Pari Passu Loan definition

Pari Passu Loan means the Northbridge Retail Pari Passu Loan, the Beverly Center Pari Passu Loan or the World Apparel Center Pari Passu Xxxx, as applicable.

Pari Passu Loan means the Mortgage Loan designated as Mortgage Loan No. 6 on the Mortgage Loan Schedule and which is secured on a pari passu basis with the 2001-TOP3 Mortgage Loan pursuant to the Pari Passu Mortgage.

Pari Passu Loan means a loan which meets all of the following requirements: (a) the proceeds are all made available to Borrower; (b) it is secured by all or a portion of the Collateral equally and ratably with the Bank Debt on the same lien priority basis; (c) the lender thereunder has executed an intercreditor agreement in form and substance substantially identical to EXHIBIT 1.90 hereto ("INTERCREDITOR AGREEMENT"); (d) Borrower has furnished to the Administrative Agent a pro- forma Available Amount Report with such updated Appraisals as the Administrative Agent may reasonably require at, or no more than ten (10) days prior to, the date the Administrative Agent is requested to execute such intercreditor agreement; provided that no updated Appraisals will be required so long as (i) the aggregate outstanding principal balance of all Pari Passu Loans (including the proposed Pari Passu Loan) incurred since the last Appraisal does not exceed $25,000,000.00 and (ii) the Leverage Ratio is not greater than fifty five percent (55%); and (e) Borrower demonstrates to the Administrative Agent, in each case on a pro-forma basis (including, in each case, the proposed Pari Passu Loan), (i) that the aggregate outstanding principal amounts owing under all 7 Year Revolving Notes and all 10 Year Revolving Notes will not exceed the Available Amount as determined pursuant to clause (b) of Section 1.15 hereof (without regard to clause (a) of such Section), and (ii) compliance with the financial covenants.

Examples of Pari Passu Loan in a sentence

• In the event of any conflict between this Agreement and a Co-Lender Agreement with respect to a Serviced Pari Passu Loan Combination, the terms of such Co-Lender Agreement shall control with respect to such Serviced Pari Passu Loan Combination.

• The Master Servicer shall not be required to make a P&I Advance with respect to any P&I Pari Passu Loan after its receipt of notice from the related Other Master Servicer that it has determined that it has made a P&I Advance that is a Nonrecoverable Advance on the Non-Serviced Companion Loans or Serviced Companion Loans, as applicable, or that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance pursuant to the relevant Other Companion Loan Pooling and Servicing Agreement.

• The Master Servicer shall not make a P&I Advance with respect to any P&I Pari Passu Loan after its receipt of notice from the related Other Master Servicer that it has determined that it has made a P&I Advance that is a Nonrecoverable Advance on the Non-Serviced Companion Loans or Serviced Companion Loans, as applicable, or that any proposed P&I Advance, if made, would constitute a Nonrecoverable Advance pursuant to the relevant Other Companion Loan Pooling and Servicing Agreement.

• A copy of any such Officer’s Certificate (and accompanying information) of the Trustee shall also be promptly delivered to the Certificate Administrator, the Subordinate Class Representative, the Majority Subordinate Certificateholder, the Special Servicer and the Master Servicer for the subject Mortgage Loan and, with respect to any Serviced Pari Passu Loan Combination, the Serviced Pari Passu Companion Loan Holder(s) and the Other Master Servicer (if applicable).

• Notwithstanding anything contained in Article IV or in this Article VIII to the contrary, the General Master Servicers will not be required to make any Servicing Advances with respect to the Non-Trust-Serviced Pari Passu Loan.

More Definitions of Pari Passu Loan

Pari Passu Loan means the Mortgage Loan identified on the Mortgage Loan Schedule by Loan No. 10, which is secured by the Pari Passu Mortgage on a pari passu basis with the Companion Loan. The Pari Passu Loan is a "Mortgage Loan".

Pari Passu Loan means each of the Oakbrook Center Pari Passu Loan, the 1290 Avenue of the Americas Pari Passu Loan and the Perryville I Corporate Park Office Pari Passu Loan. Each Pari Passu Loan is a "Mortgage Loan."

Pari Passu Loan means, with respect to a Serviced Loan Group, a related Serviced Companion Loan that is pari passu in priority with the related Senior Mortgage Loan.

Pari Passu Loan. The Universal Hotel Portfolio Mortgage Loan.

Pari Passu Loan. The Forum Shops Mortgage Loan.

Pari Passu Loan. The Houston Galleria Loan.

Pari Passu Loan means each of (i) the Mortgage Loans identified on the Mortgage Loan Schedule by loan numbers 29476A and 29476B and (ii) the Mortgage Loan identified on the Mortgage Loan Schedule by loan number 28750, each of which is (x) secured by the related Pari Passu Mortgage on a pari passu basis with the related Companion Loan, and (y) senior in right of payment to the related Companion Loan until the date specified in the Pari Passu Intercreditor Agreement. Each Pari Passu Loan is a "Mortgage Loan".