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. 148/149 on the Mortgage Loan Schedule and which is secured on a pari passu basis with the 2000-WF2 Trust Fund 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 1.85 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 1.14 hereof (without regard to clause (a) of such Section), and (ii) compliance with the financial covenants.

Examples of Pari Passu Loan in a sentence

• Additionally, in the event the Pari Passu Obligations are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such Pari Passu Obligations or the Pari Passu Loan Documents governing such Pari Passu Obligations shall refer to such obligations or such documents as so modified.

• This Agreement together with the Pari Passu Loan Documents represents the agreement of each of the Pari Passu Parties and Debtors with respect to the subject matter hereof and there are no promises, undertakings, representations, or warranties by Dacotah, EIC, or Debtors relative to the subject matter hereof not expressly set forth or referred to herein or in the Pari Passu Loan Documents.

• In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any of the Pari Passu Loan Documents or any of the other Pari Passu Loan Documents, the provisions of this Agreement shall control.

• Each Pari Passu Party shall keep the other Pari Passu Party fully informed on: (i) all Events of Default occurring under their respective Pari Passu Loan Documents, and (ii) all collection, foreclosure, and liquidation efforts related to the Pari Passu Obligations and Shared Collateral.

• The loan documents evidencing any loan in which Additional Improvement and FFE Proceeds will be advanced shall become and be considered a part of the Dacotah Loan Documents and by extension a part of the Pari Passu Loan Documents for all purposes of this Agreement.

More Definitions of Pari Passu Loan

Pari Passu Loan. The Universal Hotel Portfolio 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 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. The Houston Galleria Loan.

Pari Passu Loan. The Forum Shops 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 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 1.77 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 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.