Permitted Mezzanine Financing Sample Clauses

Permitted Mezzanine Financing. (a) Notwithstanding anything herein to the contrary, provided that (i) no Default or Event of Default has occurred and is continuing, (ii) the Debt Service Coverage Ratio for the twelve (12) month period trailing the date of determination is at least 1.5:1, and (iii) the principal amount of the Loan as of the date of determination does not exceed seventy percent (70%) of the aggregate fair market value of the Property as reasonably determined by Lender based upon an Appraisal, obtained at Borrower’s sole cost and expense, dated not more than sixty (60) days prior to the date of determination, Borrower may, at Borrower’s sole cost and expense, elect on a one-time basis to obtain a mezzanine loan (a “Mezzanine Loan”) from a lender or lenders (any such party or parties, collectively, the “Mezzanine Lender”), which Mezzanine Loan may be secured by a pledge of Mezzanine Borrower’s (hereinafter defined) direct equity interests in Borrower or in any SPE Equity Owner; provided, further, that Borrower shall be permitted hereunder to obtain a Mezzanine Loan only upon satisfaction of the following additional terms and conditions:
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Permitted Mezzanine Financing. Following repayment of the B Note Borrower shall have the right to permit pledges and transfers of equity interests in Borrower in connection with Permitted Mezzanine Financing used by the partners of the Borrower in accordance with the provisions of Schedule VI attached hereto and incorporated herein. If the Person providing the Permitted Mezzanine Financing is an unrelated third party, then Lender agrees to execute and deliver to such Person an intercreditor agreement substantially in the form of the Intercreditor Agreement supplementing Schedule VI attached hereto. If Permitted Mezzanine Financing is provided by an Affiliate of Borrower, Lender shall not be required to execute and deliver the form of Intercreditor Agreement attached hereto but instead Borrower shall provide a subordination and stand still agreement in form and substance acceptable to Lender.
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Permitted Mezzanine Financing. Notwithstanding the provisions of Section 7.2 hereof or anything to the contrary contained herein, in connection with an assumption of the Loan pursuant to Section 7.5 or simultaneous with the repayment in full of the Mezzanine Loan, the holders of direct and/or indirect equity interests in Transferee or in Borrower may obtain a mezzanine loan (the “Permitted Mezzanine Financing”) provided that each of the following conditions are satisfied:
Sample 1
Permitted Mezzanine Financing. For the avoidance of doubt and notwithstanding the restrictions contained in Section 6.2 hereof and Article 5 of the Security Instrument, a constituent party or parties (direct or indirect) of Borrower (other than any SPE Component Entity) (collectively, the “Permitted Mezzanine Borrower”) shall be permitted to incur on a one-time basis mezzanine financing secured by a pledge of Permitted Mezzanine Borrower’s direct or indirect equity interests in Borrower (the “Permitted Mezzanine Financing”) only upon the satisfaction of the following terms and conditions, and if such conditions are satisfied, the Permitted Mezzanine Financing shall not be a Prohibited Transfer:
Sample 1
