ADDITIONAL PROTECTIVE ADVANCES Sample Clauses

ADDITIONAL PROTECTIVE ADVANCES. Borrower agrees that any and all Protective Advances by Lender to protect the Collateral or for any other purpose under the Loan Documents after Borrower has failed to take any such required action after receipt of notice from Lender shall be considered Advances pursuant to this Agreement, and Borrower acknowledges that such advances may be made by Lender in its sole and absolute discretion and without any request or authorization of Borrower. Any such Protective Advances shall be immediately due and payable and shall bear interest at the Default Interest Rate until paid. Borrower acknowledges and agrees that such Protective Advances may exceed the amount of Advances otherwise available under the Borrowing Base, and Borrower nonetheless agrees to pay such Protective Advances as provided herein and agrees that such Protective Advances shall be secured by all Collateral. [The balance of the page intentionally left blank.] DATED as of the date first above stated. BORROWER: LYON BRANCHES, LLC, a Delaware limited liability company By: Xxxxxxx Xxxx Homes, Inc., a California corporation, its managing member By: /s/ Xxxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxxxx Title: Senior Vice President By: /s/ Xxxxx X. Xxxxxx Name: Xxxxx X. Xxxxxx Title: Vice President Chief Financial Officer LENDER: CALIFORNIA BANK & TRUST, a California banking corporation By: /s/ Xxxxx X. Xxxxxxxx Name: Xxxxx X. Xxxxxxxx Title: Senior Vice President EXHIBIT “A” Legal Description THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF IRVINE, COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOTS 1 THROUGH 48, INCLUSIVE, AND XXXX X XXXXXXX X, XXXXXXXXX, XX XXXXX XX. 00000, IN THE CITY OF IRVINE, AS PER MAP RECORDED IN BOOK 909, PAGE(S) 29 THROUGH 33, INCLUSIVE, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE CALIFORNIA. EXCEPT ALL OIL, OIL RIGHTS, MINERALS, MINERAL RIGHTS, NATURAL GAS RIGHTS, AND OTHER HYDROCARBONS BY WHATSOEVER NAME KNOWN THAT MAY WITHIN OR UNDER THE PARCEL OF LAND HEREINABOVE DESCRIBED, TOGETHER WITH THE PERPETUAL RIGHT OF DRILLING, MINING, EXPLORING AND OPERATING THEREFOR AND STORING IN AND REMOVING THE SAME FROM SAID LAND OR ANY OTHER LAND, INCLUDING THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND MINE FROM LANDS OTHER THAN SAID LAND HEREINABOVE DESCRIBED, OIL OR GAS XXXXX, TUNNELS AND SHAFTS INTO, THROUGH OR ACROSS THE SUBSURFACE OF THE LAND HEREINABOVE DESCRIBED, AND TO BOTTOM SUCH WHIPSTOCKED OR DIRECTIONALLY DRILLED XXXXX, TUNNELS AND ...
Sample 1
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ADDITIONAL PROTECTIVE ADVANCES. Borrower has represented to Lender that Borrower may not have sufficient funds to pay future real estate taxes which will come due on the Property as and when the same become due. Lender agrees that in the event Borrower cannot make any such payment in full when due, Lender will make an additional protective advance (an "Additional Protective Advance") under the Mortgage sufficient to cause such payment to be made in full, provided, however, (i) that Lender shall not be obligated to advance in the aggregate more than $157,243.38 in Additional Protective Advances pursuant to this paragraph 5(b), (ii) that Lender shall not be obligated to make any Additional Protective Advance if any default shall hereafter occur under this Agreement or any of the other Loan Documents, (iii) that Borrower shall comply with the advances request procedures set forth below, and (iv) that Borrower shall repay any and all Additional Protective Advances, with interest, in the manner provided in paragraph 5(d), below. In the event that Borrower believes that Borrower will not be able to make any real estate tax payment which hereafter becomes due on the Property, Borrower shall deliver to Lender at least sixty (60) days prior to the date on which such payment is to become due (a "Due Date") a copy of the tax bill showing the amouxx xnd Due Date of such payment, together with a written request by Borrower that Lender make an Additional Protective Advance, which request shall state the amount that Borrower will be able to pay (the "Borrower's Share") and the amount of the requested Additional Protective Advance. Provided that such requested Additional Protective Advance, if made, would not cause the sum of all Additional Protective Advances made by Lender to exceed $157,243.38 (the "Protective Advances Limit"), Lender shall, upon receipt by Lender from Borrower of the Borrower's Share in cash, cashier's check or wired funds at least fifteen (15) business days prior to the Due Date, make the requested Additional Protective Advance and cause the subject taxes to be paid in full on or before the Due Date. Lender acknowledges that Borrower's failure to pay real estate taxes on the Property shall not constitute a default under the Loan Documents, provided Borrower requests Additional Protective Advances in accordance with the terms of this paragraph 5(b). Borrower acknowledges and agrees, however, that from and after such time, if any, as Lender has advanced Additional Protective Advances...
Sample 1
ADDITIONAL PROTECTIVE ADVANCES. Lender may, at its discretion, without any obligation to do so, and without the consent of Borrower, take whatever actions on Xxxxxxxx's behalf as Lender may deem necessary and proper to permit Lender to obtain full recovery and payment of all Obligations and to protect the Collateral. Specifically, but without limitation, Lender may: (a) purchase and maintain insurance on the Collateral and Borrower's other properties, assets, and business operations; (b) pay taxes and governmental assessments on Borrower's behalf; and (c) compromise or otherwise satisfy any claim that a third party may assert against the Collateral, or against Borrower or its property (including the payment of liens or claims against any Collateral). The payment of any of the foregoing, together with the costs and expenses (including Legal Costs and lender representative fees and expenses) incurred in connection with the matter for which the payment is made by Lender, shall be considered to be an Advance. All such Advances, together with interest at the rate or rates then applicable to Borrower's Loans, will be considered as an additional Obligation secured by the Collateral. Xxxxxx's judgment in making any Advance provided for in this section shall be conclusive and binding on Borrower.
Sample 1
ADDITIONAL PROTECTIVE ADVANCES. Should Company for any reason fail to do what is required by Company under this Agreement, or otherwise, DCS may, at its sole option and discretion, without any obligation to do so, take whatever actions on Company’s behalf as DCS may deem to be necessary and proper to permit DCS to obtain full recovery and payment of all Obligations in favor of DCS. Specifically, but without limitation, DCS may: (a) purchase and maintain insurance on the Collateral and on Company’s other properties and assets, and with respect to Company’s business operations; (b) pay taxes and governmental assessments on Company’s behalf; and (c) compromise or otherwise satisfy any claim that a third party may assert against any of the Collateral, or against Company or its properties. All additional sums that DCS may advance for such purposes, together with interest at the Default Rate, will be considered an additional Obligation subject to and secured by this Agreement.
Sample 1

