Examples of New Mezzanine Loan in a sentence
Borrower shall cause the formation of one or more special purpose, bankruptcy remote entities as required by Lender in order to serve as the borrower under any New Mezzanine Loan (each, a “New Mezzanine Loan Borrower”) and the applicable organizational documents of Borrower shall be amended and modified as necessary or required in the formation of any New Mezzanine Loan Borrower.
Each Junior Lender under a Junior Loan that is subordinate to a New Mezzanine Loan shall have a concurrent right of first offer to purchase such New Mezzanine Loan exercisable within a period of no more than ten (10) Business Days after receipt of the applicable notice and otherwise upon terms and conditions reasonably satisfactory to Senior Lender.
At any time and from time to time or before the Securitization of the Senior Loan, Senior Lender may provide Junior Lenders with written notice (a “New Mezzanine Loan Notice”) that it intends to convert a portion of the Senior Loan into a new mezzanine loan (the “New Mezzanine Loan”) senior to the Mezzanine A Loan, which conversion (and creation) shall occur within ten (10) Business Days of the New Mezzanine Loan Notice.
In the event that Senior Lender proposes to sell such New Mezzanine Loan to a third party for a price that is less than ninety-five percent (95%) of the price offered in a rejected offer notice received from the Junior Lender having the exclusive right so to purchase such New Mezzanine Loan, then such New Mezzanine Loan shall be first-offered again to such Junior Lender.