Common use of Contract Approvals Clause in Contracts

Contract Approvals. All Contracts acquired by the Borrower on the Effective Date and all Contract Payments related thereto, and any Contracts and related Contract Payments involving an Obligor under such Contracts which may be acquired by the Borrower after the Effective Date, to the extent set forth on the initial Asset Approval Notice, are deemed to satisfy clause (iii) of the definition of Eligible Contract Payment. The Borrower shall provide written notice to the Facility Agent of its intent to purchase any Contract from the Equityholder prior to any proposed purchase date, along with such description and supporting information regarding the Contract as requested by the Facility Agent. The Borrower shall not acquire any Contract unless the Facility Agent has granted its prior approval hereunder. The Facility Agent shall grant or deny its approval within a reasonable period of time (not to exceed ten (10) Business Days) following receipt of an Asset Approval Request (along with any relevant credit materials, including underwriting memos, financial statements and other information reasonably requested by the Facility Agent); provided that if the Facility Agent fails to respond within such ten (10) Business Day period, such request will be deemed to be denied. Once a Contract has been approved hereunder, all Contract Payments related thereto shall be deemed to satisfy clause (iii) of the definition of Eligible Contract Payment for all purposes hereunder.