Lender Commitment. On the terms and subject to the conditions set forth in this Agreement, each Lender agrees to make loans to the SPV (each, a “Loan”, and collectively, the “Loans”) on a revolving basis from time to time before the earlier to occur of the Amortization Date and the Termination Date for such Lender in such amounts as may be from time to time requested by the SPV pursuant to Section 2.2; provided that: (a) the aggregate outstanding principal amount of the Loans for any Lender shall not at any time exceed such Lender’s Commitment; (b) the aggregate outstanding principal amount of the Loans for all Lenders shall not at any time exceed the Facility Limit; and (c) the aggregate outstanding principal amount of the Loans for all Lenders on any Borrowing Date, after giving effect to the Loans to be made on such Borrowing Date, shall not exceed the Borrowing Base, as shown in the Borrowing Base Certificate which is delivered by the SPV to the Facility Agent in connection with such proposed Loans. Subject to the foregoing, the SPV may borrow, prepay and reborrow the Loans hereunder.
Appears in 3 contracts
Sources: Loan and Administration Agreement (Commercial Credit, Inc.), Loan and Administration Agreement (Commercial Credit, Inc.), Loan and Administration Agreement (Commercial Credit, Inc.)