Firm Loan definition

Firm Loan any Loan which has been designated by KECS pursuant to Section 2.02 or Section 2.04 (or redesignated pursuant to Section 7 of the KECS Security Agreement) as a “Firm Loan”.
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Firm Loan means any Revolving A Loan or Revolving A Swing Loan which has been designated by the Borrower in the Notice of Borrowing as a “Firm Loan”.
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Firm Loan means, at any date, any Loan which has been designated pursuant to Section 2.03 or Section 2.05(b) (or redesignated pursuant to Section 6 of the Security Agreement), as the case may be, by the Borrower as a “Firm Loan”.
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Examples of Firm Loan in a sentence

  • In the event that Purchaser has not received the Firm Loan Commitment on or before Closing Date, then Purchaser shall have the right to extend the Closing Date for a period of forty-five (45) days upon written notice to Seller delivered prior to the Closing Date.

  • Each Secured Uncommitted Swingline Loan made to EDJ shall be either a Customer Loan or a Firm Loan, as designated by EDJ pursuant to clause (b) below.

  • Section 10(a)(iii) of the Agreement is hereby deleted in its entirety and the following substituted in lieu thereof: “Purchaser’s obligation to proceed with this transaction is contingent upon Purchaser’s receipt of a final, approved and firm commitment for a loan to be used by Purchaser for the acquisition of the Property (the “Firm Loan Commitment”) from a lending institution of Purchaser’s choosing, which Firm Loan Commitment shall be acceptable to Purchaser in its sole discretion.

  • Each Secured Swingline Loan made to EDJ shall be either a Customer Loan or a Firm Loan, as designated by EDJ pursuant to clause (b) below.

  • Purchaser shall diligently pursue the Firm Loan Commitment and agrees provide Seller with updates on the status of the Firm Loan Commitment upon Seller’s request.


More Definitions of Firm Loan

Firm Loan means, at any date, any Loan which has been designated by EDJ in writing pursuant to Section 2.03 or Section 2.05(b), as the case may be, as a “Firm Loan”. Notwithstanding anything herein to the contrary, a Loan may not be designated as a Firm Loan to the extent that such designation would cause EDJ to violate any law, rule or regulation applicable to it.
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Related to Firm Loan

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • ARM Loan A Mortgage Loan, if any, the Mortgage Interest Rate of which is subject to periodic adjustment in accordance with the terms of the related Mortgage Note.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Initial Loan is defined in Section 2.1.

  • Eurodollar Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article II.

  • Eurodollar Term Loan means any Term Loan bearing interest at a rate determined by reference to the Adjusted LIBO Rate in accordance with the provisions of Article II.

  • PPP Loan means (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

  • Delay Delivery Mortgage Loans The Mortgage Loans for which all or a portion of a related Mortgage File is not delivered to the Trustee or to the Custodian on its behalf on the Closing Date. The number of Delay Delivery Mortgage Loans shall not exceed 25% of the aggregate number of Mortgage Loans as of the Closing Date.

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • Drawdown means the drawdown of a Tranche under the Loan Facility;

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Extended Revolving Loan shall have the meaning assigned to such term in Section 2.21(e).

  • Incremental Loan has the meaning set forth in Section 2.14(b).

  • Refinancing Loan shall have the meaning provided in Section 2.14(h)(i).

  • New Revolving Loan has the meaning specified in Section 2.14(a).

  • Term Loan as defined in Section 2.1.

  • Type of Loan means (i) with respect to either Term Loans or Revolving Loans, a Base Rate Loan or a Eurodollar Rate Loan, and (ii) with respect to Swing Line Loans, a Base Rate Loan.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Adjustable Rate Mortgage Loan A Mortgage Loan serviced pursuant to this Agreement under which the Mortgage Interest Rate is adjusted from time to time in accordance with the terms and provisions of the related Mortgage Note.

  • Initial Advance means the first Advance made pursuant to Article II.

  • ABR Revolving Loan means any Revolving Loan bearing interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II.

  • Fixed Rate Mortgage Loan A fixed rate mortgage loan purchased pursuant to this Agreement.

  • LIBOR Term Loan means any Term Loan bearing interest at a rate determined by reference to the LIBOR Rate.

  • Jumbo Loan means a Mortgage Loan (other than a Conforming Loan) that (1) is underwritten by an Approved Investor (other than Xxxxxx Xxx, Xxxxxxx Mac or Xxxxxx Mae), (2) matches all applicable requirements for purchase under the requirements of a Take-Out Commitment issued for the purchase of such Mortgage Loan, (3) differs from a Conforming Loan solely because the principal amount of such Mortgage Loan exceeds the limit set for Conforming Loans by Xxxxxx Xxx or Xxxxxxx Mac from time to time, and (4) is a First Lien Mortgage Loan.