CapEx Borrowing means a Borrowing consisting of simultaneous CapEx Advances of the same Type made by each CapEx Lender pursuant to Section 2.1(b)(ii) or Converted by each CapEx Lender to CapEx Advances of a different Type pursuant to Section 2.3(b).
The Agent retains the right from time to time to reduce the advance rates for the CapEx Borrowing Base in its sole discretion.
Administrative Agent shall have three (3) Business Days to review each such certificate and the related request for a Second Amendment Amenities CapEx Borrowing.
Furthermore, (1) on the CapEx Commitment Termination Date, each Lender's CapEx Commitment shall be reduced to zero, and (2) with each CapEx Borrowing, each CapEx Lender's CapEx Commitment shall be reduced by the amount of CapEx Advances funded by such Lender in connection with such CapEx Borrowing.
The obligation of each CapEx Lender to make a CapEx Advance on the occasion of each CapEx Borrowing shall be subject to the further conditions precedent set forth in Schedule IV.
Such Second Amendment Amenities CapEx Borrowing shall be funded not later than the expiration of such three-Business Day period unless, within such three-Business Day period, Administrative Agent notifies Borrower in writing that such Second Amendment Amenities CapEx Borrowing does not comply with the terms hereof (together with reasonable detail regarding the basis for such determination).