Examples of Aggregate Advance Amount in a sentence
At any time and from time to time, Borrowers may, but not more than twice during the term of this Agreement, upon at least three (3) Business Days’ prior written notice to Lender, terminate in whole or reduce ratably in part the unused portions of the Committed Amount; provided that the Committed Amount shall in no event be reduced below the Aggregate Advance Amount outstanding at the time of such reduction.
All Advances made by Lender hereunder shall be evidenced by the Note, dated the date hereof, payable to Lender in a principal amount up to the amount of the Maximum Aggregate Advance Amount as originally in effect and otherwise duly completed.
At any time a Financed Rental Property Issue exists with respect to any Financed Rental Property, then the Market Value thereof shall automatically be reduced to zero and Lender may, at its option, by notice to Borrowers (as such notice is more particularly set forth below, a “Repayment Notice”) require Borrowers to repay a portion of the Aggregate Advance Amount in an amount equal to the Repayment Amount with respect to such Financed Rental Property (a “Mandatory Repayment”).
With respect to a sale of Financed Rental Properties for net Sale Proceeds that are less than the applicable Minimum Release Amount, the difference between (x) such Minimum Release Amount and (y) such net Sale Proceeds deposited in the Waterfall Account shall be added to the Aggregate Advance Amount, on a pro-rata basis and as determined by Lender in its discretion.
At any time and from time to time, Borrowers may request that Lender consent to an increase of the Committed Amount, which consent may be given or withheld by Lender in its sole discretion; provided that in no event shall the Committed Amount exceed the Maximum Aggregate Advance Amount.