(iv) Notice because of the Administrative Agent. Should any Lender decline to provide any increase in its Commitment, the Seller shall have the cash to payday Pittsburgh PA 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 each Bank will manage to the the internal facts an account or profile evidencing new Obligations regarding Company so you can such as for example Lender, like the amounts of the latest Finance produced by they and every cost and prepayment in respect thereof
(v) Requirements to help you Effectiveness regarding 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.
2.dos Pro rata Offers. The Loans might be made by the financial institution, while doing so and you can proportionately to their respective Pro rata Offers, they are understood one no Financial is guilty of people standard by the various other Bank in such most other Lender’s obligations so you can generate financing asked hereunder nor shall any Partnership of any Bank end up being increased otherwise reduced down seriously to a default by various other Bank such almost every other Lender’s responsibility and work out financing asked hereunder.
The fresh new Administrative Broker shall alert for every Financial and Organization of Administrative Agent’s and you may like Lender’s reaction to for every single request made hereunder, the amount of eg increase (if any) plus the related Union Raise Active Date
dos.3 Access to Continues. Zero portion of the continues of every Financing are used any way which causes or may cause such Mortgage otherwise making use of for example proceeds to help you violate Controls T, Controls You otherwise Controls X of your Board out of Governors of brand new Federal Set-aside System or any other controls thereof or to violate this new Exchange Operate.
(a) Lenders’ Evidence of 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 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.
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