Mezzanine Debt. A copy of the second supplemental mezzanine facility agreement entered into on or around the date hereof in relation to the Mezzanine Facility Agreement.
Mezzanine Debt. 34 3.1.29 Offices; Location of Books and Records..................................... 34 3.1.30
Mezzanine Debt. The representations and warranties set forth in the corresponding Section of the Building Loan Agreement are incorporated herein by reference as if fully set forth herein.
Mezzanine Debt. GSRP shall notify the Administrative Agent promptly if there is any change in the source and/or terms and conditions of the Mezzanine Debt, as set forth on Schedules 3 and 4 hereto. If GSRP reasonably believes that it will not be able to close and receive funding of such Mezzanine Debt on or prior to July 6, 1999, it shall immediately inform Administrative Agent of the same. GSRP agrees to continue to use BankBoston, N.A. to assist it in obtaining Mezzanine Debt and shall cooperate fully with BankBoston, N.A. in its endeavors to assist GSRP with respect thereto. GSRP acknowledges that Textron Financial Corporation, Green Tree Financial Servicing Corporation and the Administrative Agent are relying upon GSRP's efforts in connection with the obtaining of the Mezzanine Debt in connection with entering into this First Amendment Agreement.
Mezzanine Debt. Other than the Mezzanine Debt, the Consolidated Group will not incur any additional Mezzanine Debt. In addition, the Consolidated Group shall not incur Mezzanine Debt on any one Real Estate Asset in excess of Four Million Dollars ($4,000,000), and provided further, the aggregate amount of the applicable Construction Loan and the Mezzanine Debt shall not exceed ninety percent (90%) of the Real Estate Asset Budget Amount for any such Real Estate Asset.
Mezzanine Debt. Permit any direct or indirect ownership interest in Borrower to be pledged as security for any Debt except as permitted in the definition of Change in Control.
Mezzanine Debt. Mezz Debt Up to $65.0MM of secured Mezz Debt shall be made available to the Borrower by the Mezzanine Lenders. Interest Rate All amounts outstanding under the Mezz Debt will bear interest at a fixed rate per annum of 15.0%, to be payable quarterly in cash at the end of such quarter. Maturity 7.5 years after the closing date. Financial Covenants None. Schedule 4(b)(ii) to Call Option Agreement Mezz Upside Sharing All distributions after the Senior Debt payments will be paid to the Mezz Lenders pursuant to customary excess cashflow sweep mechanics until the principal plus interest have been repaid, unless the Mezz Lenders elect to by-pass such cashflow sweep mechanics and instead push the excess cash through the distribution waterfall below. After repayment of the Mezz Debt principal plus interest in full or the Mezz Lenders elect to by-pass the excess cashflow sweep mechanics, any further distributions will be made in the following order and priority: · First, 80.0% to the Mezzanine Lenders and 20.0% to the Common Equity until the Mezzanine Lenders have received cumulative distributions (including interest and principal payments) equal to a 2.0x MOIC; · Second, 65.0% to the Mezzanine Lenders and 35.0% to the Common Equity until the Mezzanine Lenders have received cumulative distributions equal to a 3.0x MOIC; · Third, 50.0% to the Mezzanine Lenders and 50.0% to the Common Equity until the Mezzanine Lenders have received cumulative distributions equal to a 4.0x MOIC; · Fourth, 30.0% to the Mezzanine Lenders and 70.0% to the Common Equity until the Mezzanine Lenders have received cumulative distributions equal to a 99.00x MOIC; and · Thereafter, 100.0% percent to the Common Equity.
Mezzanine Debt. Notwithstanding anything to contrary contained in this Agreement, certain owners of Borrower shall be permitted to obtain mezzanine financing (the “New Mezzanine Loan”) upon the repayment in full of the Mezzanine Loan, which New Mezzanine Loan shall be secured by the membership or partnership interests in Borrower or the direct or indirect owners of Borrower, subject to the following conditions and requirements:
Mezzanine Debt. 5.1 Prohibited payments, guarantees and security Subject to clause 5.2 (Permitted payments), until after the Senior Discharge Date:-
Mezzanine Debt. Except for a “Failing Member Loan,” as defined in Section 4.5(d)(iv) of the Limited Liability Agreement of Borrower, Borrower will not permit or allow its members or shareholders to enter into any mezzanine or related subordinate debt secured by a pledge or other collateral transfer or assignment of the ownership, membership or stock interests of Borrower.
