Borrowing Base Conformity. (1) The Company shall cause to be maintained with the Lender a Borrowing Base such that the Collateral Value of the Borrowing Base is not less than, at any date, the sum of the aggregate dollar amount of outstanding Loans.
(2) The Company shall prepay Loans to the Lender, upon telephonic or facsimile demand by the Lender, on any day in the amount by which the aggregate principal amount of outstanding Loans exceeds the Collateral Value of the Borrowing Base, said prepayment to be made on the date on which demand is made by the Lender if made prior to 4:00 p.m. (Charlotte, North Carolina time) or, if made later than 4:00 p.m. (Charlotte, North Carolina time), before 9:00 a.m. (Charlotte, North Carolina time) on the next Business Day.
(3) If at such time as the Company shall be required to prepay Loans under this Paragraph 2(f) there shall not have occurred and be continuing an Event of Default or Potential Default hereunder, in lieu of prepaying the Loans as required, the Company may deliver to the Lender additional Eligible Mortgage Loans such that the Collateral Value of the Borrowing Base, after giving effect to the inclusion of such Eligible Mortgage Loans in the Borrowing Base, shall be in compliance with the requirements of subparagraphs (1) and (2) above.
Borrowing Base Conformity. (1) In support of its obligation to repay Standard Loans and Swing Line Loans, the Company shall cause the Collateral Value of the Warehouse Borrowing Base to be not less than, at any date, the aggregate principal amount of Standard Loans and Swing Line Loans outstanding on such date (including any Standard Loans and Swing Line Loans to be funded on such date but excluding Loans which will be repaid with proceeds of Loans to be advanced on such date).
(2) In support of its obligations to repay Gestation Loans hereunder, the Company shall cause the Collateral Value of the Gestation Loans Borrowing Base to be not less than, at any date, the aggregate principal amount of Gestation Loans outstanding on such date, including any Gestation Loans to be funded on such date.
(3) The Company shall promptly prepay, upon telephonic demand by the Administrative Agent:
(i) Standard Loans and/or Swing Line Loans to the Administrative Agent on behalf of the Lenders on any day in the amount of any shortfall in the Collateral Value of the Warehouse Borrowing Base, as determined pursuant to subparagraph (1) above, and (ii) Gestation Loans to the Administrative Agent on behalf of the Lenders on any day in the amount of any shortfall in the Collateral Value of the Gestation Loans Borrowing Base, as determined pursuant to subparagraph (2) above.
(4) If, but only if, at such time as the Company shall be required to prepay Loans under subparagraphs (3)(i) of this Paragraph 5(d) there shall not have occurred and be continuing an Event of Default or Potential Default, in lieu of prepaying the Standard Loans or Swing Line Loans, the Company may deliver to the Collateral Agent additional Eligible Mortgage Loans with an aggregate Unit Collateral Value such that the Company shall be in compliance with the requirement of subparagraph (1) above.
(5) If, but only if, at such time as the Company shall be required to prepay Loans under subparagraphs (3)(ii) of this Paragraph 5(d) there shall not have occurred and be continuing an Event of Default or Potential Default, in lieu of prepaying the Gestation Loans, the Company may deliver to the Collateral Agent additional Eligible Gestation Mortgage Loans with an aggregate Unit Collateral Value such that the Company shall be in compliance with the requirement of subparagraph (2) above.
Borrowing Base Conformity. The Borrowing Base shall not at any time include Inventory which the Borrower knows or should know to be other than Acceptable Inventory.
Borrowing Base Conformity. (1) In support of its obligation to repay Tranche A Committed Loans, Tranche C Loans, Bid Loans and L/C Drawings, the Company shall cause the Collateral Value of the Warehouse Borrowing Base plus any Supplemental Cash Collateral held by the Administrative Agent to be not less than, at any date, the sum of:
(i) The aggregate principal amount of Tranche A Committed Loans and Tranche C Loans outstanding on such date (including any such Loans to be funded on such date but excluding Tranche C Loans which will be repaid with proceeds of Tranche A Loans to be advanced on such date),
(ii) The aggregate amount of Bid Loans outstanding on such date (excluding Bid Loans which will be repaid with the proceeds of Tranche A Committed Loans to be advanced on such date), and
(iii) The L/C Available Amount and any unrepaid L/C Drawings as of such date.
