Mezzanine Option definition

Mezzanine Option shall have the meaning set forth in Section 11.6 hereof.
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Mezzanine Option has the meaning assigned in Section 12.28.
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Mezzanine Option a mortgage loan (the "MORTGAGE LOAN") and a mezzanine loan (the "MEZZANINE LOAN"). The principal amount of the Mortgage Loan plus the principal amount of the Mezzanine Loan shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan. In effectuating the foregoing, Lender or its designee (in its capacity as the lender under the Mezzanine Loan, the "MEZZANINE LENDER") will make a loan to the equity owner(s) of Borrower ("MEZZANINE BORROWER"); Mezzanine Borrower will contribute the amount of the Mezzanine Loan to Borrower (in its capacity as Borrower under the Mortgage Loan, "MORTGAGE BORROWER") and Mortgage Borrower will apply the contribution to pay down the Loan to its Mortgage Loan amount, without prepayment penalty or fee. The Mortgage Loan and the Mezzanine Loan will be on the same terms and subject to the same conditions set forth in the Loan Documents except as follows: Lender (in its capacity as the lender under the Mortgage Loan, the "MORTGAGE LENDER") shall have the right to establish different interest rates and debt service payments for the Mortgage Loan and the Mezzanine Loan and to require the payment of the Mortgage Loan and the Mezzanine Loan in such order of priority as may be designated by Lender; provided, that (i) the total loan amounts for the Mortgage Loan and the Mezzanine Loan shall equal the amount of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan, (ii) the weighted average interest rate of the Mortgage Loan and the Mezzanine Loan shall on the date created equal the interest rate which was applicable to the Loan immediately prior to creation of a Mortgage Loan and a Mezzanine Loan, (iii) the debt service payments on the Mortgage Loan note and the Mezzanine Loan note shall on the date created equal the debt service payment which was due under the Loan immediately prior to creation of a Mortgage Loan and a Mezzanine Loan, and (iv) the note under the Mortgage Loan and the note under the Mezzanine Loan shall have the same term and amortization schedule as the Loan prior to the creation of the Mortgage Loan and the Mezzanine Loan. Mezzanine Borrower shall be a special purpose, bankruptcy remote entity pursuant to applicable Rating Agency criteria and shall own directly or indirectly one hundred percent (100%) of Mortgage Borrower. The security for the Mezzanine Loan shall be a pledge of one hundred percent (100%) of Mezzanin...
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Examples of Mezzanine Option in a sentence

  • Lender shall have the option (the “Mezzanine Option”) at any time to divide the Loan into two parts, a mortgage loan and a mezzanine loan, provided, that (i) the total loan amounts for such mortgage loan and such mezzanine loan shall equal the then outstanding amount of the Loan immediately prior to Lender’s exercise of the Mezzanine Option, and (ii) the weighted average interest rate of such mortgage loan and mezzanine loan shall initially equal the Interest Rate.

  • Borrower acknowledges and agrees that the execution of any documents in connection with Lender’s exercise of the Mezzanine Option in accordance with terms and conditions hereof shall not in itself increase the obligations or decrease the rights of Borrower pursuant to the Loan Documents.

  • Borrower and Lender acknowledge and agree that the execution of any documents in connection with Lender’s exercise of the Mezzanine Option in accordance with terms and conditions hereof shall not in itself increase the obligations or decrease the rights of Borrower pursuant to the Loan Documents.

  • Lender will pay its own and Borrower’s reasonable fees and expenses incurred in connection with the exercise of the Mezzanine Option.

  • Lender shall have the right at any time to divide the Loan into two parts (the "Mezzanine Option"): a mortgage loan (the "Mortgage Loan") and a mezzanine loan (the "Mezzanine Loan").

