Common use of Advancements Clause in Contracts

Advancements. If the Borrowers or any other Loan Party fail to perform any of their respective agreements or covenants contained in the Credit Documents or if the Borrowers or any other Loan Party fails to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, the Administrative Agent for the account of the Lenders may make advances to perform the same on behalf of the Borrowers or other Loan Party to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, and all sums so advanced shall immediately upon such advance become secured by the Liens granted in the Credit Documents and any other security for the Obligations, and shall become part of the principal amount owed to the Lenders with interest to be assessed at the Default Rate. The Borrowers promise to repay on demand all sums so advanced on the Borrowers’ behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the Lenders, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent upon the occurrence of an Event of Default. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party to perform any action or make any advancement on behalf of the Borrowers and is intended to be for the sole benefit and protection of the Credit Parties.

Advancements. If the Borrowers or any other Loan Party fail BORROWER fails to perform any of their respective its agreements or covenants contained in the Credit Documents this AGREEMENT or if the Borrowers or any other Loan Party BORROWER fails to protect or preserve the Collateral or any other security for the Obligations COLLATERAL or the status and priority of the Liens security interests of the Credit Parties SECURED PARTIES in the Collateral or in any other security COLLATERAL, and such failure shall remain uncured for three (3) BUSINESS DAYS after the ObligationsADMINISTRATIVE AGENT shall have notified the BORROWER thereof, the Administrative Agent ADMINISTRATIVE AGENT for the account of the Lenders LENDERS may make advances to perform the same on behalf of the Borrowers or other Loan Party BORROWER to protect or preserve the Collateral or any other security for the Obligations COLLATERAL or the status and priority of the Liens security interests of the Credit Parties SECURED PARTIES in the Collateral or in any other security for the ObligationsCOLLATERAL, and all sums so advanced shall immediately upon such advance become secured by the Liens security interests granted in the Credit Documents and any other security for the Obligationsthis AGREEMENT, and shall become part of the principal amount owed to the Lenders LENDERS with interest to be assessed at the Default RateADJUSTED BASE RATE plus two hundred (200) BASIS POINTS. The Borrowers promise to BORROWER shall repay on demand all sums so advanced on the Borrowers’ BORROWER’S behalf, plus all expenses or costs incurred by the Administrative AgentADMINISTRATIVE AGENT, on account of the LendersLENDERS, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent ADMINISTRATIVE AGENT upon the occurrence of an Event of DefaultEVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party ADMINISTRATIVE AGENT to perform any action or make any advancement on behalf of the Borrowers BORROWER and is intended to be for the sole benefit and protection of the Credit PartiesLENDERS.

Advancements. If the Borrowers or any other Loan Party fail to perform any of their respective agreements or covenants contained in the Credit Documents or if the Borrowers or any other Loan Party fails to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, the Administrative Agent for the account of the Lenders may make advances to perform the same on behalf of the Borrowers or other Loan Party to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, and all sums so advanced shall immediately upon such advance become secured by the Liens granted in the Credit Documents and any other security for the Obligations, and shall become part of the principal amount owed to the Lenders with interest to be assessed at the Default Rate. The Borrowers promise to repay on demand all sums so advanced on the Borrowers’ behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the Lenders, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent upon the occurrence of an Event of Default. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party to perform any action or make any advancement on behalf of the Borrowers and is intended to be for the sole benefit and protection of the Credit Parties. Notwithstanding anything herein to the contrary, no Lender shall be required to fund any advances under this Section if such advance would cause the aggregate outstanding exposure of such Lender to exceed such Lxxxxx’s Commitment.

Advancements. If the Borrowers Borrower or any other Loan Party fail fails to perform any of their its respective agreements or covenants contained in the Credit Documents or if the Borrowers Borrower or any other Loan Party fails to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the ObligationsObligations and such failure shall remain uncured for three (3) Business Days after the Agent shall have notified the Borrower thereof, the Administrative Agent for the account of the Lenders may make advances to perform the same on behalf of the Borrowers Borrower or other Loan Party to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, and all sums so advanced shall immediately upon such advance become secured by the Liens granted in the Credit Documents and any other security for the Obligations, and shall become part of the principal amount owed to the Lenders with interest to be assessed at the Default Rate. The Borrowers promise to Borrower shall repay on demand all sums so advanced on the Borrowers’ Borrower’s behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the Lenders, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent upon the occurrence of an Event of Default. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party to perform any action or make any advancement on behalf of the Borrowers Borrower and is intended to be for the sole benefit and protection of the Credit Parties.

