Substitute Borrower definition

Substitute Borrower shall have the meaning set forth in Section 9.1(a)(iii).
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Substitute Borrower has the meaning given to that term in Section 5.4 of this Agreement.
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Substitute Borrower means a wholly and directly or indirectly owned Subsidiary of the Guarantor incorporated or formed in an Approved Jurisdiction which accedes to this Agreement by way of an Accession Deed in accordance with Clause 2.2 (Substitution of Ships).
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Examples of Substitute Borrower in a sentence

  • If a Construction Loan Default occurs, a Substitute Borrower may assume the rights of the Borrower under the Permanent Mortgage Loan Commitment pursuant to this Section.

  • Such revocation shall not take effect until a substitute, previously approved in writing by the Borrower Security Trustee, has been duly appointed in accordance with paragraph (d) (Substitute Borrower Standstill Cash Manager) or paragraph (e) (Borrower Standstill Cash Manager may appoint substitutes) below, provided that such appointment is made within six months of the termination event.

  • Notwithstanding the foregoing, if the Borrower Default is an event described under Section 8.1(1)(i) or (iv) hereof, Xxxxxx Xxx shall not terminate the Forward Commitment if, within a reasonable period of time as shall be determined by Xxxxxx Xxx, the Construction Lender and the DUS Lender obtain a Substitute Borrower (in accordance with the provisions of Section 5.4 hereof).

  • Notwithstanding the foregoing, if the Borrower Default is an event described under Section 8.1(1)(i) or (iv) hereof, Xxxxxx Mae shall not terminate the Forward Commitment if, within a reasonable period of time as shall be determined by Xxxxxx Xxx, the Construction Lender and the DUS Lender obtain a Substitute Borrower (in accordance with the provisions of Section 5.4 hereof).


More Definitions of Substitute Borrower

Substitute Borrower. 2.3 "Substitute Mortgage" - 2.3 "Substitute Property" - 2.3 "Substitution" - 2.3 "Substitution Date" - 2.3 "Successor Borrower" - 2.4.4 "Tax and Insurance Escrow Fund": - 4.3 "Tax and Insurance Account" - 4.1.3 "Total Defeasance"-2.4.1 "Transfer" - 7.7 "UBS Group" - 10.1.3 "Undefeased Note" - 2.4.2 "Underwriter Group" - 10.1.3 "Underwriters" - 10.1.3 "Voluntary Prepayment" - 3.2.1 "XXXX" - 7.7 "WEA" - 7.7 "Westfield" - 7.7 "Year 2000" - 6.18
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Substitute Borrower means any Additional Borrower to which all or any part of the rights and obligations of the Company as a Borrower under this Agreement are transferred by novation pursuant to Clause 29.9 (Substitute Borrower).
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Substitute Borrower has the meaning set forth in Section 11.3.
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Substitute Borrower has the meaning specified in Section 2.18(a).
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Related to Substitute Borrower

  • Substitute Lender has the meaning specified in Section 2.18(a).

  • Substitute Loan A mortgage loan substituted for a Deleted 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 the Scheduled Principal Balance of the Deleted Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Interest Rate not less than (and not more than one percentage point in excess of) the Mortgage Interest Rate of the Deleted Loan, (iii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Loan, (iv) have the same Due Date as the Due Date on the Deleted Loan, (v) 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 Loan as of such date, (vi) have a risk grading at least equal to the risk grading assigned on the Deleted Loan, (vii) is a “qualified mortgage” as defined in the REMIC Provisions and (viii) conform to each representation and warranty set forth in Section 6 of the Mortgage Loan Purchase Agreement applicable to the Deleted Loan. In the event that one or more mortgage loans are substituted for one or more Deleted Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Interest Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Interest Rates, the terms described in clause (iii) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (v) hereof shall be satisfied as to each such Substitute Loan, the risk gradings described in clause (vi) hereof shall be satisfied as to each such Substitute Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clauses (vii) and (viii) hereof must be satisfied as to each Substitute Loan or in the aggregate, as the case may be.

  • Purchasing Borrower Party means Holdings or any subsidiary of Holdings.

  • Subsidiary Loan Party means any Subsidiary that is not a Foreign Subsidiary or a Receivables Subsidiary.

  • Successor Borrower has the meaning assigned to such term in Section 6.07(a).

  • Approved Lender is defined in Section 12.1.

  • Existing Borrower s Re-Fix Rate" means at any date the fixed rate then being offered to those of the Seller's existing Borrowers who at that date are seeking to fix the rate of interest payable under their existing Fixed Rate Mortgage Loan with the Seller for the applicable period;

  • Co-Borrower shall have the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Subsidiary Loan means any loan made pursuant to a Subsidiary Loan Agreement;

  • Eligible borrower means owners or others having an interest in property situated within the downtown area of a participating city, community development corporations associated with a participating city, Iowa main street program organizations associated with a participating city, community-initiated development groups associated with a participating city, or other organization associated with a participating city for purposes of implementing the Iowa main street program.

  • New Borrower means (a) each New Company that is a Company Borrower, and (b) each other Company (including a New Company) acting on behalf of, and for the account of, each Series thereof that is a New Fund.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • VA Approved Lender means a lender which is approved by the VA to act as a lender in connection with the origination of VA Loans.

  • Original Borrower means, as the context requires, any of them;

  • Funding Borrower shall have the meaning set forth in Section 20.12 hereof.

  • Mortgage Loan Borrower Related Party shall have the meaning assigned to such term in Section 13.

  • Subsidiary Loan Parties means (a) the Subsidiaries identified on Schedule I and (b) each other Subsidiary that becomes a party to this Agreement as a Subsidiary Loan Party after the Effective Date.

  • Additional Borrower means a company which becomes an Additional Borrower in accordance with Clause 25 (Changes to the Obligors).

  • Borrower as defined in the preamble hereto.

  • Replacement Loans has the meaning specified in Section 10.01.

  • Replacement Lender shall have the meaning provided in Section 2.13.

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Additional Refinancing Lender has the meaning set forth in Section 2.15(a).

  • Borrower/s means and refers to jointly and severally to the Applicants (more particularly described in the Application Form) who has/have been sanctioned/granted/disbursed the Loan by ABFL pursuant to the relevant Application Form submitted by such applicants to ABFL for availing of the Loan and depending upon the nature of the Borrower/s, shall, unless repugnant to the context or meaning thereof, be deemed to include his/her legal heirs, executors and administrators;

  • Refinancing Lender means, at any time, any bank, other financial institution or institutional investor that agrees to provide any portion of any Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment in accordance with Section 2.28; provided that each Refinancing Lender (other than any Person that is a Lender, an Affiliate of a Lender or an Approved Fund of a Lender at such time) shall be subject to the approval of the Administrative Agent and each Issuing Bank (in the case of Other Refinancing Revolving Commitments or Other Refinancing Revolving Loans) (such approval not to be unreasonably withheld or delayed), in each case to the extent any such consent would be required from the Administrative Agent and each Issuing Bank (in the case of Other Refinancing Revolving Commitments or Other Refinancing Revolving Loans) under Section 10.4(b) for an assignment of Loans or Commitments to such Refinancing Lender.