Underlying Term Loan definition
Examples of Underlying Term Loan in a sentence
In any event, the Issuer shall obtain from any seller of a Loan, all Underlying Instruments with respect to each Collateral Debt Security and all Underlying Instruments related to any related Senior Tranche that govern, directly or indirectly, the rights and obligations of the owner of the Collateral Debt Security with respect to the Underlying Term Loan, the Underlying Mortgage Property and the Collateral Debt Security and any certificate evidencing the Collateral Debt Security.
In any event, the Issuer shall obtain from any seller of a Loan, all Underlying Instruments with respect to each Collateral Debt Security and all Underlying Instruments related to any related Senior Tranche that govern, directly or indirectly, the rights and obligations of the owner of the Collateral Debt Security with respect to the Underlying Term Loan, the Underlying Mortgaged Property and the Collateral Debt Security and any certificate evidencing the Collateral Debt Security.
Debtor shall take all such actions as are necessary to maintain the Underlying Term Loan Documents in full force and effect.
Once any or all Underlying Term Loan Borrowers have been notified, whether by Debtor or Secured Party, to make payment directly to Secured Party, all amounts and proceeds received by Debtor in respect of such Underlying Term Loans shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Debtor, and shall be immediately paid over to Secured Party in the same form as so received.
The "Base Rate Numerator" for any Underlying Term Loan Borrower shall be determined by multiplying the Base Rate Factor by the dollar amount of the entire principal balance owed (without regard to which interest option(s) is applicable to such balance) by such Underlying Term Loan Borrower under its Underlying Term Loan as of the Calculation Date.
Without the consent of Secured Party, Debtor shall not amend, supplement, grant consents, or otherwise modify or waive compliance with any provision of any Underlying Term Loan Document.
A non-refundable facility fee equal to 50 basis points multiplied by the principal amount of each Underlying Term Loan (other than the Village Farms Term Loan), payable to CoBank at the time of closing each Underlying Term Loan.
As soon as the existence of any event of default or potential default under the Underlying Term Loan becomes known to Borrower, Borrower shall promptly give Agent written notice of such event of default or potential default, the nature and status thereof, and the action being taken or proposed to be taken with respect thereto.
The "Base Rate Margin" (expressed in terms of basis points) shall at any time be determined by: (a) adding the dollar amount of Base Rate Numerator for each Underlying Term Loan Borrower as of any Calculation Date and (b) dividing the sum thereof by the sum of the dollar amount of outstanding principal balance owing by all such Underlying Term Loan Borrowers under Underlying Term Loans as of such Calculation Date.
Unless the Underlying Construction Loan (in the case of a Construction Loan Purchase) or the Underlying Term Loan (in the case of a Construction Loan Payout) has been approved in writing by Syndication Parties whose Syndication Shares aggregate at least seventy-five percent (75%) ("Super Majority").