  • Lender shall have the option (the “Mezzanine Option”) at any time to divide the Loan into two parts, a mortgage loan and a mezzanine loan, provided, that (i) the total loan amounts for such mortgage loan and such mezzanine loan shall equal the then outstanding amount of the Loan immediately prior to Lender’s exercise of the Mezzanine Option, and (ii) the weighted average interest rate of such mortgage loan and mezzanine loan shall initially equal the Applicable Interest Rate.

  • Lender shall have the right (the “Mezzanine Option”) at any time to divide the loan into two parts, a mortgage loan and a mezzanine loan, provided, that (i) the total loan amounts for such mortgage loan and such mezzanine loan shall equal the then outstanding amount of the Loan immediately prior to Lender’s exercise of the Mezzanine Option and (ii) the weighted average interest rate of such mortgage loan and mezzanine loan shall equal the Interest Rate.

  • Without limiting the foregoing, if Eurohypo exercises the Mezzanine Option, the pledgee shall release its pledge on any of the ownership interest that form the collateral for the Mezzanine Loan (without limiting the rights of Sponsor, in accordance with this Section 9.1(3), to pledge to such pledgee other indirect ownership interests in Borrower that do not form the collateral for the Mezzanine Loan).

  • SECONDARY MARKET 139 Section 11.1. Securitization 139 Section 11.2. Disclosure 142 Section 11.3. Reserves/Escrows 146 Section 11.4. Servicer 146 Section 11.5. Rating Agency Costs 147 Section 11.6. Mezzanine Option 147 Section 11.7. Conversion to Registered Form 148 Section 11.8. Syndication 148 Section 11.9. Intentionally Omitted 152 Section 11.10.

  • Lender shall have the option (the “Mezzanine Option”) at any time to divide the Loan into two parts, a mortgage loan and a mezzanine loan, provided, that (i) the total loan amounts for such mortgage loan and such mezzanine loan shall equal the then outstanding amount of the Loan immediately prior to Xxxxxx’s exercise of the Mezzanine Option, and (ii) the weighted average interest rate of such mortgage loan and mezzanine loan shall initially equal the Interest Rate.


