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