Net Loan Balance means, with respect to any Eligible Loan, the excess of the related Outstanding Balance over the related Loan Loss Reserve.
Net Loan Balance means, as of the date it is to be determined, the difference of (a) the Aggregate Outstanding Loan Balance as of such date less (b) the Excess Concentration Amount as of such date.
Net Loan Balance. With respect to any Loan, the excess of the related Outstanding Balance over the related Loan Loss Reserve. Nonconforming Contract: Defined in Section 6.2(c)(ii).
Examples of Net Loan Balance in a sentence
With respect to each Payment Date during the Revolving Period, the ratio, expressed as a percentage, where (i) the numerator is equal to the aggregate for all Dealers of the product of (a) the Final Score of each Dealer and (b) the aggregate outstanding Net Loan Balance of all Eligible Loans for such Dealer and (ii) the denominator is equal to the Aggregate Outstanding Net Eligible Loan Balance.
With respect to each Payment Date during the Revolving Period, the ratio (expressed as a percentage) at any time the same is to be determined, where (i) the numerator of which is equal to the aggregate sum for all Dealers of the product of (a) the Original Advance Rate of each Dealer at such time and (b) the aggregate outstanding Net Loan Balance of all Eligible Loans for such Dealer at such time and (ii) the denominator of which is equal to the Aggregate Outstanding Eligible Loan Net Balance at such time.
At Closing, Buyer (or its successors and/or assigns) will receive a credit against the Purchase Price in an amount equal to the Net Loan Balance, as defined below.
With respect to any Dealer, an amount equal to, in the case of Dealer Loans related to such Dealer, 4.0% of the aggregate Net Loan Balance of Dealer Loans, on the Funding Date.
With respect to any Dealer, an amount equal to, in the case of Dealer Loans related to any Dealer, 4.0% of the aggregate Net Loan Balance of Dealer Loans, on the Funding Date.
More Definitions of Net Loan Balance
Net Loan Balance. Before January 1, 2020 (and on January 1, 2020 and thereafter if the Company has not adopted the CECL Methodology) with respect to any Loan, the excess of the related Outstanding Balance over the related Loan Loss Reserve. Beginning on January 1, 2020, so long as the Company has adopted the CECL Methodology, with respect to any Loan, the Outstanding Balance.
Net Loan Balance is deleted in its entirety and replaced with “Outstanding Balance”.
Net Loan Balance means, as of the date it is to be determined, the difference of (a) the Aggregate Outstanding Loan Balance as of such date less (b) the Excess Concentration Amount as of such date. “Non-Consenting Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all affected Lenders in accordance with the terms of Section 12.1 and (b) has been approved by the Required Lenders. “Non-Defaulting Lender” shall mean, at any time, a Lender that is not a Defaulting Lender or a Potential Defaulting Lender. “Non-Renewing Lender” is defined in Section 2.1(b). “Obligations” means all loans, advances, debts, liabilities and obligations, for monetary amounts owing by the Borrower to the Lenders, the Bank Parties, the Administrative Agent, the Managing Agents or any of their permitted assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent, and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of this Agreement, any other Transaction Document or any Fee Letter delivered in connection with the transactions contemplated by this Agreement, whether or not evidenced by any separate note, agreement or other instrument. This term includes, without limitation, all principal, interest (including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), Commitment Fees, Unused Fees, and other fees, including, without limitation, any and all arrangement fees, loan fees, facility fees, and any and all other fees, expenses, costs or other sums (including attorney costs) chargeable to the Borrower under any of the Transaction Documents. “Obligor” means, with respect to any Loan, the Person or Persons obligated to make payments pursuant to such Loan, including any guarantor thereof. For purposes of calculating the Advance Rate, Excess Concentration Amount and LTV, all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an Affiliate of another Obligor shall be aggregated with all Loans of such other Obligor. “OFAC” means the U.S. Office of Foreign Asset Controls. “Officer’s Certificate” means a certificate signed by a Responsible Officer of the
Net Loan Balance. With respect to any Loan, the excess of the related Outstanding Balance over the related Loan Loss Reserve. Net Yield Percentage: For any Collection Period, the ratio, expressed as a percentage, the numerator of which is equal to the product of (i) 12 and (ii) the excess of (A) the product of (I) Collections (for the respective Collection Period) and (II) 20% over the (B) the sum of amounts distributed under Section 2.7(a)(i) through (v) and the denominator of which is equal to the Capital as of the first day of such Collection Period. Nonconforming Contract: Defined in Section 6.2(c)(ii). Nonconforming Contract Payment Amount: With respect to a Nonconforming Contract, an amount equal to the sum of (i): (x) the product of the Outstanding Balance of such Contract as of the last day of the related Collection Period and a fraction, the numerator of which is Capital as of the Funding Date and the denominator of which is the Outstanding Balance of Eligible Contracts as of the Funding Date; (ii) accrued and unpaid Carrying Costs, Increased Costs, Indemnified Amounts and Additional Amounts related to such Contract through the date of such deposit; (iii) any related Servicer Advances; and (iv) and all Hedge Costs due to the relevant Hedge Counterparties for any termination in whole or in part of one or more transactions related to the relevant Hedging Agreement, as required by the terms of any Hedging Agreement. Nonextending Investor: Defined in Section 2.1(b)(ii).
Net Loan Balance shall have the meaning assigned to such term in the Indenture.
Net Loan Balance means an amount equal to (a) the outstanding principal and interest on the Loan, as defined below, as of 11:59 pm on the day prior to the Closing Date, less (b) the aggregate amount of all escrows (including any tax and insurance (including MIP) escrows) and reserves (including replacement, operating and working capital reserves, which operating deficit reserve is in the amount of $900,000 as of the Effective Date and is anticipated to be in the same amount as of the Closing Date) maintained by Property Owner pursuant to the terms and conditions of the Loan Documents, as defined below, as of 11:59 pm on the day prior to the Closing Date; the term “Loan” means that certain loan from Red Mortgage Capital, LLC (“Lender”) to Property Owner in the original principal amount of $31,800,400.00 (with the final loan amount subject to final cost certification by HUD); and the term “Loan Documents” means those certain documents identified on Schedule 7 attached hereto, which evidence, secure or otherwise relate to the Loan. Buyer acknowledges that the outstanding principal balance on the Loan as of the day prior to the Closing Date is anticipated to be approximately $29,310,000 and understands that the final outstanding principal balance will not be determinable until after the final endorsement is issued by HUD, as defined below. The parties understand and agree that, pursuant to the Loan Documents, the approval of Lender and the U.S. Department of Housing and Urban Development (“HUD”) (which insures the Loan pursuant to Section 221(d)(4)) will be required for the transfer of the Membership Interests contemplated herein to Buyer (the “Loan Assumption”), as set forth in Section 4.2.8 below. In connection with the Loan Assumption, Buyer and Seller hereby agree as follows:
Net Loan Balance means, as of the date it is to be determined, the difference of (a) the Aggregate Outstanding Loan Balance as of such date less