Common use of Conditions to Initial Funding Clause in Contracts

Conditions to Initial Funding. Neither the Company nor the Bank Investors shall, and shall have no obligation to, advance any funds to the Issuer in connection with the Initial Funding if on the date of the Initial Funding, (i) either (x) if the Initial Funding is to be made by the Company, the sum of the Net In vestment after giving effect to the Initial Funding plus the Interest Component of Commercial Paper issued in connection with such Funding would exceed the Facility Limit, or (y) if the Initial Funding is to be made by the Bank Investors, the Net Investment, after giving effect to the Initial Funding, would exceed the Facility Limit, (ii) after giving effect to such Funding, the Net Asset Test is not satisfied, (iii) if the Net Investment is funded by the Company, the Company is unable to obtain funds therefor in the commercial paper market or under the Liquidity Provider Agreement, (iv) the Issuer shall have failed to deposit any Required Yield Deposit Amount into the Yield Supplement Account required pursuant to Section 2.13 of the Security Agreement, (v) the Issuer is not in compliance with Section 5.3 of the Security Agreement, (vi) the Policy shall not be in full force and effect or the Insurer shall have failed to make any required payment thereunder; (vii) the Issuer shall not have deposited in the Reserve Account, or shall not have given irrevocable instructions to the Agent to withhold from the proceeds of the Initial Funding, an amount equal to the amount necessary to cause the amount on deposit in the Reserve Account to equal the Required Reserve Account Amount (calculated as if the Initial Funding shall have occurred); (viii) a Potential Termination Event or the Termination Date shall have oc curred and be continuing, or (ix) the conditions precedent set forth in Section 4.1 of the Security Agreement shall not be satisfied.

Conditions to Initial Funding. Neither the Company nor the Bank Investors shall, and shall have no obligation to, advance any funds to the Issuer in connection with the Initial Funding if on the date of the Initial Funding, (i) either (x) if the Initial Funding is to be made by the Company, the sum of the Net In vestment after giving effect to the Initial Funding plus the Interest Component of Commercial Paper issued in connection with such Funding would exceed the Facility Limit, or (y) if the Initial Funding is to be made by the Bank Investors, the Net Investment, after giving effect to the Initial Funding, would exceed the Facility Limit, (ii) after giving effect to such Funding, the Net Asset Test is not satisfied, (iii) if the Net Investment is funded by the Company, the Company is unable to obtain funds therefor in the commercial paper market or under the Liquidity Provider Agreement, (iv) the Issuer shall have failed to deposit any Required Yield Deposit Amount into the Yield Supplement Account required pursuant to Section 2.13 of the Security Agreement, (v) the Issuer is not in compliance with Section 5.3 of the Security Agreement, (vi) the Policy shall not be in full force and effect or the Insurer shall have failed to make any required payment thereunder; (vii) the Issuer shall not have deposited in the Reserve Account, or shall not have given irrevocable instructions instruc tions to the Agent to withhold from the proceeds of the Initial Funding, an amount equal to the amount necessary to cause the amount on deposit in the Reserve Account Ac count to equal the Required Reserve Account Amount (calculated as if the Initial Funding shall have occurred); (viii) a Potential Termination Event or the Termination Termina tion Date shall have oc curred occurred and be continuing, or (ix) the conditions precedent set forth in Section 4.1 of the Security Agreement shall not be satisfied.

Conditions to Initial Funding. Neither the Company nor the Bank Investors shall, and shall have no obligation to, advance any funds to the Issuer in connection with the Initial Funding if on the date of the Initial Funding, (i) either (x) if the Initial Funding is to be made by the Company, the sum of the Net In vestment after giving effect to the Initial Funding plus the Interest Component of Commercial Paper issued in connection with such Funding would exceed the Facility Limit, or (y) if the Initial Funding is to be made by the Bank Investors, the Net Investment, after giving effect to the Initial Funding, would exceed the Facility Limit, (ii) after giving effect to such Funding, the Net Asset Test is not satisfied, (iii) if the Net Investment is funded by the Company, the Company is unable to obtain funds therefor in the commercial paper market or under the Liquidity Provider Agreement, (iv) the Issuer shall have failed to deposit any Required Yield Deposit Amount into the Yield Supplement Account required pursuant to Section 2.13 of the Security Agreement, (v) the Issuer is not in compliance with Section 5.3 of the Security Agreement, (vi) the Policy shall not be in full force and effect or the Insurer shall have failed to make any required payment thereunder; (vii) the Issuer shall not have deposited in the Reserve Account, or shall not have given irrevocable instructions to the Agent to withhold from the proceeds of the Initial Funding, an amount equal to the amount necessary to cause the amount on deposit in the Reserve Account to equal the Required Reserve Account Ac count Amount (calculated as if the Initial Funding shall have occurred); , (viiivii) a Potential Termination Event or the Termination Date shall have oc curred occurred and be continuingcon tinuing, or (ixviii) the conditions precedent set forth in Section 4.1 of the Security Agreement shall not be satisfied.