximum principal amount up to, but not in excess of, the Maximum Aggregate Advance Amount. The Borrower and Lender agree that, at any given time, any principal amounts advanced to Borrower by Lender under this Agreement and the Junior Mezzanine Loan Agreement shall be allocated as follows:
Sample 1
Junior Mezzanine Loan. Junior Mezzanine Lender hereby acknowledges that (i) no Mezzanine Borrower other than Junior Mezzanine Borrower shall have any liability or obligation whatsoever with respect to the Junior Mezzanine Note or otherwise in connection with the payment of the Junior Mezzanine Loan; (ii) the Junior Mezzanine Loan does not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Separate Collateral securing any Mezzanine Loan other than the Junior Mezzanine Loan; (iii) the Junior Mezzanine Loan does not grant to Junior Mezzanine Lender the status as a creditor of any Mezzanine Borrower other than Junior Mezzanine Borrower; (iv) Junior Mezzanine Lender shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Separate Collateral securing the any Mezzanine Loan other than the Junior Mezzanine Loan; (v) Junior Mezzanine Lender shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense any status as a creditor of any Mezzanine Borrower other than Junior Mezzanine Borrower in any action or proceeding, including any insolvency or bankruptcy proceeding commenced by or against Junior Mezzanine Borrower; and (vi) Junior Mezzanine Lender shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Mezzanine Loan as having conferred upon Junior Mezzanine Lender any lien or encumbrance upon, or security interest in, the Separate Collateral securing any Mezzanine Loan other than the Junior Mezzanine Loan or as having conferred upon Junior Mezzanine Lender the status of a creditor of any Mezzanine Borrower other than Junior Mezzanine Borrower.
Sample 1
Junior Mezzanine Loan. Subject to the provisions of this Section 2.15, Borrower shall have the right, at no cost or expense to Lender, to obtain an additional junior mezzanine loan (the “Approved Junior Mezzanine Loan”) with respect to the Mortgaged Property. The initial principal amount of the Approved Junior Mezzanine Loan shall not be greater than the lesser of (x) $25,000,000 and (y) the amount that when combined with the outstanding Principal Indebtedness and the outstanding First Mortgage Principal Indebtedness causes the aggregate amount of debt financing secured directly or indirectly by the Mortgaged Property to equal 80% of Borrower’s Basis in the Mortgaged Property. The closing of the Approved Junior Mezzanine Loan shall be subject to the following conditions precedent: (x) Borrower shall have obtained the prior approval of the Lender with respect to the identity of the Lender under the Junior Mezzanine Loan (the “Approved Junior Mezzanine Lender”) and the terms of the Approved Junior Mezzanine Loan, such approval not to be unreasonably withheld or delayed, (y) if the First Mortgage Loan has been included in a Secondary Market Transaction (as such term is defined in the First Mortgage Loan Agreement) in which Securities (as such term is defined in the First Mortgage Loan Agreement) were issued, First Mortgage Borrower shall have delivered to First Mortgage Lender a First Mortgage Rating Confirmation and (z) Borrower shall have paid all out-of-pocket expenses incurred by the Lender in connection with the transaction. In connection with any Junior Mezzanine Loan,
Sample 1
Junior Mezzanine Loan. Junior Mezzanine Borrower is permitted to obtain the Junior Mezzanine Loan, subject to the terms of the Junior Loan Intercreditor Agreement.
Sample 1

Related to Junior Mezzanine Loan

  • Existing Loan Seller represents and warrants that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete. Neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall assume the Existing Loan and Buyer shall pay all administrative fees, assumption fees and underwriting costs, if any, charged by the Existing Lender in connection with said assumption. Seller shall cooperate with Buyer in Buyer’s efforts related to the assumption of the Existing Loan including executing such applications, certificates and other documents required by the Lender and providing any information required by the Lender in connection with the assumption of the Existing Loan. Seller shall be responsible for the costs of its attorneys, and Buyer shall be responsible for the costs of its attorneys. In addition, Buyer shall be responsible for the cost, if any, of Existing Lender’s attorneys, related to the assumption of the Existing Loan.

  • Whole Loan Each Mortgage Loan is a whole loan and not a participation interest in a mortgage loan.