Related to ADDITIONAL PROTECTIVE ADVANCES

  • Protective Advances (a) Subject to the limitations set forth below, the Administrative Agent is authorized by the Company and the Lenders, from time to time during the Availability Period, in the Administrative Agent’s sole discretion (but with no obligation), to make Loans in US Dollars to the Company, on behalf of all Lenders, which the Administrative Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations or (iii) to pay any other amount chargeable to or required to be paid by the Borrowers pursuant to the terms of this Agreement, including payments of reimbursable expenses (including costs, fees, and expenses described in Section 8.03) and other sums payable under the Loan Documents (any such Loans are herein referred to as “Protective Advances”); provided that the aggregate principal amount of Protective Advances outstanding at any time shall not exceed $50,000,000; provided further that the making of any Protective Advance shall not cause the Aggregate Credit Exposure to exceed the Aggregate Commitments. Protective Advances may be made when a Default exists or the conditions precedent set forth in Section 4.02 are not otherwise satisfied. The Protective Advances shall be secured by the Liens created by the Collateral Documents and shall constitute Obligations. The Company shall be required to repay (or, subject to the satisfaction of the conditions precedent set forth in Section 4.02, refinance with the proceeds of a Borrowing) each Protective Advance within 45 days after such Protective Advance is made. Without affecting Protective Advances already made, the Administrative Agent’s authorization to make future Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. At any time that there is sufficient Excess Availability and the conditions precedent set forth in Section 4.02 have been satisfied, the Administrative Agent may request, on behalf of the Company, the Lenders to make ABR Loans to repay any Protective Advance. At any other time the Administrative Agent may require the Lenders to acquire participations in any Protective Advance as described in Section 2.04(b).

