Permitted Mortgage Financing means the Indebtedness of any Loan Party incurred after the Closing Date in connection with the acquisition (in a single transaction or a series of related transactions), construction or improvement of up to five (5) Restaurants, provided that each of the following conditions are satisfied: (a) the aggregate principal amount of all such Indebtedness shall not exceed $5,000,000, (b) the mortgagee under such Permitted Mortgage Financing shall be entitled to a Lien only on such assets financed by such mortgage financing; (c) the Administrative Agent, on behalf of the Secured Parties, shall receive a first priority perfected Lien on such assets financed by such mortgage financing (subject only to (i) Liens securing the Permitted Mortgage Financing which shall be first in priority on such assets and (ii) Liens permitted under Section 7.01(c), (d) or (g)); (d) the final maturity date of any such Indebtedness shall be at least twelve calendar months subsequent to the Maturity Date; and (e) no Event of Default exists on the date of the incurrence thereof or would result therefrom.
Permitted Mortgage Financing means a transaction in which (i) the Company and/or certain of its Subsidiaries would transfer certain assets to one or more Unrestricted Subsidiaries, (ii) in consideration for such transfer of assets, the Company would retain, directly or indirectly, 100% of the Equity Interests in such Unrestricted Subsidiary or Subsidiaries (iii) such Unrestricted Subsidiary or Subsidiaries would use the assets contributed by the Company and/or its Subsidiaries as security for a mortgage refinancing and (iv) all net proceeds received by such Unrestricted Subsidiary or Subsidiaries in such mortgage refinancing would be dividended or otherwise transferred to the Company.
Permitted Mortgage Financing means any financing (or series of related financings) by the Company or any of its Subsidiaries after the Effective Date that is secured by a mortgage on one or more Facilities, PROVIDED that (a) the proceeds of such financing (except to the extent that Permitted Mortgage Financings of Facilities acquired after the Effective Date are excluded by the definition of "Net Cash Proceeds" herein) are applied to the prepayment of Loans as provided in Section 3.02(b) hereof, (b) such financings are otherwise permitted by the terms of Section 9.08 hereof and (c) in the case of each such mortgage financing by a Subsidiary of the Company, each such mortgage created thereby is a Permitted Mortgage.
Examples of Permitted Mortgage Financing in a sentence
In the event that the Company receives any net proceeds in connection with a Permitted Mortgage Financing, the Company shall be required to apply all of such proceeds on a date no later than 60 days after the receipt thereof to redeem Senior Notes at 102% of the principal amount thereof, plus any accrued and unpaid interest thereon to the Redemption Date.
Before incurring any Permitted Recourse Financing, Borrower shall first use reasonable, good faith efforts to borrow such funds as Permitted Mortgage Financing.
In the event that the Company receives any net proceeds in connection with a Permitted Mortgage Financing, the Company shall apply all of such proceeds on a date no later than 60 days after the receipt thereof to redeem Senior Notes at 102% of the principal amount thereof, plus any accrued and unpaid interest thereon to the Redemption Date.
To the extent that the Borrower or a Subsidiary thereof provides a guaranty of the obligations of the Borrower or its Subsidiaries as tenants under the Real Property operating leases contemplated by the First Union Permitted Mortgage Financing, any Contingent Obligations represented by such guaranty shall not be taken into account for purposes of calculations under this Agreement involving the Indebtedness of the Borrower and its Subsidiaries.
More Definitions of Permitted Mortgage Financing
Permitted Mortgage Financing means any financing (or series of related financings) by the Parent or any of its Subsidiaries that is secured by a mortgage on one or more Physical Facilities, provided that (a) such financings are otherwise permitted by the terms of Section 9.08 hereof and (b) in the case of each such mortgage financing by a Subsidiary of the Parent, each such mortgage created thereby is a Permitted Mortgage.
Permitted Mortgage Financing means any financing (or series of related financings) by the Parent or any of its Subsidiaries that is secured by a mortgage on one or more Physical Facilities, provided that (a) such financings are permitted by the terms of Section 9.08 hereof and (b) in the case of each such mortgage financing by a Subsidiary of the Parent, each such mortgage created thereby is a Permitted Mortgage.
Permitted Mortgage Financing means any financing (or series of related financings) by the Borrower or any of the Restricted Subsidiaries after the Closing Date that is secured by a mortgage on one or more Centers, provided that (a) the recourse of the lenders with respect to such financing is limited solely to such mortgaged Centers, (b) such financing is consummated for fair value as determined at the time of consummation in good faith by the Board of Directors of the Borrower (which such determination may take into account any investment of the Borrower or such Restricted Subsidiary in connection with, and any other material economic terms of, such financing) and (c) to the extent such Centers are Closing Date Centers, the proceeds of such financing are applied to the prepayment of Term Loans as provided in Section 5.2(a)(i).
Permitted Mortgage Financing means any financing (or series of related financings) by the Parent or any of its Subsidiaries that is secured by a mortgage on one or
Permitted Mortgage Financing means the Indebtedness of any Loan Party incurred after the Closing Date in connection with the acquisition (in a single transaction or a series of related transactions), construction or improvement of up to five (5) Restaurants, provided that each of the
Permitted Mortgage Financing means the Indebtedness of any Loan Party incurred after the Closing Date in connection with the acquisition (in a single transaction or a series of related transactions), construction or improvement of up to five (5) Restaurants, provided that each of the following conditions are satisfied: (a) the aggregate principal amount of all such Indebtedness shall not exceed $10,000,000, (b) the aggregate Permitted Transaction Amount at any time outstanding, after giving effect to such Permitted Mortgage Financing, shall not exceed $20,000,000; (c) the mortgagee under such Permitted Mortgage Financing shall be entitled to a Lien only on such assets financed by such mortgage financing; (d) the Administrative Agent, on behalf of the Secured Parties, shall receive a first priority perfected Lien on such assets financed by such mortgage financing (subject only to (i) Liens securing the Permitted Mortgage Financing which shall be first in priority on such assets and (ii) Liens permitted under Section 7.01(c), (d) or (g)); (e) the final maturity date of any such Indebtedness shall be at least twelve calendar months subsequent to the Maturity Date; and (f) no Event of Default exists on the date of the incurrence thereof or would result therefrom.
Permitted Mortgage Financing means Indebtedness incurred by any Mortgage Financing Subsidiary that is secured by a mortgage on any Real Estate, so long as each of the following conditions is satisfied as determined by Co-Collateral Agents in their reasonable discretion: