Aggregate Advance Amount definition
Examples of Aggregate Advance Amount in a sentence
On the Borrowing Date, no Loan shall be made if (i) the Aggregate Advance Amount shall exceed the Maximum Advance Amount, (ii) any Program Termination Event or an event that but for notice or lapse of time or both would constitute a Program Termination Event shall have occurred and be continuing or (iii) the Facility Amount, after giving effect to such Borrowing, would exceed the Borrowing Limit.
As of the 2018 Amendment Closing Date, each Addition Date thereafter and each date thereafter on which each of the Aggregate Advance Amount and the Aggregate Net Investment is calculated, each Transferred Receivable included in such calculation as an Eligible Receivable is an Eligible Receivable.
With respect to a sale of Financed Rental Properties for net Sale Proceeds that are less than the applicable Minimum Release Amount, the difference between (x) such Minimum Release Amount and (y) such net Sale Proceeds deposited in the Waterfall Account shall be added to the Aggregate Advance Amount, on a pro-rata basis and as determined by Lender in its discretion.
At any time a Financed Rental Property Issue exists with respect to any Financed Rental Property, then the Market Value thereof shall automatically be reduced to zero and Lender may, at its option, by notice to Borrowers (as such notice is more particularly set forth below, a “Repayment Notice”) require Borrowers to repay a portion of the Aggregate Advance Amount in an amount equal to the Repayment Amount with respect to such Financed Rental Property (a “Mandatory Repayment”).
An advance and contemporaneous repayment made, or deemed to be made, pursuant to this Section 24(b) will not be considered an advance in excess of the Maximum Aggregate Advance Amount for purposes of this Agreement.