Common use of Deemed Loans Clause in Contracts

Deemed Loans. Notwithstanding any provision contained herein to the contrary, and in addition to, and not in limitation of, any of the other rights or remedies of Lender set forth herein, including, without limitation, pursuant to Section 7.4, at the sole option of Lender, in order to facilitate timely payment hereunder of all Liabilities in respect of (i) payments of interest due on any Loans, (ii) payments of principal due on the Term Loans, (iii) payments of cash, fees, expenses and other Liabilities due and payable by Borrowers to Lender hereunder or under any of the Related Documents and (iv) payments by Lender of any amount due and payable under the Bank Agency Agreement or any other agreement entered into by Lender and Master Account Bank in connection with this Agreement (including, without limitation, any amount resulting from the return, dishonor or other non-payment of items deposited with Master Account Bank by or on behalf of Borrowers), then, whether or not there is Borrowing Availability under the Revolving Commitment or any Revolving Commitment Allocation, Borrowers shall be deemed automatically to have made a request for, and upon such payment Lender shall be deemed to have made, a Prime Rate Revolving Loan, in the full amount of such payment. Each Revolving Loan made in payment of principal and interest on the Loans shall be allocated, prior to an Event of Default, to each Borrower according to such Borrower's pro rata share of the Liability being so paid. Borrowers acknowledge that such Revolving Loan may cause a Borrower to exceed the Revolving Commitment or a Borrower's Revolving Commitment Allocation or a Borrower's Borrowing Base, in which event Borrowers shall be obligated to immediately make a prepayment pursuant to Section 2.7(c) unless, prior to the existence of an Event of Default, the Funds Administrator shall notify Lender in writing that an intercompany loan permitted by Section 11.21 has been made.

Deemed Loans. (a) Notwithstanding any provision contained herein to the contrary, if at any time or from time to time the balance in the Master Account is less than $10,000, Borrower shall, if Lender so elects, be deemed to have given the notice required by SECTION 2.3 (and to have made all of the representations set forth in a Borrowing Certificate) of a proposed borrowing equal to the lesser of (i) the amount (which shall be $5,000 or an integral multiple thereof) necessary to increase such balance to at least $50,000, but not more than $55,000 and (ii) the remaining availability under the Commitments, and, in the event of such election, Lender shall lend to Borrower such amount, the proceeds of which shall be deposited by Lender in the Master Account. Such Loan shall be a Revolving Loan bearing interest at the rate described in SECTION 4.1(A) to the extent of unused availability of the Revolving Loan Commitment and, if the availability under the Revolving Loan Commitment is not sufficient to make such Loan in its full principal amount, it shall be, to the extent of such insufficiency, a Working Capital Loan bearing interest at the rate described in SECTION 4.2(A) to the extent of availability of the Working Capital Commitment. (b) Notwithstanding any provision contained herein to the contrary, and in addition to, and not in limitation of, any of the other rights or remedies of Lender set forth herein, including, without limitation, pursuant to Section SECTION 7.4, at the sole option of Lender, in order to facilitate timely payment hereunder of all Liabilities in respect of (i) payments of principal and interest due on any LoansLoans or Reimbursement Obligations , (ii) payments of principal due on the Term Loans, (iii) payments of cash, fees, fees and expenses and other Liabilities due and payable by Borrowers Borrower to Lender hereunder or under any of the Related Documents and (iviii) payments by Lender of any amount due and payable under the Bank Agency Agreement or any other agreement entered into by Lender and Master Account Agent Bank in connection with this Agreement (including, without limitation, any amount resulting from the return, dishonor or other non-payment of items deposited with Master Account Agent Bank by or on behalf of BorrowersBorrower), then, whether or not there is Borrowing Availability availability under the Revolving Commitment or any Revolving Commitment AllocationCommitment, Borrowers Borrower shall be deemed automatically to have made a request for, and upon such payment Lender shall be deemed to have made, a Prime Rate Revolving LoanLoan or a Working Capital Loan (or any combination thereof, as determined by Lender in its sole and absolute discretion) in the full amount of such payment. Each Revolving Loan made in payment Lender shall use its best efforts to give reasonable prior notice to Borrower of principal and interest on the Loans making of such Loan, PROVIDED that the failure to give such notice shall be allocated, prior to an Event not affect the obligations of Default, to each Borrower according with respect to such Borrower's pro rata share Loan nor give rise to or result in any liability of the Liability being so paidLender. Borrowers acknowledge Borrower acknowledges that such Revolving Loan may cause a Borrower to exceed the Revolving Commitment or have exceeded a Borrower's Revolving Commitment Allocation or a Borrower's Borrowing BaseCommitment, in which event Borrowers Borrower shall be obligated to immediately make a prepayment pursuant to Section 2.7(c) unless, prior to the existence of an Event of Default, the Funds Administrator shall notify Lender in writing that an intercompany loan permitted by Section 11.21 has been madeSECTION 2.8(D).

Deemed Loans. (a) Notwithstanding any provision contained herein to the contrary, if at any time or from time to time the balance in the Master Account is less than $10,000, Borrower shall, if the Requisite Lenders so elect, be deemed to have given the notice required by Section 2.3 (and to have made all of the representations set forth in a Borrowing Certificate) of a proposed borrowing equal to the lesser of (i) the amount (which shall be $5,000 or an integral multiple thereof) necessary to increase such balance to at least $300,000, but not more than $305,000 and (ii) the remaining availability under the Commitments, and, in the event of such election, each Lender shall lend to Borrower its Pro Rata Share of such amount, the proceeds of which shall be deposited by such Lender in the Master Account. Such Loan shall be a Revolving Loan bearing interest at the rate described in Section 4.1(a) to the extent of unused availability of the Revolving Loan Commitment and, if the availability under the Revolving Loan Commitment is not sufficient to make such Loan in its full principal amount, it shall be, to the extent of such insufficiency, a Working Capital Loan bearing interest at the rate described in Section 4.2(a) to the extent of availability of the Working Capital Commitment and, if the availability under the Working Capital Commitment is not sufficient to make such Loan in its full principal amount, it shall be, to the extent of such insufficiency, a Capital Expenditure Loan bearing interest at the rate described in Section 4.4(a) to the extent of availability of the Capital Expenditure Loan Commitment. (b) Notwithstanding any provision contained herein to the contrary, and in addition to, and not in limitation of, any of the other rights or remedies of Lender Parties set forth herein, including, without limitation, pursuant to Section 7.4, at the sole option of Lenderthe Requisite Lenders, in order to facilitate timely payment hereunder of all Liabilities in respect of (i) payments of principal and interest due on any LoansLoans or Reimbursement Obligations, (ii) payments of principal due on the Term Loans, (iii) payments of cash, fees, fees and expenses and other Liabilities due and payable by Borrowers Borrower to any Lender hereunder Party or under any of the Related Documents and (iviii) payments by any Lender Party of any amount due and payable under the Bank Agency Agreement or any other agreement entered into by Lender Collateral Agent and Master Account Agent Bank in connection with this Agreement (including, without limitation, any amount resulting from the return, dishonor or other non-payment of items deposited with Master Account Agent Bank by or on behalf of BorrowersBorrower), then, whether or not there is Borrowing Availability availability under the Revolving Commitment or any Revolving Commitment AllocationCommitment, Borrowers Borrower shall be deemed automatically to have made a request for, and upon such payment Lender Lenders shall be deemed to have made, a Prime Rate Revolving Loan, a Working Capital Loan or a Capital Expenditure Loan (or any combination thereof, as determined by the Requisite Lenders in their sole and absolute discretion) in the full amount of such payment. Each Revolving Loan made in payment Collateral Agent shall use its best efforts to give reasonable prior notice to Borrower of principal and interest on the Loans making of such Loan; provided, however, that the failure to give such notice shall be allocated, prior to an Event not affect the obligations of Default, to each Borrower according with respect to such Borrower's pro rata share Loan nor give rise to or result in any liability of the Liability being so paidany Lender Party. Borrowers acknowledge Borrower acknowledges that such Revolving Loan may cause a Borrower to exceed the Revolving Commitment or have exceeded a Borrower's Revolving Commitment Allocation or a Borrower's Borrowing BaseCommitment, in which event Borrowers Borrower shall be obligated to immediately make a prepayment pursuant to Section 2.7(c) unless, prior to the existence of an Event of Default, the Funds Administrator shall notify Lender in writing that an intercompany loan permitted by Section 11.21 has been made2.9(e).

Deemed Loans. (a) Notwithstanding any provision contained herein to the contrary, if at any time or from time to time the Master Account Collected Balances is less than $10,000, then Borrower shall, if Agent so elects, be deemed automatically to have made a request for, and upon such payment Lenders shall be deemed to have made, a Prime Rate Revolving Loan, in an amount equal to the lesser of (i) the amount (which shall be in an integral multiple of $5,000) necessary to increase the Master Account Collected Balances to an amount not less than $100,000 nor greater than $105,000 and (ii) the remaining availability under the Revolving Commitment. (b) Notwithstanding any provision contained herein to the contrary, and in addition to, and not in limitation of, any of the other rights or remedies of Lender Agent and Lenders set forth herein, including, without limitation, pursuant to Section SECTION 7.4, at the sole option of LenderAgent, in order to facilitate timely payment hereunder of all Liabilities in respect of (i) payments of interest due on any Loans, (ii) payments of principal due on the Term LoansLoan, (iii) payments of cash, fees, expenses and other Liabilities due and payable by Borrowers Borrower to Lender Agent and Lenders hereunder or under any of the Related Documents and (iv) payments by Lender Agent and Lenders of any amount due and payable under the Bank Agency Agreement or any other agreement entered into by Lender any one or more of Agent and Lenders and Master Account Bank in connection with this Agreement (including, without limitation, any amount resulting from the return, dishonor or other non-payment of items deposited with Master Account Bank by or on behalf of BorrowersBorrower), then, whether or not there is Borrowing Availability under the Revolving Commitment or any Revolving Commitment AllocationCommitment, Borrowers Borrower shall be deemed automatically to have made a request for, and upon such payment Lender Lenders shall be deemed to have made, a Prime Rate Revolving Loan, in the full amount of such payment. Each Revolving . (c) Borrower acknowledges that any Loan deemed to have been made in payment of principal and interest on the Loans shall be allocated, prior to an Event of Default, to each Borrower according to such Borrower's pro rata share of the Liability being so paid. Borrowers acknowledge that such Revolving Loan under this SECTION 7.5 may cause a Borrower to exceed have exceeded the Revolving Commitment or a Borrower's Revolving Commitment Allocation or a Borrower's Borrowing BaseAvailability, in which event Borrowers Borrower shall be obligated to immediately make a prepayment pursuant to Section 2.7(c) unless, prior to the existence of an Event of Default, the Funds Administrator shall notify Lender in writing that an intercompany loan permitted by Section 11.21 has been madeSECTION 2.7(b).