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, 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 subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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.
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, 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"); provided, however, that notwithstanding anything to at no time shall the contrary contained in aggregate amount of outstanding Agent Advances under this Section 2.3(e)) exceed the result of (1) the lesser of (A) $10,000,000, and (B) 10% of the aggregate principal Borrowing Base then in effect, minus (2) the amount of optional Overadvance Loans made by Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable Borrowers pursuant to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent AdvanceSection 2.3(i).
(ii) The Agent Advances shall be repayable on 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 AdvancesBase Rate Advances 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 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 one time 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) $1,000,0001,850,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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 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, 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 one time 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) $1,000,0004,100,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Communications & Power Industries Inc)
Agent Advances. (i) 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, (1i) after the occurrence and during the continuance of a Default or an Event of Default, or (2ii) 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 Revolving Loans to the Borrowers or any of them on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed $10,000,000 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 Revolving Loans and other Obligations, or (C) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, 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, provided that notwithstanding anything the Required Lenders may at any time revoke the Agent's authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the contrary contained in this Section 2.3(e)Agent's receipt thereof. Absent such revocation, the aggregate principal amount Agent's determination that the making of Agent Advances outstanding at any one time shall not exceed $1,000,000. Each an Agent Advance is an Advance hereunder and required for any such purposes shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) conclusive. The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Advances Base Rate Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
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 Loans and other 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"); provided, that notwithstanding anything to the contrary Majority Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e), the aggregate principal amount of 2.2(i) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (and for become effective prospectively upon the account of the holder of any participation interest with respect to such Agent Advance).Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advancestime. 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 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 Loans and other 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"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e), the aggregate principal amount of 2.2(i) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (and for become effective prospectively upon the account of the holder of any participation interest with respect to such Agent Advance)Agent's receipt thereof.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advancestime. 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) Subject to the limitations set forth in the provisos contained in this Section 2.2(i), the Agent is hereby is authorized by Borrowers 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 Loans and other 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"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e)2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the aggregate principal amount of Agent's receipt thereof; and provided further, that the Agent shall not make Agent Advances for purposes described in clauses (B) and (C) above which would cause the Revolving Loans and Letters of Credit otherwise permitted to be outstanding at any one time shall not under this Agreement to exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance)135,000,000.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advancestime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Sweetheart Holdings 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, 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"); 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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"); 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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, 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 $1,000,0002,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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.
Appears in 1 contract
Sources: Loan and Security Agreement (Peninsula Gaming, LLC)
Agent Advances. (i) Subject to the limitations set forth below, the Agent hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1i) after the occurrence and during the continuance of a Default or an Event of Default, or (2ii) 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 Revolving Loans to Borrowers the Borrower on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed $3,000,000, 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 Revolving Loans and other 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 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, provided that notwithstanding anything the Required Lenders may at any time revoke the Agent's authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the contrary contained in this Section 2.3(e)Agent's receipt thereof. Absent such revocation, the aggregate principal amount Agent's determination that the making of Agent Advances outstanding at any one time shall not exceed $1,000,000. Each an Agent Advance is an Advance hereunder and required for any such purposes shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) conclusive. The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Advances Base Rate Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
Appears in 1 contract
Sources: Credit Agreement (Texas Petrochemical Holdings Inc)
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 Loans and other 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"); provided, that notwithstanding anything to the contrary Majority Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e), the aggregate principal amount of 2.2(i) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (and for become effective prospectively upon the account of the holder of any participation interest with respect to such Agent Advance).Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advancestime. 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 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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 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, 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
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 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 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, 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 being hereinafter referred to as "Agent Advances"); providedPROVIDED, HOWEVER, that notwithstanding anything to the contrary Required Lenders may at any time revoke Agent's authorization contained in this Section SECTION 2.3(e), the aggregate principal amount of ) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (become effective from and for the account of the holder of any participation interest with respect to such Agent Advance)after Agent's receipt thereof.
(ii) The Agent Advances shall be repayable on demand and demand, shall be secured by the Agent's Liens granted to Agent under on the Loan DocumentsCollateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advancesthe Advances pursuant to SECTION 2.6 hereof.
