Take-Out Loan definition

Take-Out Loan means any Mortgage Loan made for the purpose of paying a construction period loan, bridge loan or similar temporary initial financing which qualifies as such pursuant to the Program Guidelines and which shall be deemed to be a Mortgage Loan to finance the purchase of a Residence.
View Source
Take-Out Loan means the long-term loan made by the Take-Out Lender to Developer in order to take out the Construction Loan.
View Source
Take-Out Loan means the long-term loan made by the Take-Out Lender to Developer in order to take out the Construction Loan. If the Project is financed through issuance of Tax- Exempt Bonds, then Take-Out Loan shall be understood to mean the proceeds of such Tax- Exempt Bonds.
View Source

Examples of Take-Out Loan in a sentence

  • During the 90-day period following the date Oneida makes a Take-Out Loan or the date any Specified Default Debt is transferred and assigned to Oneida, Oneida agrees not to take any Enforcement Action in respect of such Take-Out Loan or Specified Default Debt unless an Early Termination Event has occurred.

  • Oneida shall have twenty (20) days after its receipt of the Take-Out Loan Offer Notice to elect by delivering a Notice to the Company (a “Take-Out Loan Election Notice”) to provide a loan (the “Take-Out Loan”) in an aggregate principal amount equal to all or any portion of the Specified Default Debt.

  • The Take-Out Loan shall be on terms and conditions that are mutually acceptable to Oneida and the Company, but in no event less favorable to Oneida than the terms of the Specified Default Debt or the Second Lien Facility, subject to the last sentence of this Section 5.4(a).

  • In the event Tenant receives a written default notice relating to or arising from any Construction Loan, Take-Out Loan or any mortgage, deed of trust or security instrument secured by the leasehold interest granted hereunder, the Property or the Improvements, or from the Tax Credit Allocation Committee or the Internal Revenue Service, then Tenant shall provide written notice of such alleged default to the Executive Director within five (5) days of receipt thereof.

  • Upon conversion of Developer's Construction Loan to the Take=Out Loan.

  • Upon such assignment and assumption, (i) the terms of this Note shall be automatically amended such that the terms of this Note are equivalent to those of the Tranche B Take-Out Loan, and (ii) the Permitted Assignee shall agree to execute and deliver an amendment to this Note to give effect to the provisions of the foregoing clause (i) and to execute all documents necessary in connection therewith.

  • Borrower shall maintain the Take-Out Commitment in full force and effect, and shall cause all of the conditions to funding of the Take-Out Loan to be satisfied.


More Definitions of Take-Out Loan

Take-Out Loan means the permanent financing to be obtained by Developer in order to take out the Construction Loan.
View Source
Take-Out Loan refers to the loan, if any, from an Institutional Lender acceptable to the Executive Director of Authority, pursuant to which said lender agrees to make a take-out loan for the purpose of paying all amounts due under the Construction Loan. Authority hereby acknowledges that is an approved Institutional Lender.
View Source