Common use of Procedure for Advances Clause in Contracts

Procedure for Advances. (a) Subject to the limitations set forth in Section 2.01, the Borrower may request an Advance from the Lenders, in an aggregate amount up to the Availability as of such date, by delivering at the specified times the information and documents set forth in this Section 2.02. Upon receipt of such information and documents, the Administrative Agent will provide notification to the Lenders with respect thereto. (b) The Borrower (or the Servicer on its behalf) shall deliver a Servicer Advance Date Report to the Administrative Agent and each Lender no later than (x) 2:00 p.m. at least one (1) Business Day before the Business Day on which the Dollar Advances are to be made, (y) 11:00 a.m. at least two (2) Business Days preceding the Business Day on which the Advance in an Eligible Currency other than Dollars and AUDs is to be made and (z) 2:00 p.m. at least three (3) Business Days preceding the Business Day on which the AUD Advances are to be made; provided that, if such Servicer Advance Date Report is delivered later than the times set forth above, such Servicer Advance Date Report shall be deemed to have been received on the following Business Day. (c) On the date of each Advance, upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in accordance with the Notice of Borrowing, make available to the Borrower, in same day funds, at such bank or other location reasonably designated by the Administrative Agent from time to time, an amount at least equal to the Dollar Equivalent of $500,000 (as determined by the Servicer using the Spot Rate), to be allocated to the Lender’s Pro Rata Share of the least of (A) the amount requested by the Borrower for such Advance, (B) the aggregate unused Commitments then in effect and (C) an amount equal to the amount by which the Borrowing Base exceeds the Advances Outstanding on such Advance Date (after giving effect to the use of such Advance for the purchase of Eligible Loan Assets). For the avoidance of doubt, each Advance and related increase in the Advances Outstanding shall be allocated ratably to each Lender in accordance with their respective Lender’s Pro Rata Share as in effect before such increase. Any Lender which fails to remit its Pro Rata Share in connection with any Advance in accordance with this Section 2.02 shall constitute a Defaulting Lender, and the Borrower shall have all rights available to the Borrower pursuant to Section 2.22. (d) Each Advance shall bear interest at the applicable Yield Rate. (e) Subject to Section 2.04 and the other terms, conditions, provisions and limitations set forth herein, the Borrower may borrow, repay or prepay and reborrow Advances without any penalty, fee or premium on and after the Closing Date and prior to the end of the Revolving Period. (f) The obligation of each Lender to remit its Pro Rata Share of any Advance shall be several from that of each other Lender and the failure of any Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder. (g) If, on the last day of the Revolving Period, the amount on deposit in the Unfunded Exposure Account is less than the aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such shortfall (the “Unfunded Exposure Amount Shortfall”). Following receipt of a Notice of Borrowing (which shall specify the account details of the Unfunded Exposure Account where the funds will be made available), each Lender shall fund its Pro Rata Share of such Unfunded Exposure Amount Shortfall in accordance with Section 2.01, notwithstanding anything to the contrary herein (including, the Borrower’s failure to satisfy any of the conditions precedent set forth in Section 3.02) other than an Event of Default related to a Bankruptcy Event with respect to the Borrower.

