(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; provided 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 Area 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 Section 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 Section dos.12(b).
(ii) While Providers wishes you to definitely Lenders make Loans, Company will deliver to help you Investing Representative, Management Broker and every Financial a totally done and you may lead Financing Find no later on than just Noon (Nyc day) at least a couple of (2) Business days in advance of the brand new suggested Borrowing Time. For each and every Financing See can be introduced that have a borrowing from the bank Legs Certification showing adequate Availability into expected Loans and you may a credit Foot Declaration.
(iii) Per Bank will improve level of the Mortgage available to brand new Using Representative not later on than simply a good.meters. (New york day) to the applicable Credit Go out of the cable transfer of exact same time finance for the Dollars, and you may on the fresh new created assistance of Administrative Broker, brand new Using Agent should remit like financing in order to Providers perhaps not afterwards than cuatro:00 p.meters. (New york day) by the cord import out-of same big date finance in the Cash to your account appointed by Company in the associated Funding Notice (that require not be a free account of the Organization). When your Spending Broker has not yet obtained a written direction out of the newest Administrative Agent from the cuatro:00 p.meters. (Nyc big date), Spending Broker have a tendency to cord particularly financing to appropriate Loan providers.
(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 Area 2.1(c)(ii).
Considered Requests Loans to invest Necessary Repayments
(i) Wants 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.
Each Lender’s Partnership shall end towards the Union Cancellation Time and all Money and all other number owed hereunder in terms of the newest Finance as well as the Duties should be paid-in complete zero after than the Maturity Big date
(ii) Elections to increase. 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 bad credit payday loan Tennessee declined to consent to an increase in such Lender’s Commitment.
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