Gap Loan definition

Gap Loan means Gap Financing in the form of a loan rather than a grant. Such financing is typically repaid to the lender on a residual receipts basis.
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Gap Loan means the loan in the aggregate principal amount of $ to be made by the Initial Funding Lender, as evidenced by the Gap Financing Note dated as of the Delivery Date from the Borrower to the Initial Funding Lender.
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Gap Loan. The loan to be made by the Lender to the Partnership evidenced by the Gap Note and secured by the Gap Deed of Trust which is made to provide short-term financing for the acquisition and Rehabilitation of the Project. "Gap Loan Documents." The Gap Note, Gap Deed of Trust and any other document required by Lender in connection with the Gap Loan. "Gap Loan Closing." The date on which the Gap Loan Documents become effective between the Lender and the Partnership. "Gap Note." The promissory note in the amount of $2,064,000.00 made by the Partnership in favor of the Lender representing the Partnership's indebtedness to the Lender pursuant to the Gap Loan.
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Examples of Gap Loan in a sentence

  • The Bridge Gap Loan is for three years from the flrst disbursement date (i.e. 22nd Dec 2014 and 11th Feb 2016) or till three months after financial closure whichever is earlier.

  • The Second Predevelopment Loan, Development Loan, and Agency AHP Gap Loan will be disbursed in accordance with the terms of a promissory note, the form of which is attached to the DDA (the “Note”).

  • For non-compliance of any of the terms covered under the order and or non-delivery of the tendered items, complete in all respects within the above stipulated delivery period, the Council shall have the right either to cancel the order for impose penalty as detailed in clause 5.

  • ELI Gap Loan proceeds shall be disbursed during the construction phase in an amount per draw which does not exceed the ratio of the ELI Gap Loan to the total development cost, unless approved by the Credit Underwriter.

  • Gap Loan as a percentage of the original amount of the low income housing tax credit equity paid to the transaction as evidenced by the original equity commitment from the tax credit syndicator.

  • A mortgagee title insurance policy naming Florida Housing as the insured in the amount of the Exchange Gap Loan is to be issued immediately after closing.

  • Release of funds held by the Corporation’s servicer as retainage shall occur pursuant to the ELI Gap Loan Agreement.

  • The credit underwriting for the ELI Gap Loan will be accomplished along with the credit underwriting for the SAIL Loan.

  • Be non-amortizing at 0 percent simple interest per annum over the life of the ELI Gap Loan, with the principal forgivable at maturity provided the units for which the ELI Gap Loan amount is awarded are targeted to ELI Households for the duration of the Compliance Period.

  • There shall be filed any claim of lien (other than liens associated with the VHDA Senior Loan, VHDA Gap Loan, and Property Owner Loan) against the Property of any part thereof, or any interest or right made appurtenant thereto, and the continued maintenance of said claim of lien or notice to withhold for a period of twenty (20) days without discharge, bonding or satisfaction thereof or provision therefor satisfactory to the County Board.


More Definitions of Gap Loan

Gap Loan means a loan in the amount of TWO MILLION SIX HUNDRED THOUSAND DOLLARS ($2,600,000.00) obtained by the Partnership for the purpose of funding all or any portion of the difference between the Development Budget and the Construction Loan.
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Related to Gap Loan

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

  • SOFR Loan means a Loan that bears interest at a rate based on Term SOFR, other than pursuant to clause (c) of the definition of “Alternate Base Rate”.

  • PPP Loan has the meaning set forth in Section 3.28.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • DIP Loan means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code by a Portfolio Company, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein and domiciled in the United States, which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C. Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11 of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated, in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been subordinated or junior to, or pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C. Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation, would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that is commercially reasonable; and (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in a “roll-up” or similar transaction. For the purposes of this definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable bankruptcy court or federal district court or the clerk thereof.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • New Loan means a Loan made by the Failed Bank after the Bid Valuation Date that is not a continuation, amendment, modification, renewal, extension, refinancing, restructuring or refunding of or for any then-existing Loan.

  • Term SOFR Loan means a Loan that bears interest at a rate based on Term SOFR.

  • Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.

  • 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;

  • 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.

  • 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.

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Term Loan as defined in Section 2.1.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Loan Advance The meaning specified in Section 2.2(a).

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Incremental Loan has the meaning set forth in Section 2.14(b).