Excess Loan Amount definition
Examples of Excess Loan Amount in a sentence
If the amount of a Loan (the “Relevant Loan”) advanced to the Borrower in connection with the corresponding Qoros Loan Agreement exceeds the amount advanced by the Borrower to Qoros under that Qoros Loan Agreement (the “Relevant Qoros Loan”) (the amount of such excess being the “Excess Loan Amount”), the Borrower shall, within 5 Business Days of the drawdown of the Relevant Qoros Loan, apply an amount equal to the Excess Loan Amount in prepayment of the Relevant Loan.
Within five (5) Business Days of Bank's receipt and approval of the Appraisal (and notice of the same to Parent), Borrowers shall pay to Bank on account of the Term Loan, an amount (the "Mandatory Prepayment Amount") equal to the Excess Loan Amount minus Two Million Dollars ($2,000,000).
Notwithstanding the foregoing, the Excess Loan Amount shall be repaid in twenty-four (24) equal monthly payments of principal plus accrued but unpaid interest, commencing on the first day of the first month after Bank receives and approves the Appraisal (and provides notice of the same to Parent), and continuing on the same day of each month thereafter until the Excess Loan Amount is paid in full.
Any Member who submits an Additional Capital Contribution (including an Excess Loan Amount) for a Delinquent Member shall be entitled to receive an 18% per annum return on such Additional Capital Contribution, and such Additional Capital Contribution and 18% per annum return shall be senior and preferred to any other Capital Contributions and returns thereon (as provided in Section 7.2).
As used herein, the "Unpaid Excess Loan Amount" shall mean the excess of the Difference over ------------------------- the Actual Prepayment Amount.
In the event the ratio with respect to the Loan exceeds eighty percent (80%), Lender may determine the amount by which the outstanding principal balance of the Loan as of the determination date exceeds eighty percent (80%) of the aggregate outstanding principal balances of the Mortgage Loans securing the Loan as of the determination date (the "Excess Loan Amount") and Borrower shall prepay such amount in accordance with Section 2.04(b).
If, on any date, the aggregate outstanding principal amount of all Advances under each of the Notes exceeds the Maximum Total Loan Amount (such excess amount, the “Excess Loan Amount”), the Borrower shall deliver to DOE a Prepayment Election Notice on such date specifying that it elects to prepay a principal amount of Advances under the Notes equal to such Excess Loan Amount in accordance with Section 3.6(c)(vii).
In the event the ratio with respect to any Loan exceeds eighty percent (80%), Lender shall determine the amount by which the outstanding principal balance of such Loan as of the determination date exceeds eighty percent (80%) of the U.S. Dollar Equivalent of the aggregate outstanding principal balances of the Mortgage Loans securing such Loan as of the determination date (the "Excess Loan Amount") and Borrower shall prepay such amount in accordance with Section 2.04(b)(C).
Such amount of the Excess Loan Amount as the Company and Standby Purchaser may agree upon in each of their sole and absolute discretion.
In the event the ratio with respect to any Loan exceeds eighty percent (80%), Lender shall determine the amount by which the outstanding principal balance of such Loan as of the determination date exceeds eighty percent (80%) of the U.S. Dollar Equivalent of the aggregate outstanding principal balances of the Mortgage Loans securing such Loan as of the determination date (the "Excess Loan Amount") and Borrower shall prepay such amount in accordance with Section 2.4(b)(C).