Common use of Administrative Agent Advances Clause in Contracts

Administrative Agent Advances. (a) Agent is authorized, from time to time, in Agent’s sole discretion to expend funds to the extent permitted by the Loan Documents, on behalf of Lender (“Administrative Agent Advances”), when Agent deems necessary or desirable to preserve or protect the Properties or any portion thereof (including those with respect to property taxes, insurance premiums, and other costs, fees and expenses with respect to operation, leasing, management, improvements, maintenance, repair, sale and disposition) (A) subject to Section 8.2, during the continuance of an Event of Default, and (B) after acquisition of all or a portion of any Property by foreclosure or other exercise of remedies hereunder. (b) Administrative Agent Advances shall constitute obligatory advances of Lender under this Agreement, shall be repayable by Lenders on demand and shall be Obligations that are secured by the Properties, and if unpaid by Lenders, as set forth below, shall bear interest at the rate applicable to such amount under the Loan. Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Agent of its making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s Ratable Share of the outstanding principal amount of the Administrative Agent Advance available to Agent, in same day funds in lawful money of the United States of America, to such account of Agent as Agent may designate on the first Business Day after Agent provides Lender with notice of the making of such Administrative Agent Advance.

Administrative Agent Advances. (a) Agent is authorized, from time to time, in Agent’s sole discretion to expend funds to the extent permitted by the Loan Documents, on behalf of Lender (“Administrative Agent Advances”), when Agent deems necessary or desirable to preserve or protect the Properties or any portion thereof (including those with respect to property taxes, insurance premiums, and other costs, fees and expenses with respect to operation, leasing, management, improvements, maintenance, repair, sale and disposition) (A) subject to Section 8.2, during the continuance of an Event of Default, and (B) after acquisition of all or a portion of any Property by foreclosure or other exercise of remedies hereunder. (b) Administrative Agent Advances shall constitute obligatory advances of Lender under this Agreement, shall be repayable by Lenders on demand and shall be Obligations that are secured by the PropertiesLoan Documents, and if unpaid by Lenders, as set forth below, shall bear interest at the rate applicable to such amount under the Loan. Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Agent of its making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s Ratable Share of the outstanding principal amount of the Administrative Agent Advance available to Agent, in same day funds in lawful money of the United States of America, to such account of Agent as Agent may designate on the first Business Day after Agent provides Lender with notice of the making of such Administrative Agent Advance.

Administrative Agent Advances. (a) Administrative Agent is authorized, from time to time, in Administrative Agent’s sole discretion to expend funds to the extent permitted by the Loan Documentsfunds, on behalf of Lender Lenders (“Administrative Agent Advances”), (i) to pay any costs, fees and expenses as described in Section 6.10 herein, and (ii) when Administrative Agent deems necessary or desirable to preserve or protect the Properties Loan collateral or any portion thereof (including those with respect to property taxesTaxes, insurance premiumsInsurance Premiums, and other costs, fees and expenses with respect to operation, leasing, management, improvements, maintenance, repair, sale and disposition) (A) subject to Section 8.25.5, during after the continuance occurrence of an Event of a Default, and (B) subject to Section 5.10, after acquisition of all or a portion of any Property the Loan collateral by foreclosure or other exercise of remedies hereunderotherwise. (b) Administrative Agent Advances shall constitute obligatory advances of Lender Lenders under this Agreement, shall be repayable by Lenders on demand and shall be Obligations that are secured by the PropertiesLoan collateral, and if unpaid by Lenders, Lenders as set forth below, below shall bear interest at the rate applicable to such amount under the LoanLoans or if no longer applicable, at the Base Rate. Administrative Agent shall notify each Lender in writing of each Administrative Agent Advance. Upon receipt of notice from Administrative Agent of its making of an Administrative Agent Advance, each Lender shall make the amount of such Lender’s Ratable Pro Rata Share of the outstanding principal amount of the Administrative Agent Advance available to Administrative Agent, in same day funds in lawful money of the United States of Americafunds, to such account of Administrative Agent as Administrative Agent may designate designate, on or before 3:00 p.m. (Administrative Agent’s Time) on the first day which is two (2) Business Day Days after Administrative Agent provides Lender Lenders with notice of the making of such Administrative Agent Advance.