These recordation can be conclusive and you may binding on Team, absent manifest error;

These recordation can be conclusive and you may binding on Team, absent manifest error;

(iv) Notice of the Management 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, 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 https://paydayloansgeorgia.net/cities/bainbridge/, Administrative Agent on behalf of the Lenders will promptly release any Lien on such Pledged Lease and the proceeds thereof so repurchased.

Each Lender will manage to your their interior details a free account or accounts evidencing the fresh new Financial obligation of Providers to particularly Financial, for instance the degrees of new Financing produced by they and every installment and you will prepayment according thereof

(v) Standards to help you Abilities 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 Shares. Most of the Fund will likely be from the lender, likewise and you will proportionately to their respective Pro rata Offers, it are know that no Bank is responsible for one standard by the various other Bank this kind of other Lender’s duty so you’re able to make financing questioned hereunder neither should one Commitment of every Financial getting increased otherwise diminished down to a default because of the every other Financial this kind of other Lender’s duty and also make that loan questioned hereunder.

The fresh Management Agent will alert for each Financial and you may Business of the Administrative Agent’s and you can such as for example Lender’s response to for each and every demand made hereunder, the level of for example increase (if any) and also the related Commitment Raise Productive Time

dos.step three Accessibility Continues. Zero portion of the proceeds of any Financing will be used any way which causes otherwise may cause such Mortgage otherwise the usage of including proceeds to violate Regulation T, Controls You or Controls X of one’s Panel from Governors out-of the Federal Reserve System or any other controls thereof or even to break this new Replace Operate.

(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 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.

Leave a Comment

Your email address will not be published.