Primary Loans definition

Primary Loans means, individually and collectively, the permanent and construction financing obtained by Developer for Phase I from one or more institutional lender(s) other than an Affiliate of Developer, as approved by Authority Executive Director, which loan(s) shall be senior to Authority’s Regulatory Agreement, but subordinate to Authority’s fee interest in the Site and the Entitlement for Phase I.

Primary Loans means the County NSP Loan in the amount of $4,410,000.

Primary Loans means the mortgage loan or loans obtained by the Borrower from a reputable financial institution or government financing entity for financing the acquisition and rehabilitation of the Property. Initially, “Primary Loan(s)” shall mean a County NSP Loan in the amount of four million eight hundred eighty-two thousand five hundred dollars ($4,882,500) and the County HOME Loan in the amount of $1,627,500.

Examples of Primary Loans in a sentence

• Nothing contained herein shall affect the liability of any Lender for its failure to make its Primary Percentage Share of Primary Loans or its Swing Line Percentage Share of Swing Loans available to the Company as required pursuant to this Agreement and the other Credit Documents.

• Only one Loan Request, Interest Rate Election and Payoff Notice requesting Primary Loans and only one Loan Request, Interest Rate Election and Payoff Notice requesting Swing Loans shall be submitted to the Lead Administrative Agent on any date.

• Any request for Primary Loans shall be in such amount that the aggregate dollar amount of Primary Loans which the Lenders are required to actually newly fund with respect thereto is not less than $5,000,000.00, and any request for Swing Loans shall be in an amount not less than $1,000,000.00.

• If such Applicant Financial Institution is acquiring a portion of an existing Lender's outstanding Primary Loans, the Lead Administrative Agent shall thereupon remit such funds to the assigning Lender.

• Advances made by the Lenders hereunder for the purpose of refunding Swing Loans shall, for all purposes of the Credit Documents: (i) constitute Primary Loans to the extent of such Lender's Primary Percentage Share thereof, and (ii) be advanced as Alternate Base Rate Loans.

• Competitive Loans shall be made by the Lender or Lenders whose Competitive Bids therefor are accepted pursuant to Section 2.4 in the amounts so accepted and Primary Loans and Pounds Sterling Loans shall be made by all the Primary Lenders or Pounds Sterling Lenders, as the case may be, pro rata in accordance with Section 2.1 and this Section 2.2.

• Borrower shall use the proceeds of the Primary Loans for acquisition of inventory and other working capital purposes, and for no other purposes.

• The obligations of Borrower to repay the unpaid principal amount of the Primary Loans and to pay interest on the unpaid principal amount thereof will be evidenced in part by a revolving credit note (the “Primary Note”) of Borrower in substantially the form attached as Exhibit A to this Agreement.

• Observations/Comments:▪ The property and tenant identification signs are in good condition.

• The entire outstanding principal amount of, and all accrued and unpaid interest on, the Primary Loans and the Secondary Loans (each a “Loan” and together the “Loans”) shall be due and payable on the Maturity Date.

More Definitions of Primary Loans

Primary Loans is defined in Section 4.2.

Primary Loans means all such ------------- Primary Loans, collectively and severally.

Primary Loans means the loans made to or for the benefit of Borrowers by Lender on a revolving basis (including advances, repayments and readvances) as set forth in Sections 2.1(a)(i) and 2.1(a)(ii) hereof.

Primary Loans means, individually and collectively, the permanent and construction financing obtained by Developer for each Project from one or more institutional lender(s) other than an Affiliate of Developer, as approved by Authority Executive Director, which loan(s) shall be senior to Authority’s Regulatory Agreement, but subordinate to Authority’s fee interest in the Site and the land use entitlement obtained by Developer, including the City Covenants. For purposes of determining the number of Housing Units to receive Project Based Section 8 assistance pursuant to Section 310.1(d), Authority shall assume that the principal amount of the Primary Loan for each Project equals the amount set forth therefor in the Authority Economic Analysis.