Common use of Conditions to Sales Clause in Contracts

Conditions to Sales. Any Sale of a Portfolio Asset is subject to the satisfaction of the following conditions: (i) unless the Majority Lenders otherwise consent (such consent not to be unreasonably withheld, conditioned or delayed and the Majority Lenders shall use commercially reasonable efforts to respond to a request for consent within three (3) Business Days (or, in the case of an Underlying Obligor Default with respect to such Portfolio Asset arising under clause (a) of such defined term, five (5) Business Days)), the Proceeds from such Sale (expressed as a percentage of par) shall be no less than ten (10) percentage points lower than the most recent value of the Portfolio Asset subject to such Sale (expressed as a percentage of par); and (ii) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any Sale.

Appears in 2 contracts

Samples: Loan and Servicing Agreement (Carlyle Credit Solutions, Inc.), Loan and Servicing Agreement (TCG BDC II, Inc.)

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Conditions to Sales. Any Sale of a Portfolio Asset is subject to the satisfaction of the following conditions: : (i) unless the Majority Lenders otherwise consent (such consent not to be unreasonably withheld, conditioned or delayed and the Majority Lenders shall use commercially reasonable efforts to respond to a request for consent within three (3) Business Days (or, in the case of an Underlying Obligor Default with respect to such Portfolio Asset arising under clause (a) of such defined term, five (5) Business Days)), the Proceeds from such Sale (expressed as a percentage of par) shall be no less than ten (10) percentage points lower than the most recent value of the Portfolio Asset subject to such Sale (expressed as a percentage of par); and and (ii) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any SaleAccounts.

Appears in 1 contract

Samples: Loan and Servicing Agreement (Carlyle Secured Lending III)

Conditions to Sales. Any Sale of a Portfolio Asset is subject to the satisfaction of the following conditions: (i) i. unless the Majority Lenders otherwise consent (such consent not to be unreasonably withheld, conditioned or delayed and the Majority Lenders shall use commercially reasonable efforts to respond to a request for consent within three (3) Business Days (or, in the case of an Underlying Obligor Default with respect to such Portfolio Asset arising under clause (a) of such defined term, five (5) Business Days)), the Proceeds from such Sale (expressed as a percentage of par) shall be no less than ten (10) percentage points lower than the most recent value of the Portfolio Asset subject to such Sale (expressed as a percentage of par); and (ii) . the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any Sale.

Appears in 1 contract

Samples: Loan and Servicing Agreement (TCG BDC II, Inc.)

Conditions to Sales. Any Sale of a Portfolio Asset is subject to the satisfaction of the following conditions: (i) unless the Majority Lenders otherwise consent (such consent not to be unreasonably withheld, conditioned or delayed and the Majority Lenders shall use commercially reasonable efforts to respond to a request for consent within three (3) Business Days (or, in the case of an Underlying Obligor Default with respect to such Portfolio Asset arising under clause (a) of such defined term, five (5) Business Days)), the Proceeds from such Sale (expressed as a percentage of par) shall be no less than ten (10) percentage points lower than the most recent value of the Portfolio Asset subject to such Sale (expressed as a percentage of par); and (ii) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account Accounts in connection with any Sale.

Appears in 1 contract

Samples: Loan and Servicing Agreement (Carlyle Secured Lending III)

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Conditions to Sales. Any Sale of a Portfolio Asset is subject to the satisfaction of the following conditions: (i) unless the Majority Lenders otherwise consent (such consent not to be unreasonably withheld, conditioned or delayed and the Majority Lenders shall use commercially reasonable efforts to respond to a request for consent within three (3) Business Days (or, in the case of an Underlying Obligor Default with respect to such Portfolio Asset arising under clause (a) of such defined term, five (5) Business Days)), the Proceeds from such Sale (expressed as a percentage of par) shall be no less than ten (10) percentage points lower than the most recent value of the Portfolio Asset subject to such Sale (expressed as a percentage of par); and (ii) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any SaleAccounts.

Appears in 1 contract

Samples: Loan and Servicing Agreement (Carlyle Secured Lending III)

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