Example ContractsClausesprotective advances and optional overadvancesVariants
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Each Protective Advance and each Overadvance shall be deemed to be an Advance hereunder, except that no Protective Advance or Overadvance shall be a SOFR Loan and, prior to Settlement therefor, all payments on the Protective Advances shall be payable to Agent solely for its own account. The Protective Advances and Overadvances shall be repayable on demand and repaid within one (1) Business Day of such demand, secured by Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. The ability of Agent to make Protective Advances is separate and distinct from its ability to make Overadvances and its ability to make Overadvances is separate and distinct from its ability to make Protective Advances. For the avoidance of doubt, the limitations on Agent’s ability to make Protective Advances do not apply to Overadvances and the limitations on Agent’s ability to make Overadvances do not apply to Protective Advances.

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Each Protective Advance and each Overadvance shall be deemed to be an Advancea Revolving Loan hereunder, except that no Protective Advance or Overadvance shall be eligible to be a SOFRLIBOR Rate Loan and, prior to Settlement therefor, all payments on the Protective Advances shall be payable to Agent solely for its own account. The Protective Advances and Overadvances shall be repayable on demand and repaid within one (1) Business Day of such demand, secured by Agent’Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to AdvancesRevolving Loans that are Base Rate Loans. The abilityprovisions of Agent to makethis [Section 2.3(d)] are for the exclusive benefit of Agent, Swing Lender, and the Lenders (it being understood that Required Lenders may, without the consent of Borrower, waive any of the restrictions or limitations in respect of Protective Advances is separateset forth in this [Section 2.3(d)]) and distinct from its abilityare not intended to make Overadvances and its ability to make Overadvances is separate and distinct from its ability to make Protective Advances. For the avoidance of doubt, the limitations on Agent’s ability to make Protective Advances do not apply to Overadvances and the limitations on Agent’s ability to make Overadvances do not apply to Protective Advances.benefit Borrower (or any other Loan Party) in any way.

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