Common use of Procedures for Advances by Purchasers Clause in Contracts

Procedures for Advances by Purchasers. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each Purchaser Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (Charlotte, North Carolina time) at least one Business Day prior to the proposed Funding Date (provided however if the proposed Funding Date is not an Amsterdam Business Day, then the Funding Date shall be the next Business Day (which is also an Amsterdam Business Day) following such proposed Funding Date). Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal to $250,000 per Purchaser, (ii) specify the date of such Advance, (iii) specify either (a) the Assets to be financed on such Funding Date (including the appropriate file number, Outstanding Asset Balance for each Asset and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Acquired Loan, Assigned Loan, or Participation Loan) or (b) the Eligible Treasury Securities to be financed on such Funding Date (including the appropriate CUSIP number, the applicable Treasury Reserve Amount, the par value(s) of such Eligible Treasury Securities, and the fair market value(s) of such Eligible Treasury Securities, as determined by the Servicer based solely on the value of such securities reported by the Collateral Custodian), (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met and (v) with respect to each Eligible Treasury Security, include a representation that such Eligible Treasury Security qualifies as an “Eligible Treasury Security” under the definition thereof and that the applicable Treasury Reserve Amount has been deposited into the Treasury Securities Account in accordance with Section 2.11(e) hereof. Each Borrowing Notice shall be irrevocable. (b) Except as set forth in Section 2.3(d) below with respect to Advances on Eligible Treasury Securities, on the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.3, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance, (ii) an amount equal to the Availability on such Funding Date or (iii) the Facility Amount. (c) On each Funding Date, the obligation of each Purchaser to remit its Pro Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the Seller shall not relieve any other Purchaser of its obligation hereunder. (d) Notwithstanding the foregoing, with respect to Advances on Eligible Treasury Securities, on the date of each related Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Section 2.11(e) and Article III, make available to the Collateral Custodian in same day funds, for deposit into the Treasury Securities Account, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance or (ii) an amount equal to the Availability on such Funding Date. Such amount shall be held in the Treasury Securities Account (together with any amounts deposited by Seller with respect to the applicable Eligible Treasury Securities in accordance with Article III) and applied in accordance with Section 8.11 hereof.

Procedures for Advances by Purchasers. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each Purchaser Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (Charlotte, North Carolina time) at least one Business Day prior to the proposed Funding Date (provided however if Date; provided, however, that Advances in an aggregate amount not to exceed $15,000,000 may be requested no later than 2:00 p.m. on the Business Day of the proposed Funding Date is not an Amsterdam Business Day, then the Funding Date shall be the next Business Day (which is also an Amsterdam Business Day) following such proposed Funding Date). Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal to $250,000 per Purchaser, (ii) specify the date of such Advance, (iii) specify either (a) the Assets to be financed on such Funding Date (including the appropriate file number, Outstanding Asset Balance for each Asset and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, Stretch Senior Secured Loan, Senior B-Note Loan, Acquired Subordinated Loan, Assigned Loan, or Participation Loan) or (b) the Eligible Treasury Securities to be financed on such Funding Date (including the appropriate CUSIP number, the applicable Treasury Reserve Amount, the par value(s) of such Eligible Treasury Securities, and the fair market value(s) of such Eligible Treasury Securities, as determined by the Servicer based solely on the value of such securities reported by the Collateral Custodian), (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met and (v) with respect to each Eligible Treasury Security, include a representation that such Eligible Treasury Security qualifies as an “Eligible Treasury Security” under the definition thereof and that the applicable Treasury Reserve Amount has been deposited into the Treasury Securities Account in accordance with Section 2.11(e) hereofmet. Each Borrowing Notice shall be irrevocable. (b) Except as set forth in Section 2.3(d) below with respect to Advances on Eligible Treasury Securities, on On the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.3, an amount equal to its Pro Pro-Rata Share of the lesser of (i) the amount requested by the Seller for such Advance, (ii) an amount equal to the Availability on such Funding Date or (iii) the Facility Amount. (c) On each Funding Date, the obligation of each Purchaser to remit its Pro Pro-Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the Seller shall not relieve any other Purchaser of its obligation hereunder. (d) Notwithstanding the foregoing, with respect to Advances on Eligible Treasury Securities, on the date of each related Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Section 2.11(e) and Article III, make available to the Collateral Custodian in same day funds, for deposit into the Treasury Securities Account, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance or (ii) an amount equal to the Availability on such Funding Date. Such amount shall be held in the Treasury Securities Account (together with any amounts deposited by Seller with respect to the applicable Eligible Treasury Securities in accordance with Article III) and applied in accordance with Section 8.11 hereof.

