Common use of Conditions to Substitution Clause in Contracts

Conditions to Substitution. No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied (or waived by the Administrative Agent) as of the date of such substitution, after giving effect to such substitution, all other substitutions of Collateral Loans occurring substantially concurrently and all sales or purchases of Collateral Loans previously or substantially concurrently committed to: (i) such Substitute Loan is an Eligible Collateral Loan; (ii) each Collateral Quality Test is satisfied or, if it is not satisfied, maintained or improved and (y) the Borrowing Base Test is satisfied; (iii) the sum of the Asset Values of such Substitute Loans shall be equal to or greater than the sum of the Asset Values of the Collateral Loans being substituted for; (iv) no Default or Event of Default has occurred and is continuing (before or after giving effect to such substitution of Collateral Loans, all other substitutions occurring substantially concurrently and all sales or purchases of Collateral Loans previously or substantially concurrently committed to), unless such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof; (v) the Borrower (or the Servicer acting on its behalf) shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any such substitution and shall deliver to the Document Custodian the Required Loan Documents for such Substitute Loan;

Conditions to Substitution. No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied (or waived by the Administrative Agent) as of the date of such substitution: (i) no Default or Event of Default exists and is continuing or would result upon giving effect thereto (unless, after in the case of such a Default, such Default will be cured upon giving effect to such substitution, all other substitutions of Collateral Loans occurring substantially concurrently and all sales or purchases of Collateral Loans previously or substantially concurrently committed to:); (iii) such Substitute Loan is an Eligible Collateral Loan; (iiiii) each Collateral Quality Test is satisfied orupon giving effect thereto, if it is not satisfied, maintained or improved and (y) the Borrowing Base Test is satisfied; (iii) the sum satisfied and each of the Asset Values of such Substitute Loans shall be equal to or greater than the sum of the Asset Values of the Collateral Loans being substituted forCoverage Tests are satisfied; (iv) no Default such Substitute Loan is acquired from (A) the Equityholder in accordance with the Sale Agreement or Event of Default has occurred and (B) a Person that is continuing (before or after giving effect to such substitution of Collateral Loans, all other substitutions occurring substantially concurrently and all sales or purchases of Collateral Loans previously or substantially concurrently committed to), unless such Default or Event of Default will be cured upon giving effect to such transactions and the application not an Affiliate of the proceeds thereofCollateral Manager, the Borrower or the Equityholder; (v) 100% of the Borrower (or proceeds from the Servicer acting on its behalfsale of the Collateral Loan(s) shall notify the Administrative Agent of any amount to be deposited into the Collection Account replaced in connection with such substitution are either applied by the Borrower to acquire the Substitute Loan(s) or deposited in the Collection Account; (vi) there is no adverse selection, impacting the interest of the Secured Parties, by the Borrower or Collateral Manager with regard to such Collateral Loans to be substituted or the Substitute Loans; and (vii) the sale of any such Collateral Loan in connection with such substitution and shall deliver to otherwise complies with the Document Custodian the Required Loan Documents for such Substitute Loan;provisions of Section 10.01.

Conditions to Substitution. No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied (or waived by the Administrative Agent) as of the date of such substitution, after giving effect to such substitution, all other substitutions of Collateral Loans occurring substantially concurrently and all sales or purchases of Collateral Loans previously or substantially concurrently committed to: (i) such Substitute Loan is an Eligible Collateral Loan; (ii) each Collateral Quality Test is satisfied or, if it is not satisfied, maintained or improved and (y) the Borrowing Base Test is satisfiedimproved; (iii) the sum of the Asset Values of such Substitute Loans shall be equal to or greater than the sum of the Asset Values of the Collateral Loans being substituted for; (iv) no Default or Event of Default has occurred and is continuing (unless a Default is continuing that would be cured following the application of such purchase) (before or after giving effect to such substitution of Collateral Loanssubstitution, all other substitutions of Collateral Loans occurring substantially concurrently and all sales or purchases of Collateral Loans previously or substantially concurrently committed to), unless such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof; (v) the Borrower (or the Servicer acting on its behalf) shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any such substitution and shall deliver to the Document Collateral Custodian the Required Loan Documents (which may be delivered by providing access to a data room in accordance with this Agreement) for any such Substitute Loan;