Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(e), Agent hereby is authorized by 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 Borrower on behalf of the Lenders that Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 (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 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) being hereinafter referred to as "AGENT ADVANCES"); provided, that the Required Lenders may at any time revoke Agent's authorization contained in this SECTION 2.3(e) to make Agent Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereof. (ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances pursuant to SECTION 2.6 hereof.
Appears in 2 contracts
Sources: Loan and Security Agreement (Phonetel Technologies Inc), Loan and Security Agreement (Phonetel Technologies Inc)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(e), The Agent is hereby is authorized by Borrower 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 5 have not been satisfied, to make Advances Revolving Credit Loans to Borrower the Borrowers on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 Secured Obligations, or (C) to pay any other amount chargeable to Borrower the Obligors pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in SECTION 10 16.2 (any of the Advances advances described in this SECTION 2.3(e4.7(D) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, PROVIDED that (x) the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(e4.7(D) to make Agent Advances, any such revocation to be in writing and to become effective upon on the third Business Day after the Agent's receipt thereof.
, and (iiy) the Agent shall not allow more than $5,000,000 in Agent Advances to be outstanding under this SECTION 4.7(D) at any time without the consent of all the Lenders. All Agent Advances shall be repayable by the Borrowers on demand and secured by the Collateral, shall constitute Advances Revolving Credit Loans and Secured Obligations hereunder, and shall bear interest at the rate applicable to Prime Rate Revolving Credit Loans from time to time time. The Agent shall notify each Lender in writing of each such Agent Advance. All Agent Advances shall constitute Non-Ratable Loans, as defined in SECTION 4.8(B), and shall be subject to the Advances pursuant to SECTION 2.6 hereofprovisions thereof.
Appears in 2 contracts
Sources: Loan and Security Agreement (Tultex Corp), Loan and Security Agreement (Tultex Corp)
Agent Advances. (i) Subject to the limitations set forth in the proviso -------------- provisos contained in this SECTION 2.3(eSection 2.2(i), the Agent is hereby is authorized by Borrower 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 Borrower the Borrowers on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 Borrower 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 Section 15.7 (any of the Advances advances ------------- described in this SECTION 2.3(eSection 2.2(i) being hereinafter referred to as "AGENT ADVANCESAgent --------------- Advances"); provided, that the Required Lenders may at any time revoke the -------- Agent's authorization contained in this SECTION 2.3(eSection 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.;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens in and to the Collateral, 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 the Advances pursuant to SECTION 2.6 hereoftime. 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 proviso contained in this SECTION 2.3(e2.1(g), Agent hereby is authorized by Borrower and the Revolving/Term 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 Borrower on behalf of the Revolving/Term Lenders that Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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(e2.1(g) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); providedPROVIDED, that the Required Revolving/Term Lenders may at any time revoke Agent's authorization contained in this SECTION 2.3(e2.1(g) to make Agent Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereof.
(ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances pursuant to SECTION 2.6 hereof.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the proviso provisos contained in this SECTION 2.3(eSection 2.2(i), the Administrative Agent is hereby is authorized by Borrower the Borrowers and the Lenders, from time to time in the Administrative 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 Tranche A Revolving Loans to any Borrower on behalf of the Lenders that which the Administrative Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 Revolving Loans and other Obligations, or (C3) to pay any other amount chargeable to Borrower the Borrowers pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses as described in SECTION 10 Section 15.7 (any of the Advances advances described in this SECTION 2.3(eSection 2.2(i) being hereinafter referred to as "AGENT ADVANCES"“Agent Advances”); providedprovided that (x) the Aggregate Revolver Outstandings in respect of the Tranche A Commitments after giving effect to any Agent Advance shall not exceed the Maximum Tranche A Revolver Amount and (y) Agent Advances outstanding and unpaid at no time will exceed $20,000,000 in the aggregate, and provided further that the Required Lenders may at any time revoke the Administrative Agent's ’s authorization contained in this SECTION 2.3(eSection 2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the Administrative Agent's ’s receipt thereof.
(ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances pursuant to SECTION 2.6 hereof.;
Appears in 1 contract
Sources: Loan and Security Agreement (Metals USA Plates & Shapes Southcentral, Inc.)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION Section 2.3(e), Agent hereby is authorized by 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 Borrower on behalf of the Lenders that Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that the Required Lenders may at any time revoke Agent's authorization contained in this SECTION Section 2.3(e) to make Agent Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereof.
(ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances pursuant to SECTION Section 2.6 hereof.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(eSection 2.1(g), Agent hereby is authorized by 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 Borrower on behalf of the Lenders - that Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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 2.1(g) being hereinafter referred -------------- to as "AGENT ADVANCESAgent Advances"); provided, that the Required Lenders may at any time -------- revoke Agent's authorization contained in this SECTION 2.3(eSection 2.1(g) to make Agent -------------- Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereof.
(ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances pursuant to SECTION Section 2.6 hereof.. -----------
Appears in 1 contract
Sources: Loan and Security Agreement (Convergent Communications Inc /Co)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(e), Agent hereby is authorized by 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 Borrower on behalf of the Lenders that Agent, in its reasonable business judgmentPermitted Discretion, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); providedPROVIDED, HOWEVER, that the Required Lenders may at any time revoke Agent's authorization contained in this SECTION 2.3(e) to make Agent Advances, any such revocation to be in writing and to become effective upon from and after Agent's receipt thereof.
(ii) Agent Advances shall be repayable on demand and demand, shall be secured by the Agent's Liens on the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the 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 in the proviso contained in this SECTION 2.3(e), Facility Agent hereby is authorized by Borrower and the Lenders, from time to time in Agent's Agents' sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default (but without constituting a waiver of such Default or Event of Default), or (2) at any time that any of the other applicable conditions precedent set forth in SECTION 3 Section 3.1 or 3.2 have not been satisfied, to make Advances (which shall be Reference Rate Loans) to Borrower on behalf of the Lenders that Agentwhich Agents, in its their reasonable business judgment, deems deem necessary or desirable, in any event in an amount not to exceed $100,000 desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations, or (C) to pay any other amount chargeable to 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 2.1(h) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that Facility Agent shall not make any Agent Advances to Borrower without the consent of the Required Lenders may if the amount thereof would exceed $5,000,000 in the aggregate at any time revoke Agent's authorization contained in this SECTION 2.3(e) to make Agent Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereofone time.
(ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances Reference Rate Loans and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances Obligations pursuant to SECTION 2.6 hereofSection 2.7(a).
Appears in 1 contract
Sources: Loan and Security Agreement (Los Buenos Leasing Co Inc)
Agent Advances. (i1) Subject to the limitations set forth in the proviso provisos contained in this SECTION 2.3(eSection 2.2(i), the Agent is hereby is authorized by 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 the Borrower on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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 Section 15.7 (any of the Advances advances described in this SECTION 2.3(eSection 2.2(i) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(eSection 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 the Agent shall not make Agent Advances for purposes described in clauses (B) and (C) above which would cause the Loans and Letters of Credit otherwise permitted to be outstanding under this Agreement to exceed $135,000,000
(ii2) The Agent Advances shall be repayable on demand and secured by the Collateral, 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 the Advances pursuant to SECTION 2.6 hereoftime. 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) Subject to the limitations set forth in the proviso provisos contained in this SECTION 2.3(e2.2(i), the Agent is hereby is authorized by 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 the Borrower on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); providedPROVIDED, that the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(e2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the Agent's receipt thereof.;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens in and to the Collateral, 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 the Advances pursuant to SECTION 2.6 hereoftime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Fruit of the Loom LTD)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(e), The Agent is hereby is authorized by Borrower 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 5 have not been satisfied, to make Advances Revolving Loans to Borrower the Borrowers on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 Secured Obligations, or (C) to pay any other amount chargeable to Borrower the Obligors pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, fees and expenses as described in SECTION 10 Section 16.2 (any of the Advances advances described in this SECTION 2.3(eSection 4.7(d) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, provided that (x) the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(eSection 4.7(d) to make Agent Advances, any such revocation to be in writing and to become effective upon on the third Business Day after the Agent's receipt thereof.
, and (iiy) the Agent shall not allow more than $5,000,000 in Agent Advances to be outstanding under this Section 4.7(d) at any time without the consent of all the Lenders. All Agent Advances shall be repayable by the Borrowers on demand and secured by the Collateral, shall constitute Advances Revolving Loans and Secured Obligations hereunder, and shall bear interest at the rate applicable to Prime Rate Revolving Loans from time to time time. The Agent shall notify each Lender in writing of each such Agent Advance. All Agent Advances shall constitute Non-Ratable Loans, as defined in Section 4.8(b), and shall be subject to the Advances pursuant to SECTION 2.6 hereofprovisions thereof.
Appears in 1 contract
Sources: Loan and Security Agreement (Safety Components International Inc)
Agent Advances. (i) Subject to the limitations set forth in the proviso provisos contained in this SECTION 2.3(eSection 2.1(j)(i), the Agent is hereby is authorized by Borrower 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 9 have not been satisfied, to make Advances Revolving Loans to Borrower the Borrowers on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 any Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the including, without limitation, costs, fees, fees and expenses as described in SECTION 10 Section 14.6 (any of the Advances advances described in this SECTION 2.3(eSection 2.1(j)
(i) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that the Required Agent shall not make any Agent Advance to any Borrower if the amount thereof would exceed Availability on the Funding Date applicable thereto; and provided, further, that the Majority Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(eSection 2.1(j)
(i) to make Agent Advances, any such revocation to be in writing and to become effective upon the Agent's receipt thereof.
