Senior Construction Loan definition

Senior Construction Loan. “Senior Construction Loan Agreement,” and “Senior Construction Loan Deed of Trust,” each is defined in the Recitals to this Agreement.
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Senior Construction Loan means (i) a construction or construction/mini-perm loan to a Hotel Owner for an Approved Project the terms of which construction financing and the Senior Construction Lender for which have each been approved by the Lender and (ii) any permanent refinancing of such construction or construction/mini-perm loan, the terms of which permanent financing and the lender for which have each been approved by the Lender. The Lender agrees that so long as no Event of Default has occurred and is continuing, it shall not unreasonably withhold its consent to any permanent financing if the terms of such permanent financing are in all respects on substantially the same terms and not more adverse to the Lender than the terms of the construction or construction/mini-perm loan such permanent financing is replacing. Further, so long as no Event of Default has occurred and is continuing, the Lender shall consent to any permanent financing if the Borrower prepays at least one hundred twenty five percent (125%) of the Tranche Amount with respect to the Approved Project to which the permanent financing applies in accordance with Section 4.3.
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Examples of Senior Construction Loan in a sentence

  • It is expected by the Borrower and the Lender that a Total Project Cost for an Approved Project may exceed the total budget for such Approved Project approved by the applicable Senior Construction Lender because the Total Project Cost includes reserves, fees and start up costs which may not be included by such Senior Construction Lender in establishing its budget, the required equity and the amount of the Senior Construction Loan for such Approved Project.

  • The senior construction loan (“Senior Construction Loan”) shall have closed and no event of default has been declared and is continuing under the terms of the documents evidencing the Senior Construction Loan (“Senior Loan Documents”) and no event has occurred with the giving of notice or the passage of time or both that would constitute an event of default under the terms of the Senior Loan Documents and related documents that would materially and adversely affect the operation of the Project.

  • If the Senior Construction Lender funds the Senior Construction Loan or a portion thereof, then Lender shall fund the applicable Tranche or portion thereof provided the applicable conditions in Section 5 hereof are satisfied.

  • Without the prior consent of the Lender the Borrower shall not enter into any guarantee, indemnification, agreement or any other obligation to or in favor of any Senior Construction Lender or provide any collateral owned by the Borrower as security for any Senior Construction Loan.

  • The Senior Construction Loan shall be paid off and a senior permanent loan (“Senior Permanent Loan”) shall close (“Senior Loan Conversion”) concurrently with the conversion of the Construction Loan to the Permanent Loan.

  • The Senior Construction Loan and all construction financing from other lenders must close concurrently with the Loan and the construction financing amounts shall be consistent with the Proforma Budget and financing commitments.

  • The Senior Construction Loan shall have closed and no default has been declared and is continuing under the terms of the applicable related documents, and no event has occurred with the giving of notice or the passage of time or both that would constitute a default under the terms of such loan and related documents that would materially and adversely affect the operation of the Project the Project’s affordability, the security for the Loan, or the repayment of the Loan.

  • The Borrower shall have furnished a copy of the applicable Senior Construction Loan Documents with respect to such Approved Project to the Lender each of which documents shall be generally in compliance with the approved term sheet or commitment letter for the applicable Senior Construction Loan and otherwise in form and substance reasonably satisfactory to the Lender.

  • If a Senior Construction Lender has made a Senior Construction Loan with respect to more than one Approved Project; a Guarantee by the Hotel Owners of any such Approved Projects of the Indebtedness permitted by Section 6.7.9 of any Hotel Owner of any other such Approved Projects.

  • Subject to Developer satisfying the preconditions for conversion in the Loan Documents, including those conditions listed in Section 2.03, the Construction Loan shall convert into the Permanent Loan upon the earlier of: (i) the Construction Loan Maturity Date or (ii) the conversion of the Senior Construction Loan.