Subject to the terms and conditions set forth herein and as set forth in the Note, Lender agrees to make on the Closing Date the Drawdown Loan to Borrowers in the principal amount of up to $2,000,000 (the “Loan Amount”), which Loan Amount may be drawn down by the Borrower and shall be disbursed by Lender to Borrower as provided for in the Note.įacility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.įacility B Loan means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.ĭrawdown Date means, in relation to an Advance, the date requested by the Borrower for the Advance to be made, or (as the context requires) the date on which the Advance is actually made įunding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan. The decision of the purchaser shall be final and binding in this context. The Drawdown Loan shall be secured by a first lien on the Collateral to the extent permitted by the Indentures described below.īorrowers will use the proceeds of the Drawdown Loan for general working capital purposes. This authorisation policy is for Loan only and would apply for the main servicing transactions: Loan Drawdown, Loan Rollovers, Early Repayment, Partial Repayment, Full Repayment. In addition, simultaneously with the Issuer’s purchase of any Delayed Drawdown Loan or Revolving Bank Loan, the Issuer is required to deposit into the Loan Funding Account the full amount of any advances or delayed draws that may be required of the Issuer thereunder and principal repaid under any Revolving Bank Loan is required to be deposited in the Loan Funding Account to the extent the Issuer’s obligation to fund any future advances has not been irrevocably reduced. A Loan shall only be considered to be a Delayed Drawdown Loan for so long as its unused commitment amount is greater than zero.įunds on deposit in the Unfunded Exposure Account as of any date of determination may be withdrawn to fund draw requests of the relevant obligors under any Delayed Drawdown Loan or Revolving Loan.Īs used in this Note, the defined terms as set forth in the Drawdown Loan Agreement between the Lender and Borrowers dated Octo(the “Loan Agreement”) shall have the same meanings as attributed thereto.įor all purposes (including calculation of the Coverage Tests), the principal balance of a Revolving Loan or a Delayed Drawdown Loan will include all unfunded commitments that have not been irrevocably reduced or withdrawn.
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