Funding Notice definition
Examples of Funding Notice in a sentence
The Trustee shall (as and when specified in such Funding Notice), subject to the conditions set forth in Section 2 of the NPA, enter into and perform its obligations under the Participation Agreement specified in such Funding Notice (the “Applicable Participation Agreement”) and cause such certificates, documents and legal opinions relating to the Trustee to be duly delivered as required by the Applicable Participation Agreement.
After receipt of such a Funding Notice and in any case no later than one Business Day prior to a Funding Date as to which such Funding Notice relates (the “Applicable Funding Date”), the Trustee shall (as and when specified in the Funding Notice) deliver to the Escrow Agent the Withdrawal Certificates and related Applicable Notices of Purchase Withdrawal, as contemplated by Section 1.02(c) of the Escrow Agreement and by such Funding Notice.
If the Company makes a Funding Election, it may elect a Subsequent Funding in whole or in part; provided, that if in part, such partial funding shall be allocated pro rata among the Investors based on each Investor’s proportionate share of the Remaining Commitment Amount as of the date of such Funding Notice.
In addition, the Company may not deliver a Funding Notice if, at the time of such delivery, (i) there exists a “going concern” |\|| qualification in the Company’s most recent audited financial statements that has not been cured or would not be cured after giving effect to such Subsequent Funding or (ii) the Company reasonably believes that a “going concern” qualification would be required to be included in the Company’s audited financial statements after giving effect to such Subsequent Funding.
The Company shall use commercially reasonable efforts to facilitate each Subsequent Funding as expeditiously as practicable following delivery of the applicable Funding Notice.