Common use of Initial Beneficiary Advances Clause in Contracts

Initial Beneficiary Advances. The Initial Beneficiary shall have the right and option to advance from time to time, subject to the conditions, limitations and rights set forth in this Article VI, funds to the Borrower (each such advance, an “Initial Beneficiary Advance” and, collectively with any Initial Beneficiary Purchase, an “Exchange Note Funding”). The Initial Beneficiary shall provide to the Deal Agent, on behalf of the Warehouse Facility Lenders, at least two (2) Business Days’ prior notice of any Initial Beneficiary Advance (each such notice, an “Initial Beneficiary Advance Notice”), which shall set forth the amount of such Initial Beneficiary Advance (the “Initial Beneficiary Advance Amount” and, collectively with the Initial Beneficiary Purchase Price, the “Exchange Note Funding Amount”), the date on which such Initial Beneficiary Advance will be made (the “Initial Beneficiary Advance Date” and, collectively with the Initial Beneficiary Purchase Date, the

Initial Beneficiary Advances. The Initial Beneficiary shall have the right and option to advance from time to time, subject to the conditions, limitations and rights set forth in this Article VI, funds to the Borrower (each such advance, an “Initial Beneficiary Advance” and, collectively with any Initial Beneficiary Purchase, an “Exchange Note Funding”). The Initial Beneficiary shall provide to the Deal Agent, on behalf of the Warehouse Facility Lenders, at least two (2) Business Days’ prior notice of any Initial Beneficiary Advance (each such notice, an “Initial Beneficiary Advance Notice”), which shall set forth the amount of such Initial Beneficiary Advance (the “Initial Beneficiary Advance Amount” and, collectively with the Initial Beneficiary Purchase Price, the “Exchange Note Funding Amount”), the date on which such Initial Beneficiary Advance will be made (the “Initial Beneficiary Advance Date” and, collectively with the Initial Beneficiary Purchase Date, thethe “Exchange Note Funding Date”) and whether or not such Initial Beneficiary Advance is being made in connection with a Subsequent Exchange Note Increase.