Procedures for Advances by Purchasers. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each Purchaser Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (Charlotte, North Carolina time) at least one Business Day prior to the proposed Funding Date (provided however if the proposed Funding Date is not an Amsterdam Business Day, then the Funding Date shall be the next Business Day (which is also an Amsterdam Business Day) following such proposed Funding Date). Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal to $250,000 per Purchaser, (ii) specify the date of such Advance, (iii) specify either (a) the Assets to be financed on such Funding Date (including the appropriate file number, Outstanding Asset Balance for each Asset and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Acquired Loan, Assigned Loan, or Participation Loan) or (b) the Eligible Treasury Securities to be financed on such Funding Date (including the appropriate CUSIP number, the applicable Treasury Reserve Amount, the par value(s) of such Eligible Treasury Securities, and the fair market value(s) of such Eligible Treasury Securities, as determined by the Servicer based solely on the value of such securities reported by the Collateral Custodian), (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met and (v) with respect to each Eligible Treasury Security, include a representation that such Eligible Treasury Security qualifies as an “Eligible Treasury Security” under the definition thereof and that the applicable Treasury Reserve Amount has been deposited into the Treasury Securities Account in accordance with Section 2.11(e) hereofmet. Each Borrowing Notice shall be irrevocable. (b) Except as set forth in Section 2.3(d) below with respect to Advances on Eligible Treasury Securities, on On the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.3, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance, (ii) an amount equal to the Availability on such Funding Date or (iii) the Facility Amount. (c) On each Funding Date, the obligation of each Purchaser to remit its Pro Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the Seller shall not relieve any other Purchaser of its obligation hereunder. (d) Notwithstanding the foregoing, with respect to Advances on Eligible Treasury Securities, on the date of each related Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Section 2.11(e) and Article III, make available to the Collateral Custodian in same day funds, for deposit into the Treasury Securities Account, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance or (ii) an amount equal to the Availability on such Funding Date. Such amount shall be held in the Treasury Securities Account (together with any amounts deposited by Seller with respect to the applicable Eligible Treasury Securities in accordance with Article III) and applied in accordance with Section 8.11 hereof.

Procedures for Advances by Purchasers. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each Purchaser Agent (with a copy to the Collateral Custodian and the Backup ServicerTrustee) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (Charlotte, North Carolina time) at least one on the Business Day prior to of the proposed Funding Date (provided however if the proposed Funding Date is not an Amsterdam Business Day, then the Funding Date shall be the next Business Day (which is also an Amsterdam Business Day) following such proposed Funding Date). Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal $250,000, to $250,000 per Purchaserbe allocated to each Purchaser in accordance with its Pro-Rata Share, (ii) specify the date of such Advance, (iii) specify either (a) the Assets Assets, the unfunded commitments pertaining to which are to be financed on such Funding Date (including the appropriate file number, Outstanding Asset Principal Balance for each Asset and identifying each Loan Asset by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Acquired Loan, Assigned Loan, or Participation Loanproposed Advance Rate applicable to each Asset) or (b) the Eligible Treasury Securities to be financed on such Funding Date (including the appropriate CUSIP number, the applicable Treasury Reserve Amount, the par value(s) of such Eligible Treasury Securities, and the fair market value(s) of such Eligible Treasury Securities, as determined by the Servicer based solely on the value of such securities reported by the Collateral Custodian), (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met and (v) with respect to each Eligible Treasury Security, include a representation that such Eligible Treasury Security qualifies as an “Eligible Treasury Security” under the definition thereof and that the applicable Treasury Reserve Amount has been deposited into the Treasury Securities Account in accordance with Section 2.11(e) hereofmet. Each Borrowing Notice shall be irrevocable. If any Borrowing Notice is received by the Administrative Agent after 2:00 p.m. (Charlotte, North Carolina time) on the Business Day for which such Advance is requested or on a day that is not a Business Day, such Borrowing Notice shall be deemed to be received by the Administrative Agent at 9:00 a.m. (Charlotte, North Carolina time) on the next following Business Day. (b) Except as set forth in Section 2.3(d) below with respect to Advances on Eligible Treasury Securities, on the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.3, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance, (ii) an amount equal to the Availability on such Funding Date or (iii) the Facility Amount. (c) On each Funding Date, the obligation of each Purchaser to remit its Pro Pro-Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the Seller shall not relieve any other Purchaser of its obligation hereunder. (dc) Notwithstanding the foregoing, with respect to Advances on Eligible Treasury Securities, on the date of each related Advance, each Purchaser shall, upon Upon satisfaction of the applicable conditions set forth in Section 2.11(e) and Article III, on the relating Funding Date of an Advance, each Purchaser shall, subject to the limitations set forth in Section 2.1, make available to the Collateral Custodian Seller in same day funds, for deposit into at such bank or other location reasonably designated by the Treasury Securities AccountSeller in the Borrowing Notice given pursuant to Section 2.1, an amount equal to its Pro Pro-Rata Share of the lesser of (i) the amount requested by the Seller for such Advance or and (ii) an amount equal to the excess of the Maximum Availability on at such Funding Date. Such amount shall be held in time over the Treasury Securities Account (together with any amounts deposited by Seller with respect to the applicable Eligible Treasury Securities in accordance with Article III) and applied in accordance with Section 8.11 hereofaggregate Advances Outstanding.

