Subscription Line Indebtedness definition

Subscription Line Indebtedness. Indebtedness incurred to provide bridge financing pending receipt of capital call commitments, which Indebtedness would be either (i) Non-Recourse Indebtedness, or (ii) in the case of such Indebtedness of a Loan Party, limited in recourse to the rights of such Loan Party to provide capital commitments, make capital calls, exercise rights as the general partner or managing member of the subsidiary or affiliate obtaining such subscription line, and ancillary rights related thereto or otherwise granted in connection with such subscription facility, including, without limitation, in relation to any bank accounts into which proceeds of such capital calls are made; provided that, in each case, the amount of such Subscription Line Indebtedness shall be limited to a borrowing base that cannot exceed the amount of uncalled capital commitments of the borrower of such Subscription Line Indebtedness.

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Subscription Line Indebtedness shall have the meaning set forth in Section 3.4(a) hereof.

Subscription Line Indebtedness means, with respect to any Starwood Fund, Indebtedness incurred to provide financing to such Starwood Fund (or any related feeder fund) secured by capital call commitments, which Indebtedness would be either (i) Non-Recourse Indebtedness pursuant to clause (a) of the definition thereof or (ii) in the case of such Indebtedness of a Specified Loan Party, limited in recourse to the rights of such Specified Loan Party to provide capital commitments, make capital calls, exercise rights as the general partner or managing member of the subsidiary or affiliate obtaining such subscription line, and ancillary rights related thereto or otherwise granted in connection with such subscription facility, including, without limitation, in relation to any bank accounts into which proceeds of such capital calls are made; provided that the amount of such Subscription Line Indebtedness shall be limited to a borrowing base that cannot exceed the amount of uncalled capital commitments of the borrower of such Subscription Line Indebtedness.

Examples of Subscription Line Indebtedness in a sentence

Any such Indebtedness which is so secured is referred to herein as “Subscription Line Indebtedness” and any provider of such Subscription Line Indebtedness to the Partnership or any Vehicle is referred to herein as a “Subscription Line Lender”.
The Partnership shall not have outstanding at any one time more than one Subscription Line Indebtedness arrangement, and shall not pledge or assign all or any part of the Partnership’s and the General Partner’s right to call for and receive Capital Contributions to more than one Subscription Line Lender at any one time.
The Partnership shall use commercially reasonable efforts to find other sources to repay such Subscription Line Indebtedness and to avoid requiring such Partner to make any such Capital Contribution.
The Borrower agrees to cause the delivery to the Collection Account promptly (but in no event later than two (2) Business Days after receipt) all amounts deposited into the Permitted Subscription Line Account, other than any amounts designated to repay Permitted Subscription Line Indebtedness.
The General Partner shall not, for so long as any Subscription Line Indebtedness is in effect issue a Capital Call requiring a Capital Contribution from the Investor to be made to any account other than the collateral account identified in the Investor Consent Letter executed by the Investor in favor of the Subscription Line Lender in connection with the Subscription Line Indebtedness.
In consideration of the Investor’s status as an instrumentality of the State of California, the General Partner agrees that for purposes of the Agreement and the other agreements executed in connection therewith, to the extent the Investor is required to provide the General Partner, the Partnership or any Subscription Line Indebtedness lender with financial information regarding the Investor, such information shall be limited to such financial information regarding the Investor that is publicly available.
The General Partner hereby agrees that, during a suspension of the Investment Period, it shall not apply any proceeds drawn under any Subscription Line Indebtedness towards an Investment if the General Partner is otherwise precluded from issuing a Capital Call Notice to fund that same Investment.

More Definitions of Subscription Line Indebtedness

Subscription Line Indebtedness. Indebtedness incurred to provide bridge financing pending receipt of capital call commitments, which Indebtedness would be either (i) Non-Recourse DocID \\DC - 036150/000014 - 15261895 v6 Indebtedness, or (ii) in the case of such Indebtedness of a Loan Party, limited in recourse to the rights of such Loan Party to provide capital commitments, make capital calls, exercise rights as the general partner or managing member of the subsidiary or affiliate obtaining such subscription line, and ancillary rights related thereto or otherwise granted in connection with such subscription facility, including, without limitation, in relation to any bank accounts into which proceeds of such capital calls are made; provided that, in each case, the amount of such Subscription Line Indebtedness shall be limited to a borrowing base that cannot exceed the amount of uncalled capital commitments of the borrower of such Subscription Line Indebtedness.

Subscription Line Indebtedness means vehicle financing indebtedness financing the acquisition of, or otherwise with respect to, vehicles that are made available to customers as part of a subscription service or similar arrangement (including, as of the Closing Date and for so long as in effect, the credit line financing Mercedes-Benz subscription vehicles identified on Schedule 9.1 hereto).