Common use of Variable Funding Note Clause in Contracts

Variable Funding Note. 6.19.1 PML as Administrator on behalf of the Issuer will arrange for funding under the Class S VFN pursuant to Condition 18 and this Clause 6.19. 6.19.2 If the Issuer (or PML as Administrator on behalf of the Issuer) determines that: (a) amounts standing to the credit of the General Reserve Fund are less than the General Reserve Fund Required Amount; (b) amounts standing to the credit of the Class A and Class B Liquidity Reserve Fund are less than the Class A and Class B Liquidity Reserve Fund Required Amount; or (c) there is a balance of less than zero on the Principal Deficiency Ledger, then not later than 2.00 p.m. one Business Days prior to the date on which a further funding of the Class S VFN is required (or such lesser time as may be agreed by the Class S VFN Holder), PML as Administrator on behalf of the Issuer may serve a Notice of Increase on the Class S VFN Holder requesting that the Class S VFN Holder further fund its obligations under the Class S VFN on the next following Interest Payment Date or other Business Day specified in the Notice of Increase in an amount as calculated by PML as Administrator pursuant to Clause 6.19.3 below and confirming in such Notice of Increase that no Event of Default has occurred or will occur as a result of the Further Class S VFN Funding.

Variable Funding Note. 6.19.1 6.18.1 PML as Administrator on behalf of the Issuer will arrange for funding under the Class S VFN pursuant to Condition 18 and this Clause 6.196.18. 6.19.2 6.18.2 If the Issuer (or PML as Administrator on behalf of the Issuer) determines that: (a) amounts standing to the credit of the General Reserve Fund are less than the General Reserve Fund Required Amount; (b) amounts standing to the credit of the Class A and Class B Note Liquidity Reserve Fund are less than the Class A and Class B Note Liquidity Reserve Fund Required Amount; or (c) there is a balance of less than zero on the Principal Deficiency Ledger, then not later than 2.00 p.m. one Business Days prior to the date on which a further funding of the Class S VFN is required (or such lesser time as may be agreed by the Class S VFN Holder), PML as Administrator on behalf of the Issuer may serve a Notice of Increase on the Class S VFN Holder requesting that the Class S VFN Holder further fund its obligations under the Class S VFN on the next following Interest Payment Date or other Business Day specified in the Notice of Increase in an amount as calculated by PML as Administrator pursuant to Clause 6.19.3 6.18.3 below and confirming in such Notice of Increase that no Event of Default has occurred or will occur as a result of the Further Class S VFN Funding.