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.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

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.

Excess Loan has the meaning set forth in Clause 5.8(b);

Examples of Excess Loan in a sentence

• 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).

• 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.

• The Excess Loan shall bear interest at a rate equal to the lesser of (a) the maximum rate permitted under applicable law or (b) the greater of (i) the Prime Rate plus two percent (2%) or (ii) ten percent (10%) per annum, and shall be due and payable upon demand and shall be secured by a lien and security interest upon any distributions to be made to the Non-Contributing Partner pursuant to this Limited Partnership Agreement.

• 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).

• The Excess Loan shall bear interest at a rate equal to the lesser of (a) the maximum rate permitted under applicable law or (b) the greater of (i) the Prime Rate plus two percent (2%) or (ii) ten percent (10%) per annum, and shall be due and payable upon demand and shall be secured by a lien and security interest upon any amounts of Available Cash due the Non- Contributing Venturer.

• If the amount of a Loan (the “Relevant Loan”) advanced to the Borrower in connection with the corresponding Qoros Loan Agreement exceeds the amount advanced by the Borrower to Qoros under that Qoros Loan Agreement (the “Relevant Qoros Loan”) (the amount of such excess being the “Excess Loan Amount”), the Borrower shall, within 5 Business Days of the drawdown of the Relevant Qoros Loan, apply an amount equal to the Excess Loan Amount in prepayment of the Relevant Loan.

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

• 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.

• The Excess Loan shall be an obligation of such Non-Contributing Partner and, if not sooner paid by such Non-Contributing Partner, shall be due and payable out of the first available distributions to be made to the Non-Contributing Partner by the Partnership, with the application of payments thereof to principal and/or interest being at the sole discretion of the payee thereof.

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.