Protective Advance definition

Protective Advance has the meaning assigned to such term in Section 2.04.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Protective Advance shall have the meaning assigned to it Section 2.7(b).

Protective Advance has the meaning provided in Section 2.03(a).

Examples of Protective Advance in a sentence

Each request (or deemed request, except a deemed request in connection with an Overadvance or a Protective Advance or pursuant to Section 2.2.2(a) or Section 2.3.2(a)) by Loan Party Agent or any Borrower for funding of a Loan or issuance of a Letter of Credit shall constitute a representation by all Borrowers that the foregoing conditions are satisfied on the date of such request and on the date of such funding or issuance.
Each Applicable Lender shall participate in each Protective Advance on a Pro Rata basis.
Any Protective Advance, any Overadvance and any Swingline Loan shall be made in accordance with the procedures set forth in Sections 2.04 and 2.05.
Absent such revocation, Agent’s determination that funding of a Protective Advance is appropriate shall be conclusive.
Agent agrees to use its commercially reasonable best efforts to promptly notify the Lenders of the extension of a Protective Advance; provided, that Agent shall have no liability for any failure to provide any such notice.

More Definitions of Protective Advance

Protective Advance means all sums expended by Agent in accordance with the provisions of Section 10.4 to (a) protect the priority, validity and enforceability of any lien on, and security interests in, any Collateral and the instruments evidencing and securing the Obligations, (b) prevent the value of any Collateral from being diminished, or (c) protect any of the Collateral from being materially damaged, impaired, mismanaged or taken.

Protective Advance means as defined in Section 2.25.

Protective Advance means all sums expended as determined by the Administrative Agent to be necessary or appropriate after the Borrower or any other Loan Party fails to do so when required: (a) to protect the validity, enforceability, perfection or priority of the Liens in any of the Collateral and the instruments evidencing the Obligations; (b) to prevent the value of any Collateral from being materially diminished (assuming the lack of such a payment within the necessary time frame could potentially cause such Collateral to lose value); or (c) to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation, any amounts expended in connection therewith in accordance with Section 11.10 or 12.2.

Protective Advance as defined in forth in Section 2.1(e).

Protective Advance means all sums advanced for the purpose of payment of real estate taxes (including special payments in lieu of real estate taxes), maintenance costs, insurance premiums or other items (including capital items) reasonably necessary to protect the Project or any portion thereof (including, but limited to, all reasonable attorneys’ fees, costs relating to the entry upon the Project or any portion thereof to make repairs and the payment, purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of Lender appears to be prior or superior to the Loan Documents).

Protective Advance has the meaning set forth in Section 2.11.

Protective Advance means all sums expended as determined by Lender to be necessary to: (a) protect the priority, validity and enforceability of the Lien on, and security interests in, the Collateral and the instruments evidencing or securing the Obligations, or (b) prevent the value of the Collateral from being materially diminished (assuming the lack of such a payment within the necessary time frame could potentially cause such Collateral to lose value), or (c) protect the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation, any amounts expended in accordance with Section 11.1 or post-foreclosure ownership, maintenance, operation or marketing of the Property.