Acquisition/Refinance Purposes definition
Acquisition/Refinance Purposes is defined in the Recitals paragraph of this Agreement.
Acquisition/Refinance Purposes is defined in the Recitals paragraph of this Agreement. "Additional Borrowers" means one or more special purpose entities which (i) own and will own no other assets of any kind other than such Additional Borrower's Prospective Property, (ii) are direct wholly owned subsidiaries of ▇▇▇▇▇▇▇ Partnership and indirect subsidiaries of Guarantor, (iii) together with the Loan Parties will submit an Application for Advance for approval as a borrower under this Loan (iv) Lender has approved such party as a new additional borrower under the Loan, Note and Loan Documents and has approved the Prospective Property such party wishes to purchase or re-finance as collateral for the Loan and (iv) at or prior to the Advance of Loan funds to such party, has executed and delivered to Lender the Joinder Agreement and other Closing Deliveries regarding the Loan, the Note, the Loan Documents and the Prospective Property required by Lender. "Advance" means a disbursement by Lender, whether by journal entry, deposit to Borrowers or an Additional Borrower's account, check to third party or otherwise of any of the proceeds of the Loan, any insurance proceeds or any protective advance made under Section 8 of a Deed of Trust or any other Loan Document. "Agreement" means this Master Credit Facility Agreement, as the same may from time to time be amended, supplemented, replaced or restated. "Application for Advance" means that certain package of documents, materials and information listed on Exhibit A below together with such other information supporting such Application for Advance as requested by Lender. "Borrowers" means the Persons identified as such in the introductory paragraph hereof as Borrowers, and each of their successors and assigns. "Borrower's Equity" means an amount, in the form of cash or other assets approval by Lender, which equals at least fifty percent (50%) of the lesser of the Prospective Property's appraised fair market value or the Purchase Price of the Prospective Property. Borrower's Equity is not a requirement in the case of an Operation Draw Request for an Operational Purpose. "Breach" is defined in Section 2.5(b). 2 6502991 V5 (78055.00001.000)