Mandatory Further Advance definition

Mandatory Further Advance has the same meaning as in the Administration Agreement.

Mandatory Further Advance means any part of an initial mortgage advance retained pending completion of construction or refurbishment required to be made to a Borrower in respect of a Mortgage in accordance with the relevant Mortgage Conditions in the manner provided in Clause 8.3;

Mandatory Further Advance has the meaning given to it in the Administration Agreement;

Examples of Mandatory Further Advance in a sentence

• Full satisfaction by a Legal Title Holder of its obligations under such indemnity by way of a payment to the Issuer or the Trustee shall constitute a full discharge and release of that Legal Title Holder from any claim which the Issuer or the Trustee may have against that Legal Title Holder arising from such failure to make any Mandatory Further Advance.

• Pilot will acknowledge with callsign.4.6.6. MOA recovery Options.

• For PM25, mandatory further advances are firstly funded from the Mandatory Further Advance Prefunding Reserve Ledger (MFAPFRL) equal to 0.08% (£575,000) of the initial amount of the Notes on the Closing Date.

• If the relevant Legal Title Holder fails to make a Mandatory Further Advance having agreed to do so prior to the relevant borrower being notified of the assignment of the relevant Mortgage (see "The Mortgages – Perfection of title"), set-off rights may arise.

• Any unutilised amount from the MFAPFRL will be credited to the principal ledger by the earlier of (i) the principal determination date prior to the call option date (May 2023), or (ii) any such earlier principal determination date determined by PM2010 (the mandatory further advance release date).For PM26, mandatory further advances are firstly funded from the Mandatory Further Advance Prefunding Reserve Ledger (MFAPFRL) equal to 0.06% (£387,500) of the initial amount of the Notes on the Closing Date.

• Repayment of the spread trap.Funding of MTL payment holidays.Purchased pre-closing arrears collected in the period.Any Pre-Funding Reserve not utilised by the pre-funding reserve execution datesAny Mandatory Further Advance Pre-Funding Reserve not utilised by the earlier of the mandatory further advance pre-funding release date (as determined by PM2010, as Administrator) and the PDD prior to the Call Option Date (PM25 - PM28 only).

• Any unutilised amount from the MFAPFRL will be credited to the principal ledger by the earlier of (i) the principal determination date prior to the call option date (August 2024), or (ii) any such earlier principal determination date determined by PM2010 (the mandatory further advance release date).For PM27, mandatory further advances are firstly funded from the Mandatory Further Advance Prefunding Reserve Ledger (MFAPFRL) equal to 0.10% (£811,500) of the initial amount of the Notes on the Closing Date.

• None of the Administrators, the Sellers, the Issuer or the Trustee has undertaken or will undertake any investigation or search of any kind prior to the making of a Mandatory Further Advance to a borrower or, in some circumstances, the making of a Discretionary Further Advance.