13 C.F.R. § 120.922 Pre-existing debt on the Project Property.
Title 13 - Business Credit and Assistance
In addition to its share of Project cost, a Third-Party Loan may include consolidation of existing debt on the Project Property. The consolidation must not improve the lien position of the Lender on the pre-existing debt, unless the debt is a previous Third-Party Loan.
Title 13: Business Credit and Assistance
PART 120—BUSINESS LOANS
Subpart H—Development Company Loan Program (504)
Third Party Loans
§ 120.922 Pre-existing debt on the Project Property.
