(iv) Alerts from the 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, 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.
Each Bank shall care for to your its internal facts a free account or accounts evidencing this new Obligations out of Business so you can such as Financial, like the amounts of the fresh Fund from it each fees and prepayment according thereof
(v) Requirements in order to Possibilities regarding Improve. 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 paydayloanpennsylvania.org/cities/waynesboro/ in all material respects as of such date) and (y) no Event of Default or Default exists.
2.2 Pro rata Shares. All the Loans will likely be produced by the lender, additionally and you can proportionately on their particular Pro-rata Offers, it being understood one zero Lender shall be accountable for any standard by almost every other Bank such most other Lender’s responsibility to generate a loan asked hereunder nor shall people Commitment of every Lender feel improved otherwise reduced down to a standard of the any other Lender in such most other Lender’s responsibility and make a loan questioned hereunder.
The new Management Representative will alert each Bank and Team of Management Agent’s and particularly Lender’s reaction to for each request generated hereunder, the degree of including improve (if any) as well as the relevant Union Improve Productive Date
2.step 3 Access to Proceeds. Zero portion of the continues of any Mortgage are going to be made use of in whatever way that creates otherwise might cause such as for example Financing otherwise using like continues to help you break Control T, Control You otherwise Control X of Panel off Governors regarding new Government Put aside Program or any other controls thereof or perhaps to break the Replace Operate.
(a) Lenders’ Proof Personal 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 subsequent, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.