Common use of Fundings Clause in Contracts

Fundings. (a) Prior to the Termination Date; Transferred Interest Held by Company. At all times hereafter, but prior to the Termination Date and not with respect to any portion of the Transferred Interest held by the Bank Investors (or any of them), the Transferor may, subject to the Company's approval and the limitations described below, request that the Net Investment be allocated among one or more funding periods, so that the aggregate amounts so allocated at all times shall equal the Net Investment held by the Company. The Transferor shall give the Company irrevocable notice by telephone of the new requested funding period(s) at least two (2) Business Days prior to the expiration of any then existing funding period; provided, however, that the Company may select, in its sole discretion, any such new funding period if (i) the Transferor fails to provide such notice on a timely basis or (ii) the Company determines, in its sole discretion, that the funding period re- quested by the Transferor is unavailable or for any reason commercially undesirable. The Company confirms that it is its intention to fund all or substantially all of the Net Investment held by it by issuing Related Commercial Paper; provided that the Company may determine, from time to time, in its sole discretion, that funding such Net Investment by means of related Commercial Paper is not possible or is not desirable for any reason. If the Liquidity Provider acquires from the Company a Purchased Interest with respect to the Receivables pursuant to the terms of the Liquidity Provider Agreement, NationsBank, on behalf of the Liquidity Provider, may exercise the right of selection granted to the Company hereby. The initial funding period applicable to any such Purchased Interest shall be a period of not greater than 14 days and shall accrue Carrying Costs on the basis of the Base Rate. Thereafter, provided that the Termination Date shall not have occurred, Carrying Costs shall accrue on the basis of either the Base Rate or the Adjusted LIBOR Rate, as determined by NationsBank. In the case of any funding period out- standing upon the Termination Date, such funding period shall end on such date.

Fundings. (a) Prior to Before the Termination Date; Transferred Interest Held by CompanyConduit. At all times hereafter, but prior to hereafter before the Termination Date and Date, if a Conduit has not with respect to any portion of transferred its interest in the Transferred Interest held by to the Bank Investors (or any of them)such Class, the Transferor may, subject to the Companysuch Conduit's approval and the limitations described below, request that the Net Investment of such Class be allocated among one or more funding periods, so that the aggregate amounts so allocated at all a times shall equal the Net Investment held by the Companyof such Class. The Transferor shall give the Company such Conduit irrevocable notice by telephone of the new requested funding period(s) at least two (2) Business Days prior to before the expiration of any then existing funding period; provided, however, that the Company related Class Agent may select, in its sole discretion, any such new funding period if (i) the Transferor fails to provide such notice on a timely basis or (ii) the Company related Class Agent determines, in its sole discretion, that the funding period re- quested requested by the Transferor is unavailable or for any reason commercially undesirable. The Company Each Conduit confirms that it is its intention to fund all or substantially all of the Net Investment of its Class held by it by issuing its Related Commercial Paper; provided that the Company related Class Agent may determine, from time to time, in its sole discretion, that funding such Net Investment by means of the related Conduit's Commercial Paper is not possible or is not desirable for any reason. If With respect to any Conduit if the related Liquidity Provider acquires from the Company such Conduit a Purchased Interest with respect to the Receivables pursuant to the terms of the applicable Liquidity Provider Agreement, NationsBank, on behalf of Agreement the related Liquidity Provider, may exercise the right of selection granted to the Company such Conduit hereby. The initial funding period applicable to any such Purchased Interest of any Conduit shall be a period of not greater than 14 days and shall accrue Carrying Costs on the basis of the Base Rate. Thereafter, provided that the Termination Date shall not have occurred, Carrying Costs with respect thereto shall accrue on the basis of either the Base Rate or the Adjusted L113OR Rate, as determined by the related Class Agent. In the case of any funding period outstanding upon the Termination Date, such funding period shall end on such date. (b) After the Termination Date, Transferred Interest Held by a Conduit. At all times on and after the Termination Date, with respect to the Transferred Interest of a Class held by any Conduit if such Transferred Interest has not been transferred to the related Bank Investors, the related Class Agent shall select all funding periods and rates applicable thereto. With respect to any Conduit, if the related Liquidity Provider acquires from such Conduit (or continues to hold) a Purchased Interest with respect to the Receivables pursuant to the terms of the applicable Liquidity Provider Agreement the related Class Agent shall determine all funding periods applicable thereto and Carrying Costs with respect thereto shall accrue on the basis of the Base Rate. (c) Before the Termination Date, Transferred Interest Held by Bank Investors. If the Transferred Interest of any Class has been transferred to the Bank Investors of such Class pursuant to Section 9.9 before the Termination Date, the initial funding period applicable to the portion of the Net Investment of a Class held by such Bank Investors shall be a period of not greater than 14 days and shall accrue Carrying Costs for such Bank Investors on the basis of the Base Rate. Thereafter, provided that the Termination Date shall not have occurred, Carrying Costs for such Bank Investors shall accrue with respect thereto on the basis of either the Base Rate or the Adjusted LIBOR Rate, as determined at the Transferor's option. The Transferor shall give the applicable Class Agent irrevocable notice by NationsBanktelephone of the new requested funding period and rate at least two Business Days before the expiration of any then existing funding period. In the case of any funding period out- standing outstanding upon the occurrence of the Termination Date, such funding period shall end on the date of such dateoccurrence.