Appears in 1 contract
Sources: Loan and Security Agreement (Star Telecommunications Inc)
Agent Advances. (i) Subject to the limitations set forth below, the Agent hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's ’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 Borrowers the Borrower on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed 5% of the Borrowing Base (but not to exceed in the aggregate, with all of the Revolving Loans outstanding, the Maximum Revolver Amount) for a period not to exceed thirty (30) continuous days, which 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 Loans and other 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 14.7 (any of the Advances described in this Section 2.3(e) shall be such advances are herein referred to as "“Agent Advances"”); provided, provided that notwithstanding anything to the contrary contained in this Section 2.3(e), the aggregate principal amount of Agent Advances outstanding Required Lenders may at any one time shall not exceed $1,000,000revoke the Agent’s authorization to make Agent Advances. Each Agent Advance is an Advance hereunder Any such revocation must be in writing and shall be subject to all become effective prospectively upon the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) Agent’s receipt thereof. The Agent Advances shall be repayable on demand and secured by the Agent's ’s Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Advances Base Rate Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
Appears in 1 contract
Sources: Credit Agreement (Applica 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 Loans and other 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"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e), the aggregate principal amount of 2.2(b) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (and for become effective prospectively upon the account of the holder of any participation interest with respect to such Agent Advance).Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Advances Loans and Obligations hereunder, and shall bear interest at the rate applicable to Loans from time to time to Advancestime. 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) 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 Loans and other 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"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e), the aggregate principal amount of 2.2(i) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (and for become effective prospectively upon the account of the holder of any participation interest with respect to such Agent Advance).Agent's receipt thereof;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to Base Rate Revolving Loans from time to time to Advancestime. 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, 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"”); 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Agent Advances. (i) Subject to the limitations set forth below, the Administrative Agent hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in Agent's sole discretiontime, (1) at the request of the Required Lenders and 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 Revolver A Loans and/or Revolver B Loans on behalf of the Lenders that AgentBorrower which the Required Lenders, in its Permitted Discretion deems their reasonable business judgment, deem necessary or desirable (Ai) to preserve or protect the Collateral, Collateral or any portion thereof, (Bii) to enhance the likelihood of of, or maximize the amount of, repayment of the Loans and other Obligations, or (Ciii) 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 Advances described in this Section 2.3(e) shall be such advances are herein 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 Required Lenders may at any one time shall not exceed $1,000,000revoke the Administrative Agent's authorization to make Agent Advances. Each Agent Advance is an Advance hereunder Any such revocation must be in writing and shall be subject to all become effective prospectively upon the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) Administrative Agent's receipt thereof. The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted to Agent liens in the Collateral created under the Loan Documents, Security Documents and shall constitute Advances ABR Revolving Borrowings and for all purposes shall be part of the Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
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 ’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 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 Loans and other 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"”); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent’s authorization contained in this Section 2.3(e)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, subject to the final proviso of Section 13.2, the aggregate principal amount of Agent shall not intentionally make Agent Advances outstanding at any one time shall not which would cause the Aggregate Revolver Outstandings to exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance)Borrowing Base.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's ’s Liens granted in and to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate Base Rate applicable to the Revolving Loans from time to time to Advancestime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Advanced Micro Devices Inc)
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, 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"”); 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Agent Advances. (i) 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, (1i) after the occurrence and during the continuance of a Default or an Event of Default, or (2ii) 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 Revolving Loans to the Borrowers or any Borrower on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed $20,000,000 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 Loans and other Obligations, or (C) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, 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, provided that notwithstanding anything the Required Lenders may at any time revoke the Agent's authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the contrary contained in this Section 2.3(e)Agent's receipt thereof. Absent such revocation, the aggregate principal amount Agent's determination that the making of Agent Advances outstanding at any one time shall not exceed $1,000,000. Each an Agent Advance is an Advance hereunder and required for any such purposes shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) conclusive. The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Advances Base Rate Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
Appears in 1 contract
Sources: Credit Agreement (Daisytek International Corporation /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 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 one time 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) $1,000,0002,500,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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 Loans and other 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"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e)2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the aggregate principal amount of Agent's receipt thereof; and provided further, that the Agent shall not make Agent Advances for purposes described in clauses (B) and (C) above which would cause the Revolving Loans and Letters of Credit otherwise permitted to be outstanding at any one time shall not under the Agreement to exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance)5,000,000.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advancestime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (United States Leather Inc /Wi/)
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, (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 a 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 CollateralCollateral of such Borrower, or any portion thereof, (B) to enhance the likelihood of of, or maximize the amount of, repayment of the Loans and other Obligations, or (C) to pay any other amount chargeable to Borrowers 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 15.7 (any of the Advances advances described in this Section 2.3(e2.2(i) shall be being herein referred to as "Agent Advances"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e), the aggregate principal amount of 2.2(i) to make Agent Advances outstanding at any one time shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall any such revocation to be payable in writing and to Agent solely for its own account (and for become effective prospectively upon the account of the holder of any participation interest with respect to such Agent Advance)Agent's receipt thereof.
