Further Advance definition

Further Advance means, in relation to a Loan, any advance of further money to the relevant Borrower following the making of the Initial Advance, which is secured by the same Mortgage as the Initial Advance, excluding the amount of any retention in respect of the Initial Advance;

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Further Advance means, in relation to a Mortgage Loan, any advance of further money to the relevant Borrower following the making of the initial advance of monies in respect of such Mortgage Loan (the "Initial Advance") which is secured by the same Mortgage as the Initial Advance but does not include the amount of any retention advanced to the relevant Borrower as part of the Initial Advance after completion of the Mortgage and does not include any Re-Draw or Further Draw;

Further Advance or ‘top-up' means an extra amount was borrowed and was integrated with the original loan so that it is a single arrangement, with just one payment made to the lender. The amount at Amount Outstanding on Mortgage should include the extra top- up, and the amount at Amount of Last Mortgage Payment/IntPrPay should be a combined amount without you or the respondent needing to add figures together. Do not count any 'top-up' or 'further advance' at this question if separate payments are made; such separate loans are asked about later.

Examples of Further Advance in a sentence

The Administrator shall not accept an application for a Further Advance or a Product Switch without first having received confirmation in writing from the Seller that the Seller would, if invited to do so by the Mortgages Trustee, purchase the relevant Mortgage Loan and its Related Security from the Mortgages Trustee.
Subject to complying with the terms of Clause 8.1 herein, where the Administrator accepts a Product Switch or a Further Advance, the Administrator shall then promptly notify the Seller and the Mortgages Trustee in writing.
For the avoidance of doubt, the Issuer will not be required to advance monies to the Seller or to a Borrower in order to fund such a Further Advance in any circumstances whatsoever.
For the avoidance of doubt, the LLP will not be required to advance moneys to the Seller or to a Borrower in order to fund such Further Advance or Flexible Loan Drawing in any circumstances whatsoever.
As consideration for the assignment of the Further Advance or Flexible Loan Drawing to the LLP, there shall be a deemed Capital Contribution in Kind by the Seller (in its capacity as Member) in an amount equal to the relevant increase of the Outstanding Principal Balance of the Loan, in accordance with clause 8.3 of the LLP Deed.

More Definitions of Further Advance

Further Advance means a loan or a further advance to be made to a Borrower under a Mortgage Loan, which is secured by the same Mortgage;

Further Advance means, in relation to a Mortgage Receivable, a new mortgage loan or a further advance to the relevant Borrower by the Transferor, whether or not under the same mortgage loan agreement, which is secured by the same Mortgage that also secures such Mortgage Receivable.

Further Advance means “further advance” as that expression is defined in Article 33(4) of the Law, for the avoidance of doubt being of any amount or value, made for any purpose and whether or not contemplated by any party to this Agreement when this Agreement is executed; the “Grantor” includes the successors or (as the case may be) heirs of the person named as the Grantor above;

Further Advance means a discretionary further Loan made by the Counterparty to a Mortgage Borrower as an addition to and on the security of a Mortgage which is on the date of the making of such further Loan included in the Mortgage Pool;

Further Advance means an advance that is –

Further Advance shall have the meaning given to it in Article 33(4) of the Security Law;

Further Advance means either (i) further advances made under a Mortgage Loan which will be secured by the same Mortgage as the loan previously disbursed under such Mortgage Loan (verhoogde inschrijving) or (ii) further advances made under a Mortgage Loan which will also be secured by a second or sequentially lower ranking Mortgage as the loan previously disbursed under such Mortgage Loan (verhoging) or (iii) a withdrawal of moneys which were previously repaid to redeem the Mortgage Loan (heropname).

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