(ii) The Agent Advances shall be repayable on demand and secured by the Collateral, 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 time. The Agent shall notify each Lender and the Advances pursuant to SECTION 2.6 hereofBorrowers in writing of each such Agent Advance, which notice shall include a description of the purpose of such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Laclede Steel Co /De/)
Agent Advances. (i) Subject to the limitations set forth in the proviso provisos contained in this SECTION 2.3(eSection 2.2(i), the Agent is hereby is authorized by the Borrower and the Lenders, from time to time in the Agent's sole discretion, (1A) after the occurrence and during the continuance continuation 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 X have not been satisfied, to make Advances Base Rate Revolving Loans to the Borrower on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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 Section 15.6 (Fees and Expenses) (any of the Advances advances described in this SECTION 2.3(eSection 2.2(i) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(eSection 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; provided further, that the Agent shall not intentionally make Agent Advances which would cause the Aggregate Revolver Outstandings to exceed the Availability by more than $2,750,000.
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens in and to the Collateral, 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 the Advances pursuant to SECTION 2.6 hereoftime. The Agent shall notify each Lender in writing of each such Agent Advance.
Appears in 1 contract
Sources: Loan and Security Agreement (Fruit of the Loom LTD)
Agent Advances. (i) Subject to the limitations set forth in the proviso provisos contained in this SECTION 2.3(e)Section 2.2(g)(i) and notwithstanding the provisions of Section 10.2 to the contrary, the Agent is hereby is authorized by the Borrower and the Lenders, from time to time in the Agent's sole and absolute 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 Article 10 have not been satisfied, to make Advances Revolving Loans to the Borrower on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 (CB) to pay any other amount chargeable to 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 Section 15.8 (any of the Advances advances described in this SECTION 2.3(eSection 2.2(g)(i) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that the Required Agent shall not make any Agent Advance if the amount thereof would exceed the amount of the Availability on the date of the proposed borrowing; and provided, further, that the Majority Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(eSection 2.2(g)(i) to make Agent Advances, any such revocation to be in writing and to become effective upon the Agent's receipt thereof.
(ii) The Agent Advances shall be repayable on demand and secured by the Collateraldemand, shall constitute Advances and Obligations hereunder, Reference Rate Loans and shall bear interest at be subject to all the rate terms and conditions applicable from time to time other Revolving Loans (including, without limitation, with respect to the Advances payment of interest) except that all payments thereon shall be payable to the Agent solely for its own account (and for the account of any participation interests with respect to such Revolving Loan created pursuant to SECTION 2.6 hereofclause (ii) of Section 2.2(h)).
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 Borrower 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 Borrower Borrowers on behalf of the Lenders that Agent, in the exercise of its reasonable business judgmentPermitted Discretion, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 Borrower 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) being hereinafter referred to as "AGENT ADVANCES"); providedPROVIDED, HOWEVER, that at no time shall the Required Lenders may at any time revoke Agent's authorization 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 Borrowing Base then in effect, MINUS (2) the amount of optional Overadvance Loans made by Agent to make Agent Advances, any such revocation the Borrowers pursuant to be in writing and to become effective upon Agent's receipt thereofSECTION 2.3(i).
(ii) Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Base Rate Advances pursuant to SECTION 2.6 hereof.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(e), Administrative Agent hereby is authorized by Borrower and the Lenders, from time to time in Administrative Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default (but without constituting a waiver of such Default or Event of Default, ) or (2) at any time that any of the other applicable conditions precedent set forth in SECTION 3 Section 3.1 or 3.2 have not been satisfied, to make or to cause Collateral Agent to make Advances to Borrower on behalf of the Lenders that which Administrative Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 desirable (A) to preserve or protect the Collateral, or any portion thereof, (B) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations, or (C) to pay any other amount chargeable to Borrower any Company 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 2.1(g) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); provided, that Administrative Agent shall not make or cause Collateral Agent to make any Agent Advances to Borrower without the consent of Required Lenders may if the amount outstanding thereof would exceed $5,000,000 in the aggregate at any time revoke Agent's authorization contained in this SECTION 2.3(e) to make Agent Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereofone time.
(ii) Agent Advances shall be repayable by Borrower on demand and secured by the Collateral, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate then applicable from time to time to the Advances pursuant to SECTION 2.6 hereofSection 2.6.
