Common use of Collateral Protection Advances Clause in Contracts

Collateral Protection Advances. Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s sole discretion, (i) during the existence of a Default or (ii) at any time that any of the other conditions precedent set forth in Article 4 have not been satisfied, to make Advances (each such Advance to be a Floating Rate Advance) to any of the Borrowers on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed, at the time of making such Advance, the lesser of 10.0% of the aggregate amount of the Borrowing Base or $10,000,000 which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Facility Collateral, or any portion thereof, (B) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (C) to pay any other amount chargeable to or required to be paid by the Borrowers pursuant to the terms of this Agreement, including costs, fees, and expenses as described in Section 9.6 (any of such Advances are herein referred to as “Collateral Protection Advances”); provided that the Required Lenders may at any time revoke the Administrative Agent’s authorization to make Collateral Protection Advances; provided, further, that the amount of Collateral Protection Advances made on any day may not cause the Aggregate Outstanding Credit Exposure to exceed the Aggregate Commitment. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. Absent such revocation, the Administrative Agent’s determination that the making of a Collateral Protection Advance is required for any such purposes shall be conclusive. The Collateral Protection Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Facility Collateral and shall constitute Obligations hereunder. All Collateral Protection Advances shall be Floating Rate Advances.

Collateral Protection Advances. Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrowers Borrower and the Lenders, from time to time in the Administrative Agent’s sole discretion, (i) during the existence of a Default or an Unmatured Default, or (ii) at any time that any of the other conditions precedent set forth in Article 4 IV have not been satisfied, to make Advances (each such Advance advance to be a Floating Rate Advance) to any of the Borrowers Borrower on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed, at the time of making such Advance, the lesser of 10.0% of the aggregate amount of the Borrowing Base or exceed $10,000,000 50,000,000 which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Facility Collateral, or any portion thereof, (B) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Secured Obligations, or (C) to pay any other amount chargeable to or required to be paid by the Borrowers Borrower pursuant to the terms of this Agreement, including costs, fees, and expenses as described in Section 9.6 (any of such Advances are herein referred to as “Collateral Protection Advances”); provided that the Required Lenders may at any time revoke the Administrative Agent’s authorization to make Collateral Protection Advances; provided, further, that the amount of Collateral Protection Advances made on any day may not cause the Aggregate Outstanding Credit Exposure to exceed the Aggregate Commitment. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. Absent such revocation, the Administrative Agent’s determination that the making of a Collateral Protection Advance is required for any such purposes shall be conclusive. The Collateral Protection Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Facility Collateral and shall constitute Secured Obligations hereunder. All Each Lender shall participate in each Collateral Protection Advances Advance in an amount equal to its Pro Rata Share thereof. No Collateral Protection Advance shall be Floating Rate Advancesmade hereunder if the result thereof causes (i) the Aggregate Outstanding Credit Exposure to exceed the Aggregate Revolving Loan Commitment or (ii) any Lender’s Pro Rata Share thereof to exceed such Lender’s Revolving Loan Commitment.

Collateral Protection Advances. Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrowers Borrower and the Lenders, from time to time in the Administrative Agent’s sole discretion, (i) during the existence of a Default or an Unmatured Default, or (ii) at any time that any of the other conditions precedent set forth in Article 4 IV have not been satisfied, to make Advances (each such Advance advance to be a Floating Rate Advance) to any of the Borrowers Borrower on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed, at the time of making such Advance, the lesser of 10.0% of the aggregate amount of the Borrowing Base or exceed $10,000,000 75,000,000 which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Facility Collateral, or any portion thereof, (B) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Secured Obligations, or (C) to pay any other amount chargeable to or required to be paid by the Borrowers Borrower pursuant to the terms of this Agreement, including costs, fees, and expenses as described in Section 9.6 (any of such Advances are herein referred to as “Collateral Protection Advances”); provided that the Required Lenders may at any time revoke the Administrative Agent’s authorization to make Collateral Protection Advances; provided, further, that the amount of Collateral Protection Advances made on any day may not cause the Aggregate Outstanding Credit Exposure to exceed the Aggregate Commitment. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. Absent such revocation, the Administrative Agent’s determination that the making of a Collateral Protection Advance is required for any such purposes shall be conclusive. The Collateral Protection Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Facility Collateral and shall constitute Secured Obligations hereunder. All Each Lender shall participate in each Collateral Protection Advances Advance in an amount equal to its Pro Rata Share thereof. No Collateral Protection Advance shall be Floating Rate Advancesmade hereunder if the result thereof causes (i) the Aggregate Outstanding Credit Exposure to exceed the Aggregate Revolving Loan Commitment or (ii) any Lender’s Pro Rata Share thereof to exceed such Lender’s Revolving Loan Commitment.

