Mez Loan definition

Mez Loan means certain mezzanine loans from Wachovia Bank, National Association to MMRDH Senior Mezz Holding Company LLC, a Delaware limited liability company, MMRDH Intermediate Mezz Holding Company LLC, a Delaware limited liability company, and MMRDH Junior Mezz Holding Company LLC, a Delaware limited liability company, evidenced by certain promissory notes of even date herewith in the aggregate original principal sum of $106,250,000.00 which are secured by first priority pledges of the direct or indirect ownership interest of such Persons in Borrower.
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Mez Loan means one or more mezzanine loans from Wachovia Bank, National Association to Affiliates of Borrower which are evidenced by certain promissory notes of even date herewith and which are secured by a first priority pledge of the direct or indirect ownership interest of such Persons in Borrower.
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Mez Loan means a certain mezzanine loan in the original principal sum of $20,000,000 and, provided that the aggregate debt service coverage and loan-to-value ratio for all of the Cross-collateralized Properties and other properties in which the borrower under such mezzanine loan holds a direct or indirect ownership interest, in each case as determined by Lender in its reasonable discretion utilizing its then current underwriting standards and assuming that the principal balance of the Mez Loan is increased to the requested amount, is 1.15:1.0 or greater and 85% or lower, respectively, a maximum principal sum of $50,000,000, which is evidenced or to be evidenced by a certain promissory note, secured by, among other things, a first priority pledge of the direct or indirect ownership interest in Borrower and which matures no earlier than the Maturity Date. In the event that the Mez Loan does not close as of the Closing Date, such loan must be consented to in writing by Xxxxxx, which consent shall not be unreasonably withheld and may be conditioned upon, among other things, receipt by Xxxxxx of an executed intercreditor agreement, in form and substance reasonably acceptable to Lender between the lender of the proposed Mez Loan and Lender and receipt of written confirmation from each Rating Agency that any rating issued by the Rating Agency in connection with a Securitization will not, as a result of the proposed Mez Loan be downgraded from the then current ratings thereof, qualified or withdrawn.
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Examples of Mez Loan in a sentence

  • Further, the denial by Lender of a requested consent or approval in accordance with the Loan Documents shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan, Intermediate Mez Loan and/or the Senior Mez Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denial.

  • Borrower acknowledges and agrees that Lender, Intermediate Mez Lender, Senior Mez Lender and Mortgage Lender have entered into an intercreditor agreement regarding their respective rights under the Mortgage Loan, Intermediate Mez Loan, Senior Mez Loan and Loan (the “Intercreditor Agreement”).

  • In the event that Lender makes any payment in respect of the Mortgage Loan and/or Senior Mez Loan, Lender shall be subrogated to all of the rights of Mortgage Lender or Senior Mez Borrower under the Mortgage Loan Documents against the Property and Owner and/or Senior Mez Borrower, as applicable, in addition to all other rights Lender may have under the Loan Documents or applicable law.

  • Provided that no Default has occurred and is continuing, on each Payment Date during which the Mez Loan is outstanding, Lender shall transfer to the holder of the Mez Loan, as identified in writing by a joint direction executed by Borrower and the holder of the Mez Loan, an amount equal to the Mez Payment Amount (which sum shall be deemed distributions from Borrower to the borrower under the Mez Loan).

  • Any proceeds remaining after the application of any award to reconstruct or repair the Premises or to the payment of the Mortgage Loan, Intermediate Mez Loan and the Senior Mez Loan shall be paid to Lender and applied to the payment of the Debt whether or not then due.

  • Borrower shall promptly (and in all events within one (1) Business Day of obtaining knowledge thereof) notify Lender of the occurrence of any default under the Mortgage Loan or the Senior Mez Loan or of the occurrence of any event, which but for the passage of time or the giving of notice or both, would constitute a default under the Mortgage Loan or the Senior Mez Loan .

  • These factors, along with high population growth, have contributed to shrinking parcel sizes; complex, informal tenure systems that discourage long-term investment; and cultivation of marginal lands with steep slopes, encroaching on forests, destroying watersheds, and aggravating the tenuous environmental situation.

  • Borrower shall not permit (a) Owner to change the Collection Account or the Central Account, without the prior written consent of Lender and Mortgage Lender or (b) Senior Mez Borrower to change the lockbox account established pursuant to the Senior Mez Loan Agreement without the prior written consent of Lender, not to be unreasonably withheld, and Junior Mez Lender.

  • Borrower shall promptly (and in all events within one (1) Business Day of obtaining knowledge thereof) notify Lender of the occurrence of any default under the Mortgage Loan, the Intermediate Mez Loan or the Senior Mez Loan or of the occurrence of any event, which but for the passage of time or the giving of notice or both, would constitute a default under the Mortgage Loan, the Intermediate Mez Loan or the Senior Mez Loan.

