Readvance definition
Examples of Readvance in a sentence
Borrower shall repay to Lender, from time to time: (i) an amount equal to any amount by which the outstanding principal balance of the Guidance Line of Credit exceeds the limits set forth in Paragraph 3.A.1 hereof, (ii) all amounts received by Borrower under any Purchase Agreement, other than an initial down payment to the extent it does not exceed twenty-five percent (25%) of the purchase price, and (iii) any portion of an Advance or Readvance not paid within ninety (90) days of the Advance or Readvance.
Any Advances which are prepaid shall bear Commitment Interest until the Maturity Date or until again Advanced (“Readvanced Funds”), at which point the Readvanced Funds shall bear Principal Interest from the date of Readvance until paid in full.
Lender's obligation to make the Headquarters Readvance is subject to the following conditions precedent, all of which must be satisfied at or prior to the funding of the Headquarters Readvance.
Readvance to pay the principal amount currently outstanding under the Eurodollar Loan which matures on ________ in the amount of $________ by initiating a readvance of $________ at the Eurodollar Base Rate of ____% plus 2.00% for a period of [1][2][3][6] months until maturity on ________________.
If access is permitted to the Guidance Line of Credit by Lender, Advances may be made to Borrower, repaid by Borrower (subject to the limitations contained herein), and Readvances made to Borrower upon the same terms and conditions as are required for Advances hereunder, provided that there shall be no Advance or Readvance that would cause the outstanding principal balance of the Guidance Line of Credit to exceed the limitations of Section 3.A.1 hereof.
The Borrower and Guarantor agree that notwithstanding that the loan may be reduced and readvances made, this Guarantor Mortgage secures all sums ultimately due and owing by the Borrower and Guarantor to the Credit Union in respect of this loan, including any readvance of principal monies made by the Credit Union to the Borrower at any time, following execution of an Amendment Agreement – Readvance on Guarantor Mortgage.
The present balance owing, as well as the Readvance, the current balance and any future amounts advanced shall be treated and considered to be amounts advanced under the Loan and secured by the Mortgage and any other security for the Loan and all such amounts shall be due and payable and bear interest as provided in this agreement.
The request by the Company of any Readvance or advance of the Unfunded Amount shall constitute a representation and warranty that the conditions set forth in this Section 5.3 shall be satisfied with respect to such Readvance or advance, as applicable.
Subject to the terms and conditions hereof, Bank agrees to make a term loan ("Term Loan") to Borrowers on the Business Day following Bank's receipt of the Term Loan Readvance Notice and a Replacement Secured Promissory Note (Term Loan) in form and substance satisfactory to Bank, in an amount equal to Seven Million Dollars ($7,000,000).
The Borrower has requested a readvance in the sum of $ (the “Readvance”) on the Loan, and the Guarantor agrees to the Readvance and acknowledges the Guarantor Mortgage remains in place and will act as a continuing security for the payment of the Loan, including the Readvance (the “Loan” shall now include the Readvance).