Procedures for Advances by Purchasers. (a) Each Advance from a Purchaser hereunder shall be effected by the Seller (or the Servicer on its behalf) delivering to the Administrative Agent and each Purchaser Agent (with a copy to the Collateral Custodian and the Backup Servicer) a duly completed Borrowing Notice (along with a Borrowing Base Certificate) no later than 2:00 p.m. (Charlotte, North Carolina time) at least one Business Day prior to the proposed Funding Date (provided however if the proposed Funding Date is not an Amsterdam Business Day, then the Funding Date shall be the next Business Day (which is also an Amsterdam Business Day) following such proposed Funding Date). Each Borrowing Notice (along with a Borrowing Base Certificate) shall (i) specify the desired amount of such Advance, which amount must be at least equal to $250,000 per Purchaser, (ii) specify the date of such Advance, (iii) specify either (a) the Assets to be financed on such Funding Date (including the appropriate file number, Outstanding Asset Balance for each Asset and identifying each Loan by type and whether such Loan is a Senior Secured ABL Loan, Senior Secured Loan, B-Note Loan, Mezzanine Loan, Acquired Loan, Assigned Loan, or Participation Loan) or (b) the Eligible Treasury Securities to be financed on such Funding Date (including the appropriate CUSIP number, the applicable Treasury Reserve Amount, the par value(s) of such Eligible Treasury Securities, and the fair market value(s) of such Eligible Treasury Securities, as determined by the Servicer based solely on the value of such securities reported by the Collateral Custodian), (iv) include a representation that all conditions precedent for an Advance described in Article III hereof have been met and (v) with respect to each Eligible Treasury Security, include a representation that such Eligible Treasury Security qualifies as an “Eligible Treasury Security” under the definition thereof and that the applicable Treasury Reserve Amount has been deposited into the Treasury Securities Account in accordance with Section 2.11(e) hereofmet. Each Borrowing Notice shall be irrevocable. (b) Except as set forth in Section 2.3(d) below with respect to Advances on Eligible Treasury Securities, on On the date of each Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Seller in same day funds, at such bank or other location reasonably designated by Seller in its Borrowing Notice given pursuant to this Section 2.3, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance, (ii) an amount equal to the Availability on such Funding Date or (iii) the Facility Amount. (c) On each Funding Date, the obligation of each Purchaser to remit its Pro Rata Share of any such Advance shall be several from that of each other Purchaser and the failure of any Purchaser to so make such amount available to the Seller shall not relieve any other Purchaser of its obligation hereunder. (d) Notwithstanding the foregoing, with respect to Advances on Eligible Treasury Securities, on the date of each related Advance, each Purchaser shall, upon satisfaction of the applicable conditions set forth in Section 2.11(e) and Article III, make available to the Collateral Custodian in same day funds, for deposit into the Treasury Securities Account, an amount equal to its Pro Rata Share of the lesser of (i) the amount requested by the Seller for such Advance or (ii) an amount equal to the Availability on such Funding Date. Such amount shall be held in the Treasury Securities Account (together with any amounts deposited by Seller with respect to the applicable Eligible Treasury Securities in accordance with Article III) and applied in accordance with Section 8.11 hereof.