Base Facility Note definition

Base Facility Note means a promissory note, in the form attached as Exhibit B to this Agreement, which will be issued by the Borrower to the Lender, concurrently with the funding of each Base Facility Advance, to evidence the Borrower’s obligation to repay the Base Facility Advance.
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Base Facility Note means a promissory note, in the form attached as EXHIBIT B to this Agreement, which will be issued by the Borrower to the Lender, concurrently with the funding of each Base Facility Advance, to evidence the Borrower's obligation to repay the Base Facility Advance. On the Closing Date, two Base Facility Notes shall be issued, an Amended and Restated Base Facility Note in the amount of $12,515,000 and a Base Facility Note in the amount of $87,485,000.
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Base Facility Note. If no prepayment is permitted under the applicable Base Facility Note, such prepayment amount shall be held by Lender (or its appointed collateral agent) as substitute cash collateral in accordance with a security agreement and other documents in form and substance acceptable to Lender. Any substitute cash collateral remaining will be returned to the Borrower on the earlier of the date when the Minimum Aggregate Facility Debt Service Coverage Ratio for the Trailing 12 Month Period and the Maximum Aggregate Loan to Value Ratio for the Trailing 12 Month Period are again met or the Credit Facility Termination Date. If on the date the Borrower pays any amounts required by this Section, Revolving Advances are Outstanding but are not then due and payable, Lender shall hold such amounts (which amounts shall bear interest at a rate determined by Lender) as additional collateral until the next date the Revolving Advances are due and payable, at which time Lender shall apply the appropriate portion of such prepayment to such Revolving Advances.
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Examples of Base Facility Note in a sentence

  • The obligation of the Borrower to repay a Base Facility Advance will be evidenced by a Base Facility Note.

  • The Assignment and Assumption Agreement shall provide for (i) the transfer and assignment by Borrower to Successor Borrower of the Substitute Collateral, subject to the lien and security interest in favor of Lender, (ii) the assumption by Successor Borrower of all liabilities and obligations of Borrower under the relevant Base Facility Note, and (iii) the release by Lender of Borrower from all liabilities and obligations under the relevant Base Facility Note.

  • Upon Borrower’s compliance with the requirements of Section 3.10(a), Borrower shall assign all its obligations and rights under the relevant Base Facility Note, together with the Substitute Collateral, to a successor entity (the “Successor Borrower”) designated by Lender or, if not so designated by Lender, designated by Borrower and acceptable to Lender in its sole discretion.

  • The Pledge Agreement shall provide Borrower’s authorization and direction that all interest on, principal of and other amounts payable with respect to the Substitute Collateral shall be paid directly to Lender to be applied to Mortgage Payments due under the Base Facility Note subject to Defeasance.

  • The obligation of the Borrower to repay a Base ------------------ Facility Advance will be evidenced by a Base Facility Note.

  • Any prepayments made pursuant to the preceding sentence shall be applied first against the Revolving Advances Outstanding in the sequence specified by Borrower until there are no further Revolving Advances Outstanding then against the prepayment of Base Facility Advances Outstanding so long as the prepayment is permitted under the applicable Base Facility Note.

  • The Base Facility Note shall be payable to the order of the Lender and shall be made in the original principal amount of the Base Facility Advance.

  • There shall be no amortization payments of principal scheduled to be due under the Base Facility Advance prior to the maturity date of the Base Facility Advance, unless the payment of principal is accelerated in accordance with the terms of the Base Facility Note evidencing the Base Facility Advance.

  • In connection with the conversion, Borrower has executed and delivered that certain Base Facility Note in the amount of $100,000,000, that certain Base Facility Note in the amount of $50,000,000, and that certain Amended and Restated Multifamily Revolving Facility Note in the amount of $134,513,000, each dated as of even date herewith.

  • All Cash Collateral shall be held by the Lender (or its appointed custodian or collateral agent) as substituted Collateral ("CASH COLLATERAL"), in accordance with a security agreement and other documents in form and substance acceptable to the Lender (or, at the Borrower's option, may be applied against the prepayment of Base Facility Advances, so long as the prepayment is permitted under the Base Facility Note for the Base Facility Advance).