Eligible Mezzanine Loans means performing loans or participations therein evidenced by mezzanine notes and secured by pledges of ownership interests in entities that directly or indirectly own properties described in the definition of "Eligible Loans" (or participation interests in such performing mezzanine loans), which conform in all material respects to the applicable representations and warranties set forth in Exhibit VI attached hereto (except as otherwise agreed by Buyers), are otherwise acceptable to Buyers in their sole discretion, and as to which (i) the Stressed LTV 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 95%, and (ii) the Stressed DSCR, calculated on the same basis, is greater than 1.05X.
Eligible Mezzanine Loans means performing mezzanine loans secured by pledges of all or partial equity ownership interests in entities that directly or indirectly own multifamily or commercial properties (or participation interests in such performing mezzanine loans), which conform to the applicable representations and warranties set forth in Part B of Exhibit VI attached hereto (except as otherwise agreed by the Buyer), and are acceptable to the Buyer in its sole discretion.
Eligible Mezzanine Loans means performing loans that (a) are secured by all or partial direct or indirect ownership interests in a company, partnership or other entity owing, operating or controlling, directly or indirectly, multifamily or commercial properties (or participation interests in such performing loans), and (b) satisfy all the representations and warranties contained in Schedule 1(e); provided, however, that no Eligible Mezzanine Loans shall be deemed eligible if the sum of (i) Eligible Mezzanine Loans and (ii) Allocated Underlying Debt, has an LTV greater than eighty-five percent (85 %).
Examples of Eligible Mezzanine Loans in a sentence
Seller makes the representations and warranties corresponding to Eligible Mezzanine Loans, Eligible First Mortgage Loans, or Eligible B Notes, as applicable, mutatis mutandis.
Borrower shall not submit any Notice of Borrowing requesting an Advance with respect to any Mezzanine Loans or B Notes until such time as Borrower has received written confirmation from Lender that such Mezzanine Loans constitute Eligible Mezzanine Loans or such B Notes constitute Eligible B Notes and as to the Loan Value at the time the Advance is made of such Eligible Mezzanine Loans or Eligible B Notes.
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More Definitions of Eligible Mezzanine Loans
Eligible Mezzanine Loans means performing loans which:
Eligible Mezzanine Loans means Mezzanine Loans that strictly comply with the requirements of Section 5(f) hereinbelow, but excluding any loan that meets one or more of the following criteria: (A) one or more payments are past due by more than ninety (90) days, (B) from a party closely affiliated with, related to, or employed by Borrower or Guarantor, (C) from an obligor subject to bankruptcy proceedings (unless such obligor's bankruptcy proceedings predate the subject Loans), (D) original principal amount thereof is less than $25,000, (E) from an obligor domiciled outside the United States of America, and such obligation is not secured in a manner satisfactory to Agent, (F) to the extent (but only to the extent) such loan, when aggregated with all other loans (from the same or affiliated obligor) comprising the Revolving Borrowing Base exceeds ten percent (10%) of Borrower's Primary Capital as reflected on the most recent financial statements of Borrower in Agent's possession, (G) has not been originated pursuant to or does not satisfy, in all material respects, any of the applicable requirements of Borrower's Credit and Collection Policy, (H) is not denominated or payable in United States Dollars, (I) has an original term to maturity of more than eighty-four (84) months, (J) is subject to claims or offsets by the obligor thereof, (K) the obligor thereof is a governmental agency or authority, (L) the primary business of the obligor is involved in any one or more of the gaming, nuclear waste, bio-tech, or real estate industries, (M) if such note is secured by real estate and it fails to meet all requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended, or (N) any nonaccrual loans. As used herein, Mezzanine Loans shall mean loans from Borrower to Borrower's Clients that are subject to an Intercreditor Agreement between Borrower and other creditors of Borrower's Clients which Intercreditor Agreement subordinates the