Future Advance Sample Clauses
A Future Advance clause allows a lender to provide additional funds to a borrower under an existing loan agreement after the initial disbursement. This clause typically specifies the conditions under which further advances can be made, such as requiring the borrower to meet certain financial covenants or obtain lender approval. By including this provision, the agreement offers flexibility for the borrower to access more capital as needed without renegotiating a new loan, while also protecting the lender’s security interest in the collateral for both current and future advances.
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Future Advance. Borrower hereby requests, and Lender hereby agrees to make, on or about the date of this First Amendment, a Future Advance in the amount of $58,881,000. In connection with the Future Advance, Borrower has amended all of the existing Security Instruments (except for the Security Instruments encumbering existing Mortgaged Properties located in New York), has added seven Additional Mortgaged Properties to the Collateral Pool by granting Security Instruments encumbering the Additional Mortgaged Properties to WMF, and has executed certain additional documents, and taken certain additional actions, in connection therewith. To reflect the foregoing, Exhibit A to the Master Agreement is hereby replaced in its entirety by the Exhibit A attached to this Agreement.
Future Advance. The parties agree and acknowledge that the Secured Party, although under no obligation, may advance the Debtor additional funds from time to time. The future advances shall become secured pursuant to the terms and conditions as contained herein.
Future Advance. This Agreement evidences an additional advance made by Lender pursuant to the future advance provision of the Security Instruments. It is agreed that this additional advance, as evidenced by the Third Future Advance Promissory Note in the principal amount of ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) (the "Third Future Advance Note"), a copy of which is attached hereto as Exhibit "A" and made a part hereof, shall be equally secured with and have the same priority as the original indebtedness and is subject to all the terms and provisions of the Security Instruments. The undersigned Borrower promises to pay the indebtedness evidenced by the Third Future Advance Note in accordance with the terms and conditions, including the rate of interest and other terms of repayment, as set forth in the Third Future Advance Note.
Future Advance. In connection with this Amendment, Lender is making a Future Advance to Borrower in the amount of $69,022,000.
Future Advance. If the Advance Request is to obtain a Future Advance, such Advance Request shall be in the minimum amount of $5,000,000. If all conditions precedent contained in Section 5.03 and the General Conditions contained in Section 5.01 are satisfied, Lender shall make the requested Future Advance, at a closing to be held at offices reasonably designated by Lender on a Closing Date reasonably selected by Lender, which date shall be not more than three (3) Business Days after Borrower’s receipt from Lender of the confirmed Rate Form (or on such other date as Borrower and Lender may agree).
Future Advance. 6 Section 1.06
Future Advance. This Mortgage is given to secure not only an existing indebtedness, but also such future advances, whether such advances are obligatory or are to be made at the option of the Mortgagee, or otherwise, as are made within twenty years from the date hereof, to the same extent as if such future advance were made on the date of execution of this Mortgage. The total amount of indebtedness that may be so secured may decrease or increase from time to time, but the total unpaid balance so secured at any one time shall not exceed $50,000, plus interest thereon, and any disbursements made for future advances plus interest thereon, including, but not limited to, the payment of taxes, levies or insurance on the Mortgaged Property.
Future Advance. MSMC or any successor or assign that has assumed the Future Advance Obligations in accordance with Section 15 (the “Funding Party”) hereby agrees to remit to the Mezzanine A Borrower the Future Advance to the extent such Future Advance is required to be made under the Mezzanine A Loan Agreement and the Mezzanine A Loan Documents, it being the specific intent of the parties hereto that the Participation B Holder shall be liable for making the Future Advance. Funding Party shall remit the Future Advance on the date that such Future Advance is required to be made pursuant to the Mezzanine A Loan Documents and Mezzanine A Loan Agreement. The parties hereto agree that the determination of whether the Mezzanine A Borrower is entitled to receive the Future Advance shall rest solely with Funding Party who shall be solely responsible for funding the Future Advance and conducting any and all due diligence, loan documentation and pre-funding requirements in connection therewith, and the Funding Party is hereby authorized to deal directly with the Mezzanine A Borrower solely in connection with the making of the Future Advance and the satisfaction of any conditions precedent set forth in the Mezzanine A Loan Documents.
Future Advance. This Note is given to evidence the Additional Advance contemplated in Paragraph 6 of the Letter Agreement and the amounts secured by this Note and the ▇▇▇▇ Phase II Note shall be deemed the Phase II Advance as referenced in the Mortgage. * * * * * [Signature Page Follows]
Future Advance. In connection with this Amendment, Lender is making the Refinance Advance to Borrower, and Borrower is repaying the Payoff Note.