Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account. (ii) The Agent Advances shall be repayable on demand, secured by the Agent's Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 5 contracts
Sources: Loan and Security Agreement (Aegis Communications Group Inc), Loan and Security Agreement (Norstan Inc), Loan and Security Agreement (Majestic Star Casino LLC)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.3(f) shall be referred to as "“Agent Advances"”). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's ’s Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
(iii) Each Lender with a Revolver Commitment shall be obligated to settle with Agent for the amount of such Lender’s Pro Rata Share of any Agent Advances made as permitted under this Section 2.3(f).
Appears in 5 contracts
Sources: Loan and Security Agreement (Freshpet, Inc.), Loan and Security Agreement (Freshpet, Inc.), Loan and Security Agreement (Freshpet, Inc.)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 5 contracts
Sources: Loan and Security Agreement (LSB Industries Inc), Loan and Security Agreement (Telos Corp), Loan and Security Agreement (Telos Corp)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.2(e) shall be referred to as "“Agent Advances"”); provided, however, that Agent shall not knowingly make additional Agent Advances that would cause the aggregate amount of outstanding Agent Advances at such time to exceed ten percent (10%) of the Borrowing Base at such time without the consent of all Lenders. Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 4 contracts
Sources: Loan and Security Agreement (Hercules Capital, Inc.), Loan and Security Agreement (Hercules Capital, Inc.), Loan and Security Agreement (Hercules Technology Growth Capital Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from at any time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, Agent in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.3(c) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 4 contracts
Sources: Loan and Security Agreement (Unified Grocers, Inc.), Loan and Security Agreement (Unified Grocers, Inc.), Loan and Security Agreement (Unified Grocers, Inc.)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's ’s Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 3 contracts
Sources: Loan and Security Agreement (Majestic Holdco, LLC), Loan and Security Agreement (Midway Games Inc), Loan and Security Agreement (GNLV Corp)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 3 contracts
Sources: Loan and Security Agreement (Hudson Highland Group Inc), Loan and Security Agreement (Hudson Highland Group Inc), Loan and Security Agreement (Climachem Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any Participating Interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 3 contracts
Sources: Loan and Security Agreement (Acme Communications Inc), Loan and Security Agreement (Acme Television LLC), Loan and Security Agreement (Acme Communications Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Subsidiary Borrower and the Lenders, from time to time after the Closing Date, in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Subsidiary Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Subsidiary Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the UK Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 2 contracts
Sources: Loan Agreement (Palm Inc), Loan Agreement (Palm Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any Participating Interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 2 contracts
Sources: Loan and Security Agreement (Acme Communications Inc), Loan and Security Agreement (Acme Communications Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section SECTION 2.3(e) shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 2 contracts
Sources: Loan and Security Agreement (Frontstep Inc), Loan and Security Agreement (Ultimate Electronics Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's ’s Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 2 contracts
Sources: Loan and Security Agreement (Sharper Image Corp), Loan and Security Agreement (GXS Corp)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 2 contracts
Sources: Loan and Security Agreement (Peninsula Gaming Corp), Loan and Security Agreement (Old Evangeline Downs LLC)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this Section 2.3(e), Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in the exercise of its Permitted Discretion Discretion, deems necessary or desirable appropriate (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, however, that at no time shall the aggregate amount of outstanding Agent Advance shall be deemed Advances under this Section 2.3(e) exceed the result of (1) the lesser of (A) $10,000,000, and (B) 10% of the Borrowing Base then in effect, minus (2) the amount of optional Overadvance Loans made by Agent to be an Advance hereunder, except that no such Agent Advance shall be eligible the Borrowers pursuant to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountSection 2.3(i).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances pursuant to Section 2.6 hereof.
Appears in 2 contracts
Sources: Loan and Security Agreement (Guitar Center Inc), Loan and Security Agreement (Guitar Center Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) hereof outstanding at such time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $5,000,000. Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's ’s Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 2 contracts
Sources: Loan and Security Agreement (Evergreen Holdings Inc), Loan and Security Agreement (Trust Created February 25 1986)
Agent Advances. (i) Agent hereby is authorized by Borrowers Loan Parties and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) hereof outstanding at such time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $1,850,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrowers on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 2 contracts
Sources: Loan and Security Agreement (Advanced Lighting Technologies Inc), Loan and Security Agreement (Advanced Lighting Technologies Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), (C) to satisfy payments due and owing by any Company under the Supply and Transitional Services Agreement or (CD) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), without the consent of all Lenders the aggregate principal amount of Agent Advances outstanding at any time shall not exceed $5,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Alpine Group Inc /De/)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section SECTION 2.3(e) shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 10 have not been satisfied, to make Advances Revolving Loans to Borrowers the Borrower on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the including, without limitation, costs, fees, fees and expenses as described in Section 10 15.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.2(i) to make Agent Advance shall be deemed Advances, any such revocation to be an Advance hereunder, except that no such Agent Advance shall be eligible in writing and to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountbecome effective prospectively upon the Agent's receipt thereof.
