(iv) Notification by Management Representative. 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 payday loans in Pittsburg CA area 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 shall manage to your the inner info a merchant account otherwise account evidencing this new Financial obligation regarding Team so you’re able to for example Lender, like the degrees of the newest Money produced by it and each payment and you will prepayment according thereof
(v) Conditions to Capabilities out of 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.
dos.dos Pro rata Shares. All the Money would be from the financial institution, as well and you can proportionately to their respective Pro rata Offers, they are know you to zero Financial will likely be responsible for people standard from the any Lender such most other Lender’s duty to create a loan questioned hereunder nor will any Relationship of every Lender getting increased or decreased down to a standard by virtually any Financial in such other Lender’s responsibility while making that loan expected hereunder.
The Management Representative will alert per Bank and you may Company of your own Management Agent’s and you will such Lender’s response to for every demand generated hereunder, the level of such as boost (or no) plus the associated Union Improve Energetic Time
2.step 3 Accessibility Proceeds. No portion of the proceeds of every Loan will likely be made use of in whatever way which causes or might cause such Mortgage or the utilization of particularly proceeds in order to break Regulation T, Controls U otherwise Regulation X of the Board regarding Governors out-of brand new Government Reserve System or other regulation thereof or even break the Change 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 after that, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.