Maximum Authorized Funding Draw means, with respect to any Loan, the maximum aggregate amount of principal advances set forth in the column of the Loan Schedule entitled “Maximum Authorized Funding Draw” (which shall include any unfunded principal commitment that is permitted to be allocated to an interest reserve pursuant to the Loan Documents and is set forth in the column of the Loan Schedule entitled “Undisbursed Balance - Interest Reserve”), as the same may be adjusted with the consent of the Participant (such consent not to be unreasonably withheld) to correct errors due to a miscalculation of the maximum aggregate amount of the unfunded principal commitment for such Loan under the relevant Loan Documents.
Maximum Authorized Funding Draw including any such advances made by Participant prior to the Servicing Transfer Date; provided, however, that (i) if required by applicable Law or if otherwise deemed necessary by the Company, an endorsement to the title policy insuring the Loan, which endorsement shall be in form and content acceptable to the Company, is obtained that (a) brings down the effective date of the title policy to the date on which the applicable Authorized Funding Draw it covers is made, (b) increases the liability limit of the title policy by an amount equal to the principal amount of such Authorized Funding Draw, and (c) contains no new exceptions to title; (ii) notwithstanding anything to the contrary contained in this Agreement, the Company shall make or permit an Authorized Funding Draw if then outstanding unpaid principal balance of the Loan exceeds the value of the Collateral only if the Company determines, in its reasonable judgment, that the Borrower is reasonably likely to be able to repay the Loan or that the making of the Authorized Funding Draw is in the best interests (in terms of maximizing the value of the Loan) of the Company and the Participant; and (iii) such advance is made in accordance with the terms of the Loan and the Loan Documents, provided, however, that if any term with respect to the Loan or the Loan Documents precludes such advance in the event of a Borrower default, such term may be waived if the Company determines, in its reasonable judgment, that such waiver is in the best interests of the Company and the Participant in terms of maximizing the value of the Loan.
Examples of Maximum Authorized Funding Draw in a sentence
The Participant and the Company shall, promptly upon the Company’s request therefor, deposit additional amounts into the LIP Account as may be necessary to reflect any adjustment to the Maximum Authorized Funding Draw with respect to any Loan that is permitted under the definition of the term “Maximum Authorized Funding Draw” in Section 1.01 hereof.