REPLACEMENT LOAN. Replacement Loan" shall have the meaning set forth in Section 13.1(c).
REPLACEMENT LOAN. 13.1. If the Borrower applies for a replacement Loan and the Credit Provider approves this application then the settlement value of the existing Loan shall be calculated by taking the outstanding Loan balance as at the beginning of the current period plus the daily interest from the beginning of the current period to the date of settlement.
REPLACEMENT LOAN. Subject to Landlord's prior written consent (which consent shall not be unreasonably withheld or delayed), at the request of Tenant, Landlord shall execute and/or shall cause SGA to execute loan documents evidencing and/or securing a new loan to Landlord or SGA, the proceeds of which would be used to retire the UBS Loan (such loan requested by Tenant shall be a "Replacement Loan"). Landlord shall only be entitled to refuse to consent to such new loan if (1) the maturity date of the Replacement Loan is a date before the expiration date of the Extension Term; (2) the principal amount of the Replacement Loan exceeds the principal amount of the UBS Loan plus any accrued interest and fees payable at the time the UBS Loan is prepaid; (3) the interest rate structure under the Replacement Loan is materially higher than market conditions would justify at the time; (4) there are prepayment prohibitions, penalties or other restrictions which would limit rights to retire the Replacement Loan or require additional payment to do so; (5) the Replacement Loan creates greater liability for Landlord or SGA than otherwise would exist for Landlord and SGA, or would result in the violation of any law, rule or regulation applicable to Landlord or SGA, or (6) the Replacement Loan documents contain terms and conditions which differ from the UBS Loan documents in any material respect (including provisions relating to the Collateral as defined in 25. 31 Section 21.18); provided, however, that Landlord shall not be entitled to object to a Replacement Loan on the ground that Landlord, rather than SGA, shall be the borrower under such Replacement Loan. Tenant shall pay all reasonable costs, including without limitation reasonable attorneys' fees, incurred by Landlord in connection with obtaining such a Replacement Loan. If Tenant requests and provides the funds, Landlord shall make all arrangements necessary for, and shall pay down any Authorized Loan in the amount requested by Tenant, and shall arrange for all documentation reasonably requested by Tenant to reflect the reduction or elimination of such Authorized Loan.
REPLACEMENT LOAN. A loan funded by Lender to an affiliate of ClubCorp and secured by a first lien and security interest covering a Replacement Property.
REPLACEMENT LOAN. At such time as the Replacement Loan, as defined in the Note of even date herewith made by Lessor to Lessee, shall be funded, the Rent payable to Lessor hereunder shall be adjusted such that the Rent shall be sufficient to service the Replacement Loan and still result in Lessor obtaining Lessor's Guaranteed Cash Flow hereunder. Lessor and Lessee shall promptly execute a new certificate setting forth the exact amount of the Rent. At the completion of the amortization of the Replacement Loan and the commencement of year 31 of the Lease term, monthly Rent shall be calculated as set forth in the example stated in Paragraph 2, plus any other increases provided for in the Lease.
REPLACEMENT LOAN. The Company and Goldbond Group shall terminate the existing HKD40 million loan granted by Goldbond Group to the Company effective as of the Closing Date, and the Buyer or one of its affiliates shall as soon as practicable grant a HKD40 million loan to the Company.
REPLACEMENT LOAN. Notwithstanding anything to the contrary in this Agreement, prior to a Successful Syndication, the Whitehall Group shall be responsible for funding 100% of Acquisition Mezzanine Loan Repayments (subject to either Managing Member’s right to make Capital Calls pursuant to Section 6.2(a)(iii)) due on or prior to the fourth anniversary of the Property Closing Date, with such funding to take the form of either (a) purchasing the Acquisition Mezzanine Loan from the holder thereof or (b) making a loan to the Subsidiary of the Company that is the borrower under the Acquisition Mezzanine Loan to pay off the Acquisition Mezzanine Loan (in either case, a “Replacement Loan”). Such Replacement Loan shall have (or be amended to have, in the case of a purchase of the Acquisition Mezzanine Loan) a maturity date no earlier than the maturity date of the Acquisition Mortgage Loan and shall have the same terms and conditions (including any extension fees to which the original Acquisition Mezzanine Lender was entitled) as the Acquisition Mezzanine Loan, including bearing interest at a rate equal to (i) until the fourth anniversary of the Property Closing Date, the interest rate that would have been applicable under the Acquisition Mezzanine Loan, had the Acquisition Mezzanine Loan not been replaced by the Replacement Loan, and (ii) beginning on the fourth anniversary of the Property Closing Date, LIBOR plus 800 basis points (either (i) or (ii), as applicable, the “Replacement Loan Interest Rate”). With respect to a Replacement Loan, if the Managing Members do not elect to make a Capital Call for any shortfalls for amounts due on such Replacement Loan pursuant to Section 6.2(a)(iv), such amounts shall accrue interest at the Replacement Loan Interest Rate until sufficient net cash flow from the Property exists to pay such amounts (with any accrued interest thereon); provided that any amounts due on the Replacement Loan will be paid to the holder thereof before any amounts are distributed to the Members hereunder. The Whitehall Group agrees that it shall not exercise any remedies available to the lender under the Replacement Loan due to a default of the borrower thereunder until the fifth anniversary of the Property Closing Date.
