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.

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.

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will not, as a result of the proposed Mez Loan be downgraded from the then current ratings thereof, qualified or withdrawn.

Examples of Mez Loan in a sentence

• Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Senior Mez Borrower under the Senior Mez Loan Documents.

• Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the First Mez Borrower under the First Mez Loan Documents.

• If the Mortgage Loan, the Intermediate Mez Loan and the Senior Mez Loan have been paid in full, each insurance company which has issued insurance is hereby authorized and directed to make payment for all losses covered by such insurance to Lender alone, and not to Lender and Borrower, Intermediate Mez Borrower, Senior Mez Borrower or Owner jointly.

• Lender acknowledges that Owner’s rights to any condemnation award is subject to the terms of the Mortgage, the Intermediate Mez Loan Documents and the Senior Mez Loan Documents.

• 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 .

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

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

• 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”).

• If the Mortgage Loan and the Senior Mez Loan have been paid in full, each insurance company which has issued insurance is hereby authorized and directed to make payment for all losses covered by such insurance to Lender alone, and not to Lender and Borrower, Senior Mez Borrower or Owner jointly.

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.

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.

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...

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.