Common use of Administrative Agent Advances Clause in Contracts

Administrative Agent Advances. Administrative Agent shall be authorized by Borrowers and Lenders, from time to time in Administrative Agent’s sole and absolute discretion, at any time that a Default or Event of Default exists or any of the conditions precedent set forth in Section 10 hereof have not been satisfied, to make Base Rate Loans to Borrowers on behalf of Lenders in an aggregate amount outstanding at any time not to exceed 5% of the Borrowing Base, but not in excess of the aggregate of the Commitments minus the LC Outstandings, but only to the extent that Administrative Agent deems the funding of such Base Rate Loans to be necessary or desirable (i) to preserve or protect the Collateral or any portion thereof, (ii) to enhance the likelihood of or the amount of repayment of the Obligations or (iii) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including costs, fees and expenses, all of which Base Rate Loans advanced by Administrative Agent shall be deemed part of the Obligations and secured by the Collateral, shall be treated as Settlement Loans and shall be settled and paid by Borrowers and Lenders as provided herein for Settlement Loans; provided, however, that the Required Lenders may at any time revoke Administrative Agent’s authorization to make any such Base Rate Loans by written notice to Administrative Agent, which shall become effective upon and after Administrative Agent’s receipt thereof. The provisions of this Section 1.2.7 shall be in addition to the provisions of Section 12.9.4 hereof.

Administrative Agent Advances. (i) Administrative Agent shall be hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Administrative Agent’s 's sole and absolute discretion, (1) after the occurrence of a Default or an Event of Default (but without constituting a waiver of such Default or Event of Default), or (2) at any time that a Default or Event of Default exists or any of the other applicable conditions precedent set forth in Section 10 hereof SECTION 3.1 or 3.2 have not been satisfied, to make Base Rate Loans Advances to Borrowers Borrower on behalf of the Lenders which Administrative Agent, in an aggregate amount outstanding at any time not to exceed 5% of the Borrowing Baseits reasonable business judgment, but not in excess of the aggregate of the Commitments minus the LC Outstandings, but only to the extent that Administrative Agent deems the funding of such Base Rate Loans to be necessary or desirable (iA) to preserve or protect the Collateral Collateral, or any portion thereof, (iiB) to enhance the likelihood of of, or maximize the amount of of, repayment of the Obligations Obligations, or (iiiC) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees fees, and expensesexpenses described in SECTION 10 (any of the Advances described in this SECTION 2.1(h) being hereinafter referred to as "Administrative Agent Advances"); PROVIDED, all of which Base Rate Loans advanced by that Administrative Agent shall be deemed part not make any Administrative Agent Advances to Borrower without the consent of the Obligations Required Lenders if the amount thereof would exceed $2,000,000 in the aggregate at any one time. (ii) Administrative Agent Advances shall be repayable on demand and secured by the Collateral, shall be treated as Settlement Loans constitute Advances and Obligations hereunder, and shall be settled and paid by Borrowers and Lenders as provided herein for Settlement Loans; provided, however, that bear interest at the Required Lenders may at any rate applicable from time revoke Administrative Agent’s authorization to make any such Base Rate Loans by written notice to Administrative Agent, which shall become effective upon and after Administrative Agent’s receipt thereof. The provisions of this Section 1.2.7 shall be in addition time to the provisions of Section 12.9.4 hereofObligations pursuant to SECTION 2.7.

Administrative Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this Section 2.1(g), Administrative Agent shall be hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Administrative Agent’s 's sole and absolute discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default (but without constituting a waiver of such Default or Event of Default), or (2) at any time that a Default or Event of Default exists or any of the other applicable conditions precedent set forth in Section 10 hereof Sections 3.1 and 3.2 have not been satisfied, to make Base Rate Loans Advances to Borrowers Borrower on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed 5% of the Borrowing Base, but not in excess of the aggregate of the Commitments minus the LC Outstandings, but only to the extent that Administrative Agent Agent, in its reasonable business -27- judgment, deems the funding of such Base Rate Loans to be necessary or desirable (iA) to preserve preserve, protect or protect maximize the Collateral amount of the Collateral, or any portion thereof, (ii) to enhance the likelihood of or the amount of repayment of the Obligations or (iiiB) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees fees, and expenses, all expenses described in Section 10 (any of which Base Rate Loans advanced by the Advances described in this Section 2.1(g) being hereinafter referred to as "Administrative Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.1(g), the aggregate principal amount of Administrative Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.1(k) hereof outstanding at any time, shall not exceed $2,000,000. (ii) Administrative Agent Advances shall be deemed part of the Obligations repayable by Borrower on demand and secured by the Collateral, shall be treated as Settlement Loans constitute Advances and Obligations hereunder, and shall be settled and paid by Borrowers and Lenders as provided herein for Settlement Loans; provided, however, that bear interest at the Required Lenders may at any time revoke Administrative Agent’s authorization rate then applicable to make any such Base Rate Loans by written notice Advances pursuant to Administrative Agent, which shall become effective upon and after Administrative Agent’s receipt thereof. The provisions of this Section 1.2.7 shall be in addition to the provisions of Section 12.9.4 hereof2.6.

