Conversion Loan definition
Examples of Conversion Loan in a sentence
To clarify, upon the Conversion Date, the subject Conversion Loan shall no longer be secured by the Collateral, but shall be secured by a mortgage lien on the fee simple or leasehold interest in the subject restaurant, the construction of which was financed with the proceeds thereof.
Such documentation shall include but not be limited to a current appraisal, title commitment, landlords consents and estoppels (for leasehold projects) any environmental report and any other necessary reasonably required documents, all of which shall be provided to Lender in a timely manner but not less than thirty (30) days prior to the anticipated closing of the Conversion Loan.
For certainty, notwithstanding anything to the contrary in the MSFAA, your B.C. Access Grant and any Conversion Loan will not form part of any outstanding loan balance you may be obligated to pay under the MSFAA.
If your B.C. Access Grant is converted to a Conversion Loan under section 6 of the MSFAA (PT)-BC, your Conversion Loan will be administered and repaid under the Terms and Conditions of the MSFAA (PT)-BC.
Upon the conversion of any portion of the principal balance outstanding under the Revolving Line of Credit and the Revolving Line of Credit Note, the maximum amount available under the Revolving Line of Credit and the outstanding principal sum of the Revolving Line of Credit Note shall be decreased by an amount equal to the principal sum of such Conversion Loan.