Second Loan definition
Second Loan shall have the meaning given these capitalized terms in the Loan Agreement.
Second Loan means the amount of R40 000 000 (forty million Rand) which the Borrower agreed to borrow from the Lender and which the Lender agreed to lend to the Borrower and which entire amount has been drawn down by the Borrower and is still outstanding;
Second Loan shall have the meaning set forth in Section 2.1 hereof.
Examples of Second Loan in a sentence
Concurrent with the delivery by Lender of the Second Loan proceeds to Borrower, Borrower shall execute and deliver to Lender a Note dated as of the date of such funding in the principal amount of the Second Loan.
The terms of this paragraph apply not only to this Second Loan Modification Agreement, but also to all subsequent loan modification agreements.
Except as expressly modified pursuant to this Second Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect.
No maker, endorser, or guarantor will be released by virtue of this Second Loan Modification Agreement.
Nothing in this Second Loan Modification Agreement shall constitute a satisfaction of the Indebtedness.
More Definitions of Second Loan
Second Loan means the second term loan made to the Borrowers, subject to the terms and conditions herein, in the principal amount of Two Million Dollars ($2,000,000.00).
Second Loan means the unsecured nonrecourse loan made to the Seller by the Second Lender with respect to the Apartment Complex, in the original principal amount of $648,902; the Second Loan will be assumed by the Partnership at the Initial Closing; the outstanding balance of the Second Loan as of the Initial Closing is expected to be $648,902. The Second Loan (i) is evidenced by a certain promissory note dated as of May 9, 1996; (ii) bears interest at six and fifty-one one-hundredths per cent (6.51%) per annum; and (iii) is to mature on April 30, 2026. Payments on account of principal of and interest on the Second Loan are to be made as a first priority from Net Cash Flow pursuant to Section 11.01 herein. The entire outstanding balance of principal of and interest on the Second Loan shall be due and payable upon maturity of the Second Loan. "Seller" means Madison Park IV Associates, a Massachusetts limited partnership, which owns an interest in the Apartment Complex, which interest will be conveyed to the Partnership at the Initial Closing. "State" means the Commonwealth of Massachusetts. "State Designation" means, with respect to the Apartment Complex, the allocation by the Agency of Low-Income Housing Tax Credits, as evidenced by the receipt by the Partnership of an IRS Form 8609 executed by the Agency as to each of the buildings constituting the Apartment Complex. "Subordinated Loan" means any loan made by the General Part- ner to the Partnership pursuant to Section 8.16. "Substantial Completion" means the date upon which all of the following have occurred: (i) the rehabilitation of the Apartment Complex has been completed as evidenced by the Partnership's receipt of the certification of the inspecting architect as to the satisfactory substantial completion of all rehabilitation and construction work as to the Apartment Complex, and by the receipt by BCTC 94 of a certification as to such satisfactory substantial completion of rehabilitation from the reviewing architect retained by BCTC 94; (ii) the Partnership shall have received an updated owner's title insurance policy (or endorsement thereto) satisfactory to BCTC 94; (iii) BCTC 94 shall have received evidence satisfactory to it that all amounts payable to the construction manager and all subcontractors have been paid in full (other than agreed-upon retainage amounts payable at the Final Closing), and that the Partnership is not in violation of the construction management agreement or any subcontracts; and (iv) B...
Second Loan. Second Note," "Second Closing" and "Second Closing Date" shall be of no further force or effect.
Second Loan means the permanent loan obtained from the Second Lender for the Apartment Housing in the principal amount of $521,176 with an effective interest rate of one percent (1%) per annum, amortized over 40 years with a 30 year maturity. Where the context admits, the term "Second Loan" shall include any deed, deed of trust, note, security agreement, assumption agreement or other instrument executed by, or on behalf of, the Partnership or General Partner in connection with the Second Loan.
Second Loan means the second deed of trust loan to be held by the State of California Housing and Community Development Department (HCD) (“Multifamily Housing Program”) in the approximate original principal amount of approximately $2,362,046.
Second Loan the $329,000 advanced by the Creditor to the Company by the terms of the Original Agreement.
Second Loan shall have the meaning set forth in the Recitals.