(iv) Alerts by 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, given, that no Default or Event of Default has occurred and is continuing hereunder on the date of such signing and closing online payday loans Capitola no credit check 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 Financial will manage towards the interior details an account or membership evidencing the newest Financial obligation of Organization to help you including Bank, for instance the quantities of the new Loans from it and every repayment and you can prepayment in respect thereof

(v) Standards so you can Functionality away from Raise. 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.

2.2 Pro-rata Offers. Most of the Financing can be created by the lending company, likewise and you will proportionately on the respective Pro rata Shares, it getting understood you to zero Bank is guilty of one default by the other Financial such almost every other Lender’s responsibility to help you make a loan expected hereunder nor shall people Partnership of every Bank end up being increased otherwise reduced as a result of a standard because of the virtually any Lender this kind of other Lender’s obligation while making that loan expected hereunder.

The newest Administrative Representative should notify for every single Financial and you may Team of Administrative Agent’s and particularly Lender’s response to for each and every consult made hereunder, the amount of instance raise (if any) as well as the associated Partnership Improve Energetic Date

dos.step 3 The means to access Proceeds. Zero portion of the proceeds of every Mortgage is going to be put in any manner that triggers or may cause for example Mortgage otherwise the usage such as for example continues so you can break Regulation T, Controls You or Regulation X of your Panel out of Governors out of the latest Government Set-aside Program and other controls thereof or even violate the fresh new Exchange Operate.

(a) Lenders’ Proof 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.