Collateral Shortfall i. If a Collateral Shortfall occurs on any date, the Calculation Agent shall promptly notify the Administrative Agent of the occurrence of such Collateral Shortfall and the Administrative Agent will deliver a notice in the form set forth in Exhibit D hereto to Borrower and all other Lenders of the occurrence of such Collateral Shortfall (such notice, a “Collateral Call Notice”) not later than 8:00 p.m. on such date or, if the Administrative Agent has not delivered such notice by 7:00 p.m. on the same date, having been previously requested to do so by any Lender, then such Lender may deliver a Collateral Call Notice to Borrower by email not later than 8:00 p.m. on the same date. Upon Borrower’s receipt of any Collateral Call Notice in accordance with Section 9.02, Borrower shall, prior to the applicable Cure Time, in an aggregate amount sufficient to cause the LTV Ratio (determined based on the Reference Price as in effect on the date that the Collateral Shortfall occurred) to be less than or equal to the LTV Reset Level, cause Cash, Cash Equivalents or Other Acceptable Collateral to be posted to the Collateral Accounts and/or provide Eligible Letters of Credit on a Pro Rata Basis to the Applicable Lenders. A Collateral Shortfall shall be considered “cured” at the time that Borrower causes the LTV Ratio (determined based on the Reference Price as in effect on the date that the Collateral Shortfall occurred) to be less than or equal to the LTV Reset Level pursuant to this Section 2.06(c)(i).
Collateral Shortfall. If, on any London Business Day on which there is an Outstanding Facility Amount, the Collateral Monitor gives a Collateral Report to an Agent and the Security Agent which shows that the Collateral Value is less than the Outstanding Facility Amount at that time (the amount of any such shortfall being the "Collateral Shortfall Amount") or the Company, the Security Agent, the Facility Agent or the relevant Swingline Agent gives a notice pursuant to paragraph 8(b) above that the Collateral Value is less than the Outstanding Facility Amount at that time, the Company shall:
Collateral Shortfall. If (i) the aggregate outstanding amount of all Advances advanced hereunder exceeds the Borrowing Base (a “Collateral Shortfall”), (ii) the Lender provides to the Borrowers notice, or the Borrowers otherwise have actual knowledge, of such Collateral Shortfall, and (iii) the Borrowers do not deliver to the Lender within two (2) Business Days after such notice is given or such knowledge is obtained, sufficient Eligible Collateral required pursuant to Section 5.2 to cure such Collateral Shortfall, then no later than 2:00 p.m. (Eastern time) on such second Business Day after such written notice or actual knowledge, the Borrowers shall cure the then-current Collateral Shortfall by either: (1) depositing with the Lender cash in an amount equal to the then-current Collateral Shortfall, (2) providing to the Lender a first priority perfected security interest in Cash Equivalents held at the Lender in an amount equal to the then-current Collateral Shortfall, or (3) prepaying, without demand or notice, the principal amount of the Advances to the extent of the then-current Collateral Shortfall.
Collateral Shortfall. If, on any Business Day, the LTV Ratio is equal to or greater than the Maximum Advance Rate (a “Collateral Shortfall”), the Borrower shall cause the LTV Ratio to be less than or equal to the Minimum Advance Rate, or for so long as Borrower elects to pay Mid-Point Additional Interest in accordance with Section 3.3 below, the Mid-Point Advance Rate, at the valuation time (1 p.m. PST) on the next Business Day. If the LTV Ratio is not less than or equal to the Minimum Advance Rate or Mid-Point Advance Rate, as applicable, as determined at the valuation time (1 p.m. PST) on that next Business Day after the occurrence of a Collateral Shortfall, an Event of Default shall be deemed to exist, in which case Lender shall be entitled to exercise any and all rights and remedies under Article XI and/or applicable law. For the avoidance of doubt, after Borrower reduces the LTV ratio as a result of a Collateral Shortfall to be less than or equal to the Minimum Advance Rate or Mid-Point Advance Rate, as applicable, Borrower shall have no obligation to maintain the LTV Ratio at such Minimum Advance Rate or Mid-Point Advance Rate, as applicable, for so long as no subsequent Collateral Shortfall occurs.
Collateral Shortfall. If, on any day, the LTV Ratio is equal to or greater than the Maximum Advance Rate (a “Collateral Shortfall”), the Borrower shall have one (1) Business Day to cause the LTV Ratio to be less than or equal to the Minimum Advance Rate, or for so long as Borrower elects to pay Mid-Point Additional Interest in accordance with Section 3.3 below, the Mid-Point Advance Rate. If the LTV Ratio is not less than or equal to the Minimum Advance Rate or Mid-Point Advance Rate, as applicable, by 1 p.m. PST on the first (1st) Business Day after the occurrence of a Collateral Shortfall, an Event of Default shall be deemed to exist, in which case Lender shall be entitled to exercise any and all rights and remedies under Article XI and/or applicable law. For the avoidance of doubt, after Borrower reduces the LTV ratio as a result of a Collateral Shortfall to be less than or equal to the Minimum Advance Rate or Mid-Point Advance Rate, as applicable, Borrower shall have no obligation to maintain the LTV Ratio at such Minimum Advance Rate or Mid-Point Advance Rate, as applicable, for so long as no subsequent Collateral Shortfall occurs.
