Canadian Protective Advances. Agent shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Canadian Base Rate Loans or Canadian Prime Rate Loans to Canadian Borrower (as applicable, through its Canadian Lending Office, branch or Affiliate) (“Canadian Protective Advances”) (i) up to an aggregate amount, when combined with all Canadian Overadvances and all other Canadian Protective Advances, of 10% of the Canadian Borrowing Base outstanding at any time, if Agent deems such Loans necessary or desirable to preserve or protect Canadian Facility Collateral, or to enhance the collectability or repayment of the Canadian Facility Obligations, as long as such Loans do not cause Canadian Revolver Usage to exceed the Canadian Borrowing Base; or (ii) to pay any other amounts chargeable to Canadian Facility Obligors under any of the Loan Documents, including interest, costs, fees and expenses. Canadian Lenders shall participate on a Pro Rata basis in Canadian Protective Advances outstanding from time to time. Required Lenders may at any time revoke Agent’s authority to make further Canadian Protective Advances under clause (i) by written notice to Agent. Absent such revocation, Agent’s determination that funding of a Canadian Protective Advance is appropriate shall be conclusive. All Canadian Protective Advances shall be Canadian Facility Obligations, secured by the Canadian Facility Collateral and, if denominated in Canadian Dollars, shall be treated for all purposes as a Canadian Prime Rate Loan or, if denominated in Dollars, shall be treated for all purposes as a Canadian Base Rate Loan.
Canadian Protective Advances. Agent (acting through its Canada branch) shall be authorized, in its discretion, at any time that any conditions in Section 6 are not satisfied, to make Canadian Prime Rate Revolver Loans ("Canadian Protective Advances") (a) up to an aggregate amount of 10% of the Canadian Borrowing Base outstanding at any time, if Agent deems such Canadian Revolver Loans necessary or desirable to preserve or protect Canadian Collateral, or to enhance the collectability or repayment of Canadian Obligations, as long as such Canadian Revolver Loans do not cause (i) Canadian Revolver Usage to exceed the aggregate Canadian Revolver Commitments or (ii) Revolver Usage to exceed the aggregate Revolver Commitments; or (b) to pay any other amounts chargeable to Canadian Obligors under any Loan Documents, including interest, costs, fees and expenses. Canadian Lenders shall participate on a Pro Rata basis in Canadian Protective Advances outstanding from time to time. Canadian Required Lenders may at any time revoke Agent's authority to make further Canadian Protective Advances under clause (a) by written notice to Agent. Absent such revocation, Agent's determination that funding of a Canadian Protective Advance is appropriate shall be conclusive.
Canadian Protective Advances. (i) Subject to the limitations set forth below, the Canadian Administrative Agent is authorized by the Canadian Borrowers and the Canadian Lenders, from time to time in the Canadian Administrative Agent’s sole discretion (but shall have absolutely no obligation to), to make Loans to the Canadian Borrowers, on behalf of all Canadian Lenders, which the Canadian Administrative Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required to be paid by the Canadian Borrowers pursuant to the terms of this Agreement, including payments of principal, interest, Acceptances, LC Disbursements, fees, premiums, reimbursable expenses (including costs, fees and expenses as described in Section 9.04) and other sums payable under the Loan Documents (any of such Loans are herein referred to as “Canadian Protective Advances”); provided that no such Canadian Protective Advance shall cause the Canadian Exposure to exceed the aggregate of the Canadian Commitments; provided further that, the aggregate amount of Canadian Protective Advances outstanding at any time, which were made pursuant to clauses (i) and (ii) above, shall not at any time exceed U.S.$2,500,000. Canadian Protective Advances may be made even if the conditions precedent set forth in Section 4.02 have not been satisfied. The Canadian Protective Advances shall be secured by the Liens in favor of the Canadian Administrative Agent in and to the Collateral and shall constitute Obligations hereunder. All Canadian Protective Advances shall be denominated in Canadian Dollars and shall be Canadian Prime Borrowings. The Canadian Administrative Agent’s authorization to make Canadian Protective Advances may be revoked at any time by the Required Lenders. Any such revocation must be in writing and shall become effective prospectively upon the Canadian Administrative Agent’s receipt thereof. At any time that there is sufficient Canadian Availability and the conditions precedent set forth in Section 4.02 have been satisfied, the Canadian Administrative Agent may request the Canadian Lenders to make a Revolving Loan to repay a Canadian Protective Advance. At any other time the Canadian Administrative Agent may require the Lenders to fund their risk participations described in Section 2.06(b)(ii)...
