(iv) Notification of the Administrative Agent. Should any Lender decline to provide any increase in its Commitment, the Seller shall have the right (but not the obligation) to (1) seek a Second Warehouse Facility at any time thereafter, (2) sign and close on such Second Warehouse Facility, considering, that no Default or Event of Default has occurred and is continuing hereunder on the date of such signing and closing and (3) draw upon such Second Warehouse Facility at any time and from time to time, provided, that upon the first such draw, the Total Utilization of Commitments is equal to the Commitments of all Lenders and there exists no Default or Event of Default. At the option of the Administrative Agent, if an Obligor under a Pledged Lease is a party to another Lease that is not a Pledged Lease, Seller shall have the right repurchase the applicable Pledged Lease from Intermediate Seller (and Intermediate Seller shall have the corresponding right to repurchase such Pledged Lease from the Company), provided, that no Event of Default shall result from such repurchase. The repurchase price for such Pledged Lease shall be the greater of (a) the Amortized Order Value for such Lease and (b) any amounts necessary to cure any then existing Borrowing Base Deficiency. In connection therewith, Administrative Agent on behalf of the Lenders will promptly release any Lien on such Pledged Lease and the proceeds thereof so repurchased.
For each and every Bank should take care of toward their internal info a merchant account otherwise levels evidencing new Loans out-of Business in order to such as for instance Financial, such as the amounts of new Money made by they each fees and prepayment in respect thereof
(v) Standards to Effectiveness out-of Boost. As a condition precedent to each such increase, Company shall deliver to the Administrative Agent and each Lender, a certificate of the Secretary or Assistant Secretary of each of Company and the Seller, dated as of the Commitment Increase Effective Date, (i) certifying and attaching (x) the resolutions of Company approving or consenting to such Commitment increase and authorizing the execution, delivery and performance by such Person of the amendment to the Agreement, and (y) all documents evidencing all other necessary corporate action and governmental approvals, if any, with respect to such Commitment increase and such amendment to the Agreement and (ii) certifying that, before and after giving effect to such increase, (x) the representations and warranties of such Company and the Seller are true and correct as of the Commitment Increase Effective Date (unless any such representation or warranty relates to a specific date, in which case, it shall be true and correct in all material respects as of such date) and (y) no Event of Default or Default exists.
dos.2 Pro-rata Offers. The Fund shall be made by the lender, while doing so and proportionately on their respective Pro-rata Shares, it getting realized that no Financial will likely be accountable for one default because of the some other Financial in such other Lender’s responsibility in order to build financing requested hereunder nor will people Connection of every Lender be enhanced or reduced as a result of a standard of the almost every other Financial in such almost every other Lender’s obligations and work out financing asked hereunder.
The new Management Broker shall alert for every single Bank and you will Business of your Administrative Agent’s and you may such Lender’s response to each demand made hereunder, the amount of instance improve (if any) and relevant Partnership Improve Energetic Date
dos.step three Use of Continues. No portion of the continues of any Mortgage is going to be utilized in whatever way which causes otherwise might cause eg Loan or the aid of instance proceeds so you’re able to break Controls T, Regulation U otherwise Regulation X of the Board from Governors away from the Government Set aside System and other control thereof or perhaps to break this new Change Work.
(a) Lenders’ Evidence of Obligations. provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s https://paydayloanpennsylvania.org/cities/sharon/ Commitments or Company’s Obligations in respect of any applicable Loans; and provided further, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.