Common use of Subordinate Loans Clause in Contracts

Subordinate Loans. [Borrower has entered into one or more subordinate loans in an aggregate amount equal to $1,275,000.00, which are subordinated to the Loans (the “Subordinate Loans”). The Subordinate Loans are secured by security documents on a fully-subordinated basis.]1 Unless otherwise agreed by Xxxxxx in writing, the proceeds from the Subordinate Loans may be used by Borrower for general and administrative expenses in excess of the monthly limit set forth below or for development of the Nicaragua Concessions.

Subordinate Loans. [Borrower has entered into one or more subordinate loans in an aggregate amount equal to not less than $1,275,000.001,250,000.00, which are subordinated to the Loans (the “Subordinate Loans”). The Subordinate Loans are secured by security documents on a fully-subordinated basis.]1 basis. Unless otherwise agreed by Xxxxxx Lender in writing, the proceeds from the Subordinate Loans may be used by Borrower for general and administrative expenses in excess of the monthly limit set forth below or for development of the Nicaragua Concessions.