Permitted Mezzanine Financing. Notwithstanding anything to the contrary in Section 2.16(d) of the Mortgage, but in all respects subject to the other terms, conditions and restrictions set forth in the Mortgage (including, without limitation, Section 2.16(c)), Lender hereby consents to the following pledges (the "Pledges", collectively with all of the other documents evidencing and securing the loan secured by the Pledges, the "Pledge Documents"): (a) the pledge by Bluerock to Key Bank National Association (“Key Bank”) as additional collateral under the Revolving Credit Agreement dated May 10, 2011, as amended (the “Key Bank Line”) between Bluerock, Bluerock Special Opportunity + Income Fund II, LLC (“SOIF II”), Bluerock Special Opportunity + Income Fund, III, LLC (“SOIF III”) and BR Chapel Hill LLC of its right, title and interest in the BR Member (provided such pledge is expressly limited to the economic rights held by Bluerock in BR Member and does not constitute a grant of a security interest in any of Bluerock’s other rights, title or interest in the membership interests held by Bluerock in BR Member, including, without limitation, the right to exercise any voting or current rights of Bluerock in BR Member and the right to become a substitute member in BR Member (collectively, the “Excluded Rights”)) and (b) the pledges by (x) BEMT MDA, LLC to SOIF III (the “BEMT Pledge”) of all of its interest, dividends, cash, checks, instruments and other distributions whether in cash, property, obligations or any other form payable under or received, receivable or otherwise distributed in respect of its membership interest in BR Member (but expressly excluding any membership interest in BR Member itself and any shares of stock, membership interests in or other securities in BR Member) as security for the draw by Bluerock Enhanced Multifamily Trust, Inc. (“REIT”) under that certain Line of Credit and Security Agreement dated October 2, 2012 between REIT, as borrower, and SOIF II and SOIF III, as lenders, for purposes of funding the BEMT MDA, LLC’s acquisition of its interest in BR Member and (y) SOIF III to Key Bank of its right, title and interest in the BEMT Pledge as additional collateral under the Key Bank Line; provided, however, that the pledged interests with respect to each Pledge shall be an economic interest only and in no event shall the pledgee thereof have any right to foreclose upon or otherwise acquire any ownership interest in any Affiliate of Borrower or Bluerock. Nothing contain...
Sample 1
Permitted Mezzanine Financing. Notwithstanding anything to contrary contained in this Loan Agreement, provided no Event of Default has occurred and is continuing and upon not less than thirty (30) days’ prior written notice to Lender, the owner(s) (collectively, the “Permitted Mezzanine Borrowers”) of (i) the direct or indirect limited partnership interests in Borrower, (ii) the direct or indirect limited liability company interests in Ashford Chicago O’Hxxx XX, LLC, the general partner of Borrower, and/or (iii) the limited liability company interests in Operating Tenant, shall be permitted to obtain one or more mezzanine loans (the “Permitted Mezzanine Loans”) provided the following conditions and requirements are satisfied:
Sample 1
Permitted Mezzanine Financing. (a) Notwithstanding anything to contrary contained in Article 10, Mezzanine Borrower shall be permitted to pledge direct or indirect interests in Borrower in connection with the Mezzanine Loan pursuant to the Mezzanine Loan Documents.
Sample 1
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Related to Permitted Mezzanine Financing

