SALE AND PURCHASE OF FUNDING NOTE Sample Clauses
The 'Sale and Purchase of Funding Note' clause establishes the agreement between parties for the transfer of a funding note from the seller to the buyer. It typically outlines the terms under which the note is sold, such as the purchase price, the date of transfer, and any conditions precedent to the sale. This clause ensures that both parties are clear on their obligations regarding the transaction, thereby facilitating a smooth transfer of the funding note and mitigating potential disputes over ownership or payment terms.
SALE AND PURCHASE OF FUNDING NOTE. 2.1. Authorization of Funding Note . . . . . . . . . . . . . . . . . . 7 2.2. Issuance and Exchange of Funding Note . . . . . . . . . . . . . . 7 2.3. Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2.4. Non-Recourse Obligation . . . . . . . . . . . . . . . . . . . . . 7 2.5. Interest and Principal on the Funding Note . . . . . . . . . . . 7 2.6. Optional Prepayment at Direction of Fa▇▇▇▇ ▇a▇ . . . . . . . . . 7 2.7. Optional Prepayment by Subsidiary . . . . . . . . . . . . . . . . 8 2.8. Special Prepayment by Subsidiary . . . . . . . . . . . . . . . . 9 2.9. Prepayment and Redemption . . . . . . . . . . . . . . . . . . . . 10
SALE AND PURCHASE OF FUNDING NOTE. Authorization of Funding Note 6 2.2. Sale and Purchase of Funding Note 6 2.3. Closing 6 2.4 Non-Recourse Obligation 7 2.5. Interest and Principal on the Funding Note 7 2.6. Optional Prepayment at Direction of by Fr▇▇▇▇▇ ▇ac 7 2.7. Optional Prepayment by Subsidiary 7 2.8. Special Prepayment by Subsidiary 9 ARTICLE III
SALE AND PURCHASE OF FUNDING NOTE. Subsidiary will issue and sell to Fr▇▇▇▇▇ ▇ac and, subject to the terms and conditions of this Agreement, Fr▇▇▇▇▇ ▇ac will purchase from Subsidiary at the Closing provided for in Section 2.3 the Funding Note in the principal amount of $249,324,595, at the purchase price of $237,927,630, plus accrued interest thereon from September 1, 1995 to (but excluding) the date of Closing. The Funding Note shall be secured by the Collateral.