Certain Reimbursements. (a) Notwithstanding Section 8 of the Guarantee or anything herein to the contrary, Borrower may on any Remittance Date reimburse Guarantor for any payments made under the Guarantee, so long as (i) all amounts owing to Lender on such Remittance Date have been paid, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Advance Rate shall be less than the then applicable Target Advance Rate (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, (x) the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date and (y) the Advance Rate used in the calculation of the Target Advance Rate shall be based on the Present Value of the Collateral as of the close of business on the Closing Date). (b) Notwithstanding Section 8 of the AMC Guarantee or anything herein to the contrary, Borrower and/or Guarantor may on any Remittance Date reimburse AMC for any payments made under the Guarantee, so long as (i) all amounts owing to Lender on such Remittance Date have been paid, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Advance Rate shall be less than the then applicable Target Advance Rate (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, (x) the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date and (y) the Advance Rate used in the calculation of the Target Advance Rate shall be based on the Present Value of the Collateral as of the close of business on the Closing Date).
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Certain Reimbursements. (a) Notwithstanding Section 8 of the Guarantee or anything herein to the contrary, Borrower may on any Remittance Date reimburse Guarantor for any payments made under the Guarantee, so long as (i) all amounts owing to Lender on such Remittance Date have been paid, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Advance Rate shall be less than the then applicable Target Advance Rate Rate. (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, (x) the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date and (y) the Advance Rate used in the calculation of the Target Advance Rate shall be based on the Present Value of the Collateral as of the close of business on the Closing Date).
(b) Notwithstanding Section 8 of the AMC Guarantee or anything herein to the contrary, Borrower and/or Guarantor may on any Remittance Date reimburse AMC for any payments made under the Guarantee, so long as (i) all amounts owing to Lender on such Remittance Date have been paid, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Advance Rate shall be less than the then applicable Target Advance Rate Rate. (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, (x) the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date and (y) the Advance Rate used in the calculation of the Target Advance Rate shall be based on the Present Value of the Collateral as of the close of business on the Closing Date).. [Signature Page Follows]
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)
Certain Reimbursements. (a) Notwithstanding Section 8 of the Guarantee or anything herein to the contrary, Borrower may on any Remittance Date reimburse Guarantor for any payments made under the Guarantee, so long as (i) all amounts owing to Lender on such Remittance Date have been paid, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Advance Rate shall be less than the then applicable Target Advance Rate Rate. (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, (x) the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the Closing Date and (y) the Advance Rate used in the calculation of the Target Advance Rate shall be based on the Present Value of the Collateral as of the close of business on the Closing Date).
(b) Notwithstanding Section 8 of the AMC Guarantee or anything herein to the contrary, Borrower and/or Guarantor may on any Remittance Date reimburse AMC for any payments made under the Guarantee, so long as (i) all amounts owing to Lender on such Remittance Date have been paid, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Advance Rate shall be less than the then applicable Target Advance Rate Rate. (provided that until the first Calculation Date on which the Advance Rate exceeds the Maintenance Advance Rate, (x) the Present Value of the Collateral used to calculate such Advance Rate shall be the Present Value of the Collateral as of the close of business on the 37 Closing Date and (y) the Advance Rate used in the calculation of the Target Advance Rate shall be based on the Present Value of the Collateral as of the close of business on the Closing Date).. [Signature Page Follows]
Appears in 1 contract
Sources: Credit and Security Agreement (Long Beach Holdings Corp)