  • Pre-financing Pre-financing is intended to provide the beneficiary with a float. Where required by the provisions of Article I.4 on pre-financing, the beneficiary shall furnish a financial guarantee from a bank or an approved financial institution established in one of the Member States of the European Union. The guarantor shall stand as first call guarantor and shall not require the Commission to have recourse against the principal debtor (the beneficiary). The financial guarantee shall remain in force until final payments by the Commission match the proportion of the total grant accounted for by pre-financing. The Commission undertakes to release the guarantee within 30 days following that date.

  • Project Financing B.1. The Foundation hereby agrees to fund, by Conditional Grant, the implementation of the Proposal in the maximum sum of $ or 50% of the actual expenditures on the Project, as contemplated in the Approved Project Budget, whichever is less, and at the times and as may otherwise be set forth in Annex B hereto.

  • Refinancing Facilities (a) Upon written notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to time elect to refinance any Class of Term Loans or Revolving Credit Commitments, in whole or in part, with one or more new term loan facilities (each, a “Refinancing Term Facility”) or new revolving credit facilities (each, a “Refinancing Revolving Credit Facility”; the Refinancing Term Facilities and the Refinancing Revolving Credit Facilities are collectively referred to as “Refinancing Facilities”), respectively, under this Agreement with the consent of the Borrower, the Administrative Agent (not to be unreasonably withheld or delayed) and the institutions providing such Refinancing Term Facility or Refinancing Revolving Credit Facility or, in the case of any series of Term Loans, with one or more series of senior unsecured notes or term loans or senior secured first lien notes or term loans or senior secured junior lien (as compared to the Liens securing the Secured Obligations) term loans, in each case, if secured, that will be secured by Liens on the Collateral on a pari passu basis or junior priority basis (as applicable) with the Liens on Collateral securing the Secured Obligations and will be subject to customary intercreditor arrangements reasonably satisfactory to the Borrower and the Administrative Agent (any such notes or loans, “Refinancing Equivalent Debt”); provided that (i) except with respect to customary bridge loans, any Refinancing Term Facility or Refinancing Equivalent Debt does not mature, or have a weighted average life to maturity, earlier than the final maturity, or the weighted average life, of the Class of Term Loans or Incremental Term Loans being refinanced, (ii) any Refinancing Revolving Credit Facility does not mature prior to the maturity date of the Revolving Credit Commitments being refinanced, (iii) the other terms and conditions of such Refinancing Term Facility, Refinancing Revolving Credit Facility or Refinancing Equivalent Debt (excluding pricing and optional prepayment or redemption terms) are (taken as a whole) no more favorable to the lenders or investors, as applicable, providing such Refinancing Term Facility, Refinancing Revolving Credit Facility or Refinancing Equivalent Debt, as applicable, than those applicable to the Term Loans, Incremental Term Loans or the Revolving Credit Commitments being refinanced, (iv) there shall be no borrower, issuer and/or guarantor under any Refinancing Equivalent Debt other than the Borrower and/or the Subsidiary Guarantors, as applicable, (v) the proceeds of any Refinancing Facility or Refinancing Equivalent Debt shall be applied, substantially simultaneously with the incurrence thereof, to the prepayment of outstanding Loans (and, in the case of any Refinancing Facility or Refinancing Equivalent Debt the proceeds of which are used to refinance the Revolving Credit Commitments, to the pro rata commitment reduction) under the facility being refinanced, and (vi) to the extent secured, any such Refinancing Facility or Refinancing Equivalent Debt shall not be secured by any lien on any asset that does not also secure the Facilities. Each such notice shall specify the date on which the Borrower proposes that the Refinancing Facility shall be made or the Refinancing Equivalent Debt shall be issued, which shall be a date not less than three (3) Business Days after the date on which such notice is delivered to the Administrative Agent.

  • Refinancing Substantially simultaneously with the funding of the Initial Term Loans, the Closing Date Refinancing shall be consummated.

  • Permitted Debt Create, incur, guarantee or suffer to exist any Debt, except:

  • Bank Financing The Buyer’s ability to purchase the Property is contingent upon the Buyer’s ability to obtain financing under the following conditions: (check one) ☐ - Conventional Loan ☐ - FHA Loan (Attach Required Addendums) ☐ - VA Loan (Attach Required Addendums) ☐ - Other:

  • 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).

  • Additional Financing The Borrower hereby covenants and agrees that, except for Permitted Encumbrances and except as otherwise contemplated in the Mortgage, without the prior written consent of the Significant Bondholder, if any, it shall not create, incur, assume or guaranty any financing secured by the Project or other financings except (i) the transactions contemplated in the Subordinate Loan Documents, (ii) the Permitted Encumbrances and as otherwise contemplated in the Mortgage, and (iii) unsecured loans or advances by the Borrower’s partners as contemplated or permitted by the Partnership Agreement.

  • Bridge Financing The Company shall use its reasonable best efforts to take, or cause to be taken, all actions and do or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable to obtain no later than October 30, 2004 a commitment letter (the “Bridge Financing Commitment Letter”) expiring no earlier than January 30, 2005, from a reputable financial institution in substantially the same form and substance as Exhibit F attached hereto, to provide financing on terms and conditions no less favorable than those described on Exhibit F attached hereto.

  • Other Financing Notwithstanding anything in this Agreement to the contrary, the Issuer and the Company may hereafter enter into agreements to provide for the financing or refinancing of costs of the Project or any portion thereof.

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