FRBB definition
Examples of FRBB in a sentence
The expense reserve is an amount that shall be initially funded from initial upfront transaction fees received by the Borrower in respect of Participations purchased by the Borrower, which may be replenished in accordance with clause (8) of the Priority of Payments (such amount, the “Expense Reserve”), but in no event shall the amount of the Expense Reserve exceed 1% of the outstanding FRBB Loans on any Settlement Date after the payment of Fees and Costs and Expenses.
The proceeds of the FRBB Loans shall be used solely for the purpose of financing the purchase of Participations from Eligible Lenders.
In addition to the FRBB Loans, upon a request thereof by the Borrower and subject to the terms and conditions hereof, the Lender may determine, in its sole discretion, to extend one or more other loans to the Borrower under this Agreement only with respect to the funding the Borrower’s payment of Costs and Expenses and Fees (any such loan, an “Operating Loan”).
If the amount of the Expense Reserve exceeds 1% of the outstanding FRBB Loans on any Settlement Date after the payment of Fees and Costs and Expenses, such excess amount will be treated as Interest Proceeds.
The principal amount of any FRBB Loan requested by Borrower pursuant to Section 2.3 shall not exceed the aggregate purchase price of all Participations purchased (or proposed to be purchased) by the Borrower or on the Borrower’s behalf with the proceeds of such FRBB Loan.
Other than as specified in Section 13, no Member shall be entitled to distributions from the Assets in respect of their Member Interests, it being understood that payments of fees, reimbursement of expenses, repayment of principal and interest under the Credit Agreement and other payments to FRBB contemplated by the Operative Documents will not be deemed distributions in respect of its Membership Interest.
In the case of any FRBB Loan, the Regulation A Condition shall have been met on the day or days on which the commitments to purchase the related Participations to be funded with the proceeds of such FRBB Loan were entered into.
If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Collateral Account of any financial asset or cash credited thereto of which the office of the general counsel or any senior vice president or more senior management member of the U.S. Investor Services division of the Custodian becomes aware, the Custodian will promptly notify FRBB and Borrower thereof.
FRBB agrees to notify the Custodian promptly in writing when all Obligations have been fully paid and satisfied or FRBB otherwise no longer claims any interest in the Collateral Accounts or any financial assets or cash from time to time credited thereto under the Security Agreement, whichever is sooner; at which time the Custodian shall have no further liabilities or responsibilities hereunder and the Custodian’s obligations under this Agreement shall terminate.
The WAXS Securities Intermediary represents and warrants that it is as of the date hereof, and it agrees that for so long as it maintains the Collateral Accounts and acts as the Securities Intermediary pursuant to this Pledge Agreement it shall be a Securities Intermediary and a FRBB Member.