More Definitions of Mezzanine Option

Mezzanine Option shall have the meaning set forth in Section 9.5 hereof. “Minimum Counterparty Rating” shall mean (a) a long term credit rating from S&P of at least “A+”, which rating shall not include a “t” or otherwise reflect a termination risk, and (b) a long term credit rating from Moody’s of at least “A1” (and, after a Securitization, the equivalent of the foregoing by the other Rating Agencies). After a Securitization of the Loan, only the ratings of those Rating Agencies rating the Securities shall apply. “Minimum Interest” shall have the meaning set forth in Section 2.7(d) hereof. “Minimum Interest Payment” shall have the meaning set forth in Section 2.7(d) hereof. “Monthly Debt Service Payment” shall have the meaning set forth in Section 2.6 hereof. “Monthly Payment Date” shall mean May 9, 2024 and the ninth (9th) day of every calendar month occurring thereafter during the term of the Loan. “Moody’s” shall mean Xxxxx’x Investor Service, Inc. “Net Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such Award. “New Non-Consolidation Opinion” shall mean a substantive non-consolidation opinion provided by outside counsel acceptable to Lender and the Rating Agencies and otherwise in form and substance acceptable to Lender and the Rating Agencies. “Non-Consolidation Opinion” shall mean any substantive non-consolidation opinion delivered to Lender in connection with the Loan (including, without limitation, that certain substantive non-consolidation opinion delivered to Lender by Xxxxxxxxx Xxxxx Xxxxxx Xxxxx Xxxxxx P.A. in connection with the closing of the Loan). “Note” shall mean that certain Junior Promissory Note of even date herewith in the principal amount of $15,000,000.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, extended, renewed, supplemented, severed, split, or otherwise modified from time to time. “NRSRO” shall mean any credit rating agency that has elected to be treated as a nationally recognized statistical rating organization for purposes of Section 15E of the Exchange
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Mezzanine Option shall have the meaning set forth in Section 11.6 hereof. “Minimum Disbursement Amount” shall mean Ten Thousand and No/100 Dollars ($10,000) or, with respect to any Reserve Account having a balance of less than such amount, the full balance of such Reserve Account.
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Mezzanine Option a mortgage loan (the “Mortgage Loan”) and one or more Approved Mezzanine Loans. The principal amount of the Mortgage Loan plus the principal amount of the Approved Mezzanine Loan(s) shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Approved Mezzanine Loan(s). In effectuating the foregoing, the Approved Mezzanine Lender will make a loan to a borrower (the “Mezzanine Borrower(s)”); Mezzanine Borrower(s) will contribute the amount of the Approved Mezzanine Loan(s) to Borrower (in its capacity as Borrower under the Mortgage Loan, “Mortgage Borrower”) and Mortgage Borrower will apply the contribution to pay down the Loan to its Mortgage Loan amount (without prepayment premium). The Mortgage Loan and the Approved Mezzanine Loan(s) shall be on the same terms and subject to the same conditions set forth in this Agreement, the Notes, the Mortgages and the other Loan Documents except as follows:
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Mezzanine Option shall have the meaning set forth in Section 11.6 hereof. “Minimum Disbursement Amount” shall mean Fifteen Thousand and No/100 Dollars ($15,000).
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Mezzanine Option shall have the meaning set forth in Section 9.4 hereof. "Minimum Disbursement Amount" shall mean Fifteen Thousand and No/100 Dollars ($15,000). "Monthly Debt Service Payment Amount" shall mean (x) with respect to the Monthly Payment Date occurring in November, 2013 and each Monthly Payment Date thereafter through and including the Monthly Payment Date occurring in April 1, 2016, the monthly interest accrued on the Loan, and (y) with respect to the Monthly Payment Date occurring in May 1, 2016 and each Monthly Payment Date thereafter, a constant monthly payment of $88,005.80. "Monthly Payment Date" shall mean the first (1st) day of every calendar month occurring during the term of the Loan, and if such day is not a Business Day, then the Business Day immediately preceding such day, commencing on November 1, 2013 and continuing to and including the Maturity Date. "Moody's" shall mean Xxxxx'x Investors Service, Inc. "Xxxxxx Xxxxxxx" shall mean MSMCH and its Affiliates. "Xxxxxx Xxxxxxx Group" shall have the meaning set forth in Section 9 .2(b) hereof. "Morningstar" shall mean Morningstar, Inc., an Illinois corporation. DMEAST #17478116 v7 9
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Mezzanine Option shall have the meaning set forth in Section 9.5 hereof. “Mortgage Loan” shall have the meaning set forth in Section 9.5 hereof. “Minimum Disbursement Amount” shall mean Twenty-Five Thousand and No/100 ($25,000.00), or such lesser amount remaining in the applicable Reserve Account. “Mold” shall mean fungi or bacterial matter which reproduces through the release of spores or the splitting of cells, including, but not limited to, mold, mildew, and viruses, whether or not such Mold is living. “Monthly Debt Service Payment Amount” shall mean (i) with respect to each Payment Date occurring on and prior to November 6, 2022, an amount equal to interest which is scheduled to accrue on the Loan through the end of the Interest Accrual Period in which such Payment Date occurs and (ii) with respect to each Payment Date thereafter, a constant monthly payment amount of $81,653.79. “Monthly Insurance Premium Deposit” shall have the meaning set forth in Section 7.2 hereof. “Monthly Rollover Reserve Deposit” shall have the meaning set forth in Section 7.4.1 hereof. “Monthly Tax Deposit” shall have the meaning set forth in Section 7.2 hereof. “Moody’s” shall mean Xxxxx’x Investors Service, Inc. “Morningstar” shall mean Morningstar Credit Ratings, LLC. “Net Cash Flow” for any period shall mean the amount obtained by subtracting Operating Expenses and Capital Expenditures for such period from Gross Income from Operations for such period. “Net Cash Flow After Debt Service” for any period shall mean the amount obtained by subtracting Debt Service for such period from Net Cash Flow for such period. “Net Cash Flow Schedule” shall have the meaning set forth in Section 5.1.10(b) hereof. “Net Operating Income” shall mean the amount obtained by subtracting Operating Expenses from Gross Income from Operations. “Net Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.
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Related to Mezzanine Option

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.