Advancements. If any of the Borrowers or any other Loan Party fail BORROWERS fails to perform any of their respective its agreements or covenants contained in the Credit Documents this AGREEMENT or if any of the Borrowers or any other Loan Party BORROWERS fails to protect or preserve the Collateral or any other security for the Obligations COLLATERAL or the status and priority of the Liens security interest of the Credit Parties LENDER in the Collateral or in any other security for the ObligationsCOLLATERAL, the Administrative Agent for the account of the Lenders LENDER may make advances to perform the same on behalf of the Borrowers or other Loan Party such BORROWER to protect or preserve the Collateral or any other security for the Obligations COLLATERAL or the status and priority of the Liens security interest of the Credit Parties LENDER in the Collateral or in any other security for the ObligationsCOLLATERAL, and all sums so advanced shall immediately upon such advance become secured by the Liens security interests granted in the Credit Documents and any other security for the Obligationsthis AGREEMENT, and shall become part of the principal amount owed to the Lenders LENDER with interest to be assessed at the Default Rateapplicable rate thereon and subject to the terms and provisions of this AGREEMENT and all of the LOAN DOCUMENTS. The Borrowers promise to BORROWERS shall repay on demand all sums so advanced on the Borrowers’ any BORROWER’S behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the LendersLENDER, including reasonable legal fees, with interest thereonthereon at the highest rate authorized in the NOTE. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent LENDER upon the occurrence of an Event of DefaultEVENT OF DEFAULT. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party LENDER to perform any action or make any advancement on behalf of any or all of the Borrowers BORROWERS and is intended to be for the sole benefit and protection of the Credit PartiesLENDER.

Advancements. If the any applicable Borrowers or any other applicable Loan Party fail fails to perform any of their respective agreements or covenants contained in the Credit Documents or if the any applicable Borrowers or any other applicable Loan Party fails to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, the Administrative Agent for the account of the Lenders may make advances to perform the same on behalf of the applicable Borrowers or other Loan Party to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, and all sums so advanced shall immediately upon such advance become secured by the Liens granted in the Credit Documents and any other security for the Obligations, and shall become part of the principal amount owed to the Lenders with interest to be assessed at the Default Rate. The Borrowers promise Each applicable Borrower promises to repay on demand all sums so advanced on the Borrowers’ such Borrower’s behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the Lenders, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent upon the occurrence of an Event of Default. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party to perform any action or make any advancement on behalf of the Borrowers and is intended to be for the sole benefit and protection of the Credit Parties.

Advancements. If the Borrowers Borrower or any other Loan Party fail fails to perform any of their its respective agreements or covenants contained in the Credit Documents or if the Borrowers Borrower or any other Loan Party fails to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, the Administrative Agent Agent, for the account of the Lenders may Lenders, may, upon prior written notice to the Borrower, make advances to perform the same on behalf of the Borrowers Borrower or other Loan Party to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, and all sums so advanced shall immediately upon such advance become secured by the Liens granted in the Credit Documents and any other security for the Obligations, and shall become part of the principal amount owed to the Lenders with interest to be assessed at the Default RateObligations. The Borrowers promise Borrower promises to repay on demand all sums so advanced on the Borrowers’ Borrower’s behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the Lenders, including reasonable legal fees, with interest thereonto the extent required to be reimbursed pursuant to Section 10.08 hereof. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent upon the occurrence and during the continuance of an Event of Default. The authorization contained in this Section is not intended to impose any duty or obligation on the 106 Administrative Agent or any other Credit Party to perform any action or make any advancement on behalf of the Borrowers Borrower and is intended to be for the sole benefit and protection of the Credit Parties.

Advancements. If the Borrowers or any other Loan Party fail to perform any of their respective agreements or covenants contained in the Credit Documents or if the Borrowers or any other Loan Party fails to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, the Administrative Agent for the account of the Lenders may make advances to perform the same on behalf of the Borrowers or other Loan Party to protect or preserve the Collateral or any other security for the Obligations or the status and priority of the Liens of the Credit Parties in the Collateral or in any other security for the Obligations, and all sums so advanced shall immediately upon such advance become secured by the Liens granted in the Credit Documents and any other security for the Obligations, and shall become part of the principal amount owed to the Lenders with interest to be assessed at the Default Rate. The Borrowers promise to repay on demand all sums so advanced on the Borrowers’ behalf, plus all expenses or costs incurred by the Administrative Agent, on account of the Lenders, including reasonable legal fees, with interest thereon. The provisions of this Section shall not be construed to prevent the institution of the rights and remedies of the Administrative Agent upon the occurrence of an Event of Default. The authorization contained in this Section is not intended to impose any duty or obligation on the Administrative Agent or any other Credit Party to perform any action or make any advancement on behalf of the Borrowers and is intended to be for the sole benefit and protection of the Credit Parties. Notwithstanding anything herein to the contrary, no Lender shall be required to fund any advances under this Section if such advance would cause the aggregate outstanding exposure of such Lender to exceed such Xxxxxx’s Commitment.