Examples of Senior Mezzanine Loans in a sentence
All of the conditions precedent set forth in Article III of the Mortgage Loan Agreement and Senior Mezzanine Loan Agreements shall have been satisfied and the Mortgage Loan and Senior Mezzanine Loans shall have closed and been fully advanced in accordance therewith.
For the purpose of determining whether the Release Debt Yield Thresholds are satisfied for this Section 2.5 only, Borrower may elect to pay down and cause to be paid down the Loan, the Xxxxx Fargo Mortgage Loan, and the Other Senior Mezzanine Loans on the terms and conditions set forth in Section 2.4 and as required pursuant to the Xxxxx Fargo Mortgage Loan Documents and the applicable Other Senior Mezzanine Loan Documents.
In the event that Lender or any Senior Mezzanine Lender receives a deed in lieu of foreclosure or an equivalent of all or any portion (other than a de minimis portion) of the Collateral or any collateral securing any of the Senior Mezzanine Loans, then neither Guarantor nor any Related Party of Guarantor may receive or retain any Bankruptcy Retained Interest and any such Bankruptcy Retained Interest shall be paid promptly over to Senior Recovery Lender.
In the event that Lender, Mortgage Lender or any Other Senior Mezzanine Lender receives a deed in lieu of foreclosure or an equivalent of all or any portion (other than a de minimis portion) of the Collateral, the Mortgage Collateral or any collateral securing any of the Other Senior Mezzanine Loans, then neither Guarantor nor any Related Party of Guarantor may receive or retain any Bankruptcy Retained Interest and any such Bankruptcy Retained Interest shall be paid promptly over to Senior Recovery Lender.
Borrower shall cooperate, at its own cost and expense, with all reasonable requests of Lender in order to reallocate the amount of the Loan and the Other Senior Mezzanine Loans and shall execute and deliver such documents as shall reasonably be required by Lender and required by any Rating Agency in connection therewith, all in form and substance reasonably satisfactory to Lender and satisfactory to any Rating Agency.
In effectuating the foregoing, Lender will make a loan to one or more mezzanine borrowers (“Senior Mezzanine Borrower(s)”); Senior Mezzanine Borrower(s) will contribute the amount of the Senior Mezzanine Loan(s) to Borrower and Borrower will apply the contribution to pay down the Senior Mortgage Loan.
The Senior Mezzanine Loans and each of the related Senior Mezzanine Loan Documents are in full force and effect and there exists no Senior Mezzanine Loan Default thereunder by the applicable Senior Mezzanine Borrower or, to Borrower’s knowledge, any other party thereto and no event shall have occurred that, with the passage of time and/or the giving of notice, would constitute an Senior Mezzanine Loan Default thereunder.
Borrower Parties agree that this Agreement shall not be deemed an agreement by Lender to consent to any other transfer or conveyance of the Project or assumption of the Loan, or a consent to any secondary financing or secondary encumbrance on the Project or New Borrower or any interests in New Borrower except the existing Junior and Senior Mezzanine Loans.
The principal amount of the Senior Mortgage Loan plus the principal amount of the Senior Mezzanine Loan(s) shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Senior Mortgage Loan and the Senior Mezzanine Loan(s).
The Senior Mezzanine Loan(s) will be made pursuant to Lender’s standard mezzanine loan documents.