Construction Financing; Senior Debt Sample Clauses

Construction Financing; Senior Debt. 29 5.21 Future Development of Subdivision. . . . . . . . . . . . . . . . 30 5.22 Xxxxx-Xxxxxx Loan. . . . . . . . . . . . . . . . . . . . . . . . 31 5.23 No Change in Member Distributions. . . . . . . . . . . . . . . . 31
Sample 1
AutoNDA by SimpleDocs
Construction Financing; Senior Debt. Borrower, Builder and Guarantor shall use their reasonable good faith efforts to cause all conditions precedent to: (i) the closing of Imperial Loan A to be satisfied or waived by Imperial by December 31, 1998, and (ii) the closing of Imperial Loans B and C to be satisfied or waived by Imperial by March 31, 1999, which efforts shall include, without limitation, the execution, acknowledgment and delivery by Borrower, Builder and Guarantor of all requisite Imperial Loan Documents contemplated by the Imperial commitments, and to obtain the financing from Imperial in sufficient time to have available the necessary funds for the payment of Project Costs as provided in the Business Plan. Borrower, Builder and Guarantor shall use their reasonable good faith efforts to obtain all the Future Loans within the time periods set forth in the Business Plan, which efforts shall include, without limitation, the execution, acknowledgment and delivery by Borrower, Builder and Guarantor of all the requisite Senior Loan Documents in connection therewith, and to obtain the financing in sufficient time to have available the necessary funds for the payment of Project Costs as provided in the Business Plan with respect to Phases 2 and 3 of each Product Line. In connection therewith, Lender hereby agrees that it shall enter into one or more three-party agreements, intercreditor agreements, subordination agreements, or other agreements regarding the priority of the Senior Loan Documents and the Loan Documents, in substantially the form attached hereto as EXHIBIT "K", or otherwise in form satisfactory to Lender in its sole discretion, provided that (a) the loan-to-value ratio of the Senior Debt to the value of the unreleased Property shall not exceed eighty percent (80%); (b) the aggregate loan fee payable in connection with the Senior Debt shall not exceed one and one-quarter percent (1.25%) of the total amount available for borrowing under the Senior Loan Documents; (c) the interest rate with respect to the Senior Debt shall not exceed the rate which is one hundred twenty-five (125) basis points higher than the reference rate of interest quoted from time to time for commercial loans by Senior Lender; and (d) the terms of the Senior Debt are consistent with the Business Plan. The Lender hereby acknowledges that, in connection with the Senior Debt, the Senior Lender may require Borrower to grant one or more additional deeds of trust encumbering the Property to secure such loan, and ...
Sample 1

Related to Construction Financing; Senior Debt

  • Junior Financing Documentation (i) Any of the Obligations of the Loan Parties under the Loan Documents for any reason shall cease to be “Senior Indebtedness” (or any comparable term) or “Senior Secured Financing” (or any comparable term) under, and as defined in any Junior Financing Documentation or (ii) the subordination provisions set forth in any Junior Financing Documentation shall, in whole or in part, cease to be effective or cease to be legally valid, binding and enforceable against the holders of any Junior Financing, if applicable.

  • Effect on Senior Indebtedness No supplemental indenture shall adversely affect the rights of any holder of Senior Indebtedness under Article Sixteen without the consent of such holder. ARTICLE TEN

  • Subordinated Indebtedness The Obligations constitute senior indebtedness which is entitled to the benefits of the subordination provisions of all outstanding Subordinated Indebtedness.

  • Subordination of Junior Financing The Obligations are “Senior Debt,” “Senior Indebtedness,” “Guarantor Senior Debt” or “Senior Secured Financing” (or any comparable term) under, and as defined in, any Junior Financing Documentation.

  • Refinancing Debt Borrowed Money that is the result of an extension, renewal or refinancing of Debt permitted under Section 10.2.1(b), (d) or (f).

  • Designated Senior Indebtedness The Loan Documents and all of the Obligations have been deemed “Designated Senior Indebtedness” or a similar concept thereto, if applicable, for purposes of any other Indebtedness of the Loan Parties.

  • Securities Subordinate to Senior Indebtedness The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, the payment of the principal of (and premium, if any) and interest (including any Additional Interest) on each and all of the Securities of each and every series are hereby expressly made subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness.

  • Seller Financing Seller agrees to provide financing to the Buyer under the following terms and conditions:

  • Senior Indebtedness Status The Obligations of each Credit Party under this Agreement and each of the other Financing Documents ranks and shall continue to rank at least senior in priority of payment to all Debt that is contractually subordinated to the Obligations of each such Person under this Agreement and is designated as “Senior Indebtedness” (or an equivalent term) under all instruments and documents, now or in the future, relating to all Debt that is contractually subordinated to the Obligations under this Agreement of each such Person.

  • Subordination Agreement Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!