BP Loan definition

BP Loan means the loan to BPI in the aggregate amount of $24.0 million held by the Fund. “BP Rights” means:
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BP Loan means the Fund’s loan to BPI in the aggregate amount of $24.0 million.
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BP Loan means the loan to BPI in the aggregate amount of approximately $24 million that was acquired by the Trust from an affiliate of Scotia Capital Inc. on the Closing of the Offering;
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Examples of BP Loan in a sentence

  • Interest accrued on all amounts outstanding under the BP Loan at the rate of 7.5% per annum and interest was payable in arrears by BPI to the Fund on the first day of each month.

  • The principal amount, together with all accrued and unpaid interest, outstanding under the BP Loan was to become due and payable on July 17, 2042.

  • Immediately following the Class C Exchange, the Fund and its subsidiaries capitalized and eliminated the BP Loan.

  • To secure BPI’s obligations under the BP Loan, BPI granted the Fund a general security interest over all of BPI’s present and after acquired property of BPI except: (i) Units held by BPI; and (ii) equity and debt investments of BPI in affiliates that operate pizza / pasta restaurants in the USA or Mexico and do not operate or franchise Boston Pizza Restaurants in Canada.

  • The Class C Exchange and the subsequent capitalization and elimination of the BP Loan are cash-neutral to the Fund as the Fund no longer receives $150,000 per month of interest income on the BP Loan, but Royalties LP no longer has $150,000 per month in interest expense on the Class C GP Units.

  • All security that BPI and BP Canada LP had granted the Fund in respect of the BP Loan was released and discharged.

  • The Trust shall be entitled to any interest paid on the Series 2 Notes and Series 3 Notes and interest and principal paid on the portion of the BP Loan being transferred to and including the Transfer Date.

  • At and immediately after the Time of Closing, the Trust shall use the proceeds from the sale of Units issued on the Offering to: (i) acquire from the Bank the BP Loan; and (ii) subscribe for Holdings Trust Units and Holdings Trust Notes.

  • Where the Trust makes a distribution in specie of securities of Holdings Trust on the redemption of Trust Units, the Trust may, in the discretion of the Trustees, make payable to that Unitholder any capital gain or income realized by the Trust as a result of the redemption of Trust Units, the transferring of an interest in the BP Loan to Holdings Trust in exchange for Series 3 Notes or any capital gain realized by the Trust as a result of the distribution of such securities to the Trust Unitholder.

  • In addition, BP Canada LP had guaranteed the obligations of BPI under the BP Loan, and BP Canada LP had granted the Fund a general security interest over all present and after acquired property of BP Canada LP to secure BP Canada LP’s obligations under that guarantee.repurchase of Units under the NCIB at any time, including when it ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise.


More Definitions of BP Loan

BP Loan means the loan to BPI in the aggregate amount of $24,000,000 held by the Fund. “BP Rights” means:
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Related to BP Loan

  • PPP Loan means the loan made to the Company by the PPP Lender pursuant to the PPP Loan Agreement, for the principal amount of $905,207.00, pursuant to the requirements of the Paycheck Protection Program under the CARES Act.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Canadian Loan means a Loan made to a Canadian Borrower denominated in Canadian Dollars.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • CD Loan means (i) a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which was a CD Loan immediately before it became overdue.

  • Sub-loan means a loan made or proposed to be made out of the proceeds of the Loan to a Beneficiary for a Development Project;

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Revolving Loan has the meaning specified in Section 2.01(a).

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • ABR Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • U.S. Loan means a U.S. Tranche A Term Loan, a U.S. Tranche B Term Loan, and/or a U.S. Revolving Loan, as applicable.

  • Revolving Advance has the meaning given in Section 2.1.

  • Term Loan as defined in Section 2.1.

  • U.S. Base Rate Loan means a Loan denominated in Dollars which bears interest at a rate based upon the U.S. Base Rate.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Term SOFR Rate Loan means a Loan that bears interest based on the Term SOFR Rate.

  • U.S. Revolving Loan means a Revolving Loan made to the U.S. Borrower by the U.S. Revolving Lenders.

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to this Borrower Loan Agreement, in the maximum principal amount of the Borrower Loan Amount, as evidenced by the Borrower Note.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • CDOR Rate Loan means a Loan denominated in Canadian Dollars the rate of interest applicable to which is based on the CDOR Rate.