Common use of Proceeds of Sale of Notes Clause in Contracts

Proceeds of Sale of Notes. A. The Issuer understands that when the IPA is instructed to deliver against payment, the processing of Issuance Instructions may not be completed simultaneously against the receipt of payment. Accordingly, the IPA is authorized to initiate delivery and to receive payment from the purchaser in accordance with the provisions of the Manual. All such payments shall be credited upon receipt to the Note Account. The Issuer hereby agrees to bear the risk that the IPA may fail to receive payment of the Proceeds of any Notes issued pursuant to Issuance Instructions. B. Funds received by the IPA as Proceeds will be credited to the Note Account. Prior to receipt of such Proceeds, the IPA may, but shall not be obligated to, credit such Proceeds to the Issuer by making an Advance. Upon telephonic, written (which may be in facsimile form), or electronic instructions received by the IPA from an Issuer Agent, an Advance may be (i) used in payment of Notes presented for payment upon maturity, (ii) deposited to an account of the Issuer at the IPA, or (iii) transferred to the account of the Issuer at another bank. If the IPA, in its sole discretion, makes an Advance, the Issuer agrees to apply the Proceeds to repay such Advance. If such Proceeds are insufficient to repay the Advance in full, the Issuer agrees to repay such Advance within 24 hours from the time such Advance was made. Interest on any Advance shall accrue from the day such Advance is made, and shall bear interest (i) in accordance with any separate agreement between the Issuer and the IPA in effect at the time, or (ii) if no such separate agreement is then in effect, then the Issuer shall repay to the IPA such Advance and the IPA's cost of funding such Advance.

Proceeds of Sale of Notes. A. The Issuer understands that when the IPA is instructed to deliver against payment, the processing of Issuance Instructions may not be completed simultaneously against the receipt of payment. Accordingly, the IPA is authorized to initiate delivery and to receive payment from the purchaser in accordance with the provisions of the Manual. All such payments shall be credited upon receipt to the Note Account. The Issuer hereby agrees to bear the risk that the IPA may fail to receive payment of the Proceeds of any Notes issued pursuant to Issuance Instructions. B. Funds received by the IPA as Proceeds will be credited to the Note Account. Prior to receipt of such Proceeds, the IPA may, but shall not be obligated to, credit such Proceeds to the Issuer by making an Advance. Upon telephonic, written (which may be in facsimile form), or electronic instructions received by the IPA from an Issuer Agent, an Advance may be (i) used in payment of Notes presented for payment upon maturity, (ii) deposited to an account of the Issuer at the IPA, IPA or (iii) transferred to the account of the Issuer at another bank. If the IPA, in its sole discretion, makes an Advance, the Issuer agrees to apply the Proceeds to repay such Advance. If such Proceeds are insufficient to repay the Advance in full, the Issuer agrees to repay such Advance within 24 hours from the time such Advance was made. Interest on any Advance shall accrue from the day such Advance is made, and shall bear interest (i) in accordance with any separate agreement between the Issuer and the IPA in effect at the time, or (ii) if no such separate agreement is then in effect, then the The Issuer shall repay to the IPA such Advance and the IPA's cost of funding such AdvanceAdvance (such funding cost will be determined by the IPA and the IPA shall provide evidence thereof to the Issuer).

Proceeds of Sale of Notes. A. The Issuer understands that when the IPA FNBC is instructed to deliver against payment, the processing of Issuance Instructions may not be completed simultaneously against the receipt of payment. Accordingly, FNBC and the IPA is Sub-Agent are each hereby authorized to initiate delivery and to receive payment from the purchaser in accordance with the provisions of the ManualManual and the Rules. All such payments shall be credited upon receipt received for credit to the Note AccountAccount (as that term is defined in paragraph 5 below). The Issuer hereby agrees to bear the risk that the IPA may fail FNBC fails to receive payment of the Proceeds purchase price of any Notes issued pursuant to Issuance Instructions. B. Funds received by FNBC in payment of the IPA as Proceeds Note(s) ("Proceeds") will be credited to the Note Account. Prior to receipt of the time that such ProceedsProceeds are received, the IPA FNBC may, but shall not be obligated to, credit such Proceeds advance the Issuer an amount less than or equal to the Issuer by making anticipated Proceeds (an "Advance"). Upon telephonic, written (which may be in facsimile form), or electronic instructions received by the IPA FNBC from an Issuer Agent, an Advance may be (i) used in payment of Notes presented for payment upon maturity, (ii) deposited to by FNBC in an account of the Issuer maintained at the IPAFNBC, or (iii) transferred to the account of the Issuer at another bank. If the IPAFNBC, in its sole discretion, makes an Advance, the Issuer agrees to apply the Proceeds to repay such Advance. If ; if such Proceeds are insufficient to repay the Advance in full, the Issuer agrees to repay such Advance within 24 hours from the time such Advance advance was made. Interest on any Advance shall accrue from the day such Advance is made, and shall bear interest (i) as described in accordance with any separate agreement between the FNBC's standard fee schedule, a copy of which shall be provided to Issuer and the IPA in effect at the from time to time, or (ii) if no such separate agreement is then in effect, then the Issuer shall repay to the IPA such Advance and the IPA's cost of funding such Advance.

Proceeds of Sale of Notes. A. The Issuer understands that when the IPA is instructed to deliver against payment, the processing of Issuance Instructions may not be completed simultaneously against the receipt of payment. Accordingly, the IPA is authorized to initiate delivery and to receive payment from the purchaser in accordance with the provisions of the Manual. All such payments shall be credited upon receipt to the Note Account. The Issuer hereby agrees to bear the risk that the IPA may fail fails to receive payment of the Proceeds of any Notes issued pursuant to Issuance Instructions. B. Funds received by the IPA as Proceeds will be credited to the Note Account. Prior to receipt of such Proceeds, the IPA may, but shall not be obligated to, credit such Proceeds to the Issuer by making an Advance. Upon telephonic, written (which may be in facsimile form), or electronic instructions received by the IPA from an Issuer Agent, an Advance may be (i) used in payment of Notes presented for payment upon maturity, (ii) deposited to an account of the Issuer at the IPA, or (iii) transferred to the account of the Issuer at another bank. If the IPA, in its sole discretion, makes an Advance, the Issuer agrees to apply the Proceeds to repay such Advance. If such Proceeds are insufficient to repay the Advance in full, the Issuer agrees to repay such Advance within 24 hours from the time such Advance was made. Interest on any Advance shall accrue from the day such Advance is made, and shall bear interest (i) in accordance with any separate agreement between the Issuer and the IPA in effect at the time, or (ii) if no such separate agreement is then in effect, then the Issuer shall repay to the IPA such Advance and as described in the IPA's cost of funding such Advancestandard fee schedule.