Gap Loan definition

Gap Loan means Gap Financing in the form of a loan rather than a grant. Such financing is typically repaid to the lender on a residual receipts basis.
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Gap Loan means the loan in the aggregate principal amount of $ to be made by the Initial Funding Lender, as evidenced by the Gap Financing Note dated as of the Delivery Date from the Borrower to the Initial Funding Lender.
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Gap Loan. The loan to be made by the Lender to the Partnership evidenced by the Gap Note and secured by the Gap Deed of Trust which is made to provide short-term financing for the acquisition and Rehabilitation of the Project. "Gap Loan Documents." The Gap Note, Gap Deed of Trust and any other document required by Lender in connection with the Gap Loan. "Gap Loan Closing." The date on which the Gap Loan Documents become effective between the Lender and the Partnership. "Gap Note." The promissory note in the amount of $2,064,000.00 made by the Partnership in favor of the Lender representing the Partnership's indebtedness to the Lender pursuant to the Gap Loan.
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Examples of Gap Loan in a sentence

  • To the fullest extent permitted by law, the Owner shall comply with the City’s Certificate of Preference Program pursuant to San Francisco Administrative Code Section 24.8 and the Operational Rules referenced in Exhibit I, to the extent such compliance is not in conflict with any other requirements imposed on the Project pursuant to Sections 42 and 142(d) of the Code, the Act, the Gap Loan, the CDLAC Resolution, CTCAC requirements or other applicable Federal or State law.


More Definitions of Gap Loan

Gap Loan means a loan in the amount of TWO MILLION SIX HUNDRED THOUSAND DOLLARS ($2,600,000.00) obtained by the Partnership for the purpose of funding all or any portion of the difference between the Development Budget and the Construction Loan.
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Gap Loan. Collectively, the loans from the City, acting through MOHCD, to the Owner and evidenced by the Amended and Restated Loan Agreement, dated as of [ ], 2023, between the City, acting through MOHCD, and the Owner. “General Partners” – collectively, 730 Stanyan TNDC GP LLC, 730 Stanyan CCDC LLC and/or any other Person that the partners of Owner, with the prior written approval of City, and the Funding Lender (to the extent required pursuant to the Loan Documents), have selected to be a general partner of Owner, and any successor general partner of the Owner, in each case to the extent permitted under the Loan Documents and hereunder.
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Related to Gap Loan

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Term SOFR Loan means a Loan that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Term Loan as defined in Section 2.1.

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.