Common use of Conditions to Sales Clause in Contracts

Conditions to Sales. Any Sale of a Loan Asset is subject to the satisfaction of the following conditions (as certified in writing to the Administrative Agent by the Borrower): (i) the Borrower shall deliver a Borrowing Base Certificate for the applicable Term Loan Series to the Administrative Agent in connection with (and reflecting) such Sale and the aggregate Advances Outstanding for the applicable Term Loan Series (after giving effect to repayments made in connection with such Sale) do not exceed the Maximum Availability for such Term Loan Series; (ii) the Borrower shall deliver a list of all Loan Assets to be subject of a Sale and for each such Loan Asset, identify the Term Loan Series for which such Loan was included in the Borrowing Base with respect thereto or acquired with Advances made thereunder; (iii) the Borrower shall give ten Business Days’ notice of such Sale; (iv) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any Sale; (v) any repayment of Advances Outstanding in connection with any Sale hereunder shall comply with the requirements set forth in Section 2.14; and (vi) the net cash consideration in connection with such sale shall equal at least 97% of the Outstanding Principal Balance of the Loan Asset subject to such sale.

Conditions to Sales. Any Sale of a Loan Asset is subject to the satisfaction of the following conditions (as certified in writing to the Administrative Agent by the Borrower): (i) the Borrower shall deliver a Borrowing Base Certificate for the applicable Term Loan Series to the Administrative Agent in connection with (and reflecting) such Sale and the aggregate Advances Outstanding for the applicable Term Loan Series (after giving effect to repayments made in connection with such Sale) do not exceed the Maximum Availability for such Term Loan Series; (ii) the Borrower shall deliver a list of all Loan Assets to be subject of a Sale and for each such Loan Asset, identify the Term Loan Series for which such Loan was included in the Borrowing Base with respect thereto or acquired with Advances made thereunder; (iii) the Borrower shall give ten Business Days’ ' notice of such Sale; (iv) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any Sale; (v) any repayment of Advances Outstanding in connection with any Sale hereunder shall comply with the requirements set forth in Section 2.14; and (vi) the net cash consideration in connection with such sale shall equal at least 97% of the Outstanding Principal Balance of the Loan Asset subject to such sale.