Pari Passu Loan definition

Pari Passu Loan means a loan which meets all of the following requirements: (a) the proceeds are all made available to Borrower; (b) it is secured by all or a portion of the Collateral equally and ratably with the Bank Debt on the same lien priority basis; (c) the lender thereunder has executed an intercreditor agreement in form and substance substantially identical to EXHIBIT 1.85 hereto ("INTERCREDITOR AGREEMENT"); (d) Borrower has furnished to the Administrative Agent a pro-forma Available Amount Report with such updated Appraisals as the Administrative Agent may reasonably require at, or no more than ten (10) days prior to, the date the Administrative Agent is requested to execute such intercreditor agreement; provided that no updated Appraisals will be required so long as (i) the aggregate outstanding principal balance of all Pari Passu Loans (including the proposed Pari Passu Loan) incurred since the last Appraisal does not exceed $25,000,000.00 and (ii) the Leverage Ratio is not greater than fifty five percent (55%); and (e) Borrower demonstrates to the Administrative Agent, in each case on a pro-forma basis (including, in each case, the proposed Pari Passu Loan), (i) that the aggregate outstanding principal amounts owing under all 7 Year Revolving Notes and all 10 Year Revolving Notes will not exceed the Available Amount as determined pursuant to clause (b) of Section 1.14 hereof (without regard to clause (a) of such Section), and (ii) compliance with the financial covenants.

Pari Passu Loan means the Northbridge Retail Pari Passu Loan, the Beverly Center Pari Passu Loan or the World Apparel Center Pari Passu Xxxx, as applicable.

Pari Passu Loan means the Mortgage Loan designated as Mortgage Loan No. 6 on the Mortgage Loan Schedule and which is secured on a pari passu basis with the 2001-TOP3 Mortgage Loan pursuant to the Pari Passu Mortgage.

Examples of Pari Passu Loan in a sentence

• The Master Servicer shall not be required to make a P&I Advance with respect to any P&I Pari Passu Loan after its receipt of notice from the related Other Master Servicer that it has determined that it has made a P&I Advance that is a Nonrecoverable Advance on the Non-Serviced Companion Loans or Serviced Companion Loans, as applicable, or that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance pursuant to the relevant Other Companion Loan Pooling and Servicing Agreement.

• The Master Servicer shall not make a P&I Advance with respect to any P&I Pari Passu Loan after its receipt of notice from the related Other Master Servicer that it has determined that it has made a P&I Advance that is a Nonrecoverable Advance on the Non-Serviced Companion Loans or Serviced Companion Loans, as applicable, or that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance pursuant to the relevant Other Companion Loan Pooling and Servicing Agreement.

• The Authorization also prohibits the Pari Passu Lender from making a demand on the Pari Passu Loan for reasons other than default.

• A provision that permits the Pari Passu Lender to make demand on the Pari Passu Loan for reasons other than default.

• Pari Passu Loan must include a cross default provision between the Pari Passu Loan and this Loan.

More Definitions of Pari Passu Loan

Pari Passu Loan means the Mortgage Loan identified on the Mortgage Loan Schedule by Loan No. 10, which is secured by the Pari Passu Mortgage on a pari passu basis with the Companion Loan. The Pari Passu Loan is a "Mortgage Loan".

Pari Passu Loan. The Forum Shops Mortgage Loan.

Pari Passu Loan. The Universal Hotel Portfolio Mortgage Loan.

Pari Passu Loan means, with respect to a Serviced Loan Group, a related Serviced Companion Loan that is pari passu in priority with the related Senior Mortgage Loan.

Pari Passu Loan. The Houston Galleria Loan.

Pari Passu Loan means each of the Oakbrook Center Pari Passu Loan, the 1290 Avenue of the Americas Pari Passu Loan and the Perryville I Corporate Park Office Pari Passu Loan. Each Pari Passu Loan is a "Mortgage Loan."

Pari Passu Loan. The mortgage loan secured by the Pari Passu Mortgage on a pari passu basis with the Related Trust Fund Mortgage Loan pursuant to the terms of the Pari Passu Intercreditor Agreement. The Pari Passu Loan is not a Mortgage Loan.