Permanent Loan Conversion definition

Permanent Loan Conversion means the conversion of construction loans to permanent status, and may include payment in full or part of the principal of a construction loan or the funding of additional loans upon completion of construction. Permanent Loan Conversion may be subject to additional due diligence requirements.
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Permanent Loan Conversion means the Project has leased up to a minimum of 90 percent occupancy for a period of a minimum of 30 days in accordance with the applicable Department funding requirements; the units have been leased to the appropriate or designated populations identified, and they have met the terms and conditions of all Department funding awarded to the Project; and all construction period financing has converted to permanent financing.
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Permanent Loan Conversion has the meaning set forth in Section 2.10 hereof.
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Examples of Permanent Loan Conversion in a sentence

  • The Parties shall have the following responsibilities after the completion of the Loan transaction, which shall be deemed to be the latest of Loan closing, Development completion and stabilized occupancy, or Permanent Loan Conversion, as applicable.

  • CalHFA will participate in the Permanent Loan Conversion and require Borrower to submit all appropriate documentation.

  • Loan closing may only occur prior to the start of construction or at Permanent Loan Conversion.

  • Permanent Loan Conversion Date by which the construction loan is converted (replaced with) the permanent financing loan.

  • Monarch agrees to pay, as fair market value rent (Rent) for the use of the Property, the following: Upon the date the term of the Ground Lease commences $125,000 Construction Commencement $125,000 Annual Construction Rent Payments (annual payment beginning one year after the Construction Commencement Rent is paid) $50,000 Remainder Payment at Permanent Loan Conversion (Stabilization).

  • The remaining installments will be $2,644,629 prior to Construction Completion, $522,775 at Permanent Loan Conversion and $522,776 at Stabilization.Note: Applicant states it closed the HC in escrow on December 19, 2002.

  • Monarch agrees to pay, as fair market value rent (Rent) for the use of the Property, the following: Upon the date the tTerm of the Ground LeaseAgreement commences $125,000 Construction Commencement $125,000 Annual Construction Rent Payments (annual payment beginning one year after the Construction Commencement Rent is paid) $50,000 Remainder Payment at Permanent Loan Conversion (Stabilization).

  • Member States have also submitted changes in the site-related information contained in the list of sites of Community importance for the Boreal biogeographical region.

  • The county, formed on March 4 under Kenya’s new devolved system of government, needs funds to build low-cost houses and new schools, upgrade hospitals and provide more clean water, he said.

  • Other terms and conditions are a variable interest rate, a maximum Loan-to-Value Ratio of 90% and a minimum Debt Service Coverage (“DSC”) Ratio of 1.15 based upon a re-underwriting of the greater of actual income and expenses or GMACCM underwritten income and expenses at the time of Permanent Loan Conversion.


More Definitions of Permanent Loan Conversion

Permanent Loan Conversion means the date on which the Construction Loan has been repaid in full, the HACLA Loans have converted to permanent phase, non-recourse financing, and the First Deed of Trust Loan has converted to a permanent phase, non-recourse, amortizing loan.
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Permanent Loan Conversion means the event of paying off the construction loan with the proceeds of the permanent loan. The conditions for converting from the construction loan phase to the permanent loan phase are (1) trigger of Project Completion; (2) Payment of Construction Period Interest in accordance with the City Loan Agreement; and (3) Stabilized Occupancy.
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Permanent Loan Conversion means the event of paying off the construction loan with the proceeds of the permanent loan. The conditions for converting from the construction loan phase to the permanent loan phase are (1) trigger of Project Completion; (2) Payment of Construction Period Interest in accordance with the City Loan Agreement; and (3) Stabilized Occupancy.
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Related to Permanent Loan Conversion

  • Term Loan Conversion Date means the Termination Date on which all Revolving Credit Advances outstanding on such date are converted into a term loan pursuant to Section 2.06.

  • Term Loan Note means a promissory note of the Borrower payable to the order of any Term Loan Lender in a principal amount equal to the amount of the Term Loan owing to such Lender.

  • Term Loan Notes means the promissory notes of the Borrower (if any) in favor of any of the Term Loan Lenders evidencing the portion of the Term Loan provided by any such Term Loan Lender pursuant to Section 2.2(a), individually or collectively, as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time.

  • Swing Loan Note means the Swing Loan Note of the Borrower in the form of Exhibit 1.1(N)(2) evidencing the Swing Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.

  • 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.

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

  • Revolving Loan Notes means with respect to any Borrower the promissory notes of such Borrower in favor of each Lender evidencing the Revolving Loans made to such Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from time to time.

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • Optional Conversion means the conversion of any Convertible Preferred Stock other than a Mandatory Conversion.

  • Incremental Term Loan Note means a promissory note made by the Company in favor of an Incremental Term Lender, evidencing Incremental Term Loans made by such Incremental Term Lender, substantially in the form of Exhibit B-4.

  • Term Loan Amount means with respect to any Term Loan Lender, the amount equal to its Term Loan Percentage of the aggregate principal amount outstanding under the Term Loan.

  • Term Loan Commitment is, for any Lender, the obligation of such Lender to make a Term Loan, up to the principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

  • Loan Note means a loan note issued under the Loan Note Deed Poll.

  • Interest Conversion Shares shall have the meaning set forth in Section 2(a).