Authorized Funding Draw definition

Authorized Funding Draw means any principal advance with respect to a Loan listed, up to the maximum aggregate amount of principal advances set forth in the column of the Loan Schedule entitled “Maximum Authorized Funding Draw”, including any such advances made by Participant prior to the Servicing Transfer Date; provided, however, that (i) if required by applicable Law or if otherwise deemed necessary by the Company, an endorsement to the title policy insuring the Loan, which endorsement shall be in form and content acceptable to the Company, is obtained that (a) brings down the effective date of the title policy to the date on which the applicable Authorized Funding Draw it covers is made, (b) increases the liability limit of the title policy by an amount equal to the principal amount of such Authorized Funding Draw, and (c) contains no new exceptions to title; (ii) notwithstanding anything to the contrary contained in this Agreement, the Company shall make or permit an Authorized Funding Draw if then outstanding unpaid principal balance of the Loan exceeds the value of the Collateral only if the Company determines, in its reasonable judgment, that the Borrower is reasonably likely to be able to repay the Loan or that the making of the Authorized Funding Draw is in the best interests (in terms of maximizing the value of the Loan) of the Company and the Participant; and (iii) such advance is made in accordance with the terms of the Loan and the Loan Documents, provided, however, that if any term with respect to the Loan or the Loan Documents precludes such advance in the event of a Borrower default, such term may be waived if the Company determines, in its reasonable judgment, that such waiver is in the best interests of the Company and the Participant in terms of maximizing the value of the Loan.
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Authorized Funding Draw has the meaning given that term in the Participation Agreement.
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Authorized Funding Draw has the meaning given in the Participation Agreement. “Bankruptcy Rule” means the rules set forth under the Federal Rules of Bankruptcy Procedure, as may be amended from time to time.
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Examples of Authorized Funding Draw in a sentence

  • The Participant and the Company shall, promptly upon the Company’s request therefor, deposit additional amounts into the LIP Account, in the same proportion as in the preceding sentence, as may be necessary to reflect any adjustment to the Maximum Authorized Funding Draw with respect to any Loan that is permitted under the definition of the term “Maximum Authorized Funding Draw” in Section 1.01 hereof.

  • The Participant and the Company shall, promptly upon the Company’s request therefor, deposit additional amounts into the LIP Account as may be necessary to reflect any adjustment to the Maximum Authorized Funding Draw with respect to any Loan that is permitted under the definition of the term “Maximum Authorized Funding Draw” in Section 1.01 hereof.

Related to Authorized Funding Draw

  • Draw Request Any request by the Borrower, pursuant to Section 2.2 of this Agreement, for a disbursement of any portion of the proceeds of the Loan.

  • Funding Request shall have the meaning set forth in Section 5.3(a).

  • Funding Date is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

  • Initial Funding Date means the Funding Date on which the first Loan is made pursuant to this Agreement, as specified in the Initial Borrower Funding Request.

  • Term Loan Extension Request has the meaning set forth in Section 2.16(a).

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

  • Initial Extension of Credit means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder.

  • Delayed Draw Funding Date means the date occurring on or after the Effective Date upon which all of the conditions to funding the Delayed Draw Term Loan set forth in Section 6.02 are satisfied and the Delayed Draw Term Loan is funded.

  • Authorized Amount means $ , the maximum principal amount of the Funding Loan under this Funding Loan Agreement.

  • Non-Funding Lender has the meaning ascribed to it in Section 9.9(a)(ii).

  • Closing Date Term Loan Commitment means, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) as such Lender’s Closing Date Term Loan Commitment. The aggregate amount of the Closing Date Term Loan Commitments as of the Closing Date is $820,000,000.

  • L/C Request has the meaning specified in Section 2.4(b).

  • Request for Extension of Credit means a written request substantially in the form of Exhibit A duly completed and signed by a Responsible Officer, or a telephonic request followed by such a written request, in each case delivered to Administrative Agent by Requisite Notice. In the case of a request for a new or amended Letter of Credit, the written Letter of Credit Application shall be deemed to be the Request for Extension of Credit.

  • Refunding Date as defined in Section 2.7.

  • Authorized Borrower Representative means a person at the time designated and authorized to act on behalf of the Borrower by a written certificate furnished to the Governmental Lender, the Funding Lender, the Fiscal Agent and the Servicer and containing the specimen signature of such person and signed on behalf of the Borrower by its Borrower Controlling Entity which certificate may designate one or more alternates.

  • Maturity Date Extension Request means a request by the Borrower, in the form of Exhibit G hereto or such other form as shall be approved by the Administrative Agent, for the extension of the Maturity Date pursuant to Section 2.20.

  • Commitment Increase Supplement as defined in subsection 2.20(c).

  • Revolving Credit Extension Request shall have the meaning provided in Section 2.14(f)(ii).

  • Incremental Loan Commitment shall have the meaning ascribed to such term in Section 2.22(a).

  • Initial Borrowing means the first Borrowing made pursuant to this Agreement.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Authorized Issuer Representative means any person at the time designated to act on behalf of the Issuer by a written certificate furnished to the Company and the Trustee containing the specimen signature of such person and signed on behalf of the Issuer by its Chairman. Such certificate may designate an alternate or alternates.

  • Request for Credit Extension means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

  • Delayed Draw Term Loan Lender means a Lender with a Delayed Draw Term Loan Commitment or an outstanding Delayed Draw Term Loan.

  • Additional Credit Extension Amendment means an amendment to this Agreement providing for any Incremental Commitments which shall be consistent with the applicable provisions of this Agreement relating to such Incremental Commitments and otherwise reasonably satisfactory to the Administrative Agent and the Borrower.

  • Incremental Term Loan Borrowing Date means, with respect to each Class of Incremental Term Loans, each date on which Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in accordance with Section 2.22.