(ii) The Agent Advances for the account of a Borrower shall be repayable on demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral of such Borrower, shall constitute Advances Revolving Loans for the account of such Borrower and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advancestime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Strategic Distribution 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, 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, however, 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 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 $1,000,0001,500,000. Each Agent Advance is shall be deemed to be an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advanceshereunder, 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 (and for the account of the holder of any participation interest with respect to such Agent Advance)account.
(ii) The Agent Advances shall be repayable on demand and demand, 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (iA) Subject to the limitations set forth below, the Agent hereby is authorized by Borrowers the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1y) after the occurrence and during the continuance of a Default or an Event of Default, or (2z) 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 Revolving Loans to Borrowers the Borrower on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed the lesser of (w) $5,000,000, or (x) 10% of the Borrowing Base 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) during the continuance of a Default or an Event of Default, to enhance the likelihood of of, or maximize the amount of, repayment of the Loans and other 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 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, however, that notwithstanding anything to the contrary contained (y) in this Section 2.3(e), the aggregate principal amount of no event shall Agent make Agent Advances outstanding which would cause the Aggregate Revolver Outstandings at any one time shall not to exceed $1,000,000the Maximum Revolver Amount; and (z) the Majority Lenders may at any time revoke the Agent's authorization to make Agent Advances. Each Agent Advance is an Advance hereunder Any such revocation must be in writing and shall be subject to all become effective prospectively upon the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance)Agent's receipt thereof.
(iiB) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Advances Base Rate Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
Appears in 1 contract
Sources: Credit Agreement (3com Corp)
Agent Advances. (i) The Agent hereby is authorized by Borrowers and the Lendersmay, from time to time in Agent's sole discretiontime, make such disbursements and advances (1"AGENT ADVANCES") after which 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 sole and absolute discretion, deems necessary or desirable (A) to preserve or protect the Collateral, Collateral or any portion thereof, (B) to enhance the likelihood or maximize the amount of repayment by the Borrowers of the Obligations, Loans and other Obligations or (C) to pay any other amount chargeable to the Borrowers 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 (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 $1,000,00010.06 hereof. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 not constitute Loans but shall otherwise constitute Obligations hereunder. The Agent shall notify each Lender and secured by the Borrowers in writing of each such Agent Advance, which notice shall include a description of the purpose of such Agent Advance. Without limitation to its obligations pursuant to Section 11.05 hereof, each Lender agrees that it shall make available to the Agent, upon the Agent's Liens granted demand, in Dollars in immediately available funds, the amount equal to such Lender's Share of each such Agent under Advance. If such funds are not made available to the Loan DocumentsAgent by such Lender the Agent shall be entitled to recover such funds, shall constitute Advances and Obligations hereunderon demand from such Lender together with interest thereon, and shall bear interest for each day from the date such payment was due until the date such amount is paid to the Agent, at the customary rate applicable from time to time to Advancesset by the Agent for the correction of errors among banks for three (3) Business Days and thereafter at the Regular Rate.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (American Architectural Products Corp)
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 notwithstanding anything to the contrary contained in this Section 2.3(e), Agent shall not knowingly make additional Agent Advances that would cause the aggregate principal amount of outstanding Agent Advances outstanding at any one such time shall not to exceed $1,000,000ten percent (10%) of the Borrowing Base at such time without the consent of all Lenders. Each Agent Advance is shall be deemed to be an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advanceshereunder, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance)account.