  • Refinancing Term Loans (a) The Borrower may by written notice to Administrative Agent elect to request the establishment of one or more additional tranches of term loans denominated in Dollars under this Agreement (“Refinancing Term Loans”) to refinance an outstanding Class of Term Loans. Each such notice shall specify the date (each, a “Refinancing Effective Date”) on which the Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not less than five Business Days after the date on which such notice is delivered to the Administrative Agent; provided that:

  • Refinancing Debt Borrowed Money that is the result of an extension, renewal or refinancing of Debt permitted under Section 10.2.1(b), (d) or (f).

  • Subordinated Indebtedness The Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Indebtedness.

  • Bridge Loan Upon the execution and delivery of the Merger Agreement by the parties thereto and subject to the terms and conditions contained herein, Lender hereby agrees to make the Loan to Borrower, and Borrower agrees to issue and sell to Lender, the Note in the principal amount of $2,000,000.00. All principal and accrued interest on the Note shall be due and payable upon the Maturity Date (as defined in the Note).

  • Term Loan Subject to the terms and conditions set forth herein, each Lender severally agrees to make its portion of a term loan (the “Term Loan”) to the Borrower in Dollars on the Closing Date in an amount not to exceed such Lender’s Term Loan Commitment. Amounts repaid on the Term Loan may not be reborrowed. The Term Loan may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein, provided, however, all Borrowings made on the Closing Date shall be made as Base Rate Loans.

  • Term Loans Subject to the terms and conditions of this Agreement, on the Closing Date, each Lender then party to this Agreement severally (and not jointly) made a term loan to Borrowers (collectively, the “Existing Term Loans”) in an amount equal to $20,000,000. Subject to the terms and conditions of this Agreement and the First Amendment, on the First Amendment Effective Date, each Lender severally (and not jointly) agrees to make an additional term loan to Borrowers (collectively, the “First Amendment Term Loans”) in an amount equal to such Lxxxxx’s Term Loan Commitment, such that after giving effect to the First Amendment on the First Amendment Effective Date, the aggregate principal amount of the Term Loans hereunder shall be $40,000,000. Subject to the terms and conditions of this Agreement and the Second Amendment, on the Second Amendment Effective Date, each Lender severally (and not jointly) agrees to make an additional term loan to Borrowers (collectively, the “Second Amendment Term Loans,” and together with the Existing Term Loan and the First Amendment Term Loans, collectively, the “Term Loans”), in an amount equal to such Lxxxxx’s Term Loan Commitment, such that after giving effect to the Second Amendment on the Second Amendment Effective Date, the aggregate principal amount of the Term Loans hereunder shall be $60,000,000. All Term Loans shall be made in and repayable in Dollars. Amounts repaid in respect of Term Loans may not be reborrowed, and upon each Lender’s making of the Second Amendment Term Loans on the Second Amendment Effective Date, any then outstanding Term Loan Commitment of such Lender shall be terminated (it being understood and agreed that the initial Term Loan Commitments of $20,000,000, under and as defined in this Agreement as in effect on the Closing Date, were reduced to $0 upon the funding of the Existing Term Loans on the Closing Date and the Term Loan Commitments of $20,000,000, under and as defined in this Agreement as in effect on the First Amendment Effective Date, were reduced to $0 upon the funding of the First Amendment Term Loans on the First Amendment Effective Date).

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Existing Loans Schedule 3.14(a) attached hereto lists, as of the date of this Agreement, (i) all secured Indebtedness presently encumbering the Property or any direct or indirect interest in the Company, and (ii) all unsecured Indebtedness of the Company or any Company Subsidiary (collectively, the “Existing Company Loans”), and the outstanding aggregate principal balance of each such Existing Company Loan as of April 30, 2019. Except as set forth on Schedule 3.14(b) attached hereto, the Existing Company Loans and the documents entered into in connection therewith (such notes, deeds of trust and all other documents or instruments evidencing or securing such Existing Company Loans including any financing statements, and any amendments, modifications, and assignments of the foregoing shall be referred to collectively as the “Existing Company Loan Documents”) are in full force and effect as of the Closing Date. True, correct and complete copies of the Existing Company Loan Documents (other than financing statements, ancillary certificates and other similar ancillary documents) have been made available to MAMP. No material breach or material default by the Company or any Company Subsidiary has occurred under any Existing Company Loans. Except as set forth on Schedule 3.14(c) attached hereto, no event has occurred and is continuing which with the passage of time or the giving of notice (or both) would constitute a material breach or default under any of such Existing Company Loan Documents, nor has the Company received or given written notice of a default under any Existing Company Loan Documents, which remains uncured.

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