Required participation by the Third Party Lender.

CFR · 2024-01-01 · US · Title 13

(a) (1) The Borrower (or Operating Company, if the Borrower is an Eligible Passive Company) has operated for two years or less, or (2) The Project is for the acquisition, construction, conversion or expansion of a limited or single purpose asset. (b) (1) The Third Party Lender liquidates or otherwise exhausts all reasonable avenues of collection with respect to the Additional Collateral no later than the disposition of the Project Property, and (2) The Third Party Lender applies any proceeds received as a result of the Additional Collateral to the balance outstanding on the Third Party Loan prior to the application of proceeds from the disposition of the Project Property to the Third Party Loan.

official document · source cfr-2024 · id 13:§ 120.920