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender and the Borrower in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Centrum Industries Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section 2.3(eSECTION 2.3(E) shall be referred to as "Agent AdvancesAGENT ADVANCES"); provided, that notwithstanding anything to the contrary contained in this SECTION 2.3(E), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with SECTION 2.3(I) hereof outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $2,500,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Post-Petition Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion Discretion, deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Factory Card Outlet Corp)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) hereof outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $5,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrowers on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 --------- have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section ------- 10 (any of the Advances described in this Section 2.3(e) shall be -- -------------- referred to as "Agent Advances"). Each Agent Advance is an Advance -------------- hereunder and shall be deemed subject to be an Advance hereunderall terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (DSG International LTD)
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by Borrowers each Borrower and the Lenders, from time to time in the Agent's sole discretion, (1) after the occurrence and during the continuance of a Default an Event or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 11 have not been satisfied, to make Advances Revolving Loans to Borrowers each Borrower on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers each such Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the including, without limitation, costs, fees, fees and expenses as described in Section 10 17.10 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Majority Lenders may at any time revoke the Agent's authorization contained in this Section 2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the Agent's receipt thereof, and provided, further, that at no time shall the Agent make an Agent Advance shall be deemed to be in an Advance hereunder, except amount that no would result in Availability at such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accounttime being exceeded.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by the Borrowers and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance of a Default or an Event of Default, or (2B) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 10 have not been satisfied, to make Advances Base Rate Revolving Loans to the Borrowers on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C3) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in Section 10 15.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Majority Lenders may at any time revoke the Agent's authorization contained in this Section 2.2(i) to make Agent Advance shall be deemed Advances, any such revocation to be an Advance hereunder, except that no such Agent Advance shall be eligible in writing and to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.become effective prospectively upon the Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by the Borrowers and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance of a Default or an Event of Default, or (2B) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 10 have not been satisfied, to make Advances Base Rate Revolving Loans to Borrowers any Borrower on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C3) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in Section 10 15.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.2(i) to make Agent Advance shall be deemed Advances, any such revocation to be an Advance hereunder, except that no such Agent Advance shall be eligible in writing and to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.become effective prospectively upon the Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Parker Drilling Co /De/)
Agent Advances. (i) Subject to the limitations contained in Section 2.2(i), Agent hereby is authorized by Borrowers and the Revolving Credit Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Revolving Credit Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 9 (any of the Advances described in this Section 2.3(esubsection 2.2(e) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section SECTION 2.3(e) shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrowers on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.3(c) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Mercury Air Group Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Revolver A Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Hudson Respiratory Care Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) hereof outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $4,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Outsourcing Services Group Inc)
Agent Advances. (iA) Subject to the limitations set forth below, the Agent hereby is authorized by the Borrowers and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance of a Default or an Event of Default, or (2B) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 8 have not been satisfied, to make Advances Base Rate Loans to the Borrowers on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed 10% of the Borrowing Base, but, together with all other Revolving Loans and Letters of Credit outstanding, not in excess of the Maximum Revolver Amount, which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C3) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in Section 10 13.7 (any of the Advances described in this Section 2.3(e) shall be such advances are herein referred to as "Agent Advances"); provided, that the Majority Lenders may at any time revoke the Agent's authorization to make Agent Advances. Each Agent Advance Any such revocation must be in writing and shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountbecome effective prospectively upon the Agent's receipt thereof.
