Common use of Demand Note Clause in Contracts

Demand Note. (a) On the date hereof, the Borrower will deliver the Demand Note to the Lender. The Borrower hereby authorizes the Lender to demand payment on the Demand Note at any time during the period commencing on the date hereof and ending on the Final Collection Date, and hereby acknowledges and agrees that the Lender may exercise any and all rights and remedies of the Borrower under or in connection with the Demand Note, including, without limitation, any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of any provision of, the Demand Note; provided that notwithstanding the foregoing, the Lender agrees that it will not demand payment on the Demand Note after either the Revolving Loan Commitment Termination Date or Term Loan Commitment Termination Date, as applicable, so long as all of the following conditions are satisfied: (i) with respect to the Revolving Loan Commitment Termination Date, (a) the Revolving Loan Commitment Termination Date did not occur solely as a result of the declaration or automatic occurrence of the Revolving Loan Commitment Termination Date pursuant to either clause (i) or clause (ii) of the definition thereof, (b) at all times following the Revolving Loan Commitment Termination Date, the Outstanding Revolving Loan Amount is less than the Borrowing Base (Revolving Loans), and (c) no Event of Termination or Servicer Default has occurred and is continuing and (ii) with respect to the Term Loan Commitment Termination Date, (a) the Term Loan Commitment Termination Date did not occur solely as a result of the declaration or automatic occurrence of the Term Loan Commitment Termination Date pursuant to clause (i) of the definition thereof, (b) at all times following the Term Loan Commitment Termination Date, the Outstanding Term Loan Amount is less than the Borrowing Base (Term Loans), and (c) no Event of Termination or Servicer Default has occurred and is continuing. The Lender shall deposit all amounts received from DTAC under the Demand Note to the Collection Account and such amounts shall be treated as Collections for purposes of Sections 2.07 and 2.08 hereof, as determined by the Lender in its sole discretion.