Additional Maximum Amount definition
Additional Maximum Amount means the total amount of Advances made on the basis of the portion of the Available Amount attributable to Properties other than the Initial Properties (such Properties being the "Future Properties"); provided, however, that if Advances made on the basis of the Available Amount attributable to a particular Future Property are repaid and reborrowed, only the maximum principal amount of Advances outstanding at any one time with respect to such Future Property shall be included in the Additional Maximum Amount. Such maximum principal amount of Advances outstanding shall be calculated at the time of the making of an Advance. In determining the Property to which an Advance shall be attributable, Advances shall be attributed first to the Initial Properties up to the maximum amount available hereunder based on the Net Operating Income of such Properties and then to Future Properties on the same basis in the order in which they became collateral for the Loan. The Exit Fee in respect of any repayment of the Loan shall be calculated and paid at the time of such repayment (subject to adjustment on the Maturity Date as provided below); provided, however, that once an amount equal to $1,019,200.00 has been paid in respect of the Exit Fee, no further payments of the Exit Fee shall be due and payable until the Maturity Date, at which time Borrowers and Lender shall calculate the total amount of the Exit Fee. At such time, any additional amount owed by Borrowers in respect of the Exit Fee shall be promptly paid by Borrowers, and Lender shall have no obligation to release any remaining collateral for the Loan until the same has been paid. In the event that payments theretofore made by Borrowers in respect of the Exit Fee exceed the total amount of the Exit Fee as calculated on the Maturity Date, Lender shall refund to Borrowers the amount of such excess.
Examples of Additional Maximum Amount in a sentence
The Exit Fee shall be equal to (i) the product of (A) .013 multiplied by (B) seventy percent (70%) of the sum of (1) the Initial Maximum Amount plus (2) the excess of the Additional Maximum Amount over $50,000,000.00 less (ii) the amount of the Loan that is repaid with the proceeds of permanent financing obtained from Lender.