Initial Sponsor definition

Initial Sponsor means certain Blackstone funds specified or described in the Whole Loan documents. “Approved Sponsor Entity” means any entity comprising Initial Sponsor and/or certain Blackstone funds specified or described in the Whole Loan documents, as well as other Blackstone affiliates as described in the Whole Loan documents. The Whole Loan documents provide that none of the Mortgagor, any mezzanine borrower, or any other direct or indirect equity holder in the Mortgagor up to the first direct or indirect holder that has substantial assets other than its indirect interest in the Mortgaged Properties (each, a “Restricted Pledge Party”), other than the Mortgagor or any future mezzanine borrower, may be restricted from any sale or pledge of its direct or indirect assets, provided such assets are not encumbered or required to be encumbered by the Whole Loan or any mezzanine loan. Upon satisfaction of certain conditions set forth in the Whole Loan documents, certain transfers are permitted without the Mortgagee’s consent, including, without limitation, after giving effect to such sale or pledge, (A) one or more of the, among other entities, initial sponsor and any Blackstone fund entity (each, an “Approved Sponsor Entity”) must individually or collectively, directly or indirectly, own the applicable Required Ownership Interest, where “Required Ownership Interest” means (i) for so long as one or more Approved Sponsor Entities individually or collectively controls the Mortgagor and the related mezzanine borrower, not less than 5% of the ultimate direct or indirect interests in the Mortgagor and any mezzanine borrower, or (ii) in the event that an Approved Sponsor Entity does not individually or collectively control the Mortgagor and the related mezzanine borrower, not less than 15% of the ultimate direct or indirect interests in the Mortgagor and any mezzanine borrower.

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Initial Sponsor means Axis Capital Management.

Initial Sponsor has the meaning specified in the first recital hereto.

Examples of Initial Sponsor in a sentence

Any decision to sell all or substantially all of the business or assets of the JV Group or enter into any other Exit Transaction (other than an IPO) unless the Initial Sponsor would receive an amount equal to its investment plus a return representing an IRR of at least ten per cent (10%) on its investment in the Preferred Shares.
The Company was incorporated on 12 March 2021 and has been established as a Jersey Private Fund and a Professional Investor Regulated Scheme, for the purposes of establishing a joint venture between the Initial Sponsor, the KP Investor and other investors for the acquisition and ownership of vessels through wholly-owned subsidiaries and the leasing of such vessels.
Any decision to terminate all or substantially all of the Business unless in the process of such termination the Initial Sponsor receives an amount equal to its investment plus a return representing an IRR of at least ten per cent (10%) on its investment in the Preferred Shares.
Any change in the Company’s jurisdiction or tax residency which adversely affects the tax position of the Initial Sponsor or its current ultimate beneficial owner as at the date of this Agreement (unless such ultimate beneficial owner has changed his or her tax residency since the date of this Agreement), unless the New Investor has undertaken to fully compensate the affected persons for such adverse effect.

More Definitions of Initial Sponsor

Initial Sponsor means certain Blackstone funds specified or described in the Mortgage Loan documents. “Approved Sponsor Entity” means any entity comprising Initial Sponsor and/or certain Blackstone funds specified or described in the Whole Loan documents, as well as other Blackstone affiliates as described in the Whole Loan documents. “RIC Investor” means Realty Income Corporation (or any successor thereto by operation of law (whether through a merger, consolidation or similar transaction)). The Mortgage Loan documents provide that none of the borrowers, any mezzanine borrower, or any other direct or indirect equity holder in the borrowers up to the first direct or indirect holder that has substantial assets other than its indirect interest in the Mortgaged Properties (each, a “Restricted Pledge Party”), other than the borrowers or any future mezzanine borrower, may be restricted from any sale or pledge of its direct or indirect assets, provided such assets are not encumbered or required to be encumbered by the Whole Loan or any mezzanine loan. Notwithstanding the foregoing, no consent of the lender is required in connection with (i) any foreclosure of any pledge of an indirect equity interest in the borrowers or (ii) exercise of remedies or acquisition of control by a provider of preferred equity or debt to an indirect owner of the borrowers that may or may not result in a change of control of the borrowers and no assumption fee will be payable in connection therewith; provided that (x) the foreclosing party or the party acquiring control of the borrowers or exercising remedies is an eligible assignee (or with respect to preferred equity,

Initial Sponsor means KKR European Fund II, Limited Partnership, KKR Millennium Fund (Overseas), Limited Partnership, Silver Lake Partners II, Cayman L.P., AlpInvest CS Investments 2006 C.V., ▇▇▇▇ Capital Fund IX, L.P., ▇▇▇▇ Capital Fund VIII-E, L.P., Apax Europe Fund V-A, L.P., Apax Europe Fund VI-A, L.P.

Initial Sponsor has the meaning set forth in the Recitals.

Initial Sponsor means initially, individually or collectively as the context requires, (a) BREP X, and (b) upon or following a Permitted Assumption, Transfer or assignment to another Blackstone Fund Entity, the applicable Blackstone Fund Entity and any parallel partnerships or alternative investment vehicles comprising the related Blackstone Fund Entity and any co-investment or managed vehicles Controlled by or under common Control with the foregoing entities.

Initial Sponsor means initially, individually or collectively as the context requires, (a) AI REIT, and (b) upon or following a Permitted Assumption, Transfer or assignment to another Blackstone Fund Entity, the applicable Blackstone Fund Entity and any parallel partnerships or alternative investment vehicles comprising the related Blackstone Fund Entity and any co-investment or managed vehicles Controlled by or under common Control with the foregoing entities.

Initial Sponsor shall have the meaning ascribed to such term in the preamble hereof.