Advances hereunder Sample Clauses
The "Advances hereunder" clause defines the terms and conditions under which funds or resources are provided in advance under the agreement. Typically, this clause outlines the process for requesting advances, any limitations on the amounts or frequency, and the obligations of the receiving party regarding use and repayment. For example, it may specify that advances are only available upon submission of certain documentation or for specific purposes. The core function of this clause is to establish clear rules for advancing funds, thereby reducing misunderstandings and managing financial risk between the parties.
POPULAR SAMPLE Copied 1 times
Advances hereunder. Each Advance hereunder shall be in an amount not to exceed the lesser of (a) eighty-four percent (84%) of the cost of the Eligible Equipment acquired with such Advance, as set forth in the Purchase Agreement for such Eligible Equipment, or (b) eighty-four percent (84%) of the fair market value of the Eligible Equipment acquired with such Advance, as such fair market value is determined in the appraisal provided to Lender prior to the making of such Advance pursuant to Section 5.1.
Advances hereunder. All outstanding Advances of a Terminated Subsidiary Borrower shall be automatically due and payable as of the date on which the Subsidiary Borrower Termination Event of such Terminated Subsidiary Borrower occurred, together with accrued interest thereon and any other amounts then due and payable by that Borrower hereunder, unless, in the case of a Subsidiary Borrower Termination Event described in paragraph (iv) of Section 2.22(c), the other Person party to the transaction is a Borrower and such other Borrower has assumed in writing all of the outstanding Advances and other obligations under this Agreement and under the Notes, if any, of the Terminated Subsidiary Borrower.
Advances hereunder. Notwithstanding any other provision of this Agreement, no REO Property acquired by the Trust Fund shall be rented (or allowed to continue to be rented) or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant to any terms that would (i) cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition of any federal income taxes on the income earned from such REO Property, including any taxes imposed by reason of Section 860G(c) and 860F(a)(2)(B) of the Code.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well as any recovery resulting from a collection of Liquidation Proceeds, Insurance Proceeds or REO Proceeds, will be applied in the following order of priority: first, to reimburse the Master Servicer or the related Subservicer in accordance with Section 3.10(a)(i); second, to all Master Servicing Fees and Primary Servicing Fees payable therefrom (and the Master Servicer and the Subservicer shall have no claims for any deficiencies with respect to such fees which result from the foregoing allocation); third, to the Certificateholders to the extent of accrued and unpaid interest on the Mortgage Loan, and any related REO Imputed Interest, at the Net Mortgage Rate to the Due Date prior to the Distribution Date on which such amounts are to be distributed; fourth, to the Certificateholders as a recovery of principal on the Mortgage Loan (or REO Property); and fifth, to Foreclosure Profits.