Partial Take Out Financing definition
Examples of Partial Take Out Financing in a sentence
Prior to the closing of the Partial Take Out Financing, Developer shall deliver to CRA, as additional security for the repayment of the Partial Take Out Financing, a key man insurance policy, insuring the life of J▇▇▇ ▇▇▇▇▇▇, in an amount not less than the equivalent of three years of the maximum annual debt service.
The restrictions set forth in this Section 3.03 shall terminate on the tenth (10th) anniversary of the date of issuance of the Certificate of Occupancy, or upon Grantee’s repayment in full of any Partial Take Out Financing provided by the CRA pursuant to the Development Agreement, whichever is later.
Upon issuance of the Partial Take Out Financing as provided for in Section 4.6 hereof, Developer shall execute and deliver to CRA an Assignment of Rents and Leases granting CRA a second priority security interest in the rental income, but not in CAM or other charges, generated by the tenants of Phase I, as additional collateral for the repayment by Developer of the Partial Take Out Financing.
The payment shall be paid annually on the anniversary of the issuance of the Partial Take Out Financing, until the equivalent of the maximum annual debt service on the Partial Take Out Financing has been received as a security fund to secure Developer’s performance of the repayment of the Partial Take Out Financing.
Prior to the issuance of the Partial Take Out Financing, Developer shall deliver to the CRA a Guaranty executed by J▇▇▇ ▇▇▇▇▇▇, in the form attached as Exhibit E (“Guaranty”) wherein M▇.
Commencing on the issuance of the Partial Take Out Financing, Developer shall pay to the CRA an additional payment equal to 1/12th of the maximum annual debt service on the Partial Take Out Financing.
This Warrant and the right to --------------------------------- acquire the Common Stock issuable upon exercise of the Holder's rights contained herein will be acquired for investment for the Holder's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.
The CRA shall have no obligation to close on the Partial Take Out Financing unless and until the Certificate of Occupancy is issued for the Phase I Improvements.
Upon receipt of the notice, the CRA shall use its best efforts to initiate the process to issue the Partial Take Out Financing provided that the Partial Take Out Financing shall not in any event exceed the Maximum Financing Amount.
Developer shall pay to the CRA: (i) the debt service on the Partial Take Out Financing, (ii) amounts necessary to replenish any debt service and other reserves relating to the Partial Take Out Financing, (iii) amounts necessary to reimburse the CRA and/or the City, if applicable, for payments made by either in connection with the Partial Take Out Financing, and (iv) any other amounts due in connection with the Partial Take Out Financing.