(2) In support of its obligation to repay Tranche B Loans hereunder, the Company shall cause the Collateral Value of the Working Capital Borrowing Base to be not less than, at any date, the sum of the aggregate principal amount of Tranche B Loans outstanding on such date, including any such Loans to be funded on such date.
(3) The Company shall immediately prepay, upon telephonic demand by the Administrative Agent:
(i) Tranche A Committed Loans, Tranche C Loans and/or Bid Loans to the Administrative Agent on behalf of the Lenders, as applicable, on any day in the amount of any shortfall in the Collateral Value of the Warehouse Borrowing Base plus Supplemental Cash Collateral held by the Administrative Agent as determined pursuant to subparagraph (1) above, said amounts to be allocated as provided in Paragraph 7(g) below, and (ii) Tranche B Loans to the Administrative Agent on behalf of the Lenders on any day in the amount of any shortfall in the Collateral Value of the Working Capital Borrowing Base as determined pursuant to subparagraph (2) above.
(4) If, but only if, at such time as the Company shall be required to prepay Loans under subparagraph (3)(i) of this Paragraph 7(d) there shall not have occurred and be continuing an Event of Default or Potential Default, in lieu of prepaying the Tranche A Committed Loans, Tranche C Loans or Bid Loans, the Company may deliver to the Custodian additional Eligible Mortgage Loans with a Collateral Value and/or to the Administrative Agent Supplemental Cash Collateral such that the Company shall be in compliance with the requirement of subparagraph (1) above.
Borrowing Base Conformity. In support of its obligation to repay Revolving Loans and L/C Drawings hereunder, the Company shall cause the Collateral Value of the Borrowing Base to be not less than, at any date, the aggregate principal amount of outstanding Revolving Loans, Outstanding Letters of Credit and unrepaid L/C Drawings on such date. The Company shall immediately prepay Revolving Loans to the Administrative Agent on behalf of the Lenders on any day in the amount by which the aggregate principal amount of outstanding Revolving Loans outstanding, Outstanding Letters of Credit and unrepaid L/C Drawings exceeds the Collateral Value of the Borrowing Base.
Borrowing Base Conformity. (1) The Company shall cause to be maintained with the Collateral Agent a Borrowing Base such that the Collateral Value of the Borrowing Base is not less than, at any date, the sum of the aggregate dollar amount of outstanding Loans.
(2) The Company shall prepay Loans to the Administrative Agent on behalf of the Lenders, upon telephonic or facsimile demand by the Administrative Agent, on any day in the amount by which the aggregate principal amount of outstanding Loans exceeds the Collateral Value of the Borrowing Base, said prepayment to be made on the date on which demand is made by the Administrative Agent if made prior to 2:00 p.m. (Charlotte, North Carolina time) or, if made later than 2:00 p.m. (Charlotte, North Carolina time), before 9:00 a.m. (Charlotte, North Carolina time) on the next Business Day.
(3) If at such time as the Company shall be required to prepay Loans under this Paragraph 2(l) there shall not have occurred and be continuing an Event of Default or Potential Default hereunder, in lieu of prepaying the Loans as required, the Company may deliver to the Collateral Agent additional Eligible Mortgage Loans such that the
Borrowing Base Conformity. (a) In support of its obligation to repay the Loan hereunder, Borrower shall cause to be maintained with the Agent a Borrowing Base such that (i) the Borrowing Base is not less than, at any date, the sum of the aggregate outstanding principal amount of the Loan and (ii) the Borrowing Base for Committed Mortgage Loan Advances, Uncommitted Mortgage Loan Advances, Non-Conforming Mortgage Loan Advances, Pre-Warehouse Loans, Second Mortgage Loan Advances and Aged Mortgage Loan Advances are each not less than, at any date, the sum of the aggregate outstanding principal amounts of Committed Mortgage Loan Advances, Uncommitted Mortgage Loan Advances, Non-Conforming Mortgage Loan Advances, Pre-Warehouse Loans and Second Mortgage Loan Advances respectively.
