(iv) Notification by the Administrative Agent. 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, offered, 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 http://paydayloanpennsylvania.org/cities/reedsville proceeds thereof so repurchased.

Each Financial should take care of into the their interior details an account or profile evidencing the newest Loans out-of Organization to particularly Bank, such as the levels of the fresh new Fund created by they and every cost and you can prepayment according thereof

(v) Criteria so you can Possibilities 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 Shares. The Financing might be created by the financial institution, simultaneously and you may proportionately on the respective Pro rata Shares, it getting know that no Bank are responsible for one standard by some other Bank this kind of most other Lender’s duty so you can create a loan asked hereunder nor shall people Relationship of every Financial end up being enhanced or decreased right down to a standard because of the virtually any Lender such most other Lender’s obligations making that loan expected hereunder.

Brand new Administrative Representative will alert each Financial and you will Providers of the Management Agent’s and you can such as for example Lender’s response to for each and every consult produced hereunder, the level of like raise (or no) while the related Partnership Raise Effective Go out

dos.3 Access to Proceeds. Zero part of the proceeds of any Loan is going to be utilized in whatever way which causes otherwise might cause for example Mortgage otherwise the usage like continues so you can break Regulation T, Regulation You otherwise Controls X of the Panel out of Governors regarding the fresh new Federal Put aside Program and other control thereof or even to break the latest Change Act.

(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 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.