Existing Mortgage Financing definition

Existing Mortgage Financing means that certain mortgage financing encumbering the Property by the Property Owner in favor of the Existing Mortgage Lender, evidenced, by among other things, (i) the Existing Loan Agreement, (ii) that certain Secured Promissory Note by the Property Owner in favor of Existing Mortgage Lender dated October 13, 2017 in the original principal amount of $24,000,000.00, and (iii) that certain Mortgage, Assignment of Rents and Lease, Security Agreement and Fixture Filing, dated October 13, 2017 and recorded October 13, 2017 as Instrument No. R2017-106149 with the County Recorder of DuPage County, Illinois.
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Existing Mortgage Financing means the mortgage loan made by Mortgage Lender to the Company in the original principal amounts as evidenced by the Existing Mortgage Documents as more particularly set forth on the attached Schedule II.
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Existing Mortgage Financing means the mortgage loans made by the Lenders to the Company in the original principal amount of SIX MILLION FIVE HUNDRED THOUSAND Dollars ($6,500,000) as evidenced by the Existing Mortgage Documents.
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Examples of Existing Mortgage Financing in a sentence

  • The original purchase was an Arm’s Length Transaction.o No Existing Mortgage Financing.

  • The foregoing waiver shall constitute a present waiver of immunity at any time any action is initiated against a Financing Party with respect to this Term Sheet, the Existing Stipulations, any Existing Loan Agreement, any other Existing Mortgage Financing Document, any Parked ERJ Aircraft Agreement or any agreement entered into pursuant hereto.

  • This Term Sheet shall be binding upon the parties hereto together with their respective successors and permitted assigns, including, without limitation, any transferee of the interest of any such person in any Aircraft or any Existing Mortgage Financing Document or any transferee of the equity interests in the Owner Participant, and any other person asserting an interest in any Aircraft under any Existing Mortgage Financing Document.

  • In either case, such amounts shall be applied in inverse order of maturity and such outstanding principal amount(s) shall be reduced effective as of such date.Furthermore, in the case of clause (y) above, the parties shall promptly amend the applicable Existing Mortgage Financing Documents (as amended, supplemented or otherwise modified as of such date, including amendments pursuant to the relevant Operative Document Amendments) to reflect such prepayment.

  • For the avoidance of doubt, other than as expressly set forth in this Term Sheet, the Existing Loan Agreement and other Existing Mortgage Financing Documents with respect to such ERJ140 Aircraft (including, without limitation, the interest rate, the payment dates and the maturity date) and the covenants thereunder of the parties thereto, shall remain as-is.

  • For the avoidance of doubt, other than as expressly set forth in this Term Sheet, the Existing Loan Agreement and other Existing Mortgage Financing Documents with respect to such Newer ERJ145 Aircraft (including, without limitation, the interest rate, the payment dates and the maturity date) and the covenants thereunder of the parties thereto, shall remain as-is.

  • The Security Trustee hereby represents and warrants that it has received direction from the Financing Parties and, as such, it has requisite authority under the Existing Mortgage Financing Documents, and has received any and all consents required thereunder, to execute this Term Sheet and enter into the transactions contemplated hereby.

  • For the avoidance of doubt, other than as expressly set forth in this Term Sheet, the Existing Loan Agreement and other Existing Mortgage Financing Documents with respect to such Original ERJ145 Aircraft (including, without limitation, Schedule I to the Existing Loan Agreement, the interest rate, the payment dates and the maturity date) and the covenants thereunder of the parties thereto, shall remain as-is.

  • Any and all Maintenance Condition Payments made pursuant to the preceding paragraph shall be held by the Security Trustee in a segregated non-interest bearing account as a security deposit to secure American’s obligations hereunder and under the Existing Mortgage Financing Documents for the Owned Aircraft and the Remaining ERJ135 Aircraft that have not been transferred to EBV (the “ Maintenance Condition Security Account”).

  • After the Plan Effective Date, American may lease the Owned Aircraft in accordance with the terms of the Existing Mortgage Financing Documents (as amended, supplemented or otherwise modified from time to time).

Related to Existing Mortgage Financing

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Existing Financing means the financing arrangements that provided for a security interest granted by Company in the Aircraft and that were outstanding on August 3, 2020.

  • Existing Mortgages means the Mortgages executed and delivered in connection with the Existing Credit Agreement.