Collateral Protection Advances. Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrowers Borrower and the Lenders, from time to time in the Administrative Agent’s 's sole discretion, (i) during the existence of a Default or an Unmatured Default, or (ii) at any time that any of the other conditions precedent set forth in Article 4 IV have not been satisfied, to make Advances (each such Advance advance to be a Floating Rate Advance) to any of the Borrowers Borrower on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed, at the time of making such Advance, the lesser of 10.0% of the aggregate amount of the Borrowing Base or exceed $10,000,000 which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Facility Collateral, or any portion thereof, (B) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Secured Obligations, or (C) to pay any other amount chargeable to or required to be paid by the Borrowers Borrower pursuant to the terms of this Agreement, including costs, fees, and expenses as described in Section 9.6 (any of such Advances are herein referred to as “"Collateral Protection Advances”"); provided that the Required Lenders may at any time revoke the Administrative Agent’s 's authorization to make Collateral Protection Advances; provided, further, that the amount of Collateral Protection Advances made on any day may not cause the Aggregate Outstanding Credit Exposure to exceed the Aggregate Commitment. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s 's receipt thereof. Absent such revocation, the Administrative Agent’s 's determination that the making of a Collateral Protection Advance is required for any such purposes shall be conclusive. The Collateral Protection Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Facility Collateral and shall constitute Secured Obligations hereunder. All Each Lender shall participate in each Collateral Protection Advances Advance in an amount equal to its Revolving Loan Pro Rata Share thereof. No Collateral Protection Advance shall be Floating Rate Advancesmade hereunder if the result thereof causes (i) the Aggregate Outstanding Credit Exposure to exceed the Aggregate Revolving Loan Commitment plus the Aggregate Pre-Funded Letter of Credit Commitment or (ii) any Lender's ---- Revolving Loan Pro Rata Share thereof to exceed such Lender's Revolving Loan Commitment.

Collateral Protection Advances. Subject to the limitations set forth below, the Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s 's sole discretion, (i) during the existence of a Default or (ii) at any time that any of the other conditions precedent set forth in Article 4 have not been satisfied, to make Advances (each such Advance to be a Floating Rate Advance) to any of the Borrowers on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed, at the time of making such Advance, the lesser of 10.0% of the aggregate amount of the Borrowing Base or $10,000,000 which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Facility Collateral, or any portion thereof, (B) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (C) to pay any other amount chargeable to or required to be paid by the Borrowers pursuant to the terms of this Agreement, including costs, fees, and expenses as described in Section 9.6 (any of such Advances are herein referred to as “"Collateral Protection Advances”"); provided that the Required Lenders may at any time revoke the Administrative Agent’s 's authorization to make Collateral Protection Advances; provided, further, that the amount of Collateral Protection Advances made on any day may not cause the Aggregate Outstanding Credit Exposure to exceed the Aggregate Commitment. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s 's receipt thereof. Absent such revocation, the Administrative Agent’s 's determination that the making of a Collateral Protection Advance is required for any such purposes shall be conclusive. The Collateral Protection Advances shall be secured by the Liens in favor of the Administrative Agent in and to the Facility Collateral and shall constitute Obligations hereunder. All Collateral Protection Advances shall be Floating Rate Advances.