BP Loan definition

BP Loan means the loan to BPI in the aggregate amount of $24.0 million held by the Fund. “BP Rights” means:
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BP Loan means the loan to BPI in the aggregate amount of $24,000,000 held by the Fund. “BP Rights” means:
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BP Loan means the Fund’s loan to BPI in the aggregate amount of $24.0 million.
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Examples of BP Loan in a sentence

  • The principal amount, together with all accrued and unpaid interest, outstanding under the BP Loan was to become due and payable on July 17, 2042.

  • Interest accrued on all amounts outstanding under the BP Loan at the rate of 7.5% per annum and interest was payable in arrears by BPI to the Fund on the first day of each month.

  • Immediately following the Class C Exchange, the Fund and its subsidiaries capitalized and eliminated the BP Loan.

  • To secure BPI’s obligations under the BP Loan, BPI granted the Fund a general security interest over all of BPI’s present and after acquired property of BPI except: (i) Units held by BPI; and (ii) equity and debt investments of BPI in affiliates that operate pizza / pasta restaurants in the USA or Mexico and do not operate or franchise Boston Pizza Restaurants in Canada.

  • All security that BPI and BP Canada LP had granted the Fund in respect of the BP Loan was released and discharged.

  • The Class C Exchange and the subsequent capitalization and elimination of the BP Loan are cash-neutral to the Fund as the Fund no longer receives $150,000 per month of interest income on the BP Loan, but Royalties LP no longer has $150,000 per month in interest expense on the Class C GP Units.

  • THE EXCHANGE RIGHTS Pursuant to the Royalties Limited Partnership Agreement, Royalties Exchange Agreement, BP Canada Limited Partnership Agreement and the BP Canada Exchange Agreement, BPI (or a Related Party to whom the applicable units have been transferred) has the right to exchange Class B Units, Class 2 GP Units, Class 3 GP Units, Class 4 GP Units and Class 5 GP Units, for Units, and Class C Units (for indebtedness under the BP Loan).

  • At and immediately after the Time of Closing, the Trust shall use the proceeds from the sale of Units issued on the Offering to: (i) acquire from the Bank the BP Loan; and (ii) subscribe for Holdings Trust Units and Holdings Trust Notes.

  • The portion of the fair market value of such redeemed Trust Units which is derived, in the determination of the Trustees, from the Trust’s interest in the BP Loan may, in the discretion of the Trustees, be represented by Series 3 Notes issued by Holdings Trust to the Trust in consideration for the transfer by the Trust to Holdings Trust of an interest in the BP Loan of equivalent value.

  • On September 26, 2017, BPI exchanged 2,400,000 Class C general partner units of Royalties LP (“Class C GP Units”) for the assumption by Boston Pizza Holdings Limited Partnership (“Holdings LP”) of BPI’s obligation to pay the Fund the BP Loan (the “Class C Exchange”).


More Definitions of BP Loan

BP Loan means the loan to BPI in the aggregate amount of approximately $24 million that was acquired by the Trust from an affiliate of Scotia Capital Inc. on the Closing of the Offering;
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Related to BP Loan

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

  • CD Loan means (i) a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which was a CD Loan immediately before it became overdue.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • Revolving Loan has the meaning specified in Section 2.01(a).

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • Term Loan as defined in Section 2.1.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Term SOFR Rate Loan means a Loan made hereunder with respect to which the interest rate is calculated by reference to Term SOFR (other than a Loan for which clause (c) of the definition of Base Rate is used to determine Base Rate).