Examples of Discretionary Advance in a sentence
Borrower agrees that each Discretionary Advance may, in Lender’s discretion, reduce the amount of availability, if any, under the Commitment and may, in Lender’s discretion, reduce the amount of available Interest Reserve, if any.
The making by Lender of any Discretionary Advance shall not cure or waive any Event of Default hereunder (except only for an Event of Default that has been cured to Lender’s satisfaction as confirmed by Lender’s execution of a written agreement specifically acknowledging and describing the Event of Default so cured, and for an Event of Default that has been waived by Lender as confirmed by Lender’s execution of a written agreement specifically acknowledging and describing the Event of Default so waived).
Each Discretionary Advance shall, upon disbursement, automatically constitute principal outstanding hereunder and cause a corresponding increase in the aggregate amount of the Debt (even if such Discretionary Advance causes the outstanding principal amount of the Note to exceed the Commitment or the face amount of the Note).
Interest accruing on the Term B Note and the Discretionary Advance Note shall be due and payable in arrears on the first day of each month.
If the Lender makes Discretionary Advances after the initial Discretionary Advance, the amount of each installment will be increased so that the remaining payments would fully amortize the outstanding principal balance of the Discretionary Advance Note in substantially equal amounts by the Assumed Maturity Date; and (2) On the Maturity Date, the entire unpaid principal balance of the Discretionary Advance Note, and all unpaid interest accrued thereon, shall in any event be due and payable.