Common use of Procedure for Advances Clause in Contracts

Procedure for Advances. (a) The Lender will make advances from time to time upon receipt of written request from the Borrowers in the form designated by the Lender, provided that after giving effect to the Borrowers' request, the outstanding principal balance of the Loan would not exceed the lesser of the Credit Facility Committed Amount or the Borrowing Base. Each advance under the Loan shall be in an amount of not less than $1,000,000, and in increments of $250,000 in excess thereof. Advances or the renewal of a Eurodollar Period shall be requested by the Borrowers orally or in writing by 10:00 A.M. (Eastern time) three (3) Banking Days prior to the Banking Day on which the funds will be advanced. The Borrowers shall advise the Lender at the time of such notice which Eurodollar Period they are selecting. The Lender shall have no obligation to make any advance if at the time such advance is requested and/or is proposed to be funded, there exists an Event of Default or an event which upon notice or lapse of time or both would constitute an Event of Default under the Financing Documents. If the Borrowers fail to advise the Lender three (3) Banking Days in advance of the expiration of a Eurodollar Period of their intention to either pay off such portion of the Loan or renew the applicable Eurodollar Period, it shall be assumed by the Lender that the Eurodollar Period is to be renewed. (b) In addition, if the Lender has reason to believe a Default or an Event of Default has occurred, the Borrowers hereby irrevocably authorize the Lender to make advances of the Loan at any time and from time to time, without further request from or notice to the Borrowers, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests under this Agreement or otherwise, including, without limitation, advances of the Loan made to cover interest on the Loan, fees, and/or Enforcement Costs, prior to, on, or after the termination of this Agreement, regardless of whether the aggregate amount of the advances of the Loan which the Lender may make hereunder exceeds the Credit Facility Committed Amount. The Lender shall have no obligation whatsoever to make any advance under this subsection and the making of one or more advances under this subsection shall not obligate the Lender to make other similar advances. Any such advances will be evidenced by the Note secured by the Collateral and the Deeds of Trust.

Procedure for Advances. (a) The Lender Agent will make advances from time to time not more frequently than twice during each month upon receipt of a written request from the Borrowers in the form designated by of borrowing request attached hereto as Exhibit C (each a "Requisition", and collectively, the Lender, provided "Requisitions"). (b) Each Requisition is subject to the Agent's determination that after giving effect to the Borrowers' requestsuch Requisition, the outstanding principal balance of the Loan would will not exceed the lesser of the then applicable Credit Facility Committed Amount or the Borrowing Base. Each advance under the Loan shall be in an amount of not less than $1,000,000, and in increments of $250,000 100,000 in excess thereof. Advances or the renewal of a Eurodollar Period shall be requested by the Borrowers orally or Borrower in writing by 10:00 A.M. (Eastern Houston time) three not less than five (35) Banking Days prior to the Banking Day on which the funds will be advanced. The Borrowers shall advise the Lender at the time of such notice which Eurodollar Period they are selecting. The Lender Agent shall have no obligation to make any advance if at the time such advance is requested and/or is proposed to be funded, there exists an Event of a Default or an event which upon notice or lapse of time or both would constitute an Event of Default under the any Financing Documents. If the Borrowers fail to advise the Lender three (3) Banking Days in advance of the expiration of a Eurodollar Period of their intention to either pay off such portion of the Loan or renew the applicable Eurodollar Period, it shall be assumed by the Lender that the Eurodollar Period is to be renewedDocument. (bc) Unless the Agent shall have received notice from a Lender prior to the date on which such Lender is to provide funds to the Agent for an advance to be made by such Lender that such Lender will not make available to the Agent such funds, the Agent may assume that such Lender has made such funds available to the Agent on the date of such advance in accordance with the terms of the Agency Agreement and the Agent in its sole discretion may, but the Agent shall not be obligated to, in reliance upon such assumption, make available to the Borrowers on such date a corresponding amount. (d) In addition, if the Lender Agent has reason to believe a Default or an Event of Default has occurred, the Borrowers each Borrower hereby irrevocably authorize authorizes the Lender Lenders to make advances of the Loan at any time and from time to time, without further request from or notice to the Borrowers, which the Lender, in its sole and absolute discretion, deems necessary or appropriate to protect the Lender's interests under this Agreement or otherwise, including, without limitation, advances of the Loan made to cover interest on the Loan, fees, and/or Enforcement Costs, prior to, on, or after the termination of this Agreement, regardless of whether the aggregate amount of the advances of the Loan which the Lender may make hereunder exceeds the Credit Facility Committed Amount. The Lender shall have no obligation whatsoever to make any advance under this subsection and the making of one or more advances under this subsection shall not obligate the Lender to make other similar advances. Any such advances will be evidenced by the Note secured by the Collateral and the Deeds of Trust.make

