Future Advance Loan definition

Future Advance Loan means any Eligible Loan with respect to which there exists a continuing obligation on the part of the holder of the Eligible Loan after the related closing date of such Eligible Loan to provide additional funding to the underlying borrower, upon the terms and conditions of the underlying loan documents for such Eligible Loan.
Sample 1Sample 2
Future Advance Loan. Any Loan acquired by the Issuer by purchase or by contribution from ARMS Equity (referred to solely for purposes of this definition as the "Issuer's Loan") with respect to which, at the time of such acquisition and for so long as the Issuer owns such Loan, there is outstanding and owned by a Person other than the Issuer another Loan to the same borrower that was made by the maker of the Issuer's Loan (the "Other Loan") if with respect to the Other Loan both (i) either it (A) is secured by the same mortgage or deed of trust on the same Underlying Mortgage Property as the Issuer's Loan or (B) if the Issuer's Loan is a participation interest in a Mezzanine Loan, is secured by the same pledged collateral, and (ii) there exists a continuing obligation on the part of the holder of the Other Loan after the Closing Date to provide additional funding to the borrower under the Other Loan, upon the terms and conditions of the underlying loan documents for the Other Loan.
Sample 1
Future Advance Loan. Any Loan acquired by the Issuer by purchase (referred to solely for purposes of this definition as the “Funded Loan”) with respect to which, at the time of such acquisition and for so long as the Issuer owns such Loan, there is outstanding another Loan to the same borrower that was made by the maker of the Funded Loan (the “Unfunded Loan”) if with respect to the Unfunded Loan both (i) either it (A) is secured by the same mortgage or deed of trust on the same Underlying Mortgage Property as the Funded Loan or (B) if the Funded Loan is a participation interest in a Mezzanine Loan, is secured by the same pledged collateral, and (ii) there exists a continuing obligation on the part of the holder of the Unfunded Loan after the Closing Date to provide additional funding to the borrower under the Unfunded Loan, upon the terms and conditions of the underlying loan documents for the Unfunded Loan. For purposes of the Coverage Tests and the Collateral Quality Tests and any date of determination, the principal balance of a Future Advance Loan as to which the Issuer has assumed the obligation to fund the related Unfunded Loan and has deposited funds for such obligation in the Future Funding Obligations Account refers to the sum of (a) the outstanding principal balance of such Future Advance Loan and (b) the amounts on deposit in the Future Funding Obligations Account in respect of the related Unfunded Loan.
Sample 1

Examples of Future Advance Loan in a sentence

  • Cut-off Date Funded Total Debt PSF of each Trust Loan, Future Advance Loan, Mortgage Loan, Mezzanine Loan and Total Debt associated with each Mortgage Loan, as applicable.

  • Borrower agrees that Lenders have no further obligations to make any advances of loan proceeds (other than the advance of the Future Advance Loan subject to the terms of this Modification Agreement and the other Loan Modification Documents).

  • Trust Loan Interest Rate (At Assumed LIBOR),ii.Future Advance Loan Interest Rate (At Assumed LIBOR),iii.Fully Funded Loan Interest Rate (At Assumed LIBOR),iv.Mezzanine Loan Interest Rate (At Assumed LIBOR),v.Cut-off Date Funded Total Debt Interest Rate (At Assumed LIBOR) andvi.Fully Funded Total Debt Interest Rate (At Assumed LIBOR)of each Trust Loan, Future Advance Loan, Mortgage Loan, Mezzanine Loan and Total Debt associated with each Mortgage Loan, as applicable.

  • Borrower has requested that Lender lend to Borrower a future advance loan in the amount of $1,000,000.00 (the "Future Advance Loan") to finance additional construction costs in connection with the Improvements.

  • Future Advance Loan Margin,as shown on the Final Data File, we recalculated the “Fully Funded Loan Margin” of each Mortgage Loan.

  • Borrower further warrants that all of the proceeds of the Future Advance Loan shall be used for commercial purposes and stipulates that the Future Advance Loan shall be construed for all purposes as a commercial loan, and is made for other than personal, family, household or agricultural purposes.

  • Borrower warrants that the Future Advance Loan is being made solely to acquire or carry on a business or commercial enterprise, and/or Borrower is a business or commercial organization.

  • Failure has occurred and is continuing with respect to the most recent Quarterly Measurement Date; (ix) no Liquidity Test Failure has occurred and is continuing with respect to the most recent Quarterly Measurement Date; or (B) Rating Confirmation has been obtained with respect to the Issuer’s ownership of such Related Future Advance Loan.


More Definitions of Future Advance Loan

Future Advance Loan. Any Issuer Held Delayed Draw Loan or Third-Party Held Delayed Draw Loan.
Sample 1
Future Advance Loan means any Whole Loan acquired by the Buyer (referred to as the “Funded Loan”) with respect to which, at the time of such acquisition and for so long as the Buyer owns such Loan, there is outstanding another loan to the same borrower that was made by the maker of the Funded Loan (the “Future Funding Commitment”) if with respect to the Future Funding Commitment both (i) either it (A) is secured by the same mortgage or deed of trust on the same mortgaged property as the Funded Loan or (B) if the Funded Loan is a participation interest in a Mezzanine Loan, is secured by the same pledged collateral, and (ii) there exists a continuing obligation on the part of the holder of the Future Funding Commitment after its origination date to provide additional funding to the borrower under the Future Funding Commitment, upon the terms and conditions of the underlying loan documents for the Future Funding Commitment.
Sample 1

Related to Future Advance Loan

  • Future Advance means an Advance made after the Initial Closing Date.

  • Overadvance Loan means a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.

  • PACE Loan means (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against the Property.

  • 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.

  • Loan Advance The meaning specified in Section 2.2(a).

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

  • PPP Loan means (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

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

  • Revolving Advance has the meaning given in Section 2.1.

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

  • CD Loan means a Committed Loan to be made by a Bank as a CD Loan in accordance with the applicable Notice of Committed Borrowing.

  • Refinance Loan Any Mortgage Loan the proceeds of which are used to refinance an Original Mortgage Loan.

  • New Loan means a Loan made by the Failed Bank after the Bid Valuation Date that is not a continuation, amendment, modification, renewal, extension, refinancing, restructuring or refunding of or for any then-existing Loan.

  • 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.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • 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.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • 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.

  • Revolver Loan a loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or Protective Advance.

  • Eligible advance means an advance made before August 19, 1993.

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

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

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.

  • Equipment Advance is defined in Section 2.1.1.

  • Committed Advance means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Committed Advance, each of which is a “Type” of Committed Advance.