A future advance is most commonly used with regards to construction work. Contractors are often paid on a schedule as the work is completed, with a portion held until all work is finalized, and with the building being built used as collateral.
Investment dictionary. Academic. 2012.
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future advance clauses — Provisions in mortgages or security agreements that attempt to extend the secured party s interest in the collateral to cover future extensions of credit made by that creditor to the debtor. American Banker Glossary … Financial and business terms
future advance clause — A clause in an open end mortgage or deed of trust which allows the borrower to borrow additional sums at a future time, secured under the same instrument and by the same real property security … Black's law dictionary
advance — ad·vance 1 vt ad·vanced, ad·vanc·ing: to supply or provide ahead of time: as a: to give (a gift) by way of or as an advancement b: to supply (as money) beforehand in expectation of repayment or other future adjustment advance 2 n: a provision of… … Law dictionary
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