Funded Loan definition
Examples of Funded Loan in a sentence
Disbursement Agent shall track each check funded on respect of a Check Funded Loan and notify Buyer, pursuant to the Daily Report, when each check with respect to a Check Funded Mortgage Loan has been paid.
No later than 11:00 a.m. New York time on the Check Reconciliation Date, pursuant to the Check Disbursement Agreement, Check Disbursement Bank shall make available to Disbursement Agent any Check Funding Exceptions with respect to a check or a Check Funded Loan.
With respect to each Table Funded Mortgage Loan, BAC shall cause the Settlement Agent or Designated Fax Distributor to deliver to the Custodian by facsimile the Initial Table Funded Loan Documents.
With respect to each Check Funded Loan, prior to 12:00 p.m. New York time on the related Check Presentation Date, Seller shall wire to the Wire-Out Account the Seller Funded Amount and the Additional Seller Funded Amount for such Check Presentation Date.
Upon receipt of each Check Presentment Report, with respect to all checks listed on such Check Funding Schedule, Seller shall determine (i) the aggregate difference ("Seller Funded Amount") between the Purchase Price for the related Check Funded Loans and the amounts necessary to clear all such checks and (ii) the difference between the aggregate Buyer Funded Amount for such Check Funded Loan and the aggregate amount needed to fund all checks on such Check Presentation Date (the "Total Required Funds").