Earnout Advance definition
Examples of Earnout Advance in a sentence
No Earn-out Advance shall be made after the applicable Expiration Date.
Within fifteen (15) days following receipt by Mortgagee of Mortgagor’s written request for an Earn-out Advance, accompanied by such financial reports and other information required under this Section 45, Mortgagee shall notify Mortgagor in writing if all of the conditions precedent to such Earn-Out Advance have been satisfied, or if further information is required.
Mortgagor and Guarantor shall have executed and/or delivered to Mortgagee such additional documents as Mortgagee may reasonably require incident to such Earn-out Advance including, without limitation, (i) a title search confirming that no intervening encumbrances not permitted by this Mortgage have been filed; (ii) any required modification to this Note, Mortgage or other Loan Documents; and (iii) any required supplemental SWAP documents.
The Earnout Holdback shall not accrue interest unless and until an Earnout Advance has been made and then only on the aggregate amount so advanced from time to time.
Notwithstanding the foregoing, no Earnout Holder or servicer therefor may waive a condition to the Earnout Advance without the written consent of Note A-1 Holder or, after the Lead Securitization, the Master Servicer.
Lender will fund the Earnout Advance within three Business Days after Lender’s receipt of a complete, executed Earnout Advance Request and Lender’s determination that all Earnout Advance Conditions set forth in the Earnout Advance Request have been met.
With respect to each Earnout Advance, the Borrowers shall be deemed to have selected an initial Interest Period that is coterminous with the then existing Interest Period for the Loans.
Commencing on January 1, 2003 and continuing ------------------- through the earlier of (a) disbursement of the first Earnout Advance or (b) the Repayment Date, Borrower shall make a principal amortization payment on the first (1st) day of each month in the amount set forth on the schedule attached hereto as Exhibit D.
For the purposes of this SECTION 5.3.A, in determining the DSCR (i) a minimum interest rate of eleven percent (11%) per annum shall be used, and (ii) debt service shall be determined as of the date of such advance as if the requested amount of the Earnout Advance had been made.
References in the Loan Documents to “Note” mean the Initial Advance Note and the Earnout Advance Note.