Collateral Shortfall. PAYMENTS AND PREPAYMENTS. 34 SECTION 2.06 TERMINATION OR REDUCTION OF AGGREGATE COMMITMENTS. 35 SECTION 2.07 FINAL REPAYMENT 35 SECTION 2.08 INTEREST. 35 SECTION 2.09 YIELD MAINTENANCE FEE; BACKUP SERVICING FEES. 36 SECTION 2.10 COMPUTATIONS OF INTEREST AND FEES. 36 SECTION 2.11 EVIDENCE OF DEBT. 36 SECTION 2.12 PAYMENTS GENERALLY; RIGHT OF ADMINISTRATIVE AGENT TO MAKE DEDUCTIONS AUTOMATICALLY. 37 SECTION 2.13 SHARING OF PAYMENTS. 38 SECTION 2.14 [INTENTIONALLY OMITTED]. 39 SECTION 2.15 SECURITY FOR THE OBLIGATIONS; SERVICE PROVIDERS. 39 SECTION 2.16 DEFAULTING LENDERS. 39 ARTICLE 3 TAXES, YIELD PROTECTION AND ILLEGALITY 39 SECTION 3.01 TAXES. 39 SECTION 3.02 ILLEGALITY. 41 SECTION 3.03 INABILITY TO DETERMINE RATES. 41 SECTION 3.04 INCREASED COSTS. 41 SECTION 3.05 COMPENSATION FOR LOSSES. 42 SECTION 3.06 MITIGATION OBLIGATIONS. 42 SECTION 3.07 REMOVAL OR REPLACEMENT OF LENDERS. 42 SECTION 3.08 SURVIVAL. 43 ARTICLE 4 CONDITIONS PRECEDENT 44 SECTION 4.01 CONDITIONS TO EFFECTIVENESS AND INITIAL BORROWING. 44 SECTION 4.02 CONDITIONS TO ALL BORROWINGS. 47 ARTICLE 5 REPRESENTATIONS AND WARRANTIES 48 SECTION 5.01 CORPORATE EXISTENCE AND POWER. 48 SECTION 5.02 CORPORATE AUTHORIZATION; NO CONTRAVENTION. 49 SECTION 5.03 GOVERNMENTAL AUTHORIZATION; COMPLIANCE WITH LAWS. 49 SECTION 5.04 BINDING EFFECT. 49 SECTION 5.05 LITIGATION. 50 SECTION 5.06 NO DEFAULTS, CEASE FUNDING EVENT OR BACKUP SERVICING TRIGGER EVENT. 50 SECTION 5.07 EMPLOYEE BENEFIT PLANS. 50 SECTION 5.08 USE OF PROCEEDS. 51 SECTION 5.09 TITLE TO PROPERTIES. 51 SECTION 5.10 TAXES. 51 SECTION 5.11 FINANCIAL CONDITION. 51 SECTION 5.12 ENVIRONMENTAL MATTERS. 51 SECTION 5.13 MARGIN REGULATIONS; REGULATED ENTITIES. 52 SECTION 5.14 SWAP OBLIGATIONS. 52 SECTION 5.15 INTELLECTUAL PROPERTY. 52 SECTION 5.16 EQUITY INTERESTS OWNED BY THE BORROWER AND ITS SUBSIDIARIES; EQUITY INTERESTS IN THE BORROWER. 52 SECTION 5.17 INSURANCE. 53 SECTION 5.18 COLLATERAL AND COLLATERAL DOCUMENTS. 53 SECTION 5.19 LABOR RELATIONS. 53 SECTION 5.20 SOLVENCY. 54 SECTION 5.21 FULL DISCLOSURE. 54 SECTION 5.22 CERTAIN AGREEMENTS. 54 SECTION 5.23 ANTI-CORRUPTION LAWS AND SANCTIONS. 54 SECTION 5.24 FORM OF CONSUMER RECEIVABLE DOCUMENTS. 55 ARTICLE 6 AFFIRMATIVE COVENANTS 55 SECTION 6.01 FINANCIAL STATEMENTS. 55 SECTION 6.02 CERTIFICATES; OTHER INFORMATION. 57 SECTION 6.03 NOTICES. 58 SECTION 6.04 PAYMENT OF CERTAIN OBLIGATIONS. 60 SECTION 6.05 PRESERVATION OF EXISTENCE, ETC. 60 SECTION 6.06 MAINTENANCE OF PROPERTIES. 60 SECTION 6.07 MAINTENANC...
Collateral Shortfall. If as of any Wednesday (or the next Business Day if such Wednesday is not a Business Day) following the Closing Date, the result of the calculation derived pursuant to clause (b) of the definition of Revolving Credit Availability set forth in this Agreement is a negative number (the “Collateral Shortfall”), then on the next Remittance/Funding Date, the Borrower shall (i) deposit or cause to be deposited Cash into an Eligible Deposit Account, (ii) cause additional Eligible Consumer Receivables that were not previously included in the Borrowing Base to be added as Collateral and/or (iii) repay a principal amount of the Revolving Credit Loans, in an amount necessary to eliminate the Collateral Shortfall, without the necessity of any notice or demand; provided, however that such Consumer Receivables being added to the Borrowing Base, or portions thereof, have not otherwise deemed ineligible by the Administrative Agent in the exercise of its Permitted Discretion.