(iiB) The Agent Advances shall be repayable on demand, secured by the Agent's Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Base Rate Loans and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Salton Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers each Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers each Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers each Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansSeasonal Advances.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (World Airways Inc /De/)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Collateral Agent's Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than or the Bank Product Guarantor Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Riviera Holdings Corp)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Revolver A Advances to Borrowers Borrower on behalf of the Revolver A Loan Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses described in Section 10 (any of the Revolver A Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $5,000,000. Each Agent Advance is a Revolver A Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Revolver A Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrower on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Revolver A Advances and Obligations hereunder, hereunder and shall bear interest at the rate applicable from time to time to Revolver A Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Abraxas Petroleum Corp)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (Aa) to preserve or protect the Collateral, or any portion thereof, (Bb) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (Cc) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section 2.3(eSECTION 2.4(e) shall be deemed to be Advances hereunder and shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (3do Co)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances advances to Borrowers Borrower on behalf of the Lenders in an amount not exceeding $8,000,000, that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, or (B) to enhance the likelihood of repayment of the Obligations (other than Obligations referred to in clause (b) of the Bank Product Obligations), or (Cdefinition thereof) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances advances described in this Section 2.3(e2.4(d) shall be referred to as "“Agent Advances"”). Each Agent Advance shall be deemed to be an Advance Obligation hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's ’s Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances Term Loans that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and, subject to be a LIBOR Rate Loan and clause (f) below regarding settlement, all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers each Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers each Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers each Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loansplus 200 basis points.
Appears in 1 contract
Agent Advances. (i) Any contrary provision of this Agreement or any other Loan Document notwithstanding, Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.2(e) shall be referred to as "“Agent Advances"”); provided, however, that Agent shall not knowingly make additional Agent Advances that would cause the aggregate amount of outstanding Agent Advances at such time to exceed ten percent (10%) of the Borrowing Base at such time without the consent of all Lenders. Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansDefault Rate.
Appears in 1 contract
Sources: Loan and Security Agreement (Horizon Technology Finance Corp)
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by the Borrowers and the Lenders, from time to time in the Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 11 have not been satisfied, to make Advances Revolving Loans to the Borrowers on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers any Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the including, without limitation, costs, fees, fees and expenses as described in Section 10 16.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "“Agent Advances"”). Each ; provided, that (w) the Required Lenders may at any time revoke the Agent’s authorization contained in this Section 2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the Agent’s receipt thereof, (x) the Agent shall not make an Agent Advance which would cause the Aggregate Outstandings to exceed Combined Availability, (y) the Agent shall be deemed not make an Agent Advance which, together with all other Agent Advances then outstanding, would aggregate an amount in excess of 5% of the Combined Availability (without giving effect to be an Advance hereunder, except that no the Maximum Revolver Amount) at the time such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.is made and
Appears in 1 contract
Sources: Loan and Security Agreement
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 3.2 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.3(d) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(d), the aggregate principal amount of Agent Advances outstanding at any time, together with the aggregate principal amount of all Optional Overadvances made pursuant to Section 2.3(g) and outstanding at such time, shall not exceed an amount equal to $5,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrowers on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance of a Default or an Event of Default, or (2B) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 10 have not been satisfied, to make Advances Base Rate Revolving Loans to Borrowers the Borrower on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C3) to pay any other amount chargeable to Borrowers the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in Section 10 15.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Majority Lenders may at any time revoke the Agent's authorization contained in this Section 2.2(i) to make Agent Advance shall be deemed Advances, any such revocation to be an Advance hereunder, except that no such Agent Advance shall be eligible in writing and to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.become effective prospectively upon the Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Anchor Glass Container Corp /New)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any one time shall not exceed $2,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (Peninsula Gaming, LLC)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to --------- Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this ---------- Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent -------------- -------------- Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Collateral Agent's Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
(iii) The aggregate principal amount of Agent Advances outstanding at any time shall not exceed $10,000,000.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.3(c) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(c), the aggregate principal amount of Agent Advances outstanding at any one time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(g) outstanding at any time, shall not exceed an amount equal to $2,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrowers on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion Discretion, deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) hereof outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $2,500,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers the Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers each Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations contained in Section 2.2(i), Agent hereby is authorized by Borrowers and the Revolving Credit Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Revolving Credit Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e2.2(e) shall be referred to as "“Agent Advances"”). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Agent Advances. (i) The Administrative Agent hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Administrative Agent's ’s sole discretion, (1x) after the occurrence and during the continuance of a Default or an Event of Default, or (2y) at any time that any of the other applicable conditions precedent set forth in Section 3 4.2 have not been satisfied, to make Advances to Borrowers the Borrower on behalf of the Lenders that the Administrative Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 9.5 (any of the Advances described in this Section 2.3(e2.2(f) shall be referred to as "“Agent Advances"”), provided, that notwithstanding anything to the contrary contained in this Section 2.2(f), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.2(j) hereof outstanding at such time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $1,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to the Administrative Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by the Borrower on demand, demand and secured by the Administrative Agent's ’s Liens granted to the Administrative Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Pioneer Companies Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (En Pointe Technologies Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been -33- satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section SECTION 2.3(e) shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon on Agent Advances shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (Peregrine Systems Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunder, except that no such Agent Advance shall be eligible all the terms and conditions applicable to be a LIBOR Rate Loan other Advances and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand by the Borrowers and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 9 (any of the Advances described in this Section 2.3(esubsection 2.2(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to --------- Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section ---------- ------- 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance ------ -------------- is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”), provided that the aggregate principal amount of Agent Advances does not exceed the lesser of (x) 10% of the Borrowing Base then in effect and (y) $8,000,000. Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's ’s Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section SECTION 2.3(e) shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance shall be deemed to be an Advance hereunder, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.
