LPP loan definition

LPP loan means the “last-in/last-out” loan participation requested by the lender from the authority. “Maximum allowable net worth” for calendar year 2013 is $691,172. The maximum allowable net worth for each calendar year shall be increased or decreased as of January 1 of such calendar year by an amount equal to the percentage increase or decrease (September to September) in the United States Department of Agriculture “Index of Prices Paid for Commodities and Services, Interest, Taxes, and
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LPP loan means the “last-in/last-out” loan participation requested by the lender from the authority. “Maximum allowable net worth” means the maximum allowable net worth for each calendar year, which shall be increased or decreased from the previous year by an amount equal to the percentage increase or decrease (September to September) in the United States Department of Agriculture “Index of Prices Paid for Commodities and Services, Interest, Taxes, and Farm Wage Rates” reported as of October 1 of the immediately preceding calendar year. The maximum allowable net worth will be rounded to the nearest thousand dollars. The authority will post the maximum allowable net worth for each calendar
Sample 1Sample 2Sample 3
LPP loan means the “last-in/last-out” loan participation requested by the lender from the authority.
Sample 1Sample 2Sample 3

Examples of LPP loan in a sentence

  • It has jurisdiction in matters of direct or indirect discrimination, can have cases referred to it by anyone believing themselves to be victims of discrimination, or can decide to look into matters on its own initiative.

  • Refinancing of existing debt or new purchases which have been incurred by the borrower more than 60 days prior to approval of the LPP loan by the authority.b. Financing personal expenses.

  • Any loan or advance made by a lender to a borrower subsequent to obtaining an LPP loan under the program and secured by collateral or security pledged for the participated loan will be subordinate to the participated loan.f. Events of loan default.(1) Default will occur when the participated loan payment is 30 days past due.

  • The program enables lenders to request a “last-in/last-out” LPP loan from the authority.

  • The lender will submit a credit evaluation of the project for which an LPP loan is sought.

  • Assets purchased or constructed with LPP loan funds must be used for agricultural purposes.b. Agricultural land.

  • If a house is located on land for which an LPP loan is requested, an appraisal of the house will be made.

  • The authority will review the application and make its own credit evaluation prior to issuance of an LPP loan.e. Processing LPP loan applications.

  • LPP loan payments on participated real estate loans will be equally amortized for the term of the LPP loan, but shall not exceed a 20-year amortization, including a 10-year term with balloon payment and the balance of the LPP loan paid in full by the end of the tenth year.

  • The lender, on behalf of the borrower, shall apply for the LPP loan on application forms provided by the authority.c. Lender’s certification.

Related to LPP loan

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

  • 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).

  • 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”.

  • Term Loan as defined in Section 2.1.

  • Revolving Loan has the meaning specified in Section 2.01(a).

  • 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.