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 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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Authorized Funding Draw has the meaning given that term in the Participation Agreement.
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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 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 Date is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

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

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

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

  • Request for Extension of Credit means, unless otherwise specified herein, with respect to a Borrowing, Conversion or Continuation of Loans, a written request substantially in the form of Exhibit B or such other form as may be approved by the Administrative Agent and the Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

  • Maturity Date Extension Request means a request by the Company, substantially in the form of Exhibit F hereto or such other form as shall be approved by the Administrative Agent, for the extension of the Maturity Date pursuant to Section 2.09.

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

  • 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.

  • 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.