(ii) The Agent Advances shall be repayable on demand, secured by the Agent's Liens granted to Agent under the Loan Documents, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Leapfrog Enterprises Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's ’s sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the CollateralCollateral and any other collateral securing the Obligations, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including including, without double counting, Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "“Agent Advances"”); provided, that notwithstanding anything to the contrary in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any time, when taken together with the aggregate principal amount of Overadvances in accordance with Section 2.3(i) hereof outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $3,500,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such all payments on any Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrower on demand, . All Agent Advances shall be secured by the Agent's ’s Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (Orbital Sciences Corp /De/)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section SECTION 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section SECTION 10 (any of the Advances described in this Section SECTION 2.3(e) shall be referred to as "Agent AdvancesAGENT ADVANCES"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (ia) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Borrowing Base Collateral, or any portion thereof, or (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(iib) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, upon receipt by Agent of a request for an Advance (delivered in accordance with Section 2.3(a)) and (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances an Advance to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances Advance described in this Section 2.3(e) shall be referred to as an "Agent AdvancesAdvance"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance of a Default or an Event of Default, or (2B) at any time that any of the other applicable conditions precedent set forth in Section 3 Article 10 have not been satisfied, to make Advances Base Rate Revolving Loans to Borrowers the Borrower on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C3) to pay any other amount chargeable to Borrowers the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in Section 10 15.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Required Lenders may at any time revoke the Agent's authorization contained in this Section
2.2(i) to make Agent Advance shall be deemed Advances, any such revocation to be an Advance hereunder, except that no such Agent Advance shall be eligible in writing and to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.become effective prospectively upon the Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Nicholas Financial Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers Borrower and the Lenders, from time to time after the Revolver Facility Effective Date, in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers Borrower on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall 2.3(e)shall be referred to as "Agent Advances"), provided, that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding at any one time, when taken together with the aggregate principal amount of Overadvances made in accordance with Section 2.3(i) outstanding at any time, shall not exceed an amount equal to the lesser of (x) 10% of the Borrowing Base then in effect and (y) $5,000,000. Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own accountaccount (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) The Agent Advances shall be repayable by Borrower on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (E Spire Communications Inc)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this Section 2.2(b) and the proviso contained in Section 13.1, the Agent is hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances Loans to Borrowers the Borrower on behalf of the Lenders that which the Agent, in its Permitted Discretion reasonable business judgment, deems necessary or desirable (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations (Loans and other than the Bank Product Obligations), or (C3) to pay any other amount chargeable to Borrowers the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in Section 10 15.7 (any of the Advances advances described in this Section 2.3(e2.2(a) shall be being hereinafter referred to as "Agent Advances"). Each ; provided, that the Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.2(b) to make Agent Advance shall be deemed Advances, any such revocation to be an Advance hereunder, except that no such Agent Advance shall be eligible in writing and to be a LIBOR Rate Loan and all payments thereon shall be payable to Agent solely for its own account.become effective prospectively upon the Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Loans and Obligations hereunder, and shall bear interest at the rate applicable to Loans from time to time to Advances that are Base Rate Loanstime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Timco Aviation Services Inc)
Agent Advances. (i) Agent hereby is authorized by Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in Section 3 have not been satisfied, to make Advances to Borrowers on behalf of the Lenders that Agent, in its Permitted Discretion deems necessary or desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), or (C) to pay any other amount chargeable to Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 10 (any of the Advances described in this Section 2.3(e) shall be referred to as "Agent Advances"). Each Agent Advance is an Advance hereunder and shall be deemed subject to be an Advance hereunderall the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible to be a for the LIBOR Rate Loan Option and all payments thereon shall be payable to Agent solely for its own account.
account (ii) and for the account of the holder of any participation interest with respect to such Agent Advance). The Agent Advances shall be repayable on demand, demand and secured by the Agent's Liens granted to Agent under the Loan Documents, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances that are Base Rate Loans.
Appears in 1 contract