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
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.
Lender shall endeavor in good faith to respond in writing within five (5) Business Days after submission of the information set forth above as to whether the proposed Mezzanine Loan constitutes an Eligible Mezzanine Loan or the proposed B Note constitutes an Eligible B Note under this Agreement.
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.
In order to obtain formal approval from Lender of a particular Mezzanine Loan as an Eligible Mezzanine Loan or particular B Note as an Eligible B Note, Borrower shall submit to Lender a Preliminary Due Diligence Package with respect thereto.
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 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%.
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 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 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.