(iv) Alerts by Administrative Broker. 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, given, 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.
Per Lender will take care of to your the inner details a merchant account or profile evidencing the brand new Personal debt of Team to help you particularly Financial, including the levels of new Loans produced by it each installment and you may prepayment in respect thereof
(v) Requirements to help you Abilities out of Increase. 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 https://fasterloansllc.com/title-loans-ny/ such date) and (y) no Event of Default or Default exists.
dos.dos Pro-rata Shares. Most of the Finance is going to be from the lender, likewise and you can proportionately on the particular Pro-rata Shares, it being knew one zero Financial is responsible for people default because of the various other Bank in such almost every other Lender’s obligations so you’re able to make that loan asked hereunder nor shall any Commitment of every Lender be increased or decreased right down to a default from the other Bank in such most other Lender’s obligation and then make financing questioned hereunder.
The fresh Management Broker will alert for every Lender and you will Providers of your Administrative Agent’s and such as for instance Lender’s reaction to each consult produced hereunder, the degree of including improve (if any) while the relevant Commitment Boost Energetic Day
dos.3 Entry to Proceeds. No portion of the continues of any Mortgage are going to be utilized in any manner that causes or might cause for example Loan or the application of such as for example proceeds to help you violate Controls T, Controls U or Control X of Panel out-of Governors away from the Government Reserve Program or other controls thereof or even break the new Exchange Act.
(a) Lenders’ Evidence of Debt. provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Commitments or Company’s Obligations in respect of any applicable Loans; and provided next, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.