Funding Delay Notice definition
Funding Delay Notice has the meaning specified in Section 2.02(e).
Funding Delay Notice means a written notice delivered by a Financial Institution to the Seller, Servicer, Agent and the Managing Agent for its Purchase Group prior to 1:00 p.m. (Central Standard Time) on the Business Day immediately following the date of the Purchase Notice, informing the the Seller, the Servicer, the Agent and such Managing Agent that such Purchaser has either (i) elected to delay its funding of any Incremental Purchase as requested by such Purchase Notice or (ii) elected to delay its funding of the Incremental Purchase in excess of the Non-Delayed Funding Amount.
Examples of Funding Delay Notice in a sentence
On each Borrowing Date, subject to the satisfaction of the conditions precedent specified in this Agreement (except as set forth in Section 2.02(e) following delivery of a Funding Delay Notice), each applicable Lender shall remit its share of the aggregate amount of the Loans requested by the Borrower to the account of its related Managing Agent specified therefor to such Lender by 1:30 p.m. (New York City time) by wire transfer of same day funds.
By delivery of a Funding Delay Notice, a Designated Delay Funding Lender shall be deemed to represent and warrant that the certifications previously provided to the Borrower by such Designated Delay Funding Lender are true as of the date of the delivery of such Funding Delay Notice.