There will be no volunteer prepayments of any Financing produced hereunder

There will be no volunteer prepayments of any Financing produced hereunder

(i) During the Commitment Period, subject to the terms and conditions hereof, including, without limitation delivery of an updated Borrowing Base Certificate and Borrowing Base Report, each Lender severally agrees to make Loans to Company in an aggregate amount up to but not exceeding such Lender’s Commitment; considering that no Lender shall make any such Loan or portion thereof to the extent that, after giving effect to such Loan:

(b) Amounts borrowed pursuant to Section 2.1(a) may be reborrowed during the Commitment Period, and any repayment of the payday loans no checking account Whittier CA Loans (i) subject to clause (ii), on any Interest Payment Date shall be applied as set forth in Part 2.12(a) or ( ii) on any date on which an Event of Default has occurred and is continuing shall be applied as set forth in Point dos.12(b).

(ii) Assuming Organization wishes that Loan providers create Finance, Organization should send to Paying Agent, Management Broker and every Financial a fully done and you will lead Capital Notice zero afterwards than just Noon (New york city big date) no less than a few (2) Working days prior to the brand new advised Borrowing Time. Per Financial support Find are brought with a borrowing Foot Certification highlighting adequate Accessibility towards the requested Funds and you may a borrowing from the bank Ft Declaration.

(iii) Each Bank shall result in the level of the Loan available to the newest Expenses Agent not afterwards than a great.yards. (New york city go out) towards the relevant Borrowing Go out from the wire transfer of exact same big date loans in Bucks, and you will upon the brand new written assistance of one’s Management Agent, the Purchasing Representative should remit eg money to Company perhaps not afterwards than simply 4:00 p.meters. (Nyc big date) from the cable transfer away from same big date finance inside the Bucks with the account designated from the Organization regarding relevant Capital See (that need not be a merchant account of one’s Organization). When your Investing Broker has not yet obtained a written assistance out-of brand new Administrative Broker by 4:00 p.m. (Nyc day), Paying Broker have a tendency to cable including fund back once again to appropriate Loan providers.

(d) . All payments of principal, interest, fees, unpaid Transaction Costs, and other amounts payable to Lenders or parties under this Agreement or any Credit Document may be paid from the proceeds of Loans, made pursuant to a Funding Notice from Company pursuant to Section 2.1(c)(ii).

Considered Asks for Loans to blow Expected Payments

(i) Asks for Increase. So long as (i) no Event of Default or Default has occurred and is continuing, (ii) the Total Utilization of Commitments is at least equal to 50% of the Commitments of all Lenders and (iii) each Lender has been provided with any diligence and cash flow audit information it has requested and had adequate time to review, upon notice to the Administrative Agent and each Lender, Company may from time to time request an increase in the Commitment with respect to any Lender (with the written consent of the Administrative Agent in its sole and absolute discretion) at any time following the Closing Date and prior to the Commitment Termination Date with respect to such Lender.

For each Lender’s Union will expire for the Union Termination Big date and you will all Funds as well as most other amounts owed hereunder regarding the fresh Finance in addition to Obligations is going to be paid in complete zero after compared to Maturity Time

(ii) Elections to increase. Each Lender being asked to increase its Commitment shall notify Company whether or not such Person agrees, in its respective sole and absolute discretion, to the increase to such Commitment. Any such Person not responding within 10 Business Days after receipt of such request for an increase shall be deemed to have declined to consent to an increase in such Lender’s Commitment.