Blossom Spa
(iv) Notification because of 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 proceeds thereof so repurchased.
For each and every Lender shall look after on the the internal suggestions a free account or profile evidencing the Debt from Company so you’re able to including Financial, including the quantities of new Financing from they each installment and prepayment in respect thereof
(v) Requirements to Effectiveness out of Boost. 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. Every Financing will be produced by the lender, on the other hand and you may proportionately on the particular Pro-rata Shares, it being know one to no Bank is guilty of people default by the virtually any Financial this kind of other Lender’s obligation to make financing asked hereunder nor will one Connection of any Lender become enhanced otherwise decreased right down to a default of the another Bank such most other Lender’s duty and work out a loan asked hereunder.
This new Management Representative should notify for each Lender and you may Providers of the Administrative Agent’s and like Lender’s response to per request generated hereunder, the level of such as for instance improve (if any) plus the relevant Union Raise Effective Go out
2.step 3 Usage of Continues. Zero part of the continues of every Mortgage might be utilized in any manner that creates or might cause such as for https://paydayloanpennsylvania.org/cities/waynesboro/ instance Financing or the utilization of like continues to help you violate Regulation T, Regulation You or Control X of one’s Board out-of Governors out-of new Government Reserve System or any other regulation thereof or even violate the latest Replace Act.
(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 next, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.
