Common use of Funding Advances Clause in Contracts

Funding Advances. (i) On the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, deliver to the Administrative Agent by wire transfer of immediately available funds at the account from time to time designated in writing by the Administrative Agent, an amount equal to such Purchaser’s ratable share of the amount of such Advance requested. On the date of each Advance, the Administrative Agent will make available to the Issuer, in immediately available funds, at the account set forth in the related Advance Request, the amount of such Advance to be funded by all Purchasers in respect of such Advance. (ii) Unless the Administrative Agent shall have received notice from a Purchaser, with a copy to the Issuer, prior to the proposed date of any Advance that such Purchaser will not make available to the Administrative Agent such Purchaser’s share of such Advance, the Administrative Agent may assume that such Purchaser has made such share available on such date in accordance with the foregoing clause (b)(i) and may, in reliance upon such assumption, make available to the Issuer a corresponding amount. In such event, if a Purchaser has not in fact made its share of the applicable Advance available to the Administrative Agent, then such Purchaser and the Issuer severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Issuer to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Purchaser, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Issuer, the Base Rate. If such Purchaser pays such amount to the Administrative Agent, then such amount shall constitute such Purchaser’s Advance. If the Issuer and such Purchaser shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Issuer the amount of such interest paid by the Issuer for such period. Any such payment by the Issuer shall be without prejudice to any claim the Issuer may have against a Purchaser that shall have failed to make such payment to the Administrative Agent.

Funding Advances. 2.2(a) Credit Agent shall notify each Lender, on the same Business Day as received (ior deemed received, as provided in Section 2.1) On from Borrower pursuant to Section 2.1, of Credit Agent’s receipt of a Warehousing Advance Request. Each such notice shall specify such Lender’s Commitment Percentage of the requested Warehousing Advance and the date of each requested by Borrower for such requested Warehousing Advance to be made. To make a Warehousing Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, deliver to the Administrative Agent by Lender shall wire transfer to a specified account of immediately available funds at the account from time Credit Agent prior to time designated in writing by the Administrative Agent, an amount equal to such Purchaser’s ratable share of the amount of such Advance requested. On 11:00 a.m. on the date of each Advance, the Administrative Agent will make available such Warehousing Advance is to the Issuer, in immediately available funds, at the account be made as set forth in the related Warehousing Advance Request, the amount and Credit Agent shall make such Warehousing Advance available to Borrower upon receipt of such Advance all Lenders’ respective Commitment Percentages thereof. Neither Credit Agent nor any Lender shall have any obligation to be funded by all Purchasers in respect fund a non-funding Lender’s Commitment Percentage of such any Warehousing Advance. (ii2.2(b) Unless the Administrative Notwithstanding Section 2.2(a), unless Credit Agent shall have received notice from a Purchaser, with a copy to the Issuer, Lender prior to the proposed date of any Warehousing Advance that such Purchaser Lender will not make available to the Administrative Credit Agent such PurchaserLender’s share of such Warehousing Advance, the Administrative Credit Agent may assume that such Purchaser Lender has made such share available on such date in accordance with the foregoing clause (b)(iSection 2.2(a) and may, in its sole discretion, but shall not be obligated to, in reliance upon such assumption, make available to the Issuer Borrower a corresponding amount. In such event, if a Purchaser Lender has not in fact made its share of the applicable Warehousing Advance available to the Administrative Credit Agent, then such Purchaser the applicable Lender and the Issuer Borrower severally agree to pay to the Administrative Credit Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Issuer Borrower to but excluding the date of payment to Credit Agent at the Administrative Agent, at (i) in the case of such Purchaser, the greater of the Federal Funds Rate and a interest rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Issuer, the Base Rateapplicable to Warehousing Advances. If such Purchaser pays such amount to the Administrative Agent, then such amount shall constitute such Purchaser’s Advance. If the Issuer Borrower and such Purchaser Lender shall pay such interest to the Administrative Credit Agent for the same or an overlapping period, the Administrative Credit Agent shall promptly remit to the Issuer Borrower the amount of such interest paid by the Issuer Borrower for such period. Any If such payment by Lender pays its share of the Issuer applicable Warehousing Advance to Credit Agent, then the amount so paid shall constitute such Lender’s share of such Warehousing Advance. Nothing herein shall be without deemed to relieve any Lender of its obligation to fulfill its Warehousing Commitment or to prejudice to any claim the Issuer rights which Credit Agent or Borrower may have against any Lender as a Purchaser that result of any default by such Lender hereunder. A notice from Credit Agent to any Lender or to Borrower with respect to any amount owing under this subsection shall have failed to make such payment to the Administrative Agentbe conclusive, absent manifest error.

