Downgraded Purchaser definition
Examples of Downgraded Purchaser in a sentence
If such telephonic notice is not received prior to 12:00 noon (New York City time) on such Business Day, the requested Non-Pro Rata Purchase shall be made by the Non-Extending Purchaser or Downgraded Purchaser, as applicable, by 2:00 p.m. (New York City time) on the Business Day next succeeding the Business Day on which such telephonic notice is given.
No Downgraded Purchaser (as defined below) shall be permitted to extend its Purchase Termination Date.
A Non-Pro Rata Purchase shall be made by the Non-Extending Purchaser or Downgraded Purchaser, as applicable, by a payment to the Agent of the amount of such Non-Pro Rata Purchase.
If such telephonic notice is received by an APA Purchaser prior to 12:00 noon (New York City time) on any such Business Day, the requested Non-Pro Rata Purchase shall be made by the Non-Extending Purchaser or Downgraded Purchaser, as applicable, by 2:00 p.m. (New York City time) on such Business Day.
Earnings on such investments (after deducting any losses), if any, shall be paid by the Agent to the Downgraded Purchaser or Non-Extending Purchaser, as the case may be, whose deposit funded such Non-Pro Rata Funding Account on such Downgraded or Non-Extending Purchaser's Expiry Date (or such earlier date on which such Downgraded or Non-Extending Purchaser is replaced).
A Downgraded Purchaser's Non-Pro Rata Purchase shall be the functional equivalent of such APA Purchaser's Maximum Purchase and if and to the extent the Agent notifies such Downgraded Purchaser of its obligation to purchase a Percentage Interest, moneys in the Non-Pro Rata Funding Account shall be used to fund such Downgraded Purchaser's Percentage of the Percentage Interest and shall thereafter constitute such APA Purchaser's Purchased Interest.
A Downgraded Purchaser's Non-Pro Rata Purchase shall be the functional equivalent of such APA Purchaser's Maximum Purchase and if and to the extent the Agent notifies such Downgraded Purchaser of its obligation to purchase a Percentage Interest or accept a Purchase Assignment, moneys in the Non-Pro Rata Funding Account shall be used to fund such Downgraded Purchaser's Percentage of the Percentage Interest or Purchase Assignment, and shall thereafter constitute such APA Purchaser's Purchaser Interest.
Any Committed Purchaser which becomes a Downgraded Purchaser will give the Issuer, the Administrative Agents and the Servicer notice of such reduction or withdrawal within ten (10) Business Days after the date thereof.
For purposes of this subsection, a Liquidity Purchaser shall be a "Downgraded Purchaser" if and so long as the credit rating assigned to its short-term obligations by Moody's or Standard & Poor's on the date on which it became a party to this Agreement shall have been reduced or withdrawn, unless otherwise agreed between such Liquidity Purchaser and the Conduit Purchaser in its Purchaser Group.
Earnings on such investments (after deducting any losse▇), ▇▇ any, shall be paid by the Agent to the Downgraded Purchaser or Non-Extending Purchaser, as the case may be, whose deposit funded such Non-Pro Rata Funding Account.