  • Provided that no Event of Default has occurred and is continuing, on each Payment Date during which the Mez Loan is outstanding, Lender shall transfer to the holder of the Mez Loan, as identified in writing by a joint direction executed by Borrower and the holder of the Mez Loan, an amount equal to the Mez Payment Amount.


More Definitions of Mez Loan

Mez Loan means certain mezzanine loans to owners of the direct or indirect equity interest in Borrower which are evidenced by certain promissory notes of even date herewith in the aggregate original principal amount of $235,000,000 which are secured by a first priority pledge of the direct or indirect ownership interest of such Persons in Borrower.
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Mez Loan means a loan which is consented to in writing by Lender, which consent shall not unreasonably be withheld if the following conditions are satisfied to Lender’s satisfaction: (a) receipt by Lender of an executed intercreditor agreement, in form and substance acceptable to Lender, between the lender of the proposed mezzanine loan and Lender; (b) receipt of written confirmation from each Rating Agency that any rating issued by the Rating Agency in connection with a Securitization will not, as a result of the proposed mezzanine loan, be downgraded from the then current ratings thereof, qualified or withdrawn; (c) a loan-to-value ratio (calculated based upon the aggregate of the Principal Amount plus the maximum principal amount of the proposed mezzanine loan and based upon an “as is” appraised value as set forth in an MAI appraisal in form and substance and prepared by a Person acceptable to Lender) and a debt service coverage, in each case as determined by Lender in its reasonable discretion utilizing its then current underwriting standards, of 80% or lower and **[1.__:00]** or greater, respectively, which is evidenced or to be evidenced by a promissory note executed by a direct or indirect owner of Grantor, secured by, among other things, a first priority pledge of the direct or indirect ownership interest in Grantor pursuant to loan documentation reasonably acceptable to Lender which shall provide, among other things, that such loan matures no earlier than the Maturity Date unless the proposed mezzanine loan fully amortizes during its term; (d) no Event of Default is then existing, (e) if the proposed mezzanine loan bears interest as a floating rate of interest the borrower thereunder has purchased an interest rate cap agreement in the amount of the principal balance of the proposed mezzanine loan with a strike price reasonably acceptable to Lender and a counterparty having a long-term unsecured debt rating from each Rating Agency of not less than “A” (or its equivalent) and (f) payment of any costs and expenses incurred by Lender in connection with the Mez Loan including, without limitation, reasonable attorneys fees and disbursements and any costs of the Rating Agency. In the event that the Mez Loan does not close as of the Closing Date, (a) the lender of the proposed mezzanine loan must be approved by Lender, which approval shall not be unreasonably withheld, if the lender of the proposed mezzanine loan is a “qualified transferee”, as such term is define...
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Mez Loan means that certain loan in the original principal sum of $32,500,000 of even date herewith made by Wachovia Bank, National Association to the owner of one hundred percent (100%) of the direct or indirect equity interests in Borrower which is secured by a pledge of such equity interest.
Sample 1
Mez Loan means one or more certain mezzanine loan(s) in a maximum aggregate principal amount which would, together with the Loan, provide an aggregate Debt Service Coverage of 1.20:1.0 or greater and a ratio of the unpaid principal amount of the Debt plus the proposed principal balance of the proposed mezzanine loan(s) to the value of the Property, as determined by Lender in its reasonable discretion utilizing its then current underwriting standards of 80% or lower, which is evidenced or to be evidenced by one or more certain promissory note(s), each of which shall be secured by, among other things, a pledge of the direct or indirect ownership and/or management interest in Borrower and which matures no earlier than the Maturity Date. In the event that a Mez Loan does not close as of the Closing Date, any such loan must be consented to in writing by Lender, which consent shall not be unreasonably withheld, conditioned or delayed and may be conditioned upon, among other things, receipt by Lender of an executed intercreditor agreement, in form and substance reasonably acceptable to Lender between the holder of the proposed Mez Loan and Lender and, if a Securitization has occurred, receipt of written confirmation from each Rating Agency that any rating issued by the Rating Agency in connection with a Securitization will not, as a result of the proposed Mez Loan be downgraded from the then current ratings thereof, qualified or withdrawn.
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Related to Mez Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • 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 Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Sub-loan means a loan made or proposed to be made out of the proceeds of the Loan to a Beneficiary for a Development Project;

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • CD Loan means a Committed Loan to be made by a Bank as a CD Loan in accordance with the applicable Notice of Committed Borrowing.

  • PPP Loan means (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

  • Term Loan as defined in Section 2.1.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Tranche A Loan shall have the meaning set forth in Section 2.01(a).

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • 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.

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • Term A Loan is defined in Section 2.2(a)(i) hereof.

  • Existing Loan means the loan identified on Exhibit H.

  • Canadian Loan means a Loan made to a Canadian Borrower denominated in Canadian Dollars.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Term SOFR Loan means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to this Borrower Loan Agreement, in the maximum principal amount of the Borrower Loan Amount, as evidenced by the Borrower Note.

  • Term SOFR Rate Loan means a Loan that bears interest based on the Term SOFR Rate.