Common use of Discretionary Sales of Collateral Loans Clause in Contracts

Discretionary Sales of Collateral Loans. Subject to the satisfaction of the conditions specified in Section 10.03, the Borrower (or the Servicer on behalf of the Borrower) may, but will not be required to, direct the Collateral Agent to sell, and the Collateral Agent shall sell in the manner directed by the Servicer, any Collateral Loan if such sale meets the requirements set forth below (as shown in the Borrowing Base Calculation Statement delivered with respect thereto in accordance with Section 5.02(d)(iii)): (i) no Default or Event of Default exists or would result upon giving effect thereto; provided that the Borrower (or the Servicer on behalf of the Borrower) may sell one or more Collateral Loans if after giving effect thereto and the application of the proceeds thereof any existing Default or Event of Default would be cured; (ii) [reserved]; and (iii) the Administrative Agent has provided prior written consent to such sale, if (A) any Coverage Test would not be satisfied following such proposed sale or

Discretionary Sales of Collateral Loans. Subject to the satisfaction of the conditions specified in Section 10.03, the Borrower (or the Servicer Collateral Manager on behalf of the Borrower) may, but will not be required to, direct the Collateral Agent to sell, and the Collateral Agent shall sell in the manner directed by the ServicerCollateral Manager, any Collateral Loan if such sale meets the requirements set forth below (as shown in the Borrowing Base Calculation Statement delivered with respect thereto in accordance with Section 5.02(d)(iii)): (i) no Default or Event of Default exists or would result upon giving effect thereto; provided that the Borrower (or the Servicer Collateral Manager on behalf of the Borrower) may sell one or more Collateral Loans (on the same Business Day) if after giving effect thereto and the application of the proceeds thereof any existing Default or Event of Default would be cured; (ii) [reserved]upon giving effect thereto and the application of the proceeds thereof, the Collateral Quality Test is satisfied (or, if not satisfied immediately prior to such sale, compliance with such Collateral Quality Test is maintained or improved); and (iii) the Administrative Agent has provided prior written consent to such sale, if (A) any Coverage Test would not be satisfied following such proposed sale orif

Discretionary Sales of Collateral Loans. Subject to the satisfaction of the conditions specified in Section 10.03, the Borrower (or the Servicer on behalf of the Borrower) may, but will not be required to, direct the Collateral Agent to sell, and the Collateral Agent shall sell in the manner directed by the Servicer, any Collateral Loan if such sale meets the requirements set forth below (as shown in the Borrowing Base Calculation Statement delivered with respect thereto in accordance with Section 5.02(d)(iii)): (i) no Default or Event of Default exists or would result upon giving effect thereto; provided that the Borrower (or the Servicer on behalf of the Borrower) may sell one or more Collateral Loans if after giving effect thereto and the application of the proceeds thereof any existing Default or Event of Default would be cured; (ii) [reserved]; andupon giving effect thereto and the application of the proceeds thereof, the Minimum OC Coverage Test is satisfied; (iii) such sale is not to the Administrative Agent has provided prior written consent to such saleEquityholder, if (Athe Servicer or a Person that is an Affiliate of the Borrower, the Equityholder or the Servicer unless it complies with Section 5.03(h) any Coverage Test would not be satisfied following such proposed sale orand Section 10.03; and