Common use of Procedure for Issuance Clause in Contracts

Procedure for Issuance. Not later than three Business Days prior to the last day of the Offering Period, the Fund shall deliver to the Warranty Provider a notice specifying the expected Inception Date and the projected amount of the Financial Warranty (which shall be in the amount of the Aggregate Protected Amount as of the close of business on the Transition Date and shall not exceed the Financial Warranty Amount Limit). Prior to 11:00 a.m. (Eastern time) on the Inception Date, the Fund shall deliver to the Warranty Provider a notice showing the following, in each case as of the close of business on the Transition Date: (i) the NAV Per Share for each Class of Shares, and (ii) the Shares Outstanding of each Class of Shares. The notice also shall certify that the conditions precedent in SECTIONS 2.3(B)(I) through and including (VI) and 2.3(C) have been satisfied. Upon receipt of such notice and the fulfillment of the applicable conditions set forth in SECTION 2.3 hereof, the Warranty Provider will issue the Financial Warranty to the Fund in the amount specified in the parenthetical in the first sentence of this SECTION 2.2 (the "ISSUED FINANCIAL WARRANTY AMOUNT"). The Warranty Provider shall not incur any obligation or liability hereunder or under any transaction contemplated by any other Transaction Document during the Offering Period.

Procedure for Issuance. Not later than three Business Days prior to the last day of the Offering Period, the Fund shall deliver to the Warranty Provider Bank a notice specifying the expected Inception Date and the projected amount of the Financial Warranty (which shall be in the amount of the Aggregate Protected Amount as of the close of business on the Transition Date and shall not exceed the Financial Warranty Amount Limit). Prior to 11:00 a.m. (Eastern time) on the Inception Date, the Fund shall deliver to the Warranty Provider Bank a notice showing the following, in each case as of the close of business on the Transition Date: (i) the Total NAV Per Share for each Class of Shares, and (ii) the Shares Outstanding number of issued and outstanding shares of each Class of Shares. The notice also shall certify that the conditions precedent in SECTIONS 2.3(B)(I2.3(A)(I) through and including (VI) and 2.3(C2.3(B) have been satisfied. Upon receipt of such notice and the fulfillment of the applicable conditions set forth in SECTION 2.3 hereof, the Warranty Provider Bank will issue the Financial Warranty to the Fund in the amount specified in the parenthetical in the first sentence of this SECTION 2.2 (the "ISSUED FINANCIAL WARRANTY AMOUNT"). The Warranty Provider Bank shall not incur any obligation or liability hereunder or under any transaction contemplated by any other Transaction Document during the Offering Period.