(b) Borrower shall prepay the Loan to the Agent on behalf of the Lenders, on any day (i) in the amount by which the aggregate outstanding principal amount of the Loan exceeds the Borrowing Base, or (ii) in the amount by which the aggregate outstanding principal amount of Committed Mortgage Loan Advances, Uncommitted Mortgage Loan Advances, Non-Conforming Mortgage Loan Advances, Pre-Warehouse Loans and Second Mortgage Loan Advances, Aged Mortgage Loan Advances exceeds the Borrowing Base for Committed Mortgage Loan Advances, Uncommitted Mortgage Loan Advances, Non-Conforming Mortgage Loan Advances, Pre-Warehouse Loans, Second Mortgage Loan Advances and Aged Mortgage Loan Advances respectively.
(c) Provided Borrower is not then in default hereunder, in lieu of prepaying the Loan as required above, Borrower may deliver to the Agent on such date additional Eligible Mortgage Loans such that the Borrowing Base, after giving effect to the inclusion of such Eligible Mortgage Loans in the Borrowing Base, shall be in compliance with the requirements of (a) and (b) above.
Borrowing Base Conformity. In support of its obligation to ------------------------- repay Revolving Loans hereunder, the Company shall cause the Collateral Value of the Borrowing Base to be not less than, at any date, the aggregate principal amount of Revolving Loans outstanding on such date. The Company shall immediately prepay Loans to the Administrative Agent on behalf of the Lenders on any day in the amount by which the aggregate principal amount of Revolving Loans outstanding exceeds the Collateral Value of the Borrowing Base.
Borrowing Base Conformity. In support of its obligation to repay Loans and L/C Drawings, the Company shall cause the Collateral Value of the Borrowing Base to be not less than, at any date, the aggregate principal amount of all outstanding Loans and unpaid L/C Drawings. The Company shall immediately repay Loans and unpaid L/C Drawings to the Agent on behalf of the Lenders, upon telephonic demand by the Agent, in the amount by which the aggregate principal amount of outstanding Loans and unpaid L/C Drawings exceeds the limitation set forth above."
Borrowing Base Conformity. (1) The Company shall cause to be maintained with the Lender a Borrowing Base such that the Collateral Value of the Borrowing Base is not less than, at any date, the sum of the aggregate dollar amount of outstanding Loans.
(2) The Company shall prepay Loans to the Lender, upon telephonic or facsimile demand by the Lender, on any day in the amount by which the aggregate principal amount of outstanding Loans exceeds the Collateral Value of the Borrowing Base, said prepayment to be made on the date on which demand is made by the Lender if made prior to 4:00 p.m. (Charlotte, North Carolina time) or, if made later than 4:00 p.m. (Charlotte, North Carolina time), before 9:00 a.m. (Charlotte, North Carolina time) on the next Business Day.
(3) If at such time as the Company shall be required to prepay Loans under this Paragraph 2(f) there shall not have occurred and be continuing an Event of Default or Potential Default hereunder, in lieu of prepaying the Loans as required, the Company may deliver to the Lender additional Eligible Mortgage Loans such that the Collateral Value of the Borrowing Base, after giving effect to the inclusion of such Eligible Mortgage Loans in the Borrowing Base, shall be in compliance with the requirements of subparagraphs (1) and (2) above.
(4) The Company shall prepay all outstanding Loans to the Lender on any day on which the amount of Affiliate Receivables from Affiliates other than EMC or Sterling shall exceed $30,000,000; provided, however, that if at such time as the Company shall be required to prepay Loans under this Paragraph 2(f)(4) the amount of Affiliate Receivables from Affiliates other than EMC or Sterling shall be reduced to an amount less than or equal to $30,000,000, the Company shall not be required to prepay such Loans.