Procedure for Advances. (a) The Lender Administrative Agent will make advances from time to time upon receipt of written request from the Borrowers in the form designated by the LenderAdministrative Agent, provided that after giving effect to the Borrowers' request, the outstanding principal balance of the Loan would not exceed the lesser of the Credit Facility Committed Amount or the Borrowing Base. Each advance under the Loan shall be in an amount of not less than $1,000,000500,000, and in increments of $250,000 100,000 in excess thereof. Advances or the renewal of a Eurodollar Interest Period shall be requested by the Borrowers orally or in writing by 10:00 A.M. (Eastern timeTime) three (3) Banking Days prior to the Banking Day on which the funds will be advanced. The Borrowers shall advise the Lender Administrative Agent at the time of such notice which Eurodollar Interest Period they are selectingselecting or whether they are selecting the Base Rate. The Lender Administrative Agent shall have no obligation to make any advance if at the time such advance is requested and/or is proposed to be funded, there exists an Event of Default or an event which upon notice or lapse of time or both would constitute an Event of Default under the Financing Documents. If the Borrowers fail to advise the Lender three (3) Banking Days in advance of the expiration of a Eurodollar Period of their intention to either pay off such portion of the Loan or renew the applicable Eurodollar Period, it shall be assumed by the Lender that the Eurodollar Period is to be renewed. (b) In addition, if the Lender Administrative Agent has reason to believe a Default or an Event of Default has occurred, the Borrowers hereby irrevocably authorize the Lender Lenders to make advances of the Loan at any time and from time to time, without further request from or notice to the Borrowers, which the LenderLenders, in its their sole and absolute discretion, deems deem necessary or appropriate to protect the Lender's Lenders' interests under this Agreement or otherwise, including, without limitation, advances of the Loan made to cover interest on the Loan, fees, and/or Enforcement Costs, prior to, on, or after the termination of this Agreement, regardless of whether the aggregate amount of the advances of the Loan which the Lender Lenders may make hereunder exceeds the Credit Facility Committed Amount. The Lender Lenders shall have no obligation whatsoever to make any advance under this subsection and the making of one or more advances under this subsection shall not obligate the Lender Lenders to make other similar advances. Any such advances will be evidenced by the Note secured by the Collateral and the Deeds of Trust.

Procedure for Advances. (a) The Lender Agent will make advances from time to time not more frequently than twice during each month upon receipt of a written request from the Borrowers Borrower in the form designated by the LenderAgent (each a Requisition, provided collectively, the "Requisitions") signed by Mark ▇. ▇▇▇▇▇▇▇▇▇ ▇▇ Davi▇ ▇. ▇▇▇▇▇▇▇ ▇▇ behalf of Borrower. (b) Each Requisition is subject to Agent's determination that after giving effect to the Borrowers' requestRequisition, the outstanding principal balance of the Loan would not exceed the lesser of the then applicable Credit Facility Committed Amount or the Borrowing Base. Each advance under the Loan shall be in an amount of not less than $1,000,000, and in increments of $250,000 100,000 in excess thereof. Advances or the renewal of a Eurodollar Period shall be requested by the Borrowers Borrower orally or in writing by 10:00 A.M. (Eastern Houston time) three (3) Banking Days prior to the Banking Day on which the funds will be advancedadvanced or the applicable Eurodollar Period will expire. The Borrowers shall advise the Lender at the time of such notice which Eurodollar Period they are selecting. The Lender Agent shall have no obligation to make any advance if at the time such advance is requested and/or is proposed to be funded, there exists an Event of Default or an event which upon notice or lapse of time or both would constitute an Event of Default under the Financing Documents. If the Borrowers fail Borrower fails to advise the Lender Agent three (3) Banking Days in advance of the expiration of a Eurodollar Period of their its intention to either pay off such portion of the Loan or renew the applicable Eurodollar Period, it shall be assumed by the Lender Agent that the Eurodollar Period is to be renewed. (bc) In addition, if the Lender Agent has reason to believe a Default or an Event of Default has occurred, the Borrowers Borrower hereby irrevocably authorize authorizes the Lender Lenders to make advances of the Loan at any time and from time to time, without further request from or notice to the BorrowersBorrower, which the LenderLenders, in its their sole and absolute discretion, deems necessary or appropriate to protect the Lender's Lenders' interests under this Agreement or otherwise, including, without limitation, advances of the Loan made to cover interest on the Loan, fees, and/or Enforcement Costs, prior to, on, or after the termination of this Agreement, regardless of whether the aggregate amount of the advances of the Loan which the Lender Lenders may make hereunder exceeds the Credit Facility Committed Amount. The Lender Lenders shall have no obligation whatsoever to make any advance under this subsection and the making of one or more advances under this subsection shall not obligate the Lender Lenders to make other similar advances. Any such advances will be evidenced by the Note secured by the Collateral and the Deeds of Trust.