(ii) The Agent Advances shall be repayable on 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 AdvancesDefault 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 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 Revolving Loans and other 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"); provided, that notwithstanding anything to the contrary Required Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e)2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the aggregate principal amount of Agent's receipt thereof; provided, further, that Agent Advances outstanding at any one time made in excess of the Availability or the Maximum Revolver Amount shall be made to preserve or protect the Collateral and shall not exceed $1,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all 5,000,000 in the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for aggregate outstanding at any time or result in the account of the holder of any participation interest with respect to such Agent Advance)Total Facility being exceeded.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advancestime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Consolidated Freightways Corp)
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”), provided that the aggregate principal amount of Agent Advances outstanding at any one time shall does not exceed the lesser of (x) 10% of the Borrowing Base then in effect and (y) $1,000,0008,000,000. Each Agent Advance is shall be deemed to be an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advanceshereunder, 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 (and for the account of the holder of any participation interest with respect to such Agent Advance)account.
(ii) The Agent Advances shall be repayable on demand and demand, 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 AdvancesAdvances 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 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(eSECTION 2.3(E), the aggregate principal amount of Agent Advances outstanding at any one time 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) $1,000,0002,500,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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, 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"); 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 subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Agent Advances. (i) 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 Revolving Loans to the Borrowers or any of them, on behalf of the Lenders that in an aggregate amount outstanding at any time not to exceed ten percent (10.0%) of the Borrowing Base 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 Loans and other 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, 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, provided that notwithstanding anything the Majority Lenders may at any time revoke the Agent's authorization to make Agent Advances. Any such revocation must be in writing and shall become effective prospectively upon the contrary contained in this Section 2.3(e)Agent's receipt thereof. Absent such revocation, the aggregate principal amount Agent's determination that the making of Agent Advances outstanding at any one time shall not exceed $1,000,000. Each an Agent Advance is an Advance hereunder and required for any such purposes shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to such Agent Advance).
(ii) conclusive. The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted in and to Agent under the Loan Documents, Collateral and shall constitute Advances Base Rate Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances.
Appears in 1 contract
Sources: Credit Agreement (Egl 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, 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 one time shall not exceed $1,000,000. Each Agent Advance is an Advance -------------- hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (DSG International LTD)
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, 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 one time 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) $1,000,0003,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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.
Appears in 1 contract
Sources: Loan and Security Agreement (Northland Cranberries Inc /Wi/)
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(e2.3(c), the aggregate principal amount of Agent Advances outstanding at any one time 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 $1,000,0002,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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.
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 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 Loans and other 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"); provided, that notwithstanding anything to the contrary Majority Lenders may at any time revoke the Agent's authorization contained in this Section 2.3(e)2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the aggregate principal amount of Agent Advances outstanding Agent's receipt thereof, and provided, further, that at any one no time shall not exceed $1,000,000. Each the Agent make an Agent Advance is in an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except amount that all payments thereon shall be payable to Agent solely for its own account (and for the account of the holder of any participation interest with respect to would result in Availability at such Agent Advance)time being exceeded.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens granted to Agent under the Loan DocumentsCollateral, shall constitute Advances Revolving Loans and Obligations hereunder, and shall bear interest at the rate applicable to the Revolving Loans from time to time to Advancestime. The Agent shall notify each Lender in writing of each such Agent Advance.
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, 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances 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 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, 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 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) $1,000,0005,000,000. Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, except that all payments thereon shall be payable to Agent solely for its own account (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 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.
Appears in 1 contract
Sources: Loan and Security Agreement (E Spire 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 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 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 subject to all the terms and conditions applicable to other Advances, except that no such Agent Advance shall be eligible for the LIBOR Option and all payments thereon shall be payable to Agent solely for its own account (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 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 AdvancesAdvances that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Mercury Air Group Inc)