(iv) Notification because 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, offered, 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 Bank should look after to the the interior facts a merchant account or accounts evidencing the new Personal debt out-of Company in order to instance Financial, for instance the degrees of the fresh Financing made by it and every repayment and prepayment according thereof
(v) Criteria in order to Capability off Raise. 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. All the Funds might be created by the financial institution, as well and you will proportionately on their particular Pro rata Offers, they becoming understood one to no Lender might be responsible for one standard from the any other Financial in such most other Lender’s obligations so you can generate a loan requested hereunder neither should one Union of any Lender be increased or diminished right down to a standard by any kind of Financial this kind of most other Lender’s obligation and then make a loan asked hereunder.
The Administrative Broker will notify for each and every Bank and you may Organization http://maxloan.org/payday-loans-tn of your Administrative Agent’s and you will instance Lender’s reaction to each request generated hereunder, the amount of such as for instance increase (or no) while the related Connection Improve Energetic Big date
dos.step three The means to access Proceeds. No part of the proceeds of every Financing will likely be used in whatever way that causes otherwise may cause particularly Financing otherwise the employment of eg continues so you’re able to break Control T, Control You otherwise Control X of one’s Board off Governors regarding the newest Federal Set-aside System and other controls thereof or to violate the newest Change Act.
(a) Lenders’ Proof of Loans. 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.