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

  • During the 1930’s the faculty offered a senior option in Aeronautics.

  • 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.

  • 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.

  • 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.

  • The waiver of default interest and Post-Effective Date Loan provided by the Prepetition Secured Lender, the New Hotel Management Agreement and $15 million of “key money” provided by the Qualified Manager, and the $25 million Qualified Mezzanine Loan provided by the Qualified Mezzanine Lender are the cornerstones of the Debtors’ reorganization.

  • 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.

  • 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.

  • Additionally, the terms of the Qualified Mezzanine Loan Agreement and the Qualified Mezzanine Intercreditor Agreement (collectively, the “Qualified MezzanineDocuments”), are fair and 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.

  • 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.

  • The Qualified Mezzanine Loan is in the best interest of the Hotel, Debtor SC SJ, and its creditors.

Related to Qualified Mezzanine Loan

  • Refinancing Loan shall have the meaning provided in Section 2.14(h)(i).

  • 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.

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

  • 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 Restricted Subsidiaries may sell, convey or otherwise transfer to:

  • CD Loan means (i) a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election or (ii) an overdue amount which was a CD Loan immediately before it became overdue.

  • 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;

  • 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.