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 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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Examples of Gap Loan in a sentence

  • The Bridge Gap Loan is for three years from the flrst disbursement date (i.e. 22nd Dec 2014 and 11th Feb 2016) or till three months after financial closure whichever is earlier.

  • Proposed Developments funded with SAIL funds will be subject to the requirements of the RFA, the Application requirements outlined in Rule Chapter 67-60, F.A.C., the SAIL credit underwriting and program requirements outlined in Rule Chapter 67-48, F.A.C., the ELI Gap Loan credit underwriting and loan terms and conditions outlined in Exhibit D of the RFA, and the Compliance requirements of Rule Chapter 67-53, F.A.C.

  • The most common example of such Proposals is when a Borrower refinances non-City debt for a Project that also carries a Gap Loan.

  • Development Cost Pro Forma: All fees set forth above with respect to the SAIL Program and Gap Loan amount are part of Development Cost and can be included in the Development Cost Pro Forma and paid with loan proceeds.

  • The prospective new lender, as a condition of its commitment to provide the new financing, typically requires that the City agree to subordinate the deed of trust associated with the Gap Loan.

  • There shall be filed any claim of lien (other than liens associated with the VHDA Senior Loan, VHDA Gap Loan, and Property Owner Loan) against the Property of any part thereof, or any interest or right made appurtenant thereto, and the continued maintenance of said claim of lien or notice to withhold for a period of twenty (20) days without discharge, bonding or satisfaction thereof or provision therefor satisfactory to the County Board.

  • The Second Predevelopment Loan, Development Loan, and Agency AHP Gap Loan will be disbursed in accordance with the terms of a promissory note, the form of which is attached to the DDA (the “Note”).

  • In the event the Partnership has insufficient funds available from Subordinate Partner Loans made pursuant to Section 5.14 and/or additional draws on the Mortgage Loan, to pay off the Gap Loan at maturity, the General Partner shall make a loan to the Partnership in the amount of such insufficiency (the "Bridge Loan") to enable the Partnership to pay off the Gap Loan at maturity.

  • Excess Proceeds shall not be distributed until the VHDA Gap Loan has been fully repaid.

  • Gap Loan Origination Fee: In order to cover the cost of staff time and project management services related to MOHCD’s soft debt loans, at construction closing MOHCD will charge an origination fee of 1% of the total amount of the MOHCD gap loan, up to a maximum of $620,000, escalated 3.5% annually (“Origination Fee”).


More Definitions of Gap Loan

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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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”.

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • 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.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • New Loan means a Loan made by the Failed Bank after the Bid Valuation Date that is not a continuation, amendment, modification, renewal, extension, refinancing, restructuring or refunding of or for any then-existing Loan.

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

  • Wet Loan means a Purchased Loan originated and owned by the Seller immediately prior to being purchased by the Buyers:

  • Sub-loan means a loan made or proposed to be made by the Borrower out of the proceeds of the Loan to a Private Enterprise for an Investment Project;

  • Co-op Loan A Mortgage Loan secured by the pledge of stock allocated to a dwelling unit in a residential cooperative housing corporation and a collateral assignment of the related Co-op Lease.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Term Loan has the meaning specified in Section 2.01(b).

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Loan Advance The meaning specified in Section 2.2(a).

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • 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.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • Incremental Loan has the meaning set forth in Section 2.14(b).