Administrative Agent Advances. (a) Subject to the limitations set forth in the proviso contained in this Section 2.12, Administrative Agent shall be hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in Administrative Agent’s 's sole and absolute discretion, (i) after the occurrence and during the continuance of a Default, or (ii) at any time that a Default or Event of Default exists or any of the other applicable conditions precedent set forth in Section 10 hereof 6.02 have not been satisfied, to make Base Rate Loans to Borrowers the Borrower on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed 5% of the Borrowing Base, but not in excess of the aggregate of the Commitments minus the LC Outstandings, but only to the extent that Administrative Agent Agent, in its discretion, deems the funding of such Base Rate Loans to be necessary or desirable (iA) to preserve or protect the Collateral Collateral, or any portion thereof, (iiB) to enhance the likelihood of or the amount of repayment of the Obligations Indebtedness, or (iiiC) to pay any other amount chargeable to Borrowers the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees fees, and expenses, all expenses described herein (any of which Base Rate the Loans advanced by described in this Section 2.12 being hereinafter referred to as "Administrative Agent shall be deemed part of the Obligations and secured by the Collateral, shall be treated as Settlement Loans and shall be settled and paid by Borrowers and Lenders as provided herein for Settlement LoansAdvances"); provided, however, that at no time shall the Required Lenders may at any time revoke aggregate amount of outstanding Administrative Agent’s authorization to make any such Base Rate Loans by written notice to Administrative Agent, which shall become effective upon and after Administrative Agent’s receipt thereof. The provisions of Agent Advances under this Section 1.2.7 2.12(a) exceed the result of (1) the lesser of (A) $2,500,000, and (B) 7.5% of the Borrowing Base then in effect, minus (2) the amount of optional Overadvance Loans made by the Administrative Agent to the Borrower pursuant to Section 2.13(a). (b) Administrative Agent Advances shall be in addition repayable on demand, shall be secured by the Collateral Agent's Liens on the Collateral, shall constitute Loans and Indebtedness hereunder, shall be allocated between the Lenders (based upon their respective Percentage Shares), and shall bear interest at the rate applicable from time to time to the provisions of Loans pursuant to Section 12.9.4 3.02 hereof.

Administrative Agent Advances. (i) Administrative Agent shall be hereby is authorized by Borrowers and the Lenders, from time to time in Administrative Agent’s sole and absolute discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that a Default or Event of Default exists or any of the other applicable conditions precedent set forth in Section 10 hereof 3 have not been satisfied, to make Base Rate Loans Advances to Borrowers on behalf of the Revolving Lenders in an aggregate amount outstanding at any time not to exceed 5% of the Borrowing Base, but not in excess of the aggregate of the Commitments minus the LC Outstandings, but only to the extent that Administrative Agent Agent, in its Permitted Discretion deems the funding of such Base Rate Loans to be necessary or desirable (iA) to preserve or protect the Collateral Collateral, or any portion thereof, (iiB) to enhance the likelihood of or the amount of repayment of the Obligations Obligations, or (iiiC) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees fees, and expensesexpenses described in Section 10 (any of the Advances described in this Section 2.2(e) shall be referred to as “Agent Advances”); provided, all that notwithstanding anything to the contrary contained in this Section 2.2(e), (I) the aggregate principal amount of which Base Rate Loans advanced by Agent Advances outstanding at any time shall not exceed an amount equal to $12,500,000 and (II) Required Revolving Lenders do not instruct Administrative Agent (in writing) not to make such Agent Advances. Each Agent Advance shall be deemed part of the Obligations to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Administrative Agent solely for its own account. (ii) The Agent Advances shall (A) be repayable on demand, (B) secured by the Collateral, shall be treated as Settlement Loans and shall be settled and paid by Borrowers and Lenders as provided herein for Settlement Loans; provided, however, that the Required Lenders may at any time revoke Administrative Collateral Agent’s authorization Liens granted to make any such Collateral Agent under the Loan Documents, (C) constitute Obligations hereunder, and (D) bear interest at the rate applicable from time to time to Advances that are Base Rate Loans by written notice to Administrative Agent, which shall become effective upon and after Administrative Agent’s receipt thereof. The provisions of this Section 1.2.7 shall be in addition to the provisions of Section 12.9.4 hereofLoans.