Authority Subordinate Loan definition

Authority Subordinate Loan means Authority’s loan to Developer for Phase I in an amount set forth in Section 5.1.1, which shall be subordinate to the Primary Loan. The Authority Subordinate Loan shall be evidenced by an Authority Promissory Note and secured by an Authority Deed of Trust, which shall be recorded against the Site, and secured by Developer’s leasehold interest in the Site. Developer shall repay the Authority Subordinate Loan by making annual payments equal to eighty-five percent (85%)
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Authority Subordinate Loan means Authority’s loan to Developer in an amount equal to the sum of the Land Subsidy plus the Additional Subsidy, which shall be subordinate to the Primary Loan and the AHP Loan, if applicable. The Authority Subordinate Loan shall be evidenced by an Authority Promissory Note and secured by an Authority Deed of Trust, which shall be recorded against the Site, and secured by Developer’s leasehold interest in the Site. Developer shall repay the Authority Subordinate Loan by making annual payments equal to one hundred percent (100%) of the Net Voucher Income (defined below), plus eighty-five percent (85%) of the Residual Receipts from the Project.
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Authority Subordinate Loan and “Authority Subordinate Loans” shall mean, individually and collectively, the Authority’s loan to the Manchester Developer in the total aggregate amount of not to exceed Four Million Fourteen Thousand Eight Hundred Seventy Dollars ($4,014,870) for the Manchester Project and the Authority’s loan to the Orangewood Developer in the total aggregate amount of not to exceed Four Million One Hundred Two Thousand Three Hundred Forty Dollars ($4,102,340) for the Orangewood Project, which shall be subordinate to the Primary Loans in both Projects. The Authority Subordinate Loans for each Project shall be evidenced by an Authority Promissory Note and secured by an Authority Deed of Trust, which shall be recorded against the Manchester Site and the Orangewood Site, as applicable, and secured by Developer’s leasehold interest in the Manchester Site and Orangewood Site, respectively. Developer shall repay the Authority Subordinate Loans by making annual payments equal to eighty-five percent (85%) of the Residual Receipts from the Manchester Project and eighty-five percent (85%) of the Residual Receipts from the Orangewood Project, as applicable.
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Examples of Authority Subordinate Loan in a sentence

  • Payments towards the Authority Subordinate Loan shall be applied first to accrued interest, next to any principal amount of the Additional Subsidy owing under the Authority Promissory Note, and finally to any principal amount of the Land Subsidy owing under the Authority Promissory Note.

  • If any such audit report results in Developer restating Residual Receipts downward for any year, the Developer shall carry forward the overpayment made to the Authority as a credit against payments under the Authority Subordinate Loan in subsequent years.

  • The commitment also shall state the specific terms and requirements, if any, by the Lender relating to subordination of the Regulatory Agreement and the Authority Subordinate Loan (but in no event the Ground Lease).

  • Developer’s obligation to repay the Authority Subordinate Loan for each Project shall be set forth in the Authority Promissory Note for each Project, in a form which is reasonably acceptable to Developer and Authority Executive Director in her reasonable discretion.

  • The proceeds of the Phase A Authority Subordinate Loan shall be deemed disbursed by Authority to Developer and applied as a credit against Developer’s initial capitalized Rent payment obligation as set forth in Section 201.2 of the Original Agreement and Section 4.1 of the Phase A Ground Lease.

  • If the Members fail to designate the place for the special meeting of the Members, such meeting shall be held at the Company’s principal office.

  • The Authority Subordinate Loan for the Project shall be subject to prepayment on terms and conditions reasonably acceptable to the Authority Executive Director in her reasonable discretion.

  • Authority desires to (i) ground lease the Site to Developer pursuant to the Ground Lease, and (ii) make the Authority Subordinate Loan to Developer to assist Developer in the rehabilitation and operation of Phase I in accordance with this Agreement.

  • The commencement of the Term of the Ground Lease for the Site and Authority’s obligation to make the Authority Subordinate Loan relating to Phase II, is conditioned upon the satisfaction (or waiver by the benefited party) of the following terms and conditions within the times designated below (each, a “Condition Precedent,” collectively, “Conditions Precedent”).

  • The commitment also shall state the specific terms and requirements, if any, by the Lender relating to subordination of the Regulatory Agreement and the Authority Subordinate Loan (but in no event the Ground Lease, City Covenants, or REA).