Demand Note. (a) On the date hereof, the Borrower will deliver the Demand Note to the Program Agent. The Borrower hereby authorizes the Program Agent to demand payment on the Demand Note at any time during the period commencing on the date hereof and ending on the Final Collection Date, and hereby acknowledges and agrees that the Program Agent may exercise any and all rights and remedies of the Borrower under or in connection with the Demand Note, including, without limitation, any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of any provision of, the Demand Note; provided that notwithstanding the foregoing, the Program Agent agrees that it will not demand payment on the Demand Note after the Termination Date so long as all of the following conditions are satisfied: (i) the Termination Date occurred solely as a result of the occurrence of the Commitment Termination Date, (ii) at all times following the Termination Date the Outstanding Loan Amount is less than the Borrowing Base, (iii) no Event of Termination or Servicer Default has occurred and is continuing and (iv) if the Outstanding Loan Amount is less than or equal to 5.00% of the Outstanding Loan Amount as of the close of business on the Termination Date, the Borrower has not breached its obligation to prepay the Outstanding Loan Amount in full pursuant to the last sentence of Section 2.05(b) hereof. The Program Agent shall deposit all amounts received from DTAC under the Demand Note to the Collection Account and such amounts shall be treated as Collections for purposes of Sections 2.06 and 2.07 hereof, as determined by the Program Agent in its sole discretion.
(b) The Borrower agrees (i) to instruct DTAC to comply with the instructions of the Program Agent as described in this Section 2.15, (ii) to instruct DTAC that no payment shall be made under the Demand Note other than at the direction of the Program Agent and (iii) if the Borrower shall receive any payment from DTAC under the Demand Note, it shall so notify the Program Agent and deposit such payments into the Collection Account or as otherwise directed by the Program Agent within one Business Day following receipt thereof. Any payment received by the Borrower under or in connection with the Demand Note shall be received in trust for the benefit of the Program Agent, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Program Agent in the same form received (...
Demand Note. If this note is payable on demand, Borrower acknowledges and agrees that (a) Lender is entitled to demand Borrower's immediate payment in full of all amounts owing hereunder and (b) neither anything to the contrary contained herein or in any other loan documents (including but not limited to, provisions relating to defaults, rights of cure, default rate of interest, installment payments, late charges, periodic review of Borrower's financial condition, and covenants) nor any act of Lender pursuant to any such provisions shall limit or impair Lender's right or ability to require Borrower's payment in full of all amounts owing hereunder immediately upon Lender's demand.
Demand Note. It has been duly capitalized by the delivery of a demand note (the "Demand Note") from the Representative in the amount of $1,000,000 which Demand Note has not been canceled, waived or terminated. The proceeds of such Demand Note have not been used and will not be used to pay (i) any of the expenses of the Depositor in connection with the transactions contemplated by the Basic Documents or (ii) the purchase price for the Certificates purchased pursuant to Section 2.3. Such Demand Note is enforceable against the Depositor, subject to its terms, and subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally or the rights of creditors of banks the deposit accounts of which are insured by the Federal Deposit Insurance Corporation and subject to general principles of equity (whether applied in a proceeding at law or in equity).
Demand Note. WII shall not (i) assign, sell, convey, pledge, transfer, reconvey, cancel, forgive, compromise or otherwise dispose of the Demand Note held by it, in whole or in part, (ii) make any distribution other than to the Trust or unless the aggregate net worth of WII following such distribution shall be at least equal to 10% of the Original Certificate Balance or (iii) except as specifically permitted by the Trust Agreement, sell, transfer, assign, give or encumber by operation of law or otherwise any of its assets.
Demand Note. This is a demand Note and all Obligations hereunder shall become immediately due and payable upon demand. In addition, the Obligations hereunder shall automatically become immediately due and payable if Borrower or any guarantor or endorser of this Note commences or has commenced against it a bankruptcy or insolvency proceeding.
Demand Note. (a) On the date hereof, the Borrower will deliver the Demand Note to the Lender. The Borrower hereby authorizes the Lender to demand payment on the Demand Note at any time during the period commencing on the date hereof and ending on the Final Collection Date, and hereby acknowledges and agrees that the Lender may exercise any and all rights and remedies of the Borrower under or in connection with the Demand Note, including, without limitation, any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of any provision of, the Demand Note; provided that notwithstanding the foregoing, the Lender agrees that it will not demand payment on the Demand Note after either the Revolving Loan Commitment Termination Date or Term Loan Commitment Termination Date, as applicable, so long as all of the following conditions are satisfied: (i) with respect to the Revolving Loan Commitment Termination Date, (a) the Revolving Loan Commitment Termination Date did not occur solely as a result of the declaration or automatic occurrence of the Revolving Loan Commitment Termination Date pursuant to either clause (i) or clause (ii) of the definition thereof, (b) at all times following the Revolving Loan Commitment Termination Date, the Outstanding Revolving Loan Amount is less than the Borrowing Base (Revolving Loans), and (c) no Event of Termination or Servicer Default has occurred and is continuing and (ii) with respect to the Term Loan Commitment Termination Date, (a) the Term Loan Commitment Termination Date did not occur solely as a result of the declaration or automatic occurrence of the Term Loan Commitment Termination Date pursuant to clause (i) of the definition thereof, (b) at all times following the Term Loan Commitment Termination Date, the Outstanding Term Loan Amount is less than the Borrowing Base (Term Loans), and (c) no Event of Termination or Servicer Default has occurred and is continuing. The Lender shall deposit all amounts received from DTAC under the Demand Note to the Collection Account and such amounts shall be treated as Collections for purposes of Sections 2.07 and 2.08 hereof, as determined by the Lender in its sole discretion.
(b) The Borrower agrees (i) to instruct DTAC to comply with the instructions of the Lender as described in this Section, (ii) to instruct DTAC that no payment shall be made under the Demand Note other than at the direction of the Lender and (iii) if the Borrower shall receive any...
Demand Note. If the Depositor is capitalized, in whole or in part by the delivery of a demand note (a "Demand Note") from CPS, the proceeds of such Demand Note will not be used to pay (i) any of the expenses of the Depositor in connection with the transactions contemplated by the Basic Documents or (ii) the purchase price for the Certificates purchased pursuant to Section 3.9. Such Demand Note shall be enforceable against CPS, subject to its terms, and subject to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and similar laws now or hereafter in effect relating to creditors' rights generally or the rights of creditors of banks the deposit accounts of which are insured by the Federal Deposit Insurance Corporation and subject to general principles of equity (whether applied in a proceeding at law or in equity).
Demand Note. (a) During the term of this Agreement, the Sponsor will keep the Demand Note (as defined in the Trust Agreement) issued to the Depositor in full force and effect and will not cancel, waive or terminate such Demand Note.
Demand Note. RCFC shall not, without the prior written consent of the Administrative Agent and each Managing Agent, reduce the principal amount of the Demand Note below the initial principal amount thereof (or such greater principal amount thereof resulting from an Increase in the Series 2010-3 Maximum Invested Amount) or in such a manner that results in a Series 2010-3 Enhancement Deficiency.
Demand Note. The Sponsor has contributed the Demand Note (as defined in the Trust Agreement) to the Depositor on or before the Closing Date.
