Sales of Collateral Loans. Subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions specified in Sections 10.04, the Borrower may, but will not be required to, sell any Collateral Loan if such sale meets each of the requirements set forth below:
Sales of Collateral Loans. Subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions specified in this Section 10.01 and Section 10.04, the Borrower may sell any Collateral Loan if such sale meets each of the requirements set forth below (provided that prior to such discretionary sale, the Borrower shall demonstrate that the requirements set forth below are met by submitting to the Lenders completed forms of Borrowing Base Certificate (including all attachments thereto) and Compliance Certificate (including all attachments thereto) as of the date of such discretionary sale after giving effect thereto):
Sales of Collateral Loans. Subject to the satisfaction of the conditions specified in Section 10.03, the 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 Collateral Manager, any Collateral Loan if such sale meets each of the requirements set forth below:
Sales of Collateral Loans. 127128 Section 10.02.
Sales of Collateral Loans. (a) 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) 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), unless the Administrative Agent has provided prior written consent to such sale (such consent not to be unreasonably withheld, conditioned or delayed); and (iii) the Administrative Agent has provided prior written consent (such consent not to be unreasonably withheld, conditioned or delayed in the case of each of Clause (B) and clause (C) below) to such sale, if (A) upon giving effect thereto and the application of the proceeds thereof, the Minimum OC Coverage Test would not be satisfied (or, if not satisfied immediately prior to such sale, compliance with the Minimum Coverage Test is not maintained or improved); (B) such sale is to the Equityholder, the Servicer or a Person that is an Affiliate of the Borrower, the Equityholder or the Servicer provided that no consent from the Administrative Agent shall be required if such sale complies with Section 10.03; (C) both (x) the proceeds from such proposed sale would be less than the Adjusted Principal Balance of such Collateral Loan and (y) the OC Ratio would not be maintained or improved immediately after giving effect to such sale; or (D) after giving effect to such proposed sale, the Aggregate Principal Balance of all Collateral Loans sold or disposed of by the Borrower during the immediately preceding twelve calendar months (or since the Closing Date, if the Trade Date of such proposed sale would occur earlier than twelve calendar mo...
Sales of Collateral Loans