  • Performance Option means an Incentive Stock Option or Nonqualified Stock Option, the grant of which or the exercisability of all or a portion of which is contingent upon the attainment of specified Performance Measures within a specified Performance Period.

  • Co-op Lease With respect to a Co-op Loan, the lease with respect to a dwelling unit occupied by the Mortgagor and relating to the stock allocated to the related dwelling unit.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Substitute Option means an Option granted in substitution for, or upon the conversion of, an option granted by another entity to purchase equity securities in the granting entity.

  • Incentive Share Option means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto.

  • adjacent land means all land that borders a property and all land that would have bordered a property, if they were not separated by a river, road, railway line, power transmission line, pipeline, or a similar feature;

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • car-share parking space means a parking space that is reserved and actively used for car-sharing;

  • Top-Up Option has the meaning set forth in Section 1.04(a).

  • Subgrant means an award of financial assistance to an eligible subgrantee, in this case, awards by the State of New Jersey, Department of Education to local education agencies or other eligible entities.

  • Condominium Plan means a plan described in Section 4285.

  • Base Lease means the Base Lease Agreement delivered concurrently with this Lease between the Company and the Issuer.

  • REA means any construction, operation and reciprocal easement agreement or similar agreement (including any separate agreement or other agreement between Borrower and one or more other parties to an REA with respect to such REA) affecting the Property or portion thereof.

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Building Square Footage or "BSF" means the square footage of assessable internal living space of a Unit, exclusive of any carports, walkways, garages, overhangs, patios, enclosed patios, detached accessory structure, other structures not used as living space, or any other square footage excluded under Government Code Section 65995 as determined by reference to the Building Permit for such Unit.

  • Option Term means a period, if any, through which this Agreement may be or has been extended by the JBE.

  • Repurchase Option has the meaning set forth in Section 1.3(a) hereto.

  • Qualified Ground Lease means each of the ground leases or ground subleases set forth on Schedule 1.01(d) hereto and for a Future Property means any ground lease (a) which is a direct ground lease or ground sublease granted by the fee owner of real property or a master ground lessee from such fee owner, (b) which may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (i) such lease may be transferred and/or assigned with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed) or subject to certain reasonable pre‑defined requirements, (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least twenty (20) years, (d) under which no material default has occurred and is continuing, (e) with respect to which a Lien may be granted without the consent of the lessor (but subject to customary requirements regarding the nature of the holder of such Lien and prior notice to the lessor), (f) which contains customary and reasonable lender protection provisions, including, without limitation, provisions to the effect that (i) the lessor shall notify any holder of a Lien in such lease of the occurrence of any default by the lessee under such lease and shall afford such holder the option to cure such default, and (ii) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease and (g) which otherwise contains no non-customary terms that are material and adverse to the lessee.

  • Interest Option means LIBOR or the Reference Rate.

  • Parcel 2 COMMON AREA APPURTENANT TO EACH COMMERCIAL UNIT PARCEL 3: NONEXCLUSIVE EASEMENTS PARCEL C (COMPRISING PARCEL 1, PARCEL 2, AND PARCEL 3,) PARCEL 1;

  • Said Land shall have the meaning ascribed to such term in Paragraph I above and which is more fully and particularly described in the First Schedule written hereunder and delineated and demarcated in Annexure – A hereto;

  • Leasehold condominium means a condominium in which all or a portion of the real estate is subject to a lease the expiration or termination of which will terminate the condominium or reduce its size.

  • Condominium unit A Single Family Property within a Condominium Project.

  • Renewal Option has the meaning set forth in §12.1.

  • Employee Option means an Option granted pursuant to Section 5.