Subordinate Loan Sample Clauses

Subordinate Loan. Subject to the satisfaction of the conditions precedent described in Section 4.1 hereof, the Subordinate Loan shall be fully funded and disbursed to the Borrower on the date of the Loan Closing. The disbursement of the Subordinate Loan at the Loan Closing together with the initial disbursement of the Priority Loan at the Loan Closing, (as described in Section 2.2(a)), is sometimes hereinafter referred to as the "Initial Disbursement".

Subordinate Loan. LHC acknowledges and agrees that Borrower has entered or will enter into a Subordinate Loan affecting the Project, in the original principal sum of $[ ] secured by a Subordinate Mortgage in favor of the Subordinate Lender, which will have a third priority mortgage lien on the Project, and evidenced by a Subordinate Note and such other Subordinate Loan Documents as required by the Subordinate Lender. LHC’s Mortgage and the Loan Documents shall be senior to the Subordinate Loan documents in all respects.

Subordinate Loan. Except as expressly provided in this Section 7.6, subordinate financing with respect to the Property or Borrower is not permitted. Subject to satisfactory due diligence and underwriting, Lender shall in its discretion agree to allow future subordinate debt once during the term of the Loan, provided AmREIT Riverwalk, LP or an assumptor approved by Lender pursuant to Section 7.5 above is the Borrower. Without limiting the foregoing, Lender’s approval of such subordinate debt may be conditioned on such criteria as Lender may elect in its reasonable discretion, including without limitation, (a) no Default or Event of Default may exist under any of the Loan Documents, (b) Borrower shall provide Lender with not less than sixty (60) days prior written notice of such proposed subordinate financing, (c) the principal amount of such subordinate loan shall not exceed an amount which, when added to the then outstanding principal balance of the Loan, results in (i) a loan to value ratio greater than 85%, as determined by Lender based on a then current appraisal reasonably acceptable to Lender or (ii) a debt service coverage ratio less than 1.10x, as determined by Lender based on the underwritten net cash flow as reasonably determined by Lender and a fixed loan constant equal to the greater of (A) the loan constant meeting Rating Agency guidelines and (B) the actual annual payment due under the Loan plus the annual payment due under the subordinate loan determined based on the actual interest rate and amortization schedule on such subordinate loan; (d) the term of the subordinate loan shall be co-terminus with the Loan and repaid at the time of a sale of the Property or assumption of the Loan pursuant to the terms hereof (e) the subordinate loan shall not be secured other than by a pledge of the beneficial ownership interests in Borrower, (f) the subordinate loan lender shall be an institutional lender acceptable to Lender and shall at all times comply with standard rating agency criteria for “qualified transferees,” (g) Lender shall receive written confirmation from the Rating Agencies that the making of the subordinate loan shall not result in a downgrade, withdrawal, or qualification of the then current ratings, (h) the Borrower and the subordinate loan lender shall execute and deliver to Lender such documentation as Lender may require in its reasonable discretion, including without limitation a subordination and intercreditor agreement and amendments to the Loan Doc...

Subordinate Loan. The Borrower does hereby agree declare, confirm and undertake that all loans, advances, and other monies advanced by its group companies/ associates/ the directors, designated partners, partners, and/or their friends and relatives or any of them or any other person shall stand and be regarded as subordinate debt in relation to the said loan/advances/Credit Facilities hereby granted. The Borrower does hereby further declare and undertake that in case of of Event of Default the Borrower shall not repay any of such loans and advances in whole or in part or pay any interest thereon until such time as the entire outstandings of the Lender under and in pursuance of the Credit Facilities and/or this Agreement are repaid in full.

Subordinate Loan. The Borrower and the Lender agree that the Loan (including any guarantees thereof) shall be subordinated in rank and right of payment to the indefeasible payment in full of all Senior Indebtedness as set forth in Section 3 of this Agreement.

Subordinate Loan. If an event of default shall occur under the Subordinate Loan Documents which is not cured to the satisfaction of the Subordinate Lender and/or the Subordinate Loan is terminated or cancelled or the obligation of the Subordinate Lender to advance the Subordinate Loan proceeds is terminated or rescinded; or

Subordinate Loan. There are no subordinate loans encumbering the Property and Seller has no knowledge of any mezzanine debt related to the Property.

Subordinate Loan. Party A and Party B hereby agree and acknowledge that (i) the Loan shall be subordinate to any other loans that Party B may borrow from Industrial and Commercial Bank of China from time to time to finance the difference between its total investment amount and its registered capital (“ICBC Loans”), and (ii) any repayment of principal of the Loan would not commence until the ICBC Loans are fully repaid unless otherwise expressly permitted by the lender(s) of the ICBC Loans.

Subordinate Loan. (i) Borrower shall have obtained and received proceeds of the County Loan in an amount equal to $2,070,000, which shall be consistent with the County Loan Agreement and shall have been disbursed to pay Project Costs shown on the Disbursement Budget, and delivered evidence satisfactory to Bondowner Representative thereof. (ii) Borrower shall have obtained and received one hundred percent (100%) of the proceeds of the City Loan in the amount of $300,000, which shall be consistent with the City Loan Agreement and shall have been disbursed to pay Project Costs shown on the Disbursement Budget, and delivered evidence satisfactory to Bondowner Representative thereof. (iii) From and after the completion of the Infill Grant Work, Bondowner Representative’s approval of any additional disbursements of Loan proceeds shall be further conditioned upon the disbursement of not less than ///[$1,399,547]/// of the Infill Grant Sponsor Loan and the application of such proceeds to the payment of Project Costs shown on the Disbursement Budget.