Carve-Out Loans definition

Carve-Out Loans means and refer to individual Carve-Out Loans in the form of revolving lines of credit limited to Thirteen Million and no/100 Dollars ($13,000,000.00) in the aggregate made to Subsidiary Borrowers under the Revolving Line of Credit as provided in Section 4 hereof.
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Examples of Carve-Out Loans in a sentence

  • Advances under the Carve-Out Loans to Subsidiary Borrowers shall reduce availability to Borrower under the Borrowing Base established by this Agreement.

  • As each of the revolving Carve-Out Loans is repaid and not renewed by the Subsidiary Borrower, availability under the Borrowing Base of this Facility shall be restored to Borrower.

  • The Collateral pledged for the Carve-Out Loans will be encumbered by first priority liens not to exceed the Maximum Facility Amount as defined in the Carve-Out Loan Agreements.

  • Only the Subsidiary Borrower which executes the Carve-Out Loan Documents in favor of Lenders shall be liable for the amounts advanced under the specific Carve-Out Loan; provided, however, Borrower shall guarantee all of the obligations and all indebtedness of Subsidiary Borrowers under the Carve-Out Loans.

  • All outstanding amounts under the Facility, including the Carve-Out Loans, shall be due and payable in full together with accrued interest thereon at the Maturity Date.

  • In addition, each of the Carve-Out Loans shall be cross-defaulted with this Loan.

  • The Carve-Out Loans shall be evidenced by separate Promissory Notes and Loan Agreements and shall be secured by such deeds of trust, security instruments and such other Loan Documents related to the Property and the Subsidiary Borrower which is the subject of each Carve-Out Loan as Lenders shall require.