Common use of Procedures for Advances Clause in Contracts

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (New York City, New York time) at least two Business Days prior to the proposed Funding Date; provided that no more than four Class A Advances shall be made in any one calendar month without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Class A Advance (which amount must be at least equal to $250,000), (ii) specify the date of such Advance, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Loan, Acquired Loan or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Class A Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of a Class A Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Class A Advance to all of the Liquidity Banks concurrently specifying the date of such Class A Advance, the aggregate amount of such Class A Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Class A Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Class A Commitment).

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (New York City, New York time) at least two one Business Days Day prior to the proposed Funding Date; provided that no more than four Class A two Advances shall be made in any one calendar month week without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Class A Advance (Advance, which amount must be at least equal to $250,000), (ii) specify the date of such Advance, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Rated Retained Security or Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Subordinated Loan, Acquired Loan Loan, or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Class A Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of a Class A an Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Class A Advance to all of the Liquidity Banks concurrently specifying the date of such Class A Advance, the aggregate amount of such Class A Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Class A Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Class A Commitment).

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. 11:00 a.m. (New York City, New York time) at least two Business Days prior to the proposed Funding Date; provided that no more than four Class A Advances shall be made in any one calendar month without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Class A Advance (Advance, which amount must be at least equal to $250,000), (ii) specify the date of such Advance, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Loan, Acquired Loan Loan, Assigned Loan, or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Class A Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of a Class A an Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Class A Advance to all of the Liquidity Banks concurrently specifying the date of such Class A Advance, the aggregate amount of such Class A Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Class A Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Class A Commitment).

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and Class B Purchaser (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (New York City, New York time) at least two Business Days prior to the proposed Funding Date; provided that no more than four Class A Advances shall be made in any one calendar month without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Class A Advance (which amount must be at least equal to $250,000)) and Class B Advance, (ii) specify the date of such AdvanceAdvances, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Loan, Acquired Loan or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Borrowing Notice shall set forth, and each Advance shall be comprised of (i) a proposed Class A Advance and (ii) a proposed Class B Advance, which shall be calculated at the Class B Advance Rate based on the proposed Class A Advance. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Class A Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of a Class A Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Class A Advance to all of the Liquidity Banks concurrently specifying the date of such Class A Advance, the aggregate amount of such Class A Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Class A Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Class A Commitment).

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and Class B Purchaser (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. 11:00 a.m. (New York City, New York time) at least two Business Days prior to the proposed Funding Date; provided that no more than four Class A Advances shall be made in any one calendar month without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Class A Advance (which amount must be at least equal to $250,000)) and Class B Advance, (ii) specify the date of such AdvanceAdvances, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Loan, Acquired Loan Loan, Assigned Loan, or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Borrowing Notice shall set forth, and each Advance shall be comprised of (i) a proposed Class A Advance and (ii) a proposed Class B Advance, which shall be calculated at the Class B Advance Rate based on the proposed Class A Advance. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Class A Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of a Class A Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Class A Advance to all of the Liquidity Banks concurrently specifying the date of such Class A Advance, the aggregate amount of such Class A Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Class A Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Class A Commitment).

Procedures for Advances. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (New York City, New York time) at least two one Business Days Day prior to the proposed Funding Date; provided that no more than four Class A two Advances shall be made in any one calendar month week without the Administrative Agent’s prior consent. Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Class A Advance (Advance, which amount must be at least equal to $250,000), (ii) specify the date of such Advance, (iii) specify the Assets to be financed on such Funding Date (including the appropriate file number and Outstanding Asset Balance for each Asset, and identifying each Rated Retained Security or Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Subordinated Loan, Acquired Loan Loan, or Participation Loan) and (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Borrowing Notice shall be irrevocable. Each Issuer shall promptly thereafter notify the Administrative Agent whether such Issuer has determined to make the requested Class A Advance on the terms specified by the Seller, and the Issuers shall notify the Administrative Agent of the funding allocation as between them (if 57 other than proportional to their Issuer Purchase Limits). The Administrative Agent shall promptly thereafter notify the Seller whether the Issuers have determined to make the requested purchase and, if so, whether all of the terms specified by the Seller are acceptable to the Issuers. If the Issuers have determined not to make the entire amount of a Class A an Advance requested to be made, the Administrative Agent shall promptly send notice of the proposed Class A Advance to all of the Liquidity Banks concurrently specifying the date of such Class A Advance, the aggregate amount of such Class A Advance to be funded by the Liquidity Banks (which amount shall be equal to the portion of the Class A Advance not funded by the Issuers), and each such Liquidity Bank’s portion thereof (determined ratably in accordance with its respective Class A Commitment).