CLO Take-Outs Sample Clauses

CLO Take-Outs. (a) On any Business Day, the Borrower shall have the right to prepay all or a portion of the Advances then outstanding (including, any Prepayment Premium) and require the Collateral Agent to release its security interest and Lien on the related Loan Assets and Related Assets in connection with a CLO Take-Out (which may be effected by way of a distribution or otherwise), subject to the following terms and conditions: (i) the Borrower shall have given the Administrative Agent at least three (3) Business Days’ written notice prior to the pricing of the related CLO transaction (or such shorter period as agreed to by the Administrative Agent in its sole discretion) of its intent to effect a CLO Take-Out and the principal amount of the Advances to be prepaid in connection therewith, and shall provide the Administrative Agent with all information reasonably required by it to release the related Lien; (ii) unless a CLO Take-Out is to be effected on a Payment Date (in which case the relevant calculations with respect to such CLO Take-Out shall be reflected on the applicable Servicing Report), the Servicer shall deliver to the Administrative Agent (A) an updated Borrowing Base Certificate, together with evidence to the reasonable satisfaction of the Administrative Agent that the Borrower expects to have sufficient funds on the related date of the CLO Take-Out to effect such CLO Take-Out in accordance with this Agreement, which funds may come from the proceeds of sales of the Loan Assets and Related Assets in connection with such CLO Take-Out, and (B) a list of all Loan Assets to be sold in connection with such CLO Take-Out; (iii) no selection procedures adverse to the interests of the Administrative Agent or the Lenders shall be utilized by the Borrower in the selection of the Loan Assets to be sold in connection with such CLO Take-Out; (iv) on the date of such CLO Take-Out, an amount at least equal to the principal amount of the Advances to be prepaid in connection with such CLO Take-Out and all accrued and unpaid interest thereon will be deposited directly into the Collection Account; (v) after giving effect to such CLO Take-Out, no Unmatured Event of Default, Event of Default, Borrowing Base Deficiency or Servicer Default shall have occurred and be continuing or shall occur as a result of such CLO Take-Out; and (vi) the Borrower shall pay on or prior to the date of such CLO Take-Out the reasonable and documented out-of-pocket legal fees and expenses of the Admini...
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Related to CLO Take-Outs

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