Future Funding Asset. Any Purchased Asset which has been approved by Buyer as a Future Funding Asset as set forth in the Confirmation for such Purchased Asset.
Future Funding Asset. A Collateral Interest that (a) requires the holder thereof to make one or more future advances to the obligor under the underlying instruments relating thereto, (b) specifies a maximum aggregate amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the obligor thereof; provided, however, that any such Future Funding Asset will be a Future Funding Asset only until all commitments by the Seller of such Future Funding Asset to make advances to the obligor thereof expire or are terminated or reduced to zero.
Examples of Future Funding Asset in a sentence
Seller may request that any Purchased Asset be approved by Buyer as a Future Funding Asset prior to the applicable Purchase Date for such Purchased Asset and, if such Purchased Asset is approved as a Future Funding Asset by Buyer, in its sole and absolute discretion, the applicable Purchased Asset shall be designated as a Future Funding Asset in the Confirmation for the applicable Purchased Asset.