Pari Passu Loan definition

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

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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 1.90 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 1.15 hereof (without regard to clause (a) of such Section), and (ii) compliance with the financial covenants.

Pari Passu Loan means the Mortgage Loan designated as 25138 on the Mortgage Loan Schedule and which is secured on a pari passu basis with the Related Trust Fund Mortgage Loan pursuant to the Pari Passu Mortgage.

Examples of Pari Passu Loan in a sentence

For contractual purposes, you (1) consent to receive communications from Food Fling LLC in an electronic form; and (2) agree that all terms and conditions, agreements, notices, disclosures, and other communications that Food Fling LLC provides to you electronically satisfy any legal requirement that such communications would satisfy if they were in writing.
A copy of any such Officer’s Certificate (and accompanying information) of the Trustee shall also be promptly delivered to the Certificate Administrator, the Subordinate Class Representative, the Majority Subordinate Certificateholder, the Special Servicer and the Master Servicer for the subject Mortgage Loan and, with respect to any Serviced Pari Passu Loan Combination, the Serviced Pari Passu Companion Loan Holder(s) and the Other Master Servicer (if applicable).
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.
In the case of a Serviced Pari Passu Loan Combination, any and all amounts otherwise distributable with respect to the related Serviced Combination Trust Mortgage Loan and the related Serviced Pari Passu Non-Trust Mortgage Loan (or any successor REO Mortgage Loans with respect to such Mortgage Loans) as Default Charges on any related Loan Combination Master Servicer Remittance Date, in accordance with the related Co-Lender Agreement, shall be allocated between them, on a pro rata and pari passu basis.
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Special Servicer's obligations and responsibilities hereunder and the Special Servicer's authority with respect to each Non-Trust-Serviced Pari Passu Loan are limited by and subject to the terms of the related Intercreditor Agreement and the rights of the applicable Other Master Servicer and the applicable Other Special Servicer with respect thereto under the applicable Other Pooling and Servicing Agreement.

More Definitions of Pari Passu 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. The Forum Shops Mortgage Loan.

Pari Passu Loan. The Universal Hotel Portfolio Mortgage 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 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 means the A-1 Note, 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."