  • Closing Date Mortgaged Property as defined in Section 3.1(h).

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • First Lien Mortgage Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • Mortgage Amendment has the meaning set forth in Section 6.12(a).

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

  • Closing Date Refinancing means the repayment, repurchase, redemption, defeasance or other discharge of the Existing Debt Facility and termination and/or release of any security interests and guarantees in connection therewith.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Convertible Mortgage Loan Any individual Adjustable Rate Mortgage Loan purchased pursuant to this Agreement which contains a provision whereby the Mortgagor is permitted to convert the Adjustable Rate Mortgage Loan to a Fixed Rate Mortgage Loan in accordance with the terms of the related Mortgage Note.

  • Mortgage Documents With respect to each Mortgage Loan, the mortgage documents required to be delivered to the Custodian pursuant to each Custodial Agreement.

  • Park Monaco Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Monaco is the applicable Seller.

  • Financing Lease any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee.

  • Mortgage Amendments as defined in Section 6.11(a).

  • Refinancing Loan shall have the meaning provided in Section 2.14(h)(i).

  • Refinancing Facility Agreement means a Refinancing Facility Agreement, in form and substance reasonably satisfactory to the Agent, among Holdings, the Borrower, each Subsidiary of the Borrower party to this Agreement, the Agent and one or more Refinancing Lenders, establishing Refinancing Commitments and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.26.

  • Pledged Asset Mortgage Loan A Mortgage Loan as to which, at the time of origination, a Letter of Credit was issued in favor of the initial holder of such Mortgage Loan.

  • Refinancing Transactions means the transactions described under “Summary—The Refinancing Transactions” in the Offering Memorandum.

  • Premium Mortgage Loan Any Group 1 Premium Mortgage Loan or Group 2 Premium Mortgage Loan.

  • Mezzanine Loan Agreement means that certain Mezzanine Loan Agreement, dated as of the date hereof, between Mezzanine Borrower and Mezzanine Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

  • Refinancing Notes means any secured or unsecured notes or loans issued by the Borrower or any Subsidiary Loan Party (whether under an indenture, a credit agreement or otherwise) and the Indebtedness represented thereby; provided, that (a) (i) 100% of the Net Proceeds of such Refinancing Notes that are secured on a pari passu basis with the Term B-1 Loans are used to permanently reduce Loans and/or replace Commitments substantially simultaneously with the issuance thereof or (ii) 90% of the Net Proceeds of any other Refinancing Notes are used to permanently reduce Loans and/or replace Commitments substantially simultaneously with the issuance thereof; (b) the principal amount (or accreted value, if applicable) of such Refinancing Notes does not exceed the principal amount (or accreted value, if applicable) of the aggregate portion of the Loans so reduced and/or Commitments so replaced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses); (c) the final maturity date of such Refinancing Notes is on or after the Term Facility Maturity Date or the Revolving Facility Maturity Date, as applicable, of the Term Loans so reduced or the Revolving Facility Commitments so replaced; (d) the Weighted Average Life to Maturity of such Refinancing Notes is greater than or equal to the Weighted Average Life to Maturity of the Term Loans so reduced or the Revolving Facility Commitments so replaced, as applicable; (e) in the case of Refinancing Notes in the form of notes issued under an indenture, the terms thereof do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the Term Facility Maturity Date of the Term Loans so reduced or the Revolving Facility Maturity Date of the Revolving Facility Commitments so replaced, as applicable (other than customary offers to repurchase or mandatory prepayment provisions upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default); (f) the other terms of such Refinancing Notes (other than interest rates, fees, floors, funding discounts and redemption or prepayment premiums and other pricing terms), taken as a whole, are substantially similar to, or not materially less favorable to the Borrower and its Subsidiaries than the terms, taken as a whole, applicable to the Term B-1 Loans (except for covenants or other provisions applicable only to periods after the Latest Maturity Date in effect at the time such Refinancing Notes are issued), as determined by the Borrower in good faith (or, if more restrictive, the Loan Documents are amended to contain such more restrictive terms to the extent required to satisfy the foregoing standard); (g) there shall be no obligor in respect of such Refinancing Notes that is not a Loan Party; and (h) Refinancing Notes that are secured by Collateral shall be subject to the provisions of a Permitted Pari Passu Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable.