Common use of Inadequate Payments Clause in Contracts

Inadequate Payments. If on the date on which any amount shall be due and payable by the Borrowers in regard to the Obligations, the amount received by the Administrative Agent from the Borrowers shall not be adequate to pay the amount which shall be so due and payable, then the Administrative Agent shall be authorized, but shall not be obligated, to make a Base Rate Advance under the Revolving Loan Commitment on behalf of the Lenders to the Borrowers by crediting the amount of such Base Rate Advance to the Loan Account thereof pursuant to the provisions of Section 2.7(b) hereof, whereupon the Administrative Agent shall debit the Loan Account hereof in a like amount in payment of the part of the Obligations which shall then be due and payable. No further authorization, direction or approval by the Borrowers shall be required to be given by the Borrowers for the Administrative Agent to take the action described in this Section 2.8(c).

Inadequate Payments. If on the date on which any amount shall be due and payable by the Borrowers in regard to the Obligations, the amount received by the Administrative Agent from the Borrowers shall not be adequate to pay the amount which shall be so due and payable, then the Administrative Agent shall be authorized, but shall not be obligated, to make a Base Rate Advance under the Revolving Loan Commitment Commitments on a pro rata basis, on behalf of the Lenders to the Borrowers by crediting the amount of such Base Rate Advance to the Loan Account thereof pursuant to the provisions of Section 2.7(b) hereof, whereupon the Administrative Agent shall debit the Loan Account hereof in a like amount in payment of the part of the Obligations which shall then be due and payable. No further authorization, direction or approval by the Borrowers shall be required to be given by the Borrowers for the Administrative Agent to take the action described in this Section 2.8(c).