  • Protective Advances and Optional Overadvances (i) Any contrary provision of this Agreement or any other Loan Document notwithstanding (but subject to Section 2.3(d)(iv)), at any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any of the other applicable conditions precedent set forth in Section 3 are not satisfied, Agent hereby is authorized by Borrowers and the Lenders, from time to time, in Agent’s sole discretion, to make Revolving Loans to, or for the benefit of, Borrowers, on behalf of the Revolving Lenders, that Agent, in its Permitted Discretion, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations) (the Revolving Loans described in this Section 2.3(d)(i) shall be referred to as “Protective Advances”).

  • Prepayments of Revolving Credit Advances The Borrower ---------------------------------------- may, upon notice at least two Business Days' prior to the date of such prepayment, in the case of Eurodollar Rate Advances, and not later than 12:00 noon (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Revolving Credit Advances comprising part of the same Revolving Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in -------- ------- an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Agent Advances (i) Subject to the limitations set forth below and notwithstanding anything else in this Agreement to the contrary, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s sole discretion, (A) at any time that a Default exists, (B) at any time that any of the other conditions precedent set forth in Article 4 have not been satisfied, or (C) at any time an Overadvance exists or would result from any Agent Advance (as defined below), to make Base Rate Advances to the Borrowers on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed (together with all other Aggregate Revolving Credit Obligations) the lesser of (y) the Revolving Loan Commitment or (z) $5,000,000, which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, (2) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (3) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including costs, fees and expenses as provided under this Agreement (any of such advances are herein referred to as “Agent Advances”); provided, that (i) such amount shall not be outstanding more than 30 days and (ii) the Majority Lenders may at any time revoke the Administrative Agent’s authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. The Administrative Agent shall promptly provide to the Administrative Borrower written notice of any Agent Advance.

  • Revolver Advances (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans (“Advances”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:

  • Revolving Loan Borrowings (i) Each Revolving Loan Borrowing shall be made on notice, given not later than (x) 12:00 noon (New York City time) on the third (3rd) Business Day prior to the date of a Eurodollar Rate Borrowing, and (y) 10:00 A.M. (New York City time) on the day of a Base Rate Borrowing, by the Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof by telecopier, telex, cable or electronic mail. Each notice of a Revolving Loan Borrowing (a “Notice of Revolving Loan Borrowing”) shall be made in the form of a written Loan Notice, or orally and confirmed immediately in writing, by telecopier, telex, cable or electronic mail, in the form of a written Loan Notice, specifying therein the requested (i) date of such Revolving Loan Borrowing (which shall be a Business Day), (ii) Type of Revolving Loan comprising such Revolving Loan Borrowing, (iii) aggregate amount of such Revolving Loan Borrowing and (iv) in the case of a Revolving Loan Borrowing comprised of Eurodollar Rate Loans, the Interest Period for each such Revolving Loan. Each Lender shall (A) before 11:00 A.M. (New York City time) on the date of such Borrowing (in the case of a Eurodollar Rate Borrowing) and (B) before 1:00 P.M. (New York City time) on the date of such Borrowing (in the case of a Base Rate Borrowing), make available for the account of its applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account in same day funds, such Lender’s ratable portion of such Borrowing (based upon its Applicable Revolving Credit Percentage). After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 4.02, the Administrative Agent will make such funds available to the Borrower in such manner as the Administrative Agent and the Borrower may agree; provided, however, that the Administrative Agent shall first make a portion of such funds equal to the aggregate principal amount of any Swing Loan and Letter of Credit Loans as to which the Borrower has received timely notice made by the Swing Loan Bank or the Issuing Bank, as the case may be, and by any other Lender and outstanding on the date of such Revolving Loan Borrowing, plus interest accrued and unpaid thereon to and as of such date, available to the Swing Loan Bank or the Issuing Bank, as the case may be, and such other Lenders for repayment of such Swing Loans and Letter of Credit Loans.

  • Manner of Borrowing and Funding Revolver Loans Borrowings under the Commitments established pursuant to Section 1.1 hereof shall be made and funded as follows:

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