Overadvance Loans Sample Clauses

Overadvance Loans. Silicon may, in its sole and absolute discretion, make Loans to Borrower from time to time which exceed the limitations on borrowing against Eligible Accounts as set forth in subparagraph (a) above (the "Overadvance Loans"). The aggregate outstanding Overadvance Loans shall not at anytime exceed the lesser of:
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Overadvance Loans. Notwithstanding the existence of a Default or an Event of Default or any other provision of this Agreement to the contrary, provided the Commitments have not been terminated pursuant to SECTION 6.01, (i) the Agent may, from time to time, in the exercise of its sole discretion, advance Revolving Loans on behalf of the Lenders equal to the lesser of (x) the Unused Commitment, (y) an amount not greater than $5,000,000 in excess of the amount of the Borrowing Base, and (z) an amount not greater than ten percent (10%) of the Borrowing Base and/or (ii) Wachovia may, from time to time in the exercise of its sole discretion, at the request of the Agent and in the exercise of the Agent's sole discretion, make Settlement Loans equal to the lesser of (x) the Unused Commitment, (y) an amount not greater than $5,000,000 in excess of the amount of the Borrowing Base, and (z) an amount not greater than ten percent (10%) of the Borrowing Base (each such Loan made under clause (i) and/or (ii) of this paragraph (d) is herein referred to as an "Overadvance Loan"), provided, however, that each Overadvance Loan made pursuant to this SECTION 2.01(c) shall (1) become due and payable in full on or before the date which is 10 Business Days after such Overadvance Loan is made, and (2) not be made during any period shorter than 10 Business Days after the date on which such prior Overadvance Loan was made in excess of the Borrowing Base under this SECTION 2.01(c).
Sample 1
Overadvance Loans. Notwithstanding anything to the contrary set forth herein or the existence of any Event of Default occurring by reason of the Credit Parties’ failure to comply with Section 6.09 hereof, the Swingline Lender may, in its commercially reasonable discretion (it being understood that the Swingline Lender has no obligation to do so) and without the consent of the Lenders, extend Swingline Loans (each such Swingline Loan herein an “Overadvance Loan”), provided that (i) the aggregate principal amount of all outstanding Overadvance Loans shall not exceed $20,000,000, (ii) after giving effect to the funding of each Overadvance Loan, Availability shall not be less than $15,000,000 and (iii) the aggregate principal amount of all outstanding Swingline Loans, including without limitation, any Overadvance Loans, shall not exceed $25,000,000. If, at any time, any Overadvance Loan shall remain outstanding for more than thirty (30) days, no future Overadvance Loans shall be made to the Borrowers without the consent of the Required Lenders until all Overadvance Loans have been repaid in full. The fact that the Swingline Lender may make an Overadvance Loan shall not constitute a waiver of any Default nor of the rights and remedies of the Administrative Agent and the Lenders under this Agreement arising as a result thereof or otherwise. The Administrative Agent or the Required Lenders may at any time require the Credit Parties’ strict compliance with this Agreement, including without limitation, the provisions of Section 6.09, and, the Required Lenders may, upon written notice to the Administrative Agent and the Swingline Lender, terminate the right of the Swingline Lender to make any additional Overadvance Loans. The terms of this Section 2.05(d) are provided to facilitate the administration of the facility contemplated hereby as among the Lenders. This Section 2.05(d) shall not give the Credit Parties any substantive rights against the Swingline Lender or any other Lender and is for the sole benefit of the Administrative Agent and the Lenders.
Sample 1
