Bridge Loan definition

Bridge Loan. Any loan or other obligation that (x) is incurred in connection with a merger, acquisition, consolidation, or sale of all or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood that any such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out or other provision whereby (automatically or at the sole option of the Obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date is not a Bridge Loan).

Bridge Loan means any loan or other obligation that (a) is unsecured and is incurred in connection with a merger, acquisition, consolidation or sale of all or substantially all of the assets of a person or similar transaction and (b) by its terms, is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood that any such loan or other obligation that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out or other provision whereby (automatically or at the sole option of the Obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date is not a Bridge Loan).

Bridge Loan means any loan that (a) is unsecured and incurred in connection with a merger, acquisition, consolidation or sale of all or substantially all of the assets of a Person or similar transaction and (b) by its terms, is required to be repaid within one (1) year of the incurrence thereof with proceeds from additional borrowings or other refinancings.

Examples of Bridge Loan in a sentence

• If Buyer, using good faith efforts, is unable to obtain a Bridge Loan and Sketch Plan Approval, Buyer shall provide Seller with written notice within said Sketch Plan and Bridge Loan Contingency Period and this Agreement shall be terminated, the Deposit returned to Buyer, and neither party shall have any further obligations under this Agreement.

• Buyer shall have Thirty (30) days from the Effective Date of this Agreement (the “Sketch Plan and Bridge Loan Contingency Period”) to obtain an initial bridge loan (“Bridge Loan”) of One Hundred Thousand Dollars ($100,000.00) and obtain sketch plan approval (“Sketch Plan Approval”) from the City of Portland for conceptual architectural plan for a 25 to 30 unit mixed use building that will conform to the City of Portland’s Land-Use Ordinance (the ‘Proposed Project”).

• With respect to Delayed Draw Bridge Loans, the Borrower shall give the Administrative Agent irrevocable prior written notice not later than 11:00 a.m. at least two (2) Business Days before such Delayed Draw Bridge Loan (or such shorter period of time as the Lenders may agree to in their discretion).

• The aggregate amount of the Delayed Draw Bridge Loan Commitments as of the Closing Date is $4,000,000.

• Each Lender’s Initial Bridge Loan shall be made in a principal amount equal to each Lender’s “Initial Bridge Loan Commitment” as set forth on Schedule 1 opposite such Lender’s name under the heading “Initial Bridge Loan Commitments” (the “Initial Bridge Loan Commitments”).

More Definitions of Bridge Loan

Bridge Loan has the meaning set forth in Section 2.1(a).

Bridge Loan means any loan that (a) is unsecured and incurred in connection with a merger, acquisition, consolidation or sale of all or substantially all of the assets of a person or similar transaction and (b) by its terms, is required to be repaid within one (1) year of the incurrence thereof with proceeds from additional borrowings or other refinancings.

Bridge Loan means a loan made by any Lender to the Borrower pursuant to Section 2.1.

Bridge Loan means a loan needed prior to obtaining permanent financing or support, including Small Business Administration, 504 bridge loans, where the Participating Financial Institution is at increased risk pending future take-out financing or guarantee.

Bridge Loan means temporary or short-term financing with a maturity of less than eighteen months that requires payments of only interest until the entire unpaid balance is due and payable.

Bridge Loan. Any obligation or debt security incurred or issued in connection with a merger, acquisition, consolidation, sale of all or substantially all of the assets of a Person, restructuring or similar transaction, which obligation or security by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (other than any additional borrowing or refinancing if one or more financial institutions has provided the issuer of such obligation or security with a binding written commitment to provide the same, so long as (i) such commitment is equal to the outstanding principal amount of the Bridge Loan and (ii) such committed replacement facility has a maturity of at least one year and cannot be extended beyond such one year maturity pursuant to the terms thereof).

Bridge Loan means a loan which by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings.