(iv) Alerts of the Administrative Representative payday loans in Golera CA. 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.
Each Financial should take care of into their inner info a free account or account evidencing the fresh Loans out-of Company so you can including Bank, such as the levels of the Funds produced by it and each cost and you can prepayment according thereof
(v) Requirements so you can Abilities away from 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 in all material respects as of such date) and (y) no Event of Default or Default exists.
2.dos Pro rata Offers. Every Financing can be created by the financial institution, on top of that and you can proportionately to their particular Pro-rata Shares, it becoming understood that no Lender is going to be guilty of any default by the every other Bank this kind of almost every other Lender’s obligations in order to generate financing requested hereunder neither should one Partnership of every Lender end up being improved otherwise decreased right down to a default by any other Lender in such other Lender’s duty to make financing requested hereunder.
New Management Representative should alert for every Financial and Providers of one’s Administrative Agent’s and you can such as for example Lender’s response to for each and every request made hereunder, the amount of like boost (if any) plus the associated Commitment Raise Productive Day
dos.step three Use of Proceeds. No portion of the proceeds of any Mortgage should be made use of in whatever way that triggers or might cause such as Financing or the use of eg continues so you’re able to violate Regulation T, Control You or Regulation X of the Board away from Governors out-of the fresh Government Put aside System and other control thereof or to break new Replace Act.
(a) Lenders’ Proof of 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 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.
