Excess Loan definition

Excess Loan means, as of any date of determination, each Loan selected by the Servicer in accordance with Section 11.01 at such time as there shall have been discovered a breach of any of the representations and warranties set forth in Section 3.05, the removal of which pursuant to Section 11.01 and the Originator’s repurchase thereof or substitution of a Substitute Loan therefor pursuant to Section 11.01 shall remedy such breach.
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Excess Loan means the loan deemed to have been made to a Non-Contributing Venturer as a result of an Excess Contribution pursuant to Section 4(j) hereof.
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Excess Loan has the meaning set forth in Clause 5.8(b);
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Examples of Excess Loan in a sentence

  • No Venturer shall be personally obligated to repay or contribute additional capital to repay any such advance and such advance shall be payable or collectible only out of Joint Venture assets existing from time to time; provided, however, nothing contained in this Section 8(a) shall limit the liability of the Venturers to repay the Balance of Required Loans or to limit the full personal liability of any Venturer necessitating an Excess Loan to repay such loan.

  • Any interest on Excess Loans paid by the Joint Venture shall be charged solely to the capital account of the Non-Contributing Venturer who occasioned any such Excess Loan.

  • The resulting percentage amount will then be subtracted from such Non-Contributing Venturer's then existing Distributive Share (provided same shall not be reduced below zero) and an equivalent amount shall be added to the respective Distributive Share(s) of the Venturer(s) who made any such Excess Loan (in proportion to the amount of Excess Loans made to such Venturers).

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  • Within five (5) Business Days of Bank's receipt and approval of the Appraisal (and notice of the same to Parent), Borrowers shall pay to Bank on account of the Term Loan, an amount (the "Mandatory Prepayment Amount") equal to the Excess Loan Amount minus Two Million Dollars ($2,000,000).

  • SBA Procedural Notice on PPP Excess Loan Amount Errors (January 15, 2021) 22.

  • The Excess Loan shall be an obligation of such Non-Contributing Venturer and, if not sooner paid by such Non-Contributing Venturer, shall be due and payable out of the first Available Cash of the Joint Venture pursuant to the priority set forth in Article 5 below, with the application of payments thereof to principal and/or interest being at the sole discretion of the payee thereof.

  • In most states, a lapsed Contract may be reinstated any time within five years after 1) the date the grace period ends if, on that date, the contract terminated or 2) the date the contract terminated under the Termination from Excess Loan provision.

  • Notwithstanding the foregoing, the Excess Loan Amount shall be repaid in twenty-four (24) equal monthly payments of principal plus accrued but unpaid interest, commencing on the first day of the first month after Bank receives and approves the Appraisal (and provides notice of the same to Parent), and continuing on the same day of each month thereafter until the Excess Loan Amount is paid in full.

  • A revolving concern of those already on SwaziMed was whether the SHI would imply less benefits than currently available through a PHI scheme.


More Definitions of Excess Loan

Excess Loan or "Excess Loans" shall mean any Revolving Loan made available by Bank to Borrower that exceeds the amount available to Borrower under the Borrowing Base Amount.
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Related to Excess Loan

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Noteless Loan means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred by the issuer or the prior holder of record.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • SLS Loan means a Loan which was made pursuant to the Supplemental Loans for Students Program established under Section 428A of the Higher Education Act (or predecessor provisions), including Loans referred to as ALAS Loans or Student PLUS Loans.

  • Principal Prepayment Any payment of principal or other recovery on a Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds or Insurance Proceeds, which is received in advance of its scheduled Due Date and is not accompanied by an amount as to interest representing scheduled interest on such payment due on any date or dates in any month or months subsequent to the month of prepayment.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Aggregate Loan Group Balance As to any Loan Group and as of any date of determination, will be equal to the aggregate of the Stated Principal Balances of the Mortgage Loans in that Loan Group, except as otherwise provided, as of the last day of the related Collection Period.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • Tranche A Loan shall have the meaning set forth in Section 2.01(a).

  • Outstanding Loan Balance means the principal amount of your full-time Direct Loans outstanding at any time, including any Canada Student Grant amount(s) converted to a Direct Loan, together with all interest on those amounts.

  • MERS Loan Any Mortgage Loan registered on the MERS® System for which MERS appears as the mortgagee of record on the related Mortgage or on an assignment thereof.

  • Principal Prepayment Amount For any Distribution Date and for any Loan Group, the sum with respect to the Mortgage Loans in such Loan Group of (i) Curtailments received during the Prior Period from such Mortgage Loans and (ii) Payoffs received during the Payoff Period from such Mortgage Loans.

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

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • ARD Loan Any Mortgage Loan that provides that if the unamortized principal balance thereof is not repaid on its Anticipated Repayment Date, such Mortgage Loan will accrue Additional Interest at the rate specified in the related Mortgage Note and the Mortgagor is required to apply excess monthly cash flow generated by the related Mortgaged Property to the repayment of the outstanding principal balance on such Mortgage Loan.

  • Class B-5 Prepayment Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is the Class B-5 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-5 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-5 Prepayment Percentage for such Distribution Date will be zero.

  • Class Loans shall have the meaning assigned to such term in Section 9.08(f).

  • Principal Prepayment Period The month preceding the month in which the related Remittance Date occurs.

  • Maximum Advance Amount shall be Two Hundred Fifty Thousand Dollars ($250,000) per Advance Notice.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

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

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

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

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • Loan repayment means the cancellation and repayment of loans