Overadvance Loans. Notwithstanding the existence of a Default or an Event of Default or any other provision of this Agreement to the contrary, provided the Commitments have not been terminated pursuant to SECTION 6.01, (i) the Agent may, from time to time, in the exercise of its sole discretion, upon request by the Borrowers pursuant hereto, advance Revolving Loans on behalf of the Lenders equal to the lesser of (A) the Unused Commitment, and (B) an amount not greater than $3,000,000 in excess of the amount of the Borrowing Base, and/or (ii) Wachovia may, from time to time in the exercise of its sole discretion, at the request of the Agent and in the exercise of the Agent's sole discretion, upon request by the Borrowers pursuant hereto, make Settlement Loans equal to the lesser of (A) the Unused Commitment, and (B) an amount not greater than $3,000,000 in excess of the amount of the Borrowing Base; provided, however, that each Overadvance Loan made pursuant to this SECTION 2.01(c) shall (x) become due and payable in full on or before the date which is 10 Business Days after such Overadvance Loan is made, and (y) not be made during any period longer than 10 Business Days after the date on which such first Overadvance Loan was made in excess of the Borrowing Base under this SECTION 2.01(c).
Sample 1
Overadvance Loans. (a) Subject to the terms and conditions hereof, each Overadvance Lender severally agrees to make revolving credit loans ("Overadvance Loans") to the Borrower from time to time during the Overadvance Commitment Period in an aggregate principal amount at any one time outstanding which does not exceed the amount of such Lender's Overadvance Commitment; provided that the Borrower complies with the provisions of Sections 2.23(c) and (d). During the Overadvance Commitment Period the Borrower may use the Overadvance Commitments by borrowing, prepaying the Overadvance Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Overadvance Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.5 and 2.11; provided that (i) no Overadvance Loan shall be made as a Eurodollar Loan after the day that is one month prior to the Overadvance Termination Date and (ii) prior to January 1, 2002, Overadvance Loans shall be made as Base Rate Loans only.
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Overadvance Loans. In the case of Overadvance Loans (i.e., initially $2,000,000 at the time the Borrowing is made and thereafter such outstanding amount), at the Prime Rate.
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Overadvance Loans. Notwithstanding anything herein to the contrary, if an Overadvance exists, the Borrower owing such Overadvance shall, on the sooner of the Administrative Agent’s demand or the first Business Day after such Borrower has knowledge thereof (or, in the event such Overadvance is the result of fluctuations in Spot Rates, within three (3) Business Days of the Administrative Agent’s demand or of such Borrower’s knowledge thereof), repay the outstanding Loans in an amount sufficient to reduce the principal balance of the related Overadvance Loan to zero.
Sample 1
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Overadvance Loans. Except as otherwise expressly provided in Section 2.05(d), if, at any time, Availability shall be less than zero, the Borrowers shall prepay Revolving Loans or Swingline Loan in an aggregate amount necessary to cause Availability to be greater than or equal to zero, and such prepayment shall be applied in accordance with Section 2.09(c). Notwithstanding the foregoing provisions of this paragraph, if at any time the Borrowers are required to make a prepayment under this paragraph the Borrowers would incur breakage costs under Section 2.14 as a result of LIBOR Loans being prepaid other than on the last day of an Interest Period applicable thereto, the Borrowers may cause an amount equal to such required prepayment to be deposited into a cash collateral account with the Administrative Agent as provided in Section 2.14.
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Related to Overadvance Loans

