Open Loan definition
Open Loan means a Loan without a Maturity Date where Borrower has a Prepayment Option and Lender has a Call Option.
Open Loan means a Loan without a Maturity Date where Borrower may redeliver the Digital Currency and/or Dollars, and Lender may recall the Borrowed Asset, at any time, subject to this Agreement.
Open Loan. The Member may at any time prepay the loan in part or in full, without penalty. A prepayment shall not release the Member from its obligation to continue making the payments herein specified.
Examples of Open Loan in a sentence
For Term Loans with a Call Option (or an Open Loan), Lender may during Business Hours during any Business Day (the ”Recall Request Day”) demand repayment of a portion or the entirety of the Loan Balance (the “Recall Amount”).
If Lender has not provided to Borrower the Lender’s Digital Currency Address (if the Loaned Assets is Digital Currency) or the Lender’s bank wire details (if the Loaned Asset is U.S. Dollars) for receiving the repayment of a Loan by Close of Business on the day prior to the Repayment Date then such Loan will become an Open Loan on such Repayment Date and no additional Loan Fees shall be accrued after the Maturity Date or the Redelivery Day.
More Definitions of Open Loan
Open Loan means a loan covered by the Redress Program that has not been paid off, refinanced, charged off, or discharged in bankruptcy, and that is not a Sold Loan. Whether a loan is an Open Loan for redress purposes shall be determined by the Redress Program Administrator at the time that redress is to