Subordinate debt financing provided to a direct or indirect owner of a BorrowerBorrowerPerson who is the obligor per the Note. that is secured by a pledge of the direct or indirect equity interest in the BorrowerBorrowerPerson who is the obligor per the Note. held by the owner, and not by a LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. on the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). .