  • Overadvances If the aggregate amount of the outstanding Advances exceeds the lesser of the Revolving Line or the Borrowing Base at any time, Borrower shall immediately pay to Bank, in cash, the amount of such excess.

  • Overadvance At any time that the Revolving Loan exceeds the Maximum Revolving Loan Amount, Borrower shall immediately repay the Revolving Loan to the extent necessary to reduce the principal balance to an amount equal to or less than the Maximum Revolving Loan Amount.

  • Loan Advances During the Revolving Period, the Borrower may, at its option, request the Revolving Lenders to make advances of funds (each, a “Loan Advance”) by delivering a Funding Notice with respect to such Loan Advance to the Administrative Agent, which shall provide notification to the Revolving Lenders with respect thereto, in an aggregate amount up to the Availability as of the proposed Funding Date of the Loan Advance; provided, however, that no Revolving Lender shall be obligated to make any Loan Advance on or after the date that is two (2) Business Days prior to the earlier to occur of the applicable Revolving Period End Date or the Termination Date. Following the receipt of a Funding Notice during the Revolving Period, subject to the terms and conditions hereinafter set forth, the Revolving Lenders shall fund such Loan Advance.

  • Revolving Advances Subject to the terms and conditions set forth in this Agreement, each Lender, severally and not jointly, will make Revolving Advances to Borrower in aggregate amounts outstanding at any time equal to such Lender's Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate amount of outstanding Letters of Credit or (y) an amount equal to the sum of:

  • Protective Advances and Optional Overadvances (i) Any contrary provision of this Agreement or any other Loan Document notwithstanding (but subject to Section 2.3(d)(iv)), at any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any of the other applicable conditions precedent set forth in Section 3 are not satisfied, Agent hereby is authorized by Borrowers and the Lenders, from time to time, in Agent’s sole discretion, to make Revolving Loans to, or for the benefit of, Borrowers, on behalf of the Revolving Lenders, that Agent, in its Permitted Discretion, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations) (the Revolving Loans described in this Section 2.3(d)(i) shall be referred to as “Protective Advances”).

  • Revolver Loans Each Lender agrees, severally on a Pro Rata basis up to its Revolver Commitment, on the terms set forth herein, to make Revolver Loans to Borrowers from time to time through the Commitment Termination Date. The Revolver Loans may be repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for a Revolver Loan if the unpaid balance of Revolver Loans outstanding at such time (including the requested Loan) would exceed the Borrowing Base.

  • Swingline Advances In addition to the other options available to Borrower hereunder, the Swingline Commitment shall be available for Swingline Advances subject to the following terms and conditions. Swingline Advances shall be made available for same day borrowings provided that notice is given in accordance with Section 2.9 hereof. All Swingline Advances shall bear interest at the Base Rate. In no event shall the Swingline Lender be required to fund a Swingline Advance if it would increase the total aggregate outstanding Revolving Loans by Swingline Lender hereunder plus its Revolving Percentage of Facility Letter of Credit Obligations to an amount in excess of the Swingline Lender’s Revolving Commitment. No Swingline Advance may be made to repay a Swingline Advance, but Borrower may repay Swingline Advances from subsequent pro rata Advances hereunder. On the fifth (5th) day after such a Swingline Advance was made, if such Swingline Advance has not been repaid by Borrower, each Revolving Lender irrevocably agrees to purchase its Revolving Percentage of any Swingline Advance made by the Swingline Lender regardless of whether the conditions for disbursement are satisfied at the time of such purchase, including the existence of an Unmatured Default or Default hereunder provided that Swingline Lender did not have actual knowledge of such Unmatured Default or Default at the time the Swingline Advance was made and provided further that no Lender shall be required to have total outstanding Revolving Loans plus its Revolving Percentage of Facility Letters of Credit exceed its Revolving Commitment. Such purchase shall take place on the date of the request by Swingline Lender so long as such request is made by noon (Cleveland time), and otherwise on the Business Day following such request. All requests for purchase shall be in writing. From and after the date it is so purchased, each such Swingline Advance shall, to the extent purchased, (i) be treated as a Revolving Loan made by the purchasing Revolving Lenders and not by the selling Revolving Lender for all purposes under this Agreement and the payment of the purchase price by a Lender shall be deemed to be the making of a Revolving Loan by such Revolving Lender and shall constitute outstanding principal under such Revolving Lender’s Note, and (ii) shall no longer be considered a Swingline Advance except that all interest accruing on or attributable to such Swingline Advance for the period prior to the date of such purchase shall be paid when due by Borrower to the Administrative Agent for the benefit of the Swingline Lender and all such amounts accruing on or attributable to such Revolving Loans for the period from and after the date of such purchase shall be paid when due by Borrower to the Administrative Agent for the benefit of the purchasing Revolving Lenders. If prior to purchasing its Revolving Percentage of a Swingline Advance one of the events described in Section 7.7 shall have occurred and such event prevents the consummation of the purchase contemplated by preceding provisions, each Lender will purchase an undivided participating interest in the outstanding Swingline Advance in an amount equal to its Revolving Percentage of such Swingline Advance. From and after the date of each Revolving Lender’s purchase of its participating interest in a Swingline Advance, if the Swingline Lender receives any payment on account thereof, the Swingline Lender will distribute to such Revolving Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Revolving Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment was received by the Swingline Lender and is required to be returned to Borrower, each Revolving Lender will return to the Swingline Lender any portion thereof previously distributed by the Swingline Lender to it. If any