The Variable Funding Note Sample Clauses
The Variable Funding Note. (a) On the terms and conditions hereinafter set forth, on the Closing Date, the Borrower shall deliver (i) to each Lender, at the applicable address set forth on Annex A to this Agreement, and (ii) on the effective date of any Assignment and Acceptance or Joinder Supplement, to each successor Lender or additional Lender, as applicable, at the address set forth in the applicable Assignment and Acceptance or Joinder Supplement, a duly executed variable funding note (each, a “Variable Funding Note”), in substantially the form of Exhibit B, dated as of the date of this Agreement, in a face amount equal to the applicable Lender’s Commitment as of the Closing Date or the effective date of any Assignment and Acceptance or Joinder Supplement, as applicable, and otherwise duly completed. The Borrower shall deliver to the Trustee and the Registrar a copy of each such Variable Funding Note issued. Each Variable Funding Note shall evidence each Lender’s ratable share of the security interest in the Collateral granted pursuant to Section 8.1 in an amount equal, at any time, to the percentage equivalent of a fraction, (x) the numerator of which is the outstanding Advances by such Lender under the applicable Variable Funding Note on such day and (y) the denominator of which is the Advances Outstanding on such day. Interest shall accrue, and each Variable Funding Note shall be payable, as described herein.
(b) During the Revolving Period, the Borrower may, at its option, request the Lenders to make advances of funds (each, an “Advance”) under the Variable Funding Notes, each such Funding Request to be substantially in the form of Exhibit A-1 hereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Advance. Following the receipt of a Funding Request, subject to the terms and conditions hereinafter set forth, during the Revolving Period, the Lenders shall fund such Advance. Notwithstanding anything to the contrary contained herein, no Lender shall be obligated to provide the Borrower with aggregate funds in connection with an Advance that would exceed the least of (i) such Lender’s unused Commitment then in effect, (ii) the aggregate unused Commitments then in effect or (iii) the Availability, in each case on the proposed Funding Date of such Advance.
(c) The Borrower may, within 60 days but not less than 45 days prior to (x) the date on which any Liquidity Purchase Agreement terminates, (in the case of an extension of such Liquidity Purc...
The Variable Funding Note. The Variable Funding Notes 60 Section 2.2 Procedures for Advances by the Lenders 60 Section 2.3 Reduction of the Facility Amount; Principal Repayments 63 Section 2.4 Determination of Interest 64 Section 2.5 Notations on Variable Funding Notes 64 Section 2.6 Borrowing Base Deficiency Cures 65 Section 2.7 Priority of Payments 65 Section 2.8 Alternate Priority of Payments 67 Section 2.9 Collections and Allocations 69 Section 2.10 Payments, Computations, etc. 70 Section 2.11 Fees 71 Section 2.12 Increased Costs; Capital Adequacy; Illegality 71 Section 2.13 Taxes 74 Section 2.14 Reinvestment; Discretionary Sales, Substitutions and Optional Sales of Loans 78 Section 2.15 Assignment of Sale Agreement 82 Section 2.16 Capital Contributions 82 Section 2.17 Defaulting Lenders 82
The Variable Funding Note. Section 2.1 The Variable Funding Notes.
Section 2.2 Procedures for Advances by the Lenders. 71 Section 2.3 Reduction of the Facility Amount; Principal Repayments.
The Variable Funding Note