Appears in 1 contract
Sources: Loan and Security Agreement (Icf Kaiser International Inc)
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(eSection 2.2(f), the Agent is hereby is authorized by 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, Default or (2B) at any time that any of the other applicable conditions precedent set forth in SECTION 3 Section 3.2 have not been satisfied, to make Advances Revolving Loans to Borrower the Borrower, on behalf of the Lenders that Lenders, which the Agent, in its reasonable business judgment, deems necessary or desirabledesirable and regardless of whether a Borrowing Base Deficiency is caused thereby, in any event in an amount not to exceed $100,000 (A1) to preserve or protect the Collateral, or any portion thereof, (B2) to enhance the likelihood of of, or maximize the amount of, repayment of the Obligations, Loans and other Obligations or (C3) to pay any other amount chargeable to the Borrower pursuant to the terms of this Agreement, including Lender Group Expenses including, without limitation, principal, interest and the costs, fees, fees and expenses as described in SECTION 10 Section 10.2 (any of the Advances advances described in this SECTION 2.3(eSection 2.2(f) being hereinafter referred to as "AGENT ADVANCES"“Agent Advances”); provided, that the Required Agent shall not make any Agent Advances to the Borrower without the consent of the Majority Lenders may if the aggregate amount thereof would exceed $2,000,000 at any one time revoke Agent's authorization contained in this SECTION 2.3(e) to make Agent Advances, any such revocation to be in writing and to become effective upon Agent's receipt thereof.
(ii) the Agent Advances shall be repayable on demand and secured by the Collateral, shall constitute Advances Revolving Loans and Obligations hereunder, hereunder and shall bear interest at the rate applicable to the Base Rate Advances from time to time to the Advances pursuant to SECTION 2.6 hereoftime. 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 proviso contained in this SECTION 2.3(e), Agent hereby is authorized by Borrower Borrowers and the Lenders, from time to time in Agent's sole discretion, (1) after the occurrence and during the continuance of a Default or an Event of Default, or (2) at any time that any of the other applicable conditions precedent set forth in SECTION Section 3 have not been satisfied, to make Advances to Borrower Borrowers on behalf of the Lenders that Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 desirable (A) to preserve or protect the 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 Borrower pursuant to the terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in SECTION 10 Obligations (any of the Advances described in this SECTION 2.3(eSection 2.4(e) being hereinafter shall be deemed to be Tranche A Advances hereunder and shall be referred to as "AGENT ADVANCESAgent Advances"); provided, however, that at no time shall the Required Lenders may at any time revoke Agent's authorization contained aggregate amount of outstanding Agent Advances under this Section 2.4(e) exceed the result of (1) the lesser of (A) $10,000,000, or (B) 10% of the Borrowing Base then in this SECTION 2.3(eeffect, minus (2) the amount of optional Overadvances made by Agent or Swing Lender to make Borrowers pursuant to Section 2.4(i). Each Agent Advance is an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances, any such revocation except that all payments thereon shall be payable to be in writing and to become effective upon Agent's receipt thereofAgent solely for its own account.
(ii) Agent Advances shall be repayable on demand and secured by the CollateralCollateral Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to the Advances pursuant to SECTION 2.6 hereofBase Rate Tranche A Advances.
Appears in 1 contract
Agent Advances. (i) Subject to the limitations set forth in the proviso contained in this SECTION 2.3(e2.2(I), the Agent is hereby is authorized by Borrower 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 Borrower the Borrowers on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 Borrower 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) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); providedPROVIDED, that the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(e2.2(I) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the Agent's receipt thereof.;
(ii) The Agent Advances shall be repayable on demand and secured by the Agent's Liens in and to the Collateral, 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 the Advances pursuant to SECTION 2.6 hereoftime. 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 proviso provisos contained in this SECTION 2.3(e2.2(i), the Agent is hereby is authorized by 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 the Borrower on behalf of the Lenders that which the Agent, in its reasonable business judgment, deems necessary or desirable, in any event in an amount not to exceed $100,000 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 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) being hereinafter referred to as "AGENT ADVANCESAgent Advances"); providedPROVIDED, that the Required Lenders may at any time revoke the Agent's authorization contained in this SECTION 2.3(e2.2(i) to make Agent Advances, any such revocation to be in writing and to become effective prospectively upon the Agent's receipt thereof.
(ii) ; PROVIDED, FURTHER, that an Agent Advances Advance which results in Aggregate Revolver Outstandings to be in excess of the Borrower's Availability shall be repayable on demand not by itself alone cause an Event of Default hereunder; and secured PROVIDED, FURTHER, that an Agent Advance for an amount not paid by the Collateral, Borrower when due shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time not be considered to time have cured any such failure to the Advances pursuant to SECTION 2.6 hereofpay when due.
Appears in 1 contract
Sources: Loan, Guaranty and Security Agreement (Riddell Sports Inc)