Future Advance Failure definition

Future Advance Failure means, with respect to any Purchased Asset, the occurrence of any litigation or other proceeding alleging a failure to fund any future advance as and when required thereunder.
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Future Advance Failure shall have the meaning specified in Article 12(n).
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Future Advance Failure means, with respect to any Purchased Asset, any Seller’s receipt of notice or any Seller’s Knowledge of any litigation or other proceeding commenced by the related Borrower or any Affiliate thereof alleging a failure to fund any future advance as and when required thereunder.
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Examples of Future Advance Failure in a sentence

  • Provided that no Event of Default shall have occurred and be continuing, upon the final unconditional resolution of the applicable Future Advance Failure to the satisfaction of Purchaser in its sole and absolute discretion Purchaser shall promptly remit the Reserve Funds to Seller.

  • Any Purchased Asset with respect to which there is a Future Advance Failure shall cease being an Eligible Asset and shall be repurchased by Seller as required herein.

  • Provided that no Default or Event of Default shall have occurred and is continuing, upon the final unconditional resolution of the applicable Future Advance Failure to the satisfaction of Purchaser in its sole discretion exercised in good faith, Purchaser shall promptly remit the Reserve Funds to Seller.

  • Seller shall promptly (and in any event not later than two (2) Business Days after knowledge thereof) notify Purchaser of (A) any default or event of default under any Purchased Asset; (B) any facts or circumstances that are reasonably likely to cause, or have caused, a Credit Event with respect to any Purchased Asset or the Market Value of any Purchased Asset to decline; (C) any Purchased Asset that has become a Defaulted Asset; or (D) any Future Advance Failure.

  • Seller shall, within five (5) Business Days after written demand thereof from Purchaser, repurchase any Purchased Asset with respect to which a Future Advance Failure has occurred unless Seller has provided evidence satisfactory to Purchaser in its sole but reasonable discretion that Seller is contesting such alleged Future Advance Failure in good faith and has deposited with Purchaser a cash reserve (each, a “Reserve Fund”) equal to the disputed future funding amount.

  • Any Purchased Asset with respect to which there is a Future Advance Failure shall cease being an Eligible Asset and will be required to be repurchased by such Seller within thirty (30) days if such litigation or other proceeding has not been dismissed or otherwise resolved by the end of such time period.

  • Seller shall promptly (and in any event not later than two (2) Business Days after knowledge thereof) notify Purchaser of: (A) any default beyond notice and cure periods or event of default under any Purchased Asset; (B) any facts or circumstances that Seller believes are reasonably likely to cause, or have caused, a Margin Deficit Event or a Mandatory Early Repurchase Event; or (C) any Future Advance Failure.


More Definitions of Future Advance Failure

Future Advance Failure means, with respect to any Purchased Asset, the occurrence of any litigation or other proceeding alleging a failure to fund any Future Advance as and when required thereunder.
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Related to Future Advance Failure

  • Loan Year means each period of twelve (12) consecutive months commencing on the Closing Date and on each anniversary thereof.

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

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Delinquency Advance As defined in Section 8.09(a) hereof.

  • Eurodollar Reserve Percentage means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). The Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage.

  • Term SOFR Rate Loan means a Loan that bears interest based on the Term SOFR Rate.

  • Net advance amount means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 3(e).

  • Eurocurrency Rate Advance means a Revolving Credit Advance or a Term Loan Advance denominated in Dollars or in an Agreed Currency which bears interest as provided in Section 2.07(b) or a Local Currency Advance which bears interest as provided in Section 2.07(b) and the Local Currency Addendum.