(iv) Alerts by 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, 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.
For every Financial will maintain with the its internal info an account or accounts evidencing this new Loans from Organization to such Financial, for instance the levels of brand new Funds created by they each fees and you will prepayment in respect thereof
(v) Conditions so you can Effectiveness 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 homeloansplus.org/payday-loans-me 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 is made by the financial institution, likewise and proportionately on their particular Pro-rata Shares, they are understood that no Financial are responsible for one standard by the various other Financial this kind of other Lender’s responsibility to help you make a loan questioned hereunder neither should people Connection of every Bank be improved otherwise diminished right down to a standard by the any other Financial in such other Lender’s obligations and then make financing requested hereunder.
The brand new Management Broker will alert for every single Lender and you may Providers of one’s Management Agent’s and you may such Lender’s a reaction to for each request made hereunder, the amount of like raise (or no) therefore the associated Connection Increase Productive Big date
dos.step three Entry to Continues. Zero part of the continues of any Financing should be put any way that causes otherwise could potentially cause eg Mortgage or the usage of such as proceeds in order to break Control T, Regulation U otherwise Control X of the Board off Governors away from this new Government Put aside System or other controls thereof or to break the fresh Replace Act.
(a) Lenders’ Proof of Financial obligation. 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.