NYTC Extension Loan definition

NYTC Extension Loan means a payment by or on behalf of NYTC Member to the Construction Lender in an amount equal to $119,498,000.00 in exchange for a release of the lien of the Construction Loan from all NYTC Individual Units and the SPU Unit (as each is defined in the Condominium Declaration), which payment shall constitute a loan by NYTC Member to FC Member, all pursuant to Section 6.03 hereof.”
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NYTC Extension Loan to Borrower pursuant to Section 6.03 of Owner’s Operating Agreement, which NYTC Extension Loan is in the original principal amount of ($ ) Dollars and is evidenced by that certain Modification of Substitute Extension Loan Note of even date herewith (the “Extension Loan Note”) and secured, inter alia, by that certain Modification of Substitute Extension Loan Mortgage and Security Agreement (Leasehold) of even date herewith (the “Extension Loan Mortgage”) and that certain Assignment of Leases and Rents of even date herewith (the “Extension Loan ALR”, and together with the Extension Loan Note, the Extension Loan Mortgage and all other documents evidencing, securing or governing the NYTC Extension Loan, collectively the “Extension Loan Documents”);
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Examples of NYTC Extension Loan in a sentence

  • Notwithstanding anything to the contrary provided in Section 6.03(ii) and Exhibit R of the Operating Agreement, the NYTC Extension Loan shall be subordinated to the mortgages which secure the Construction Loan pursuant to the subordination and intercreditor agreement attached as Exhibit R to the Loan Agreements.

  • The obligations of Guarantor under this Guaranty are independent of Borrower’s obligations under the NYTC Extension Loan Documents, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce this Guaranty, irrespective of whether any action is brought against Borrower or whether Borrower is joined in any such action or actions.

  • The amount of the NYTC Extension Loan required to be made by NYTC Member shall be $119,498,000.00.

  • Without limiting the applicable provision of the Operating Agreement and any conditions set forth therein, the FC Member and the NYTC Member each confirm that the NYTC Member’s obligation to make the NYTC Extension Loan shall be conditioned upon the FC Member making the True-Up Payment in the amount aforesaid as and when required pursuant to Section 3.01(c) of the Operating Agreement.

  • Notwithstanding anything to the contrary herein, Guarantor’s liability shall extend to all amounts or other obligations which constitute part of the Guaranteed Obligations and would be owed by, or required to be performed by, Borrower under the NYTC Extension Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving Borrower or any other party.

  • Attached hereto as Exhibit A is the Members’ Consent to the New Loan, the release of NYTC Member as a co-borrower under the loan, and the waiver of NYTC Member’s requirement to fund the NYTC Extension Loan.

  • The definition of NYTC Extension Loan is hereby deleted and all references to the NYTC Extension Loan in the Operating Agreement are hereby deleted in their entirety and the Members acknowledge that NYTC Member shall no longer have an obligation to make the NYTC Extension Loan as described in Section 6.03 of the Operating Agreement.

Related to NYTC Extension Loan

  • Non-Extension Advance means an Advance made pursuant to Section 2.02(b).

  • Initial Extension of Credit means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder.

  • Second Extended Maturity Date has the meaning set forth in Section 2.10.

  • Term Advance has the meaning specified in Section 2.01(a).

  • Non-Extension Drawing has the meaning specified in Section 3.5(d).

  • Non-Extending Lender has the meaning specified in Section 2.18(b).

  • Term Loan Extension Request has the meaning set forth in Section 2.16(a).

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Maturity Date Extension Request means a request by the Borrower, in the form of Exhibit G hereto or such other form as shall be approved by the Administrative Agent, for the extension of the Maturity Date pursuant to Section 2.20.

  • Term Loan Extension Series has the meaning set forth in Section 2.16(a).

  • Term Loan as defined in Section 2.1.

  • Non-Extending Bank has the meaning set forth in Section 2.09(a) hereof.

  • PIK Loan means a Collateral Loan (other than a Partial PIK Loan) that permits the Obligor thereon to defer or capitalize any portion of the accrued interest thereon.

  • Loan Advance The meaning specified in Section 2.2(a).

  • First Extended Maturity Date has the meaning specified in Section 2.15(a).

  • 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.

  • Applied Non-Extension Advance has the meaning assigned to such term in Section 2.06(a).

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Revolving Facility Maturity Date means, as the context may require, (a) with respect to the Revolving Facility in effect on the Closing Date, the fifth anniversary of the Closing Date and (b) with respect to any other Classes of Revolving Facility Commitments, the maturity dates specified therefor in the applicable Extension Amendment or Refinancing Amendment.

  • Revolving Loan Maturity Date means March 31, 2003.

  • Term Facility Maturity Date means, as the context may require, (a) with respect to the Term B Facility in effect on the Effective Date, the Term B Facility Maturity Date and (b) with respect to any other Class of Term Loans, the maturity dates specified therefor in the applicable Incremental Assumption Agreement.

  • Initial Revolving Loan means a Revolving Facility Loan made (i) pursuant to the Revolving Facility Commitments in effect on the Closing Date (as the same may be amended from time to time in accordance with this Agreement) or (ii) pursuant to any Incremental Revolving Facility Commitment on the same terms as the Revolving Facility Loans referred to in clause (i) of this definition.

  • Revolving Advance has the meaning given in Section 2.1.

  • Delayed Draw Term Loan has the meaning specified in Section 2.01(b).

  • Extended Revolving Loan shall have the meaning assigned to such term in Section 2.21(e).

  • Incremental Revolving Loan has the meaning set forth in Section 2.14(b).