Examples of Warehouse Assets in a sentence
The Borrower will use the proceeds of each Advance made pursuant to this Agreement to (x) settle purchased Warehouse Assets or (y) deposit into the Reserve Account to be applied as set forth in Section 2.03(b).
No Advance shall exceed the Available Facility Amount calculated immediately prior to giving effect to such Advance but calculated including all Advances that are expected to be made to fund Warehouse Assets that have been purchased but have not settled.
The Borrower will furnish or cause to be furnished to the Administrative Agent prompt written notice of the occurrence of any Default, any event resulting in a Warehouse Asset becoming a Defaulted Asset or any other development with respect to a Borrower Party or the Warehouse Assets of which it is aware that would reasonably be expected to result in a Material Adverse Effect (or, without limitation, any judgment against a Borrower Party).
No Advances shall be made to a Borrower Party other than the Borrower however, for the avoidance of doubt, the Borrower (or the Warehouse Collateral Manager on its behalf) may direct the use of the proceeds of any Advance for the purchase of Warehouse Assets by any Designated Subsidiary.
The Borrower has given fair consideration and reasonably equivalent value to the Equityholder in exchange for the purchase of the Warehouse Assets (or any number of them) from the Equityholder pursuant to the Sale Agreement.
In connection with the acquisition, ownership and Liquidation of the Warehouse Assets and the management of each Borrower Party’s affairs and operations generally, each Borrower Party will comply (and use its best efforts to ensure that the Warehouse Collateral Manager acting on such Borrower Party’s behalf complies) with all of the provisions set forth in Exhibit B hereto.
Nothing herein shall restrict any Designated Subsidiary from effecting any dividend of Warehouse Assets or cash from such Designated Subsidiary to such Borrower Party, which such dividend shall not require the consent of the Administrative Agent or any other Person.
The Warehouse Assets included, among other items, shelving, computers, forklifts and trailers that the Debtors utilized in their operations at the Warehouse.
Great American sold the Warehouse Assets and the Debtors received net proceeds of approximately $1.43 million.
The retiring Custodian shall promptly transfer all Warehouse Assets or other property held by it as Custodian pursuant hereto to the successor Custodian.