Eligible Mezzanine Loan definition

Eligible Mezzanine Loan means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan obligation made to a holding company or other equity holder of an operating entity (where (i) the Borrower holds a first priority lien on the assets of such equity holder and/or the equity in the operating entity and (ii) the assets of the operating entity may have been pledged to another lender to secure loans made to such operating entity by such other lender), including any such loan obligation with attached warrants or other options to acquire a share or other equity interest (whether cash pay or non-cash pay) and such obligation is evidenced by an issue of notes or similar instruments; provided that loans to or issues by a start-up company or an Obligor with no operating history shall be excluded from the definition of “Eligible Mezzanine Loan” unless (i) such loans or securities are fully guaranteed by an Affiliate of the Obligor which has an established operating history or Rating Confirmation is received; or (ii) such loans relate to the financing of a start-up company that has been spun off from a company with an established operating history) as determined by the Investment Manager in its reasonable business judgment, or a participation therein.

Eligible Mezzanine Loan means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan obligation made to a holding company or other equity holder of an operating entity (where (i) the Borrower holds a first priority lien on the assets of such equity holder and/or the equity in the operating entity and (ii) the assets of the operating entity may have been pledged to another lender to secure loans made to such operating entity by such other lender); provided that loans to or issues by a start up company or an Obligor with no operating history shall be excluded from the definition of "Eligible Mezzanine Loan" unless (i) such loans or securities are fully guaranteed by an Affiliate of the Obligor which has an established operating history or a Rating Confirmation is received; or (ii) such loans relate to the financing of a start up company that has been spun off from a company with an established operating history) as determined by the Collateral Manager in its reasonable business judgment, or a participation therein.

Eligible Mezzanine Loan means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan obligation made

Examples of Eligible Mezzanine Loan in a sentence

• To the extent at any time the product of the then current Market Value of any Eligible Whole Loan, Eligible B Note, Eligible Mezzanine Loan or Eligible Security multiplied by the applicable Original Purchase Percentage as set forth on Schedule 1 exceeds the amount advanced with respect to such asset (such excess, the “Margin Excess”), the Seller may request that the Buyer advance such Margin Excess.

• With respect to any Purchased Loan which is an Eligible Mezzanine Loan, the related Mortgaged Property is not encumbered, and none of the Purchased Asset Documents permits the related Mortgage Property to be encumbered subsequent to the Purchase Date without the prior written consent of the lender, by any lien securing the payment of money junior to or of equal priority with, the lien of the related Mortgage other than Permitted Encumbrances.

• Financing Amount; Margin Excess: With respect to each Eligible Whole Loan, Eligible B Note, Eligible Mezzanine Loan and Eligible Security, the Buyer will advance the product of the related Market Value and the applicable Original Purchase Percentage as set forth on Schedule 1 hereto, provided the Seller may B-3 request that the Buyer advance a percentage lower than the Original Purchase Percentage as set forth on Schedule 1 hereto.

• With respect to each Purchased Loan which is an Eligible Mezzanine Loan only, the pledge of ownership interests securing such Purchased Loan encumbers the direct or indirect equity or ownership interests in the underlying real property owner and has been fully first priority perfected in favor of Seller as mezzanine lender.

More Definitions of Eligible Mezzanine Loan

Eligible Mezzanine Loan means a Mezzanine Loan which satisfies the eligibility characteristics set forth on Schedule 2 hereto on and as of the applicable Funding Date and which continues to satisfy such eligibility characteristics at all times thereafter while such Mezzanine Loan is included in the Borrowing Base.

Eligible Mezzanine Loan means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan obligation made to a holding company or other equity holder of an operating entity (where (i) the Borrower holds a first priority lien on the assets of such equity holder and/or the

Eligible Mezzanine Loan means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan obligation made to a holding company or other equity holder of an operating entity (where (i) the Borrower holds a first priority lien on the assets of such equity holder and/or the equity in the operating entity and (ii) the assets of the operating entity may have been pledged to another lender to secure loans made to such operating entity by such other lender), including any such loan obligation with attached warrants or other options to acquire a share or other equity interest (whether cash pay or non-cash pay) and such obligation is evidenced by an issue of notes or similar instruments; provided that loans to or issues by a start-up company or an Obligor with no operating history shall be excluded from the definition of “ Eligible Mezzanine Loan” unless (i) such loans or securities are fully guaranteed by an Affiliate of the Obligor which has an established operating history or Rating Confirmation is received; or (ii) such loans relate to the financing of a start-up company that has been spun off from a company with an established operating history) as determined by the Investment Manager in its reasonable business judgment, or a participation therein.

Eligible Mezzanine Loan means any Mezzanine Loan which complies with all of the Eligibility Criteria which are applicable to Mezzanine Loans provided that this definition shall include any other assets of the Borrower that the Lender determines in good faith are to be treated as Eligible Mezzanine Loans for the purposes of this Agreement subject to such modifications to the terms hereof as the Lender may in good faith require in relation to the same.

Eligible Mezzanine Loan means a performing Mezzanine Loan acceptable to Lender in the exercise of its good faith business judgment and with respect to which the representations and warranties set forth in Exhibit H are true and correct, unless waived by Lender.

Eligible Mezzanine Loan means a Mezzanine Loan as to which the LTV determined by the Buyer Agent for the Mortgaged Property from which payments on such Mezzanine Loan are derived (including for purposes of this calculation, such Mezzanine Loan and any loan senior to such Mezzanine Loan and secured directly or indirectly by the related Mortgaged Property and excluding any more junior loan or participation) does not exceed 90%.