Common use of Approval Request Clause in Contracts

Approval Request. For each Loan that the Borrower wishes to effect an Addition (including any Addition in connection with a Substitution), the Borrower shall deliver a request for an Approval Notice to the Administrative Agent (an “Approval Request”). Each Approval Request shall set forth information in relation to the relevant Loan as of a date not more than five (5) Business Days prior to the date of the Approval Request (the “Addition Cut-Off Date”), and shall confirm that as of the Addition Cut-Off Date: (i) on the basis of the information set forth in the Approval Notice, the Loan meets the Eligibility Criteria (or such Approval Request shall describe any Eligibility Criteria not met in relation to which the Borrower is requesting a waiver); (ii) inclusion of such Loan as an Eligible Loan Asset either (a) will not cause the Eligible Loan Assets to exceed any Concentration Limitation or (b) may cause the Eligible Loan Assets to exceed one or more Concentration Limitations (which shall be described in the Approval Request) but the Servicer has identified the portion of any such Eligible Loan Asset that exceeds such Concentration Limitations (which shall be designated in the Approval Request) consistent with the confirmation in clause (iii); and (iii) based on a specific assumed acquisition price (if applicable), Advance Rate and Assigned Value with respect to the proposed Loan, and any expected equity contribution set forth in the Approval Request, either (I) no Borrowing Base Deficiency will result from the inclusion of such Loan in the Borrowing Base or (II) if a Borrowing Base Deficiency exists prior to such Addition, inclusion of such Loan in the Borrowing Base will cure or reduce such Borrowing Base Deficiency, including in each case from any related Advance and the application of the proceeds of such Advance to any necessary purchase or acquisition of Loan.

Approval Request. For each Loan that the Borrower wishes to effect an Addition (including any Addition in connection with a Substitution), the Borrower shall deliver a request for an Approval Notice to the Administrative Agent (an “Approval Request”). Each Approval Request shall set forth information in relation to the relevant Loan as of a date not more than five (5) Business Days prior to the date of the Approval Request (the “Addition Cut-Off Date”), and shall confirm that as of the Addition Cut-Off Date: : (i) on the basis of the information set forth in the Approval Notice, the Loan meets the Eligibility Criteria (or such Approval Request shall describe any Eligibility Criteria not met in relation to which the Borrower is requesting a waiverawaiver); ; (ii) inclusion of such Loan as an Eligible Loan Asset either (a) will not cause the Eligible Loan Assets to exceed any Concentration Limitation or (b) may cause the Eligible Loan Assets to exceed one or more Concentration Limitations (which shall be described in the Approval Request) but the Servicer has identified the portion of any such Eligible Loan Asset that exceeds such Concentration Limitations (which shall be designated in the Approval Request) consistent with the confirmation in clause (iii); and (iii) based on a specific assumed acquisition price (if applicable), Advance Rate and Assigned Value with respect to the proposed Loan, and any expected equity contribution set forth in the Approval Request, either (I) no Borrowing Base Deficiency will result from the inclusion of such Loan in the Borrowing Base or (II) if a Borrowing Base Deficiency exists prior to such Addition, inclusion of such Loan in the Borrowing Base will cure or reduce such Borrowing Base Deficiency, including in each case from any related Advance and the application of the proceeds of such Advance to any necessary purchase or acquisition of Loan.