Par Loan definition
Examples of Par Loan in a sentence
The Loan Availability Amount at such time will be adjusted, taking into account the amended and restated Schedule 2.6 and the updated Allocated Par Loan Values for the Trust Properties listed thereon and the resulting adjusted Loan Availability Amount will be the Loan Availability Amount thereafter in effect until such time as any Additional Property is joined as a Trust Property or any Trust Property is sold, in each case, as provided hereunder.
In connection with [the sale of the Carolwood Property] and the payment of the Mandatory Payment Amount associated therewith, and the inclusion of ___ as an Additional Borrower and the ___ Property as an Additional Property, Borrowers and Lender, working in good faith, have amended and restated Schedule 2.6 of the Base Agreement to set forth the Allocated Par Loan Values and Release Prices for the Additional Property and the [remaining] [other] Trust Properties.
Subject to Section 2.8(h), in connection with such sale, the Loan Availability Amount at such time will be adjusted to reduce the Loan Availability Amount in an amount equal to the Allocated Par Loan Value attributed to such sold Trust Property and the resulting adjusted Loan Availability Amount will be the Loan Availability Amount thereafter in effect until such time as any Additional Property is joined as a Trust Property or sold, in each case, as provided hereunder.
The Allocated Par Loan Value for any Additional Property becoming a Trust Property in connection with an Additional Borrower’s execution and delivery of an Additional Borrower Joinder, will be determined by Borrowers and Lender working together in good faith, and will be specified in an amended and restated Schedule 2.6 attached to the Additional Borrower Joinder.
Administrative Agent shall determine the Par Loan Value of each Future Property when such Future Property becomes a Property hereunder, in Administrative Agent’s reasonable discretion.
During the Joinder Option Period the Loan Availability Amount will be $100,000 until such Additional Borrower and Additional Property are joined, at which time the Loan Availability Amount will be increased (limited to $25,000,000) based on the new Allocated Par Loan Value(s) associated with the new Trust Properties.
The parties hereby agree, for informational and reference purposes, that the Par Loan Value of each Property, except any Future Property that becomes a Property hereunder, is as set forth on Schedule 1.1(B) attached hereto.
The Lender together with the Borrowers will work in good faith to amend and restate Schedule 2.6 to reflect any required changes to the Allocated Par Loan Values for the remaining Trust Properties (if any) and the Lender will provide to the Borrowers written notice of the resulting adjusted Loan Availability Amount in connection with the closing of such sale and any such amended Schedule 2.6, within one Business Day after such closing and the corresponding amendment and restatement of Schedule 2.6.
The Loan Availability will not exceed $25,000,000 in any event, unless Lender approves (in its sole and absolute discretion) an increase in the maximum Loan Availability Amount to not more than $30,000,000, consistent with the terms and conditions described in Section 2.1 (c) hereof and based on Allocated Par Loan Value(s) associated with one or more Additional Properties becoming Trust Properties.
The Loan Availability Amount at such time will be adjusted, if necessary, to take into account the amended and restated Schedule 2.6 and the updated Allocated Par Loan Values for the Trust Properties listed thereon and the resulting adjusted Loan Availability Amount will be the Loan Availability Amount thereafter in effect until such time as any Additional Property is joined as a Trust Property or any Trust Property is sold, in each case, as provided hereunder.