Preferred Loan definition

Preferred Loan means any Loan which is an Eligible Loan and which satisfies, as of the applicable Closing Date, all of the criteria for a Standard Loan and at least four of the following criteria: (i) the Loan has a Collateral Coverage Ratio of at least 1.33%, (ii) the related Obligor has a Cash Flow Ratio of at least 1.50%, (iii) either (a) the related Obligor has owned quick-service food franchises which have operated as such for at least six (6) years, (b) the quick-service food franchise to which such Loan relates has operated as such for at least six (6) years, or (c) the related Obligor has owned and operated the quick-service food franchise to which such Loan relates for at least four (4) years, (iv) the related Obligor has a Leverage Ratio (as shown on the related Obligor Financial Statement) of less than 5:1 and (v) the related Obligor's Obligor Financial Statement(s) show (y) a positive EBITDA for the most recent fiscal year or a positive EBITDA for one of the two most recent fiscal years and (z) a positive net EBITDA for the three most recent fiscal years.
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Preferred Loan means any Loan which is an Eligible Loan and which falls into either of the following categories: (i) the Obligor Group related thereto has a Collateral Coverage Ratio of at least 110% and a Cash Flow Ratio of at least 100%; or (ii) (a) the Obligor Group related thereto has a Collateral Coverage Ratio and Cash Flow Ratio of at least 85% each and a combined Collateral Coverage Ratio and Cash Flow Ratio of at least 240%, and (b) the Obligor Group related thereto has a Consolidated Tangible Net Worth greater than $0.00.
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Examples of Preferred Loan in a sentence

  • Policy Loan Interest Rate 6.00% Preferred Loan Interest Rate 4.00% Guaranteed Interest Rate Credited to Loan Division 4.00% Minimum Loan Amount $100 Maximum Loan Amount See Loan Provisions section Minimum Partial Withdrawal Amount $100 Maximum Partial Withdrawal Amount Amount which will leave $500 as the net cash surrender value Partial Withdrawal Service Fee Lesser of $25 or 2% of the withdrawal amount for each withdrawal in a policy year Limit on Partial Withdrawals Twelve (12) in a policy year.

  • The amount available for a Preferred Loan is the amount by which the Cash Value exceeds total premiums paid.

  • If a Member elects to provide a Preferred Loan, it shall be repaid prior to any distributions to the Members but junior in priority of repayment to any amounts outstanding under any Stage 1 Loan.

  • Preferred Date of Drawdown: [Month, Date, Year] Preferred Loan Amount: [ ] yen Use of Funds: [ ] [(in the case of the First Loan Drawdown) Number of Shares and Share Acquisition Rights Expected to be Acquired: [ ] Expected Amount of Funds Needed for Such Acquisition: [ ]] [Name of Borrower] By: Term Loan Agreement for QAON G.K. etc.

  • Such preferred loan shall bear interest at no less than eight percent (8%) and no more than fifteen percent (15%) compounded annually or at such other rate as shall be mutually agreed by unanimous consent of the Board of Managers in its reasonable discretion and the participating Member (each, a "Preferred Loan").

  • VL-ALPINE SAMPLE Page 14 PRINTED IN U.S.A. POLICY LOANS (CONTINUED) PREFERRED LOAN If the Cash Value exceeds the total of all premiums paid since issue, a Preferred Loan is available.

  • A physician or provider who is terminated or deselected shall be entitled to an expedited review process by HMO or Lifemark Texas on request by the physician or provider.

  • The amount of loans that qualifies as a Preferred Loan is determined on each Monthly Activity Date.

  • Repayments will be applied first to the portion of the Policy Debt that is not a Preferred Loan.