Procedure for Advances. (a) Subject During the Reinvestment Period, the Lenders will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to the limitations set forth in Section 2.01, the Borrower may request an Advance from the Lenders, in an aggregate amount up to the Availability as provisions of such date, by delivering at the specified times the information and documents set forth in this Section 2.02. Upon receipt of such information and documents, the Administrative Agent will provide notification to the Lenders with respect theretoArticle III hereof. (b) The Each Advance shall be made on at least one Business Day’s irrevocable written notice from the Borrower (or the Servicer on its behalf) shall deliver a Servicer Advance Date Report to the Administrative Agent and each Lender Agent, with a copy to the Collateral Agent and the Collateral Custodian, in the form of a Notice of Borrowing; provided that such Notice of Borrowing shall be deemed to have been received by the Administrative Agent and each Lender Agent on a Business Day if delivered no later than (x) 2:00 p.m. at least one (1) on such Business Day before the Business Day on which the Dollar Advances are to be madeand if not delivered by such time, (y) 11:00 a.m. at least two (2) Business Days preceding the Business Day on which the Advance in an Eligible Currency other than Dollars and AUDs is to be made and (z) 2:00 p.m. at least three (3) Business Days preceding the Business Day on which the AUD Advances are to be made; provided that, if such Servicer Advance Date Report is delivered later than the times set forth above, such Servicer Advance Date Report shall be deemed to have been received on the following Business Day.. The Borrower or the Servicer shall provide electronic copies of all Loan Agreements and other loan documents and information with respect to each proposed Loan Asset, if any, to a website that the Administrative Agent has approved and to which the Administrative Agent and each Lender Agent have access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof), and shall specify: (ci) the aggregate amount of such Advance, which amount shall not cause the Advances Outstanding to exceed the Borrowing Base; provided that, the amount of such Advance must be at least equal to $500,000; (ii) the proposed date of such Advance; and (iii) a representation that all conditions precedent for an Advance described in Article III hereof have been satisfied. On the date of each Advance, upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in accordance with instructions received by the Notice of Borrowing, Borrower make available to the Borrower, in same day funds, at such bank or other location reasonably designated by the Administrative Agent from time to time, an amount at least equal to the Dollar Equivalent of $500,000 (as determined by the Servicer using the Spot Rate), to be allocated to the such Lender’s Pro Rata Share of the least of (A) the amount requested by the Borrower for such Advance, (B) by payment into the aggregate unused Commitments then in effect and (C) an amount equal to the amount by account which the Borrowing Base exceeds Borrower has designated in writing. (c) The Advances shall bear interest at the Advances Outstanding on such Advance Date (after giving effect to the use of such Advance for the purchase of Eligible Loan Assets). For the avoidance of doubt, each Advance and related increase in the Advances Outstanding shall be allocated ratably to each Lender in accordance with their respective Lender’s Pro Rata Share as in effect before such increase. Any Lender which fails to remit its Pro Rata Share in connection with any Advance in accordance with this Section 2.02 shall constitute a Defaulting Lender, and the Borrower shall have all rights available to the Borrower pursuant to Section 2.22Yield Rate. (d) Each Advance shall bear interest at the applicable Yield Rate. (e) Subject to Section 2.04 2.18 and the other terms, conditions, provisions and limitations set forth hereinherein (including, without limitation, the payment of the Make-Whole Premium, as applicable), the Borrower may borrow, repay or prepay and reborrow Advances without any penalty, fee or premium on and after the Original Closing Date and prior to the end of the Revolving Reinvestment Period. (e) A determination by any Lender of the existence of any Eurodollar Disruption Event (any such determination to be communicated to the Borrower by written notice from the Administrative Agent promptly after the Administrative Agent learns of such event), or of the effect of any Eurodollar Disruption Event on its making or maintaining Advances at LIBOR, shall be conclusive absent manifest error. (f) The obligation of each Conduit Lender and each Institutional Lender to remit its Pro Rata Share of any Advance shall be several from that of each other Lender and the failure of any Conduit Lender or Institutional Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder. (g) If, on the last day of the Revolving Period, the amount on deposit in the Unfunded Exposure Account is less than the aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such shortfall (the “Unfunded Exposure Amount Shortfall”). Following receipt of a Notice of Borrowing (which shall specify the account details of the Unfunded Exposure Account where the funds will be made available), each Lender shall fund its Pro Rata Share of such Unfunded Exposure Amount Shortfall in accordance with Section 2.01, notwithstanding anything to the contrary herein (including, the Borrower’s failure to satisfy any of the conditions precedent set forth in Section 3.02) other than an Event of Default related to a Bankruptcy Event with respect to the Borrower.