Funding Advances. 2.2(a) Administrative Agent shall notify each Lender no later than Twelve O’Clock (12:00) noon on the date of the of Administrative Agent’s receipt (or by Nine O’Clock (9:00) a.m. of the immediately following Business day if such receipt is after Eleven O’Clock (11:00) a.m. of a Warehousing Advance Request and of such Lender’s Ratable Share of such Warehousing Advance. Each such notice is herein a “Funding Notice”. To make a Warehousing Advance, each Lender shall wire transfer to the account specified by Administrative Agent in such notice (i) On prior to Ten O’Clock (10:00) a.m. on the date of each Advance, each Purchaser shall, upon satisfaction such Warehousing Advance (provided that Administrative Agent has delivered a Funding Notice to such Lender no later than Twelve O’Clock (12:00) noon of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, deliver to the Administrative Agent by wire transfer of immediately available funds at the account from time to time designated in writing by the Administrative Agent, an amount equal to such Purchaser’s ratable share preceding Business Day of the amount of such Warehousing Advance requested. On Request) or (ii) prior to Two O’Clock (2:00) p.m. on the date of each Advance, the such Warehousing Advance (provided that Administrative Agent will has notified such Lender after Twelve O’Clock (12:00) noon of the immediately preceding Business day and no later than Nine O’Clock (9:00) a.m. on the date of the Warehousing Advance), and Administrative Agent shall make such Warehousing Advance available to the Issuer, in immediately available funds, at the account set forth in the related Advance Request, the amount Borrower only upon receipt of such Advance each Lender’s Ratable Share thereof. Neither Administrative Agent nor any Lender shall have any obligation to be funded by all Purchasers in respect fund a non-funding Lender’s Ratable Share of such any Warehousing Advance. (ii2.2(b) Unless the Administrative Agent shall have received notice from a Purchaser, with a copy to the Issuer, Lender prior to the proposed date of any Warehousing Advance that such Purchaser Lender will not make available to the Administrative Agent such PurchaserLender’s share Ratable Share of such Warehousing Advance, the Administrative Agent may assume that such Purchaser has made Lender will make such share Ratable Share available on such date in accordance with the foregoing clause (b)(iSection 2.2(a) and maymay (but is not obligated to), in reliance upon such assumption, make available to the Issuer Borrower a corresponding amount. In such event, if a Purchaser Lender has not in fact made its share Ratable Share of the applicable Warehousing Advance available to the Administrative Agent, then such Purchaser the applicable Lender and the Issuer Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Issuer Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such PurchaserLender, the greater of the Federal Funds Open Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or and (ii) in the case of the Issuera payment to be made by Borrower, the interest rate applicable to Loans under the Applicable Base Rate. If such Purchaser Lender pays such amount its Ratable Share of the applicable Warehousing Advance to the Administrative Agent, then such the amount so paid shall constitute such PurchaserLender’s Warehousing Advance. If the Issuer and such Purchaser shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Issuer the amount of such interest paid by the Issuer for such period. Any such payment by the Issuer Borrower shall be without prejudice to any claim the Issuer Borrower may have against a Purchaser Lender that shall have failed to make such payment to the Administrative Agent.

Funding Advances. (ia) On Credit Agent shall notify each Lender, on the same Business Day as received (or deemed received, as provided in Section 2.1) from Borrower pursuant to Section 2.1, of Credit Agent’s receipt of a Warehousing Advance Request. Each such notice shall specify such Lender’s Commitment Percentage of the requested Warehousing Advance and the date of each requested by Borrower for such requested Warehousing Advance to be made. To make a Warehousing Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II, deliver to the Administrative Agent by Lender shall wire transfer to a specified account of immediately available funds at the account from time Credit Agent prior to time designated in writing by the Administrative Agent, an amount equal to such Purchaser’s ratable share of the amount of such Advance requested. On 1:00 p.m. on the date of each Advance, the Administrative Agent will make available such Warehousing Advance is to the Issuer, in immediately available funds, at the account be made as set forth in the related Warehousing Advance Request, the amount and Credit Agent shall make such Warehousing Advance available to Borrower upon receipt of such Advance all Lenders’ respective Commitment Percentages thereof. Neither Credit Agent nor any Lender shall have any obligation to be funded by all Purchasers in respect fund a non-funding Lender’s Commitment Percentage of such any Warehousing Advance. (iib) Unless the Administrative Notwithstanding Section 2.2(a), unless Credit Agent shall have received notice from a Purchaser, with a copy to the Issuer, Lender prior to the proposed date of any Warehousing Advance that such Purchaser Lender will not make available to the Administrative Credit Agent such PurchaserLender’s share of such Warehousing Advance, the Administrative Credit Agent may assume that such Purchaser Lender has made such share available on such date in accordance with the foregoing clause (b)(iSection 2.2(a) and may, in its sole discretion, but shall not be obligated to, in reliance upon such assumption, make available to the Issuer Borrower a corresponding amount. In such event, if a Purchaser Lender has not in fact made its share of the applicable Warehousing Advance available to the Administrative Credit Agent, then such Purchaser the applicable Lender and the Issuer Borrower severally agree to pay to the Administrative Credit Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Issuer Borrower to but excluding the date of payment to Credit Agent at the Administrative Agent, at (i) in the case of such Purchaser, the greater of the Federal Funds Rate and a interest rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Issuer, the Base Rateapplicable to Warehousing Advances. If such Purchaser pays such amount to the Administrative Agent, then such amount shall constitute such Purchaser’s Advance. If the Issuer Borrower and such Purchaser Lender shall pay such interest to the Administrative Credit Agent for the same or an overlapping period, the Administrative Credit Agent shall promptly remit to the Issuer Borrower the amount of such interest paid by the Issuer Borrower for such period. Any If such payment by Lender pays its share of the Issuer applicable Warehousing Advance to Credit Agent, then the amount so paid shall constitute such Lender’s share of such Warehousing Advance. Nothing herein shall be without deemed to relieve any Lender of its obligation to fulfill its Warehousing Commitment or to prejudice to any claim the Issuer rights which Credit Agent or Borrower may have against any Lender as a Purchaser that result of any default by such Lender hereunder. A notice from Credit Agent to any Lender or to Borrower with respect to any amount owing under this subsection shall have failed to make such payment to the Administrative Agentbe conclusive, absent manifest error.