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.
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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.
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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.
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Examples of Future Advance Loan in a sentence

  • 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.

  • 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 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).

  • 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.

  • With respect to any Future Advance Loan, any Future Advance Commitment shall remain the obligation of the Seller, and Buyer shall have no obligation to purchase any loans funded in respect of such commitments unless such loan together with the related Funded Loan would be an Eligible Asset hereunder at the time of purchase.

  • In addition, no Future Advance Loan with respect to which the related Unfunded Other Loan is a Construction Loan may be purchased by the Issuer based on a Moody's Estimated Rating.

  • Upon receipt of evidence satisfactory to the Agent that the Future Advance Loan has been funded in whole or part by the Seller, such funded amounts shall at that time be allocated to the Maximum Amount and any remaining amount of the Future Advance Loan shall continue to be allocated to the Maximum Future Advance Amount.

  • For the avoidance of doubt, with respect to each Future Advance Loan, any amounts initially allocated against the Maximum Future Advance Amount and subsequently reallocated to the Maximum Amount following the funding of all or a portion of the future advances under such Future Advance Loan, such amounts will again be available under the Maximum Future Advance Amount, in accordance with this clause (m), to be allocated against subsequent Future Advance Loans.

  • As a result of funding a Future Advance, the Issuer may be required to purchase a portion of a Future Advance Loan at a time when other investment opportunities are available to the Issuer.

  • On the Purchase Date of a Future Advance Loan, (i) the amounts designated as the Remaining Future Advance Amount on Appendix II of the related Confirmation shall be allocated to the Maximum Future Advance Amount and (ii) the amounts designated as the Initial Amount and the Funded Future Advance Amount shall be allocated to the Maximum Amount.


More Definitions of Future Advance Loan

Future Advance Loan. Any Issuer Held Delayed Draw Loan or Third-Party Held Delayed Draw Loan.
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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.
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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 the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • 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 which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • 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”.

  • SOFR Advance means any Loan which, except as otherwise provided in Section 2.10, bears interest at a rate based on Adjusted Term SOFR (other than a Floating Rate Advance as to which the interest rate is determined with reference to Adjusted Term SOFR or a SOFR Market Index Rate Advance).

  • 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.