Procedure for Advances. (a) Subject During the Reinvestment Period, the Lenders will make Advances on any Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02 and subject to the limitations set forth in Section 2.01, the Borrower may request an Advance from the Lenders, in an aggregate amount up to the Availability as provisions of such date, by delivering at the specified times the information and documents set forth in this Section 2.02. Upon receipt of such information and documents, the Administrative Agent will provide notification to the Lenders with respect theretoArticle III hereof. (b) The Each Advance shall be made on at least one Business Day’s irrevocable written notice from the Borrower (or the Servicer on its behalf) shall deliver a Servicer Advance Date Report to the Administrative Agent and each Lender Agent, with a copy to the Collateral Agent and the Collateral Custodian, in the form of a Notice of Borrowing; provided that such Notice of Borrowing shall be deemed to have been received by the Administrative Agent and each Lender Agent on a Business Day if delivered no later than (x) 2:00 p.m. at least one (1) on such Business Day before the Business Day on which the Dollar Advances are to be madeand if not delivered by such time, (y) 11:00 a.m. at least two (2) Business Days preceding the Business Day on which the Advance in an Eligible Currency other than Dollars and AUDs is to be made and (z) 2:00 p.m. at least three (3) Business Days preceding the Business Day on which the AUD Advances are to be made; provided that, if such Servicer Advance Date Report is delivered later than the times set forth above, such Servicer Advance Date Report shall be deemed to have been received on the following Business Day.. The Borrower or the Servicer shall provide electronic copies of all Loan Agreements and other loan documents and information with respect to each proposed Loan Asset, if any, to a website that the Administrative Agent has approved and to which the Administrative Agent and each Lender Agent have access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof), and shall specify: (ci) the aggregate amount of such Advance, which amount shall not cause the Advances Outstanding to exceed the Borrowing Base; provided that, the amount of such Advance must be at least equal to $500,000; (ii) the proposed date of such Advance; and (iii) a representation that all conditions precedent for an Advance described in Article III hereof have been satisfied. On the date of each Advance, upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in accordance with instructions received by the Notice of Borrowing, Borrower make available to the Borrower, in same day funds, at such bank or other location reasonably designated by the Administrative Agent from time to time, an amount at least equal to the Dollar Equivalent of $500,000 (as determined by the Servicer using the Spot Rate), to be allocated to the such Lender’s Pro Rata Share of the least of (A) the amount requested by the Borrower for such Advance, (B) by payment into the aggregate unused Commitments then in effect and (C) an amount equal to the amount by account which the Borrowing Base exceeds Borrower has designated in writing. (c) The Advances shall bear interest at the Advances Outstanding on such Advance Date (after giving effect to the use of such Advance for the purchase of Eligible Loan Assets). For the avoidance of doubt, each Advance and related increase in the Advances Outstanding shall be allocated ratably to each Lender in accordance with their respective Lender’s Pro Rata Share as in effect before such increase. Any Lender which fails to remit its Pro Rata Share in connection with any Advance in accordance with this Section 2.02 shall constitute a Defaulting Lender, and the Borrower shall have all rights available to the Borrower pursuant to Section 2.22Yield Rate. (d) Each Advance shall bear interest at the applicable Yield Rate. (e) Subject to Section 2.04 2.18 and the other terms, conditions, provisions and limitations set forth hereinherein (including, without limitation, the payment of the Make-Whole Premium, as applicable), the Borrower may borrow, repay or prepay and reborrow Advances without any -43- penalty, fee or premium on and after the Original Closing Date and prior to the end of the Revolving Reinvestment Period. (e) A determination by any Lender of the existence of any Eurodollar Disruption Event (any such determination to be communicated to the Borrower by written notice from the Administrative Agent promptly after the Administrative Agent learns of such event), or of the effect of any Eurodollar Disruption Event on its making or maintaining Advances at LIBOR, shall be conclusive absent manifest error. (f) The obligation of each Conduit Lender and each Institutional Lender to remit its Pro Rata Share of any Advance shall be several from that of each other Lender and the failure of any Conduit Lender or Institutional Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder. (g) If, on the last day of the Revolving Period, the amount on deposit in the Unfunded Exposure Account is less than the aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such shortfall (the “Unfunded Exposure Amount Shortfall”). Following receipt of a Notice of Borrowing (which shall specify the account details of the Unfunded Exposure Account where the funds will be made available), each Lender shall fund its Pro Rata Share of such Unfunded Exposure Amount Shortfall in accordance with Section 2.01, notwithstanding anything to the contrary herein (including, the Borrower’s failure to satisfy any of the conditions precedent set forth in Section 3.02) other than an Event of Default related to a Bankruptcy Event with respect to the Borrower.