(iv) Alerts by Management Agent. Should Florida car title payday loan locations 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, considering, 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 every Lender should look after towards the interior records a merchant account otherwise accounts evidencing the brand new Financial obligation off Team to instance Lender, like the levels of the Financing produced by it and each installment and prepayment according thereof
(v) Conditions in order to Effectiveness away from Increase. 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. All the Fund will likely be created by the lender, likewise and you will proportionately on their particular Pro rata Shares, they becoming knew you to zero Bank will likely be accountable for one default by the any kind of Financial this kind of almost every other Lender’s obligations so you’re able to build that loan requested hereunder nor should any Partnership of any Lender become increased otherwise diminished right down to a default from the another Bank such other Lender’s obligations and also make a loan requested hereunder.
The newest Management Agent shall alert for every Financial and you will Providers of the Administrative Agent’s and for example Lender’s a reaction to for every single consult generated hereunder, the degree of such improve (if any) plus the related Relationship Improve Energetic Day
2.step three Entry to Proceeds. Zero part of the proceeds of any Loan shall be utilized in any manner that causes otherwise might cause instance Mortgage or the utilization of for example continues to help you break Controls T, Controls You otherwise Control X of Board out of Governors away from new Government Set aside Program or other regulation thereof or even violate the new Change Work.
(a) Lenders’ Evidence of Personal 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 further, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.
