Common use of Total Advance Rate Clause in Contracts

Total Advance Rate. As of the end of each fiscal month and as of the making of each Advance hereunder (before and after giving effect to such Advance), the Total Advance Rate shall not exceed (i) from the Initial Term Loan Funding Date period on or after October 1, 2021 to and including the first anniversary thereof, 130%, (ii) from the first anniversary of the Initial Term Loan Funding Date December 31, 2022, 140%, (ii) from January 1, 2023 to and including the second anniversary thereof, 115% December 31, 2023, 130%, and (iii) at all times thereafter, 110 120%. If at any time during which there is a Total Advance Rate Reserve Account, the Total Advance Rate exceeds the applicable rate for any of the foregoing periods, the Borrower may cure such Default by depositing funds in the Total Advance Rate Reserve Account in an amount necessary to reduce the Total Advance Rate to the maximum permitted rate for such period; provided that Borrower's right to cure a Default pursuant to this Section 6.19(c) may be exercised no more than a total of two (2) times. So long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrower may submit a written request to the Agent at least two (2) Business Days prior to the proposed distribution, requesting the Agent to approve the transmission from the Total Advance Rate Reserve Account of all or a portion of the funds therein as of such date to the Borrower, which request must be submitted with (i) a Monthly Servicing Report dated as of the date of such distribution and updated with data as of the date immediately preceding the date of such Monthly Servicing Report, which evidences on a pro forma basis that the Borrower will be in compliance with the Total Advance Rate after giving effect to such distribution and (ii) a certification that no Default or Event of Default has occurred or is continuing or will result therefrom, and Borrower shall be in compliance with the covenants set forth in this Section 6.19 both before and after such requested disbursement of funds. Upon satisfaction of such conditions, the Agent shall direct the account bank to transmit the funds from the Total Advance Rate Reserve Account as specified by the Borrower.

Total Advance Rate. As of the end of each fiscal month and as of the making of each Advance hereunder (before and after giving effect to such Advance), the Total Advance Rate shall not exceed (i) from the Initial Term Loan Funding period beginning on the Fifteenth Amendment Effective Date period on or after October 1to June 30, 2021 to and including the first anniversary thereof2024, 130%, (ii) from the first anniversary of the Initial Term Loan Funding Date period beginning on July 1, 2024 to December 31, 20222024, 140%, (ii) from January 1, 2023 to and including the second anniversary thereof, 115% December 31, 2023, 130125%, and (iiiii) at all times thereafter, 110 120%. If at any time during which there is a Total Advance Rate Reserve Account, the Total Advance Rate exceeds the applicable rate for any of the foregoing periods, the Borrower may cure such Default by depositing funds in the Total Advance Rate Reserve Account in an amount necessary to reduce the Total Advance Rate to the maximum permitted rate for such period; provided that Borrower's right to cure a Default pursuant to this Section 6.19(c) may be exercised no more than a total of two (2) times. So long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrower may submit a written request to the Agent at least two (2) Business Days prior to the proposed distribution, requesting the Agent to approve the transmission from the Total Advance Rate Reserve Account of all or a portion of the funds therein as of such date to the Borrower, which request must be submitted with (i) a Monthly Servicing Report dated as of the date of such distribution and updated with data as of the date immediately preceding the date of such Monthly Servicing Report, which evidences on a pro forma basis that the Borrower will be in compliance with the Total Advance Rate after giving effect to such distribution and (ii) a certification that no Default or Event of Default has occurred or is continuing or will result therefrom, and Borrower shall be in compliance with the covenants set forth in this Section 6.19 both before and after such requested disbursement of funds. Upon satisfaction of such conditions, the Agent shall direct the account bank to transmit the funds from the Total Advance Rate Reserve Account as specified by the Borrower.. Katapult SPV-1 LLC – Loan and Security Agreement

Total Advance Rate. As of the end of each fiscal month and as of the making of each Advance hereunder (before and after giving effect to such Zibby – Twelfth Amendment to Loan and Security Agreement #152980344 Advance), the Total Advance Rate shall not exceed (i) from the Initial Term Loan Funding Date period on or after October 1, 2021 to and including the first anniversary thereof, 130%, (ii) from the first anniversary of the Initial Term Loan Funding Date December 31, 2022, 140%, (ii) from January 1, 2023 to and including the second anniversary thereof, 115% December 31, 2023, 130%, and (iii) at all times thereafter, 110 120%. If at any time during which there is a Total Advance Rate Reserve Account, the Total Advance Rate exceeds the applicable rate for any of the foregoing periods, the Borrower may cure such Default by depositing funds in the Total Advance Rate Reserve Account in an amount necessary to reduce the Total Advance Rate to the maximum permitted rate for such period; provided that Borrower's right to cure a Default pursuant to this Section 6.19(c) may be exercised no more than a total of two five (25) times. So long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrower may submit a written request to the Agent at least two (2) Business Days prior to the proposed distribution, requesting the Agent to approve the transmission from the Total Advance Rate Reserve Account of all or a portion of the funds therein as of such date to the Borrower, which request must be submitted with (i) a Monthly Servicing Report dated as of the date of such distribution and updated with data as of the date immediately preceding the date of such Monthly Servicing Report, which evidences on a pro forma basis that the Borrower will be in compliance with the Total Advance Rate after giving effect to such distribution and (ii) a certification that no Default or Event of Default has occurred or is continuing or will result therefrom, and Borrower shall be in compliance with the covenants set forth in this Section 6.19 both before and after such requested disbursement of funds. Upon satisfaction of such conditions, the Agent shall direct the account bank to transmit the funds from the Total Advance Rate Reserve Account as specified by the Borrower.

Total Advance Rate. As of the end of each fiscal month and as of the making of each Advance hereunder (before and after giving effect to such Advance), the Total Advance Rate shall not exceed (i) from the Initial Term Loan Funding period beginning on the Fifteenth Amendment Effective Date period on or after October 1to June 30, 2021 to and including the first anniversary thereof2024, 130%, (ii) from the first anniversary of the Initial Term Loan Funding Date period beginning on July 1, 2024 to December 31, 20222024, 140%, (ii) from January 1, 2023 to and including the second anniversary thereof, 115% December 31, 2023, 130125%, and (iiiii) at all times thereafter, 110 120%. If at any time during which there is a Total Advance Rate Reserve Account, the Total Advance Rate exceeds the applicable rate for any of the foregoing periods, the Borrower may cure such Default by depositing funds in the Total Advance Rate Reserve Account in an amount necessary to reduce the Total Advance Katapult SPV-1 LLC – Loan and Security Agreement Rate to the maximum permitted rate for such period; provided that Borrower's right to cure a Default pursuant to this Section 6.19(c) may be exercised no more than a total of two (2) times. So long as no Default or Event of Default has occurred and is continuing or would result therefrom, Borrower may submit a written request to the Agent at least two (2) Business Days prior to the proposed distribution, requesting the Agent to approve the transmission from the Total Advance Rate Reserve Account of all or a portion of the funds therein as of such date to the Borrower, which request must be submitted with (i) a Monthly Servicing Report dated as of the date of such distribution and updated with data as of the date immediately preceding the date of such Monthly Servicing Report, which evidences on a pro forma basis that the Borrower will be in compliance with the Total Advance Rate after giving effect to such distribution and (ii) a certification that no Default or Event of Default has occurred or is continuing or will result therefrom, and Borrower shall be in compliance with the covenants set forth in this Section 6.19 both before and after such requested disbursement of funds. Upon satisfaction of such conditions, the Agent shall direct the account bank to transmit the funds from the Total Advance Rate Reserve Account as specified by the Borrower.