Future Funding Eligible Asset definition
Future Funding Eligible Asset means, any Eligible Asset, with respect to which less than the full principal amount is funded at origination and Seller is obligated, subject to the satisfaction of certain conditions precedent under the related Purchased Asset Documents, to make additional advances to the Mortgagor. For the avoidance of doubt, Seller shall at all times remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset and Buyer shall be under no obligation to make any additional advances under a Future Funding Eligible Asset, unless such Future Funding Eligible Asset is designated as a Buyer Future Funding Eligible Asset in Buyer’s sole and absolute discretion.
Future Funding Eligible Asset means, any Eligible Asset, with respect to which less than the full principal amount is funded at origination and Seller is obligated, subject to the satisfaction of certain conditions precedent under the related Purchased Asset Documents, to make additional advances to the Mortgagor. For the avoidance of doubt, Seller shall at all times remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset and Buyer shall be under no obligation to make any additional advances under a Future Funding Eligible Asset.
Future Funding Eligible Asset means any Eligible Asset with respect to which less than the full principal amount is funded at origination and Seller is obligated, subject to the satisfaction of certain conditions precedent under the related Purchased Asset Documents, to make additional advances to the Mortgagor and which is identified as a “Future Funding Eligible Asset” in the related Confirmation. For the avoidance of doubt, Seller shall at all times prior to Administrative Agent’s exercise of remedies in respect of such Future Funding Eligible Asset pursuant to Section 14(b) remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset vis-à-vis the Mortgagor and Administrative Agent shall be under no obligation vis-à-vis the Mortgagor to make any additional advances under a Future Funding Eligible Asset until such exercise of remedies which results in Administrative Agent or an Affiliate being the record holder of the Purchased Asset.
Examples of Future Funding Eligible Asset in a sentence
Seller shall at all times remain solely liable for any additional advances required to be made in connection with any Future Funding Eligible Asset and Buyer shall be under no obligation to make any additional advances under a Future Funding Eligible Asset, unless such Future Funding Eligible Asset is designated as a Buyer Future Funding Eligible Asset in Buyer’s sole and absolute discretion.
More Definitions of Future Funding Eligible Asset
Future Funding Eligible Asset means any Purchased Asset with respect to which less than the full principal amount is funded at origination and Seller is obligated, subject to the satisfaction of certain conditions precedent under the related Purchased Asset Documents, to make additional advances to the Mortgagor and which is identified as a “Future Funding Eligible Asset” in the related Confirmation. For the avoidance of doubt, Seller shall at all times remain solely liable for any additional advances required to be made to any Mortgagor in connection with any Future Funding Eligible Asset and Buyer shall be under no obligation to make any additional advances under a Future Funding Eligible Asset.