Break Funding Event definition
Examples of Break Funding Event in a sentence
The termination of this Agreement by the Lender for any of the reasons specified in Section 5(f) shall not constitute a Break Funding Event and the modification of the date of Closing by the mutual agreement of the Lender and the Issuer shall not constitute a Break Funding Event.
The Issuer shall pay the fee of counsel to the Lender in the amount of $23,500, payable on the earlier of the Closing Date or the date on which a Break Funding Event or a determination by the Issuer of the occurrence of a Change in Law in which it has given notice to terminate, occurs.
Notwithstanding the foregoing, the Issuer shall not be required to compensate any Holder for any loss incurred more than six months prior to the date that such Class A-R Noteholder notifies the Issuer of the Break Funding Event or Class A-R Note Increased Costs giving rise to such loss and of such Class A-R Noteholder's intention to claim compensation therefor.
In addition, if such notice and the certificate required pursuant to Section 3.08(d) are not delivered to the Issuer, the Collateral Manager and the Trustee at least two Business Days prior to a Distribution Date in the case of a Break Funding Event or ten Business Days prior to a Distribution Date in the case of Class A-R Note Increased Costs, payment of such Class A-R Note Additional Amounts shall be made on the next succeeding Distribution Date.
Notwithstanding the foregoing, the Issuer shall not be required to compensate any Holder for any loss incurred more than six months prior to the date that such Holder notifies the Issuer of the Break Funding Event or Class A-R Note Increased Costs giving rise to such loss and of such Holder's intention to claim compensation therefor.
A certificate of the Lender setting forth any amount or amounts that the Lender is entitled to receive pursuant to this Section 2.11 shall be delivered to the Borrower not later than one month after the last day of such Interest Period (or, in the case of a failure to borrow or continue, the duration of the Interest Period that would have resulted from such Advance or continuation) with respect to each Break Funding Event and such certificate shall be conclusive absent manifest error.
In the event of the payment or redemption of any Principal of this Note pursuant to Section 6 that does not occur on the Interest Date or the Maturity Date (including as a result of an Event of Default) (any such event, a “Break Funding Event”), then, in any such Break Funding Event, the Issuer shall, within thirty (30) days after demand by the Noteholder, reimburse the Noteholder for the Break Funding Losses with respect to such Break Funding Event.
In addition, if such notice and the certificate required pursuant to the Class A-R Note Purchase Agreement are not delivered to the Issuer, the Collateral Manager and the Trustee at least two Business Days prior to a Distribution Date in the case of a Break Funding Event or 10 Business Days prior to a Distribution Date in the case of Class A-R Note Increased Costs, payment shall be made on the next succeeding Distribution Date.
Breakage Fee: Amount to be paid to the Purchaser and its counsel upon the occurrence of a Break Funding Event as provided in the Forward Delivery Agreement.
Breakage Fee: Amount to be paid to the Purchaser and its counsel upon the occurrence of a Break Funding Event, as provided in the Forward Delivery Agreement.