(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 Part 2.1(a) may be reborrowed during the Commitment Period, and any repayment of the Loans (i) subject to clause (ii), on any Interest Payment Date shall be applied as set forth in Part dos.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 Part 2.12(b).
(ii) Of course Team wants one to Loan providers build Finance, Team will online title loans DE send to help you Paying Broker, Management Representative and each Bank a fully executed and you may lead Capital Notice zero later than just Noon (Nyc date) at least a couple of (2) Business days just before the fresh recommended Borrowing Big date. For every Funding Observe can be delivered with a borrowing from the bank Legs Certificate showing enough Accessibility for the questioned Funds and you will a borrowing Legs Statement.
(iii) For each Lender will result in the number of its Financing offered to the Expenses Agent not later than an effective.yards. (Nyc time) to your applicable Borrowing Big date by the cable import regarding same big date money from inside the Bucks, and you will on the fresh written direction of your own Management Broker, the fresh new Paying Broker should remit for example fund in order to Company maybe not later on than simply 4:00 p.m. (Nyc go out) of the cord transfer out of exact same time funds when you look at the Cash to the account designated from the Providers on associated Financing See (which need never be a free account of one’s Providers). If for example the Spending Representative have not acquired a composed guidance out-of the latest Administrative Agent from the 4:00 p.m. (New york time), Investing Broker usually cord such as for example money returning to applicable Lenders.
(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).
Deemed Wants Funds to spend Necessary Repayments
(i) Requests Raise. 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 Connection should expire to your Commitment Cancellation Big date and you will the Financing as well as most other numbers due hereunder with regards to the brand new Financing as well as the Obligations will likely be paid in full zero later on than the Readiness Day
(ii) Elections to boost. 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.