Adjustment for Reduced Funding. Notwithstanding anything in this Article IV to the contrary, in the event that, on any Purchase Date on which Agent has entered into, or is obligated to enter into, an Additional Funding Transaction with respect to which any Funded Purchase Price is to be paid in accordance with Section 4.2(b), one or more Buyers (any such Buyer, a “Defaulting Buyer”) fails to fund its respective Funding Amount on such Purchase Date when and as required by Section 4.2(b), then Agent shall promptly give notice of such failure to Seller and each other Buyer. Upon Agent’s giving of such notice:
Adjustment for Reduced Funding. Notwithstanding anything in this Article IV to the contrary, in the event that, on any Purchase Date on which Agent (on behalf of the Participating Buyers) is obligated to enter into a Transaction with respect to which any Funding Amount is to be paid in accordance with Section 4.2(a), one or more Buyers (any such Buyer, a “Defaulting Buyer”) fails to fund its respective Funding Amount on such Purchase Date when and as required by Section 4.2(a), then Agent shall promptly give notice of such failure to Seller and each other Buyer. Upon Agent’s giving of such notice: (i) the Confirmation for such Transaction shall be amended so as to reduce the Purchase Price for such Transaction by the applicable Funding Amounts (or portions thereof) that such Defaulting Buyers have failed to fund on such Purchase Date; (ii) when and as required pursuant to Section 4.2(a), and subject to the satisfaction of the Funding Conditions otherwise applicable to such Transaction, upon the effectiveness of such revised Confirmation in accordance with Section 4.1(d), Agent shall pay to Seller, on behalf of the Participating Buyers, any remaining unpaid Funded Purchase Price payable in respect of such Transaction (after giving effect to the reduction in Purchase Price pursuant to the foregoing Section 4.5(a)(i)); (iii) to the extent the reduction in the Purchase Price for the applicable Transaction in accordance with the foregoing Section 4.5(a)(i) results in Funded Repurchase Price (or an increased amount thereof) being payable by Seller on such Purchase Date, Seller shall pay such Funded Repurchase Price (or increased amount thereof) to Agent promptly, but in no event later than 4:00pm on such Purchase Date.
