Qualified Mezzanine Loan definition

Qualified Mezzanine Loan means a loan to be provided to the Holder of the SC SJ Equity Interest on the Effective Date with a recourse, carve out, completion and carry guarantees by Mr. Sam Hirbod and Eagle Canyon Capital LLC, and the Qualified Manager Guaranty, which loan (a) shall be for a term of at least five (5) years, (b) shall bear interest at a rate of no more than LIBOR plus seven and twenty-five hundredths percent (7.25%) per annum, (c) shall be the obligation of the immediate owner of Reorganized SC SJ as a first priority mezzanine loan that is junior to the obligations under the Post-Effective Date Loan Documents, and (d) shall otherwise be on terms acceptable to the Prepetition Secured Lender, the Qualified Manager, and the Qualified Mezzanine Lender in their respective sole discretion; provided, however, that the Prepetition Secured Lender shall not refuse consent based on the inclusion of any term included in the Restructuring Term Sheet.
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Qualified Mezzanine Loan means a loan to be provided to the Holder of the SC SJ Equity Interest on the Effective Date, which loan (a) shall be for a term of at least five (5) years,
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Qualified Mezzanine Loan means a loan to be provided to the Holder of the SC SJ Equity Interest on the Effective Date, which loan (a) shall be in an amount of not less than $45 million, (b) shall be for a term of at least five (5) years, (cb) shall bear interest at a rate of no more than seven percent (7.00%) per annum, (c) shall be the obligation of the immediate owner of Reorganized SC SJ as a first priority mezzanine loan that is junior to the obligations under the Post-Effective Date Loan Documents, and (d) shall otherwise be on terms acceptable to the Prepetition Secured Lender in itsand the Qualified Mezzanine Lender in their respective sole discretion; provided, however, that the Prepetition Secured Lender shall not refuse consent based on the inclusion of any term included in the Restructuring Term Sheet.
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Examples of Qualified Mezzanine Loan in a sentence

  • The financial accommodations to be extended pursuant to the Qualified Mezzanine Loan are being extended in good faith and for legitimate business purposes, are reasonable, shall not be subject to recharacterization for any purposes whatsoever, and shall not constitute preferential transfers or fraudulent conveyances under the Bankruptcy Code or any other applicable non-bankruptcy law.

  • Each party to the Qualified Mezzanine Loan may rely on the provisions of this Confirmation Order in closing the Qualified Mezzanine Loan and the transactions contemplated therein.

  • The Qualified Mezzanine Loan, and the terms thereof set forth in the term sheet for the Qualified Mezzanine Loan Agreement [see Docket No. 664, Exh.

  • However, in the unlikely event that unrecorded resources are discovered during construction activities, compliance with the California Public Resources Code would reduce this potential impact to less than significant.

  • The proceeds of the Qualified Mezzanine Loan will be used to fund senior secured debt, reserves, the Hotel’s reopening, and other Hotel-related costs.

  • Additionally, the terms of the Qualified Mezzanine Loan Agreement and the Qualified Mezzanine Intercreditor Agreement (collectively, the “Qualified Mezzanine Documents”), are fairand reasonable, reflect the Debtors’ exercise of prudent business judgment, do not conflict with any contracts or agreements of third parties, are supported by reasonably equivalent value and fair consideration, and are in the best interests of the Debtors and their Estates.

  • Section 5.2 of the Plan provides that, except as to Class 4(C) and as otherwise provided in the Plan, all Cash necessary to make payments required under the Plan shall be funded from proceeds advanced under the DIP Facility, Cash on hand, the Qualified Mezzanine Loan, or the proceeds of the Parent Capital Contribution.

  • The Qualified Mezzanine Loan, and the terms thereof set forth in the Qualified Mezzanine Loan Agreement, is the best financing alternative available and is necessary to the consummation of the Plan and the operation of the Hotel after the Effective Date.

  • The Plan also contemplates procurement of a Qualified Mezzanine Loan by SC SJ’s parent company, guaranteed by an affiliate of the Qualified Manager, the proceeds of which will be used, subject to the terms thereof, to fund senior secured debt, reserves, the Hotel’s reopening, and other Hotel- related costs.

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Related to Qualified Mezzanine Loan

  • Mezzanine Loan means a mezzanine loan secured by equity interests in the Mortgage Loan Borrower.

  • Accelerated Mezzanine Loan means any mezzanine loan (secured by a pledge of the direct (or indirect) equity interests in the Mortgagor) related to the Mortgage Loan if such mezzanine loan either (i) has been accelerated, or (ii) is the subject of foreclosure proceedings against the related collateral for such mezzanine loan.

  • Mezzanine Loans means, individually or collectively, as the context may require, the First Mezzanine Loan and the Second Mezzanine Loan, and each of the First Mezzanine Loan and/or the Second Mezzanine Loan, individually, a “Mezzanine Loan”.

  • Accelerated Mezzanine Loan Lender shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.

  • Mezzanine Loan Agreement means that certain Mezzanine Loan Agreement, dated as of the date hereof, between Mezzanine Borrower and Mezzanine Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

  • Refinancing Loan has the meaning specified in Section 2.15(b).

  • Qualified Substitute Mortgage Loan A Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement which must, on the date of such substitution, (i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of and not more than 5% less than the Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Rate not less than (and not more than one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) with respect to each Adjustable Rate Mortgage Loan have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) with respect to each Adjustable Rate Mortgage Loan have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) with respect to each Adjustable Rate Mortgage Loan have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (vi) with respect to each Adjustable Rate Mortgage Loan, adjust in accordance with the Index and have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, and have the same intervals between Adjustment Dates as the Deleted Mortgage Loan, (vii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have a risk grading certified by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xi) have been underwritten or reunderwritten by the Originator in accordance with the same underwriting criteria and guidelines as the Mortgage Loans being replaced, (xii) be of the same or better credit quality as the Mortgage Loan being replaced, (xiii) have a lien priority equal to or superior to that of the Deleted Mortgage Loan, (xiv) be secured by the same property type as the Deleted Mortgage Loan and (xv) conform to each representation and warranty in the applicable Mortgage Loan Purchase Agreement. In the event that one or more Mortgage Loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied as to each such Mortgage Loan, the risk gradings described in clause (x) hereof shall be satisfied as to each such Mortgage Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • Qualified Loan means a loan made under this act or former 1961 PA 108 from this state to a school district to pay debt service on a qualified bond.

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Mezzanine Loan Documents means, as to each Mezzanine Loan, all documents evidencing, securing, guaranteeing and/or perfecting such Mezzanine Loan and all documents executed and/or delivered in connection therewith.

  • Qualified Mortgage A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Existing Loan means the loan identified on Exhibit H.

  • Permitted Loan shall have the meaning set forth in Section 4.02(a).

  • Qualified Securitization Transaction means any transaction or series of transactions that may be entered into by the Company or any of its Restricted Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to:

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • Mezzanine Lender shall have the meaning set forth in the first paragraph of this Agreement.

  • Mezzanine Borrower shall have the meaning set forth in Section 11.6 hereof.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • Junior Loan has the meaning provided in the Recitals hereto.

  • Qualified Securitization Facility means any Securitization Facility (1) constituting a securitization financing facility that meets the following conditions: (a) the Board of Directors will have determined in good faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the applicable Restricted Subsidiary or Securitization Subsidiary and (b) all sales or contributions of Securitization Assets and related assets to the applicable Person or Securitization Subsidiary are made at fair market value (as determined in good faith by the Borrower) or (2) constituting a receivables financing facility.