Critical Needs Advances

Critical Needs Advances. Revolving Credit Advances that (i) are made for the purposes of preserving or protecting Collateral or (ii) are made at the request of the Borrower, the proceeds of which the Borrower represents are to be used to pay payroll taxes, utility bills, insurance and other expenses necessary to prevent immediate and irreparable harm to the Borrower's business or assets (provided, however, that the Senior Lenders shall not be responsible for ensuring that the proceeds of any Revolving Credit Advances... are used for such purposes). View More