Common use of Class B Incremental Fundings Clause in Contracts

Class B Incremental Fundings. (a) The Class B Purchaser will be obligated to make Class B Incremental Fundings from time to time during the Revolving Period upon satisfaction, as of the applicable Incremental Funding Date, of each of the following conditions: (i) the Class B Purchaser shall have received copies of all monthly statements and all reports required to be delivered by Servicer to the Trustee pursuant to Section 3.4 of the Pooling and Servicing Agreement; (ii) each of the representations and warranties of the Seller and the Servicer made in the Series Documents shall be true and correct in all material respects as of the applicable Incremental Funding Date (except to the extent they expressly relate to an earlier or later time); (iii) the Seller and the Servicer shall be in compliance in all material respects with all of their respective covenants contained in the Series Documents; (iv) no Early Amortization Event, Servicer Default or event which with the giving of notice or passage of time or both could become an Early Amortization Event or Servicer Default shall have occurred; and (v) at least three Business Days prior to the Incremental Funding Date, the Class B Purchaser shall have received a completed Notice of Incremental Funding. (b) The Class B Purchaser shall not be required to make any Class B Incremental Funding if, after giving effect to such funding, the Class B Investor Interest would exceed the Maximum Class B Funded Amount. (c) The purchase price of each Class B Incremental Funding shall be equal to 100% of the amount of such Class B Incremental Funding and shall be paid not later than 1:00 p.m. New York City time on the Incremental Funding Date by wire transfer of immediately available funds to such account as may from time to time be specified by the Seller in a notice to the Class B Purchaser).

Class B Incremental Fundings. (a) The Class B Purchaser will be obligated to make Class B Incremental Fundings from time to time during the Revolving Period upon satisfaction, as of the applicable Incremental Funding Date, of each of the following conditions: (i) the Class B Purchaser shall have received copies of all monthly statements and all reports required to be delivered by Servicer to the Trustee pursuant to Section 3.4 of the Pooling and Servicing Agreement; (ii) each of the representations and warranties of the Seller and the Servicer made in the Series Documents shall be true and correct in all material respects as of the applicable Incremental Funding Date (except to the extent they expressly relate to an earlier or later time); (iii) the Seller and the Servicer shall be in compliance in all material respects with all of their respective covenants contained in the Series Documents; (iv) no Early Amortization Event, Servicer Default or event which with the giving of notice or passage of time or both could become an Early Amortization Event or Servicer Default shall have occurred; and (v) at least three two Business Days prior to the Incremental Funding Date, the Class B Purchaser shall have received a completed Notice of Incremental Funding. (b) The Class B Purchaser shall not be required to make any Class B Incremental Funding if, after giving effect to such funding, the Class B Investor Interest would exceed the Maximum Class B Funded Amount. (c) The purchase price of each Class B Incremental Funding shall be equal to 100% of the amount of such Class B Incremental Funding and shall be paid not later than 1:00 p.m. New York City time on the Incremental Funding Date by wire transfer of immediately available funds to such account as may from time to time be specified by the Seller in a notice to the Class B Purchaser).

Class B Incremental Fundings. (a) The Upon the terms and subject to the conditions set forth herein and in the Indenture, the Seller, may, at its option, on or prior to the date which three (3) Business Days prior to any proposed Incremental Funding Date, submit a Notice of Incremental Funding to the Indenture Trustee and the Agent, which shall set forth (i) the proposed amount of such Incremental Funding and (ii) the proposed date of such Incremental Funding, and the Class B Purchaser will be obligated Conduit Investor may at the Class B Conduit Investor’s option, or the Class B Alternate Investors shall, to make the extent provided in Section 2.04(b), fund the Class B Incremental Funding so requested in connection with such Notice of Incremental Funding. Without limiting any of the foregoing, it is understood that the Class B Conduit Investor shall not elect to fund Class B Incremental Fundings from time to time during after the Revolving Period upon satisfaction, as occurrence of an Event of Default. (b) Under no circumstances shall the applicable Class B Conduit Investor or any Class B Alternate Investor fund any Class B Incremental Funding Dateto the extent that, of each of after giving effect to such Class B Incremental Funding and the following conditions: other Class B Incremental Fundings to be made by the Class B Alternate Investors concurrently therewith (i) the Class B Purchaser shall have received copies of all monthly statements and all reports required to be delivered by Servicer to Funded Amount would exceed the Trustee pursuant to Section 3.4 of the Pooling and Servicing Agreement; Class B Maximum Net Investment, (ii) each with respect to any Class B Alternate Investor, its Class B Pro Rata Share of the representations and warranties Class B Alternate Investor Percentage of the Seller and the Servicer made in the Series Documents shall be true and correct in all material respects as of the applicable Incremental Funding Date (except to the extent they expressly relate to an earlier Class B Funded Amount would exceed its Class B Commitment or later time); (iii) the Seller Class B Funded Amount plus accrued and unpaid interest thereon would exceed the Servicer shall be in compliance in all material respects with all of their respective covenants contained in the Series Documents;Class B Facility Limit. (ivc) no Early Amortization Event, Servicer Default or event which with The Agent will promptly notify the giving Class B Conduit Investor of notice or passage the Agent’s receipt of time or both could become an Early Amortization Event or Servicer Default shall have occurred; and (v) at least three Business Days any Notice of Incremental Funding. If the Notice of Incremental Funding is received prior to the Incremental Funding Class B Conduit Investment Termination Date, the Class B Purchaser Conduit Investor shall have received a completed instruct the Agent to accept or reject such Notice of Incremental Funding by notice given to the Agent by telephone or facsimile by no later than the close of its business on the Business Day following its receipt of any such Notice of Incremental Funding. (bd) The Class B Purchaser shall not be required Alternate Investor’s Commitment. At no time will the Class B Conduit Investor have any obligation to make fund any Class B Incremental Funding if, Funding. At all times on and after giving effect to such funding, the Class B Conduit Investment Termination Date, all Class B Incremental Fundings shall be made by the Agent on behalf of the Class B Alternate Investors. At any time when the Class B Conduit Investor Interest has rejected a request for a Class B Incremental Funding, the Agent shall so notify the Class B Alternate Investors and the Class B Alternate Investors shall fund such Class B Incremental Funding, on a pro rata basis, in accordance with their respective Class B Pro Rata Shares. Notwithstanding anything contained in this Section 2.04(d) or elsewhere in this Agreement to the contrary, no Class B Alternate Investor shall be obligated to provide the Agent or the Seller with funds in connection with a Class B Incremental Funding an amount that would exceed result in the Maximum portion of the Class B Funded Amount. Amount then funded by it exceeding its Class B Commitment then in effect (c) minus the unrecovered principal amount of such Class B Alternate Investor’s investments in the Class B Notes pursuant to the Program Support Agreement to which it is a party). The purchase price obligation of each Class B Alternate Investor to remit its Pro Rata Share of any such Class B Incremental Funding shall be equal to 100% several from that of the amount of such each other Class B Incremental Funding Alternate Investor, and shall be paid not later than 1:00 p.m. New York City time on the Incremental Funding Date by wire transfer failure of immediately any Class B Alternate Investor to so make such amount available funds to such account as may from time to time be specified by the Seller in a notice to the Agent shall not relieve any other Class B Purchaser)Alternate Investor of its obligation hereunder.