Examples of Equity Bridge in a sentence
In the event that there are differences between the Equity Bridge Loan Program Statement and the following description, the former shall apply.
The Issuer shall not make any payments of principal on Equity Bridge Loans incurred pursuant to paragraph (i) of the definition Permitted Debt unless the Incurrence Test is met, provided that the Issuer may always refinance such Equity Bridge Loans by way of incurrence of Shareholder Debt.
The MSHDA Equity Bridge Loan Program Statement may be found on MSHDA’s website.
The MSHDA Equity Bridge Loan Program Statement, dated January 23, 2013, contains additional details relating to the requirements and terms of the MSHDA Equity Bridge Loan Program.
For example, Equity Bridge Loans (EBL) may be used by Borrowers and/or tax credit investors as a substitute for the pay-in of HTC equity during a project’s development and stabilization phases (see Chapter 14.15).
In such event, any or all of the Senior Indebtedness and/or Equity Bridge Indebtedness originally intended to be satisfied will be deemed to be reinstated and outstanding to the extent of any repayment, return, or other action, as if such payment on account of such indebtedness had not been made.
Equity Bridge Lender designates and appoints, irrevocably and coupled with an interest, Senior Lender (and all persons and entities designated by Senior Lender) as Equity Bridge Lender’s true and lawful attorney-in-fact with power to endorse the name of Equity Bridge Lender upon any check or other instrument and to take any action necessary to collect any payment, property, or asset referred to in, or otherwise effectuate the provisions of, this Section 3(d).
Equity Bridge Lender agrees that its agreement to subordinate under this Agreement will extend to any new mortgage debt which is for the purpose of refinancing all or any part of the Senior Indebtedness (including reasonable and necessary costs associated with the closing and/or the refinancing, and any reasonable increase in proceeds for rehabilitation in the context of a preservation transaction).
Without the prior written consent of Senior Lender, Equity Bridge Lender will not commence, or join with any other creditor in commencing, any Bankruptcy Proceeding.
Senior Lender will apply any payment, asset, or property so received from Equity Bridge Lender to the Senior Indebtedness in such order, amount (with respect to any asset or property other than immediately available funds), and manner as Senior Lender determines in its sole and absolute discretion.