Procedures for Funded Loans Clause Samples

Procedures for Funded Loans. (a) Subject to the limitations set forth in Section 2.1, (i) the Borrower (or the Collateral Manager on the Borrower’s behalf) may request a Funded Loan from the Lenders by delivering to the Administrative Agent and the Collateral Custodian a Funding Notice and (ii) all or a portion of each Funded Loan may be (A) used to finance the acquisition of Collateral Obligations, subject to the satisfaction of the Eligibility Criteria in connection with such Funded Loan, and/or (B) deposited into the Principal Collection Account; provided that any portion of a Funded Loan that is deposited into the Principal Collection Account must be (i) invested in Additional Collateral Obligations or (ii) otherwise applied in accordance with the terms of this Agreement. (b) With respect to each Funded Loan, on a Business Day occurring no later than two Business Days prior to the proposed Funding Date, the Borrower (or the Collateral Manager on the Borrower’s behalf) shall deliver to the Administrative Agent, the Lenders and the Collateral Custodian a duly completed Funding Notice (including a duly completed Eligibility Criteria Compliance Certificate as of such proposed Funding Date, certifying as to compliance with the Eligibility Criteria in connection with such Funded Loan and giving pro forma effect to the Funded Loan and the use of proceeds thereof), and which must (i) specify the desired amount of such Funded Loan, which amount must be at least equal to $1,000,000 (or, in the case of any Funded Loan to be applied to fund a draw under any Delayed Draw Loan, such lesser amount as may be requested to fund such draw or such lesser amount then comprising the unfunded Maximum Permitted Funded Amount) and will be allocated to each Lender in accordance with its Pro Rata Share, (ii) specify the proposed Funding Date, (iii) specify the Collateral Obligations proposed to be acquired with such Funded Loan as well as the Obligor, the rating from the Rating Agency, the outstanding principal balance and Purchase Price of each such Collateral Obligation to be acquired, (iv) include a representation that the Eligibility Criteria and all other conditions precedent for such Funded Loan described in Section 2.12(d) and Sections 3.1 and 3.2, as applicable, have been satisfied or waived in accordance with Section 12.1(b), (v) with respect to any Delayed Draw Loan, specify the Unfunded Exposure Amount thereof and the draw request made by the applicable Obligor and (vi) specify the amount of such...