Material Credit Reductions Sample Clauses

Material Credit Reductions. If during the Due Diligence Period Purchaser discovers a Material Credit Reduction, then Purchaser may deliver to Seller a notice during the Due Diligence Period specifying the applicable Material Credit Reduction. If the Material Credit Reduction is reasonably susceptible to cure (which may be by a credit against the Purchase Price if the monetary effect on Purchaser is reasonably determinable) and relates to one or more specific Project Partnerships (as described in clause (x) of the definition of “Material Credit Reduction”) and not to the Project Partnerships on an aggregate basis (as described in clause (y) of the definition of “Material Credit Reduction”) (any such Material Credit Reduction being a “Curable Credit Reduction”), Seller shall within ten days after delivery of any such objection notice notify Purchaser as to whether Seller shall cure such Curable Credit Reduction to Purchaser’s reasonable satisfaction by the later of the end of the Due Diligence Period or 30 days after the date of Purchaser’s notice (such later date being the “Required Credit Cure Date”), and if so, describe the means by which Seller shall cure such Curable Credit Reduction. If Seller fails to notify Purchaser of Seller’s intent to cure the Curable Credit Reduction within such ten day period, Seller shall be deemed to have elected not to cure. If (i) the Material Credit Reduction is not a Curable Credit Reduction, (ii) Seller is unwilling to cure a Curable Credit Reduction to Purchaser’s reasonable satisfaction by the Required Credit Cure Date, (iii) Seller indicates that it will cure such Curable Credit Reduction by the Required Credit Cure Date but fails to do so, or (iv) Seller fails to notify Purchaser within such ten-day period of Seller’s intention to so cure a Curable Credit Reduction, then Purchaser may, by written notice to Seller within five business days after the applicable event (i.e. Seller’s notification of Seller’s unwillingness to cure; passage of the ten day period described above expires and Seller delivers no notice; failure to cure by the Required Credit Cure Date; determination that the Material Credit Reduction is not a Curable Credit Reduction), (x) exercise its Project Removal Option with respect to the Project(s) designated by Purchaser to which the Material Credit Reduction relates, or (y) elect to accept the Material Credit Reduction as-is (subject to its Due Diligence Termination Option), or (z) terminate this Agreement (in which case the Xxx...
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Related to Material Credit Reductions

  • Letter of Credit Reports Each Issuing Bank shall furnish (A) to the Agent on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all such Letters of Credit and (B) to the Agent on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank.

  • Credit Reports Borrower authorizes Lender to obtain a credit report on Borrower at any time.

  • Change in Credit and Collection Policy At least thirty (30) days prior to the effectiveness of any material change in or material amendment to the Credit and Collection Policy, a copy of the Credit and Collection Policy then in effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely to adversely affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting the Agent's consent thereto.

  • Compliance with Credit and Collection Policy Such Seller Party has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any change to such Credit and Collection Policy, except such material change as to which the Agent has been notified in accordance with Section 7.1(a)(vii).

  • Circumstances Affecting LIBOR Rate Availability In connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 5.1(d)), on the last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest Period.

  • Credit Reporting; Gramm-Leach-Bliley Act (a) With respect to each Mortgage Loan, each Sexxxxxx xxxxxx xx xully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and TransUnion Credit Information Company (three of the credit repositories), on a monthly basis.

  • Laws Affecting LIBOR Rate Availability If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans hereunder, and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto as a LIBOR Rate Loan, the applicable LIBOR Rate Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.

  • Change in Business or Credit and Collection Policy The Seller will not make any change in the character of its business or in the Credit and Collection Policy that would, in either case, materially adversely affect the collectibility of the Receivables Pool or the ability of the Seller to perform its obligations under this Agreement.

  • Credit and Collection Policies Comply in all material respects with the Credit and Collection Policy in regard to each Pool Receivable and the related Contract.

  • All Credit Extensions The obligation of each Lender and each Issuer to make any Credit Extension shall be subject to the satisfaction of each of the conditions precedent set forth below.

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