Future Funding Note Holder definition
Examples of Future Funding Note Holder in a sentence
The Future Funding Note Holder shall remit each Future Advance on the date that such Future Advance is required to be made pursuant to the Mortgage Loan Documents and the Future Funding Note.
The parties hereto agree that (i) the determination of whether the Borrower is entitled to receive any Future Advance shall rest solely with the Future Funding Note Holder, which shall be responsible for conducting any and all due diligence, loan documentation and pre-funding requirements in connection therewith and (ii) the Future Funding Note Holder shall be solely responsible for funding the Future Advance following such determination that the Borrower is entitled to receive such Future Advance.
In addition, for so long as the Future Advance Obligation has not been fully discharged, (i) no Transfer of the Future Funding Note shall violate the Mortgage Loan Documents and (ii) the transferee shall assume all additional funding obligations pursuant to an assignment and assumption agreement whereby such transferee agrees to be bound by all provisions applicable to the Future Funding Note Holder.
The Holder of each Funded Note (or at any time when such Note is included in a Securitization, the Master Servicer) shall maintain a record of each Future Advance advanced by the Future Funding Note Holder and will increase the Note A-2 Principal Balance by the amount of such Future Advance.
In addition, the Future Funding Indemnifying Party agrees that each Future Funding Indemnified Party may deduct and offset any amount to be indemnified hereunder from and against any amount that is due to the Future Funding Note Holder under the Servicing Agreement.