Loan Assumption definition
Loan Assumption shall have the meaning set forth in Section 5.2.
Loan Assumption shall have the meaning given to such term in Section 2.3(a) hereof.
Loan Assumption has the meaning given to it in Section 12.2 hereof.
Examples of Loan Assumption in a sentence
The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Term Loan Assumption Agreement.
Sum of all financing described in the attached: Third Party Financing Addendum, Loan Assumption Addendum, Seller Financing Addendum $ C.
Sum of all financing described in the attached: ❑ Third Party Financing Addendum, ❑ Loan Assumption Addendum, ❑ Seller Financing Addendum $ C.
The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Incremental Loan Assumption Agreement.
If any Incremental Term Loan is to be allocated to an existing Interest Period for a Eurodollar Term Borrowing, then the interest rate thereon for such Interest Period and the other economic consequences thereof shall be as set forth in the applicable Incremental Term Loan Assumption Agreement.
More Definitions of Loan Assumption
Loan Assumption. The Buyer’s assumption and/or modification of the Loan and the Loan Documents in accordance with the terms of the Loan Documents.
Loan Assumption as defined in Section 5.10.1.1.
Loan Assumption will mean the assumption of any Loan by the transferee in connection with a Transfer of the applicable Mortgaged Property or by a Transfer of any interest in the applicable Borrower to such transferee, in each case pursuant to Section 7.05(a) of the applicable Loan Agreement. Notwithstanding anything to the contrary in the Loan Agreements, except as set forth in Section 15(c) of this Agreement, no Loan Assumptions will be permitted with respect to one or more of the Loans.
Loan Assumption shall have the meaning assigned thereto in Section 2.3(d)(vi).
Loan Assumption shall have the meaning ascribed to such term in Section 9.01.
Loan Assumption means the applicable Mortgage Lender’s written approval of (a) the conveyance of an Assumed Debt Shopping Center to Purchaser and the assumption of an Assumed Mortgage Loan by Purchaser, (b) the release (or equivalent of a release - i.e., the applicable Seller or TRG are no longer responsible for Liabilities that first accrue on or after the Closing), of the applicable Seller, The Taubman Realty Group Limited Partnership (“TRG”), and all other parties currently obligated to an Assumed Mortgage Lender from all Liabilities under the Assumed Loan Documents that first accrue on or after the Closing, and (c) the substitution of Purchaser, and/or an entity reasonably acceptable to a Mortgage Lender (the “Replacement Guarantor”), for the applicable Seller and TRG as guarantors of any so-called non-recourse carveouts with respect to Liabilities under the Assumed Loan Documents that first accrue on or after the Closing and as indemnitor under any environmental indemnities with respect to Liabilities under the Assumed Loan Documents, all pursuant to loan assumption documentation, it being agreed that such replacement will not relieve the applicable Seller or TRG of any indemnities provided to Purchaser in this Agreement for events occurring prior to Closing (even if a claim with regard to such event arises after the Closing). Purchaser shall have no right to require any modification to any of the Assumed Loan Documents, other than technical modifications to the representations and warranties and permitted transfer provisions of the Assumed Loan Documents as Purchaser shall reasonably require solely to reflect the identity of Purchaser and to take into account Purchaser’s organizational and ownership structure, nor shall Purchaser be required to accept any Lender proposed modifications not expressly contemplated in the Assumed Loan Documents (including, without limitation, any request for additional recourse or additional or increases to reserves or changes to economic terms). Purchaser agrees to provide itself, and/or an entity reasonably acceptable to a Mortgage Lender, as the Replacement Guarantor. Each applicable Seller agrees that TRG shall remain as guarantor for the benefit of the Mortgage Lender of any so-called non-recourse carveouts and as indemnitor under any environmental indemnities, but only with respect to Liabilities under the Assumed Loan Documents that accrue prior to the Closing.
Loan Assumption. The Loan is assumable, subject to the following: (i) Lender’s satisfactory review of the Sponsor and borrowing entity structure; (ii) confirmation from the rating agencies that such assumption shall not result in a downgrade of any securities backed in part or whole by the Loan; (iii) evidence that the new borrower complies with all of the single purpose and bankruptcy remote entity requirements set forth in the Loan documentation which may include without limitation, a nonconsolidation opinion; (iv) evidence that the new borrower is of good repute and qualified to own a property of this type; (iv) customary legal documentation including any necessary legal opinions; and (v) payment of all related expenses including any rating agency fees and an assumption fee of $100,000. Interest Rate, Fees, etc.: As outlined on Schedule A. Conditions to Closing: As outlined on Schedule B. No Additional Indebtedness: No additional debt, whether unsecured or secured by any direct or indirect interest (actual, economic or otherwise) in either the Property or Borrower is permitted without the prior written consent of Lender, which may be granted or withheld in Lender’s sole discretion. Sale, Assignment, Participation: Lender will have the right to sell, assign, syndicate, securitize or participate the Loan, in whole or in part, without the consent of, and without material cost or expense to, Borrower or Sponsor. Borrower and Sponsor shall promptly cooperate with any such sale, assignment, syndication, securitization or participation. This includes but is not limited to meeting with rating agencies and third party investors. All such cooperation by Borrower shall be on commercially reasonable terms without material cost or expense to Borrower or Sponsor. Securitization: Lender shall have the right to securitize the Loan through the issuance of certificates of interest therein, which will be rated by rating agencies, as well as certain unrated classes of certificates. Borrower shall cooperate in all respects with Lender and the rating agencies in connection with such securitization, provided such cooperation shall be without material cost or expense to Borrower or Sponsor. Governing Law: The Loan shall be governed by the laws of the State of New York (without regard to the choice-of-law rules thereof).