Funding Draw means any principal advance made to a Borrower after the Closing Date under a Loan pursuant to the terms of the applicable Asset Documents.
Funding Draw has the meaning given in the LLC Operating Agreement.
Funding Draw means (i) any principal advance with respect to a Loan pursuant to the funding provisions of the applicable Loan Documents and in accordance with the Servicing Standard, in each case so long as (a) if required by applicable Law or if otherwise deemed necessary by the Manager or required hereunder, an endorsement to each applicable title policy insuring the Loan, which endorsement shall be in form and content acceptable to the Manager, is obtained that (1) brings down the effective date of the title policy to the date on which the applicable Funding Draw it covers is made, (2) increases the liability limit of the title policy by an amount equal to the principal amount of such Funding Draw, and (3) contains no new exceptions to title; (b) notwithstanding anything to the contrary contained in this Agreement, if the then outstanding unpaid principal balance of the Loan exceeds (or would, after taking into account the applicable Funding Draw, so exceed) the value of the Underlying Collateral, the Servicer shall make or permit any such Funding Draw only if the Servicer determines, in its reasonable judgment and subject to any applicable Servicing Obligations, that the Borrower is reasonably likely to be able to repay the Loan, or that the making of the Funding Draw is in the best interests (in terms of maximizing the value of the Loan) of the Company and the Initial Member, or that the Company is otherwise legally obligated to make such Funding Draw under the applicable Loan Documents; and (c) such advance is made in accordance with the terms of the Loan and the Loan Documents, provided, however, that if such advance would result in the principal amount of such Loan being in excess of the related unfunded commitment with respect thereto (as set forth under the Loan Documents) or if any term with respect to the Loan or the Loan Documents precludes such advance in the event of a Borrower default, the applicable unfunded commitment may be increased (and such advance may be made) and/or such term may be waived, in each case only if the Servicer determines, in its reasonable judgment and in accordance with the Servicing Standard and subject to any applicable Servicing Obligations, that such increase to the unfunded commitment (and related advance) or waiver is in the best interests of the Company and the Initial Member in terms of maximizing the value of the Loan and, in the case of any such increase to the unfunded commitment (or other advance not contemplated in th...
Examples of Funding Draw in a sentence
Any Discretionary Funding Advances are to be deposited into the Collection Account from which the funds will be available to fund such Funding Draw.
Pursuant to Section 5.3 of the LLC Operating Agreement, the Manager may make, at its discretion, Discretionary Funding Advances from its own funds to the extent there are insufficient funds in the Collection Account and the Working Capital Reserve with which to fund any Funding Draw permitted pursuant to any Loan Documents, which Discretionary Funding Advances are to be designated as applicable only to the Loan for which any Funding Draw is funded.