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) Subject to the limitations set forth below, the Administrative Agent shall be is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s 's sole and absolute discretion, (A) after the occurrence of a Default or an Event of Default, or (B) at any time that a Default or Event of Default exists or any of the other conditions precedent set forth in Section 10 hereof ARTICLE 8 have not been satisfied, to make Base Rate Revolving Loans in Dollars to Borrowers any Borrower on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed 510% of the US Borrowing Base or 10% of the UK Borrowing Base, but not as applicable, which the Administrative Agent, in excess of the aggregate of the Commitments minus the LC Outstandingsits reasonable business judgment, but only to the extent that Administrative Agent deems the funding of such Base Rate Loans to be necessary or desirable (i1) to preserve or protect the Collateral Collateral, or any portion thereof, (ii2) to enhance the likelihood of of, or maximize the amount of of, repayment of the Obligations Loans and other Obligations, or (iii3) to pay any other amount chargeable to Borrowers any Borrower pursuant to the terms of this Agreement, including costs, fees and expenses, all expenses as described in SECTION 13.7 (any of which Base Rate Loans advanced by such advances are herein referred to as an "Administrative Agent shall be deemed part of Advance" and collectively as 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"Administrative Agent Advances"); provided, however, PROVIDED that the Required Majority Lenders may at any time revoke the Administrative Agent’s 's authorization to make any Administrative Agent Advances. Any such Base Rate Loans by written notice to Administrative Agent, which revocation must be in writing and shall become effective prospectively upon and after the Administrative Agent’s 's receipt thereof. The provisions Administrative Agent shall notify each Lender in writing of this Section 1.2.7 shall be in addition to the provisions of Section 12.9.4 hereofeach Administrative Agent Advance.

Administrative Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Administrative Agent shall be is hereby authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s 's sole and absolute discretion, (1) after the occurrence 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 Article 10 hereof have not been satisfied, to make Base Rate Loans to Borrowers any Borrower on behalf of the Lenders which the 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 Loans and other Obligations, or (iiiC) to pay any other amount chargeable to Borrowers any Borrower pursuant to the terms of this Agreement, including including, without limitation, costs, fees and expenses, all expenses as described in Section 16.7 (any of which Base Rate Loans advanced by the advances described in this Section 2.2(i) 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 the Required Majority Lenders may at any time revoke the Administrative Agent’s 's authorization contained in this Section 2.2(i) to make Administrative Agent Advances, any such Base Rate Loans by written notice revocation to be in writing and to become effective prospectively upon the Administrative Agent, which shall become effective upon and after Administrative Agent’s 's receipt thereof. The provisions ; and provided, further, that the Administrative Agent shall not make Administrative Agent Advances for purposes described in clauses (B) and (C) above which would cause the sum of this Section 1.2.7 shall be in addition (w) the aggregate unpaid balance of all outstanding Loans made to the provisions Borrowers at such time, (x) the aggregate amount of Section 12.9.4 hereofPending Loans requested by the Borrowers at such time, (y) the aggregate undrawn amount of all outstanding Letters of Credit at such time and (z) the aggregate amount of any unpaid reimbursement obligations in respect of Letters of Credit at such time to exceed the lesser of the Maximum Revolver Amount or $15,000,000 in excess of the Combined Borrowing Bases at such time.

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 and secured by the Collateralto be an Advance hereunder, except that no such Agent Advance shall be treated as Settlement Loans eligible to be a LIBOR Rate Loan and all payments thereon 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 payable 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 hereofAgent solely for its own account.