Contemporaneous Loan definition
Examples of Contemporaneous Loan in a sentence
Prepayments associated with refinancing or refunding a Contemporaneous Loan are not considered to be prepayments for purposes of this Agreement if (i) the principal amount of such refinancing or refunding loan is not less than the amount of loan principal being refinanced and (ii) the weighted average life of the refinancing or refunding loan is not less than the weighted average remaining life of the loan being refinanced.
If the Borrower shall at any time prepay in whole or in part any Contemporaneous Loan, the Borrower shall prepay the related Outstanding Note to the Government in the ratio that the unpaid principal balance of such Outstanding Note to the Government bears to the aggregate unpaid principal amount of both such Outstanding Note and the note evidencing the Contemporaneous Loan.
However, prepayment of any Outstanding Note (and any penalties) relating to a Contemporaneous Loan shall be mandatory under Section 5.4.
This Agreement and all other Loan Documents are and shall be cross-defaulted and cross-collateralized with the Contemporaneous Loan Documents (as defined in the Mortgage) as set forth in the Note and the Mortgage.
If the Borrower shall at any time prepay in whole or in part the Contemporaneous Loan described on Schedule 1, the Borrower shall prepay the RUS Note correspondingly in order to maintain the ratio that the Contemporaneous Loan bears to the RUS Commitment.
This condition is for the benefit of the Borrower, and in the event that the Contemporaneous Loan does not close contemporaneously with the Loan, the Borrower shall have the option of terminating the Commitment Letter and the full amount of the Standby Deposit, less reasonable out-of-pocket expenses incurred, without interest, shall be returned forthwith to the Borrower.
In the event that the Closing does not occur, all amounts shall become due and payable in accordance with the terms and conditions of the Contemporaneous Loan.
If the Borrower shall at any time prepay in whole or in part any Contemporaneous Loan, the Borrower shall prepay the related Outstanding Note to the Government in the ratio that the unpaid principal balance of such Outstanding Note to the Government bears to the aggregate unpaid principal amount of both such Outstanding Note and the Outstanding Note evidencing the Contemporaneous Loan.
Any loan used to refinance or refund a Contemporaneous Loan is also considered to be a Contemporaneous Loan.
The Contemporaneous Loan shall be secured by the Guarantee Agreement wherein Seller shall guarantee re-payment of the Contemporaneous Loan (the “Contemporaneous Guarantee”).