Mandatory Funding definition
Examples of Mandatory Funding in a sentence
A Negotiated Rate Advance may not be prepaid prior to the last day of the applicable Negotiated Rate Interest Period except for a prepayment funded by a Mandatory Funding.
Except for a Mandatory Funding, each --------------- Revolving Loan Advance shall be in the minimum amount of Three Million Dollars ($3,000,000) (and in multiples of One Million Dollars ($1,000,000) if in excess thereof), provided, however, that any ABR Advance may be in the amount of the -------- ------- unused Revolving Loan Commitments.
Each Bank shall make its portion of the Mandatory Funding available to the Agent for the account of the Swingline Bank in immediately available funds by 1:00 p.m. on the date requested.
Unless an Event of Default exists pursuant to Section 10.1(f) or (g), each such payment by a Bank as part of a Mandatory Funding shall be deemed to be a Base Rate Loan made to the Company pursuant to such Bank's Commitment as part of a Revolving Borrowing of Base Rate Loans to the Company, and the Company hereby irrevocably instructs the Swingline Bank to apply the proceeds of such Mandatory Funding to the payment of the outstanding Swingline Loans.
If an Event of Default does exist pursuant to Section 10.1(f) or (g) at the time of any Mandatory Funding, each payment by a Bank as part of such Mandatory Funding shall be deemed to be such Bank's purchase of a participation interest in the outstanding Swingline Loans.
The Agent shall give each Bank notice of such Mandatory Funding by 11:00 a.m. on the date the Mandatory Funding is to be made.
Except for a Mandatory Funding, each Eurodollar Advance shall be in the minimum amount of $5,000,000 and in integral multiples of $1,000,000 (if in excess thereof), and each Floating Rate Advance (other than an Advance under the Swingline) may be in the amount of $1,000,000 or an integral multiple thereof.
Each Mandatory Funding Notice shall contain a proposed Additional Closing Date that shall be at least 10 Business Days but not more than 60 Business Days following the date of delivery of such Mandatory Funding Notice to the Buyers.
A Mandatory Funding Deadline will not be less than 30 days after the date the Mandatory Call Notice is provided to the Members.
If at any time before making a Mandatory Funding, Investors receive (or had received) a Draw Notice from the Company, the obligations of Investors under this Section 1.1(d) shall take precedence up to the unfunded portion of FM Commitment Amount.