Here will likely be zero volunteer prepayments of any Loan generated hereunder
(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 Section dos.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 Part 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 Part 2.12(b).
(ii) And if Organization desires one to Loan providers make Loans, Team shall deliver so you can Using Agent, Management Representative and every Lender a totally performed and you may delivered Financing Notice zero afterwards than just Noon (Nyc time) no less than a couple (2) Business days prior to the new recommended Credit Day. For every Investment Observe would be delivered with a borrowing Ft Certification showing enough Supply on requested Money and a borrowing Feet Declaration.
(iii) Each Lender should improve number of their Loan available to brand new Investing Broker perhaps not afterwards than just a great.m. (New york city date) into applicable Borrowing from the bank Date by cord transfer out-of exact same big date funds during the Dollars, and upon the new authored guidelines of the Administrative Agent, the newest Investing Representative shall remit such as money so you can Team perhaps not afterwards than just cuatro:00 p.yards. (New york big date) by wire transfer of same time money inside Dollars towards account appointed by Organization regarding the associated Financial support Find (that need not a free account of one’s Providers). In case the Expenses Broker has not gotten a created assistance out of the Administrative Agent because of the cuatro:00 p.meters. (Nyc day), Investing Representative will cord instance fund 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 Section dos.1(c)(ii).
Deemed Wants Money to invest Required Repayments
(i) Requests 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 payday loans in Huntington Beach CA 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 expire for the Commitment Cancellation Big date and all Fund and all sorts of most other wide variety owed hereunder regarding the Loans and also the Obligations are going to be paid in full no later on than the Maturity Go out
(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.