Default Advance definition

Default Advance or “Default Advances” each has the meaning assigned that term in Section 2.6(c).
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Default Advance has the meaning assigned that term in Section 2.6.
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Default Advance shall have the meaning set forth in Section 5.5.
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Examples of Default Advance in a sentence

  • The Default Advance shall bear interest, compounding quarterly, at the Default Interest Rate from the date on which the Default Advance is made until the date that the loan, together with all interest accrued thereon, is repaid to the non-Defaulting Member.

  • For the avoidance of doubt, in the event Rockpoint makes a Default Advance,Rockpoint shall, at any time, be entitled pursue any and all rights and remedies it may have in law or in equity against the Borrower in the event the Borrower fails to repay to Rockpoint the amount of the Default Advance or fails to pay any interest thereon to Rockpoint when due.

  • If the Defaulting Lender pays the Default Advance to the Administrative Agent, then the Default Advance shall constitute the Defaulting Lender’s Term Loan and the Credit Parties shall not be obligated to repay the Default Advance and the amount of and payment by the Credit Parties in respect of the Default Advance shall be promptly refunded by the Administrative Agent.

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  • In lieu of making a Default Advance or a Default Contribution, the non-Defaulting Member may request in writing that the Company return the non-Defaulting Member’s Capital Contribution for the applicable Capital Call, and the Company shall do so within five (5) Business Days of the non-Defaulting Member’s written request.

  • For the avoidance of doubt, in the event Rockpoint makes a Default Advance, Rockpoint shall, at any time, be entitled pursue any and all rights and remedies it may have in law or in equity against the Borrower in the event the Borrower fails to repay to Rockpoint the amount of the Default Advance or fails to pay any interest thereon to Rockpoint when due.

  • The obligations of each Lender to make such a Line of Credit Default Advance and to remit the proceeds to the Issuing Lender shall be absolute and unconditional, and shall not be affected by any default or Event of Default or any other occurrence or event.

  • If Required Lenders determine to make Line of Credit Default Advances in respect thereof, each Lender shall, on the date of receipt of such notice, make a Line of Credit Default Advance in an amount equal to its Specified Percentage of the aggregate advances to be made, and shall simultaneously make available to the Issuing Lender, in immediately available funds, the proceeds of such Line of Credit Default Advance.

  • The Default Advance and any interest thereon shall be paid by the Company to the non-Defaulting Member in accordance with Section 5.6(a)(i).

  • For the avoidance of doubt, in the event Rockpoint makes a Default Advance, 3 Rockpoint shall, at any time, be entitled pursue any and all rights and remedies it may have in law or in equity against the Borrower in the event the Borrower fails to repay to Rockpoint the amount of the Default Advance or fails to pay any interest thereon to Rockpoint when due.


More Definitions of Default Advance

Default Advance has the meaning set forth in Section 4.2(a).
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Related to Default Advance

  • SOFR Advance means any Loan which, except as otherwise provided in Section 2.10, bears interest at a rate based on Adjusted Term SOFR (other than a Floating Rate Advance as to which the interest rate is determined with reference to Adjusted Term SOFR or a SOFR Market Index Rate Advance).

  • Default Loan has the meaning set forth in Section 3.02(b).

  • Unpaid Advance has the meaning assigned to such term in Section 2.05.

  • Final Advance means an Advance made pursuant to Section 2.02(d).

  • Tranche A Advance has the meaning specified in Section 2.01(a).

  • Term Advance has the meaning specified in Section 2.01(a).

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • ABR Advance means an Advance which bears interest at the ABR Rate.

  • Interest Advance means an Advance made pursuant to Section 2.02(a).

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.

  • Delinquency Advance As defined in Section 8.09(a) hereof.

  • Additional Advance means each additional loan that is made under an RBC Homeline Plan after the initial advance, including any new or additional advances, increases to principal, or further borrowings or extensions of the term, including in the case of any fluctuating account or accounts, revolving loans, or lines of credit, additional segments of such facilities made after the initial advance. They are referred to collectively as Additional Advances.

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Equipment Advance is defined in Section 2.1.1.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Tranche B Advance has the meaning specified in Section 2.01(b).

  • Revolving Advance has the meaning given in Section 2.1.

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

  • LIBOR Advance means an Advance bearing interest at a rate based upon the LIBOR Rate.

  • Committed Advance means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Committed Advance, each of which is a “Type” of Committed Advance.

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

  • Eligible advance means an advance made before August 19, 1993.

  • Term SOFR Advance means an Advance that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Floating Rate Advance means an Advance which, except as otherwise provided in Section 2.11, bears interest at the Floating Rate.

  • Downgrade Advance means an Advance made pursuant to Section 2.02(c).