(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; offered 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 Point 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 Area 2.12(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) Incase Team wishes one Lenders build Fund, Business will submit in order to Paying Broker, Management Agent and every Bank a completely carried out and delivered Resource Notice zero after than just Noon (New york city go out) about one or two (2) Business days before new recommended Credit Go out. For every single Investment Notice shall be brought having a credit Ft Certification reflecting sufficient Accessibility into questioned Money and a borrowing from the bank Ft Statement.
(iii) Per Lender shall improve amount of the Mortgage open to new Expenses Agent maybe not afterwards than just a.m. (Nyc go out) on appropriate Credit Date by cord transfer out of exact same big date money in the Bucks, and you may on the newest authored guidelines of your own Administrative Broker, this new Paying Agent should remit instance fund to help you Organization perhaps not later than 4:00 p.m. (Nyc day) from the cable transfer regarding same date finance from inside the Cash into account designated by the Business on the associated Financial support See (that want not be a merchant account of one’s Business). If your Purchasing Agent has not yet obtained a composed recommendations from the Management Agent of the cuatro:00 p.meters. (New york city date), Purchasing Representative have a tendency to cable such finance returning to relevant 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 Area 2.1(c)(ii).
Considered Requests Funds to pay Called for Payments
(i) Asks for 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 every single Lender’s Connection will paydayloansgeorgia.net/cities/americus/ end on the Relationship Cancellation Time and every Financing and all of other wide variety owed hereunder regarding new Loans together with Obligations will be paid in complete no after as compared to Readiness Time
(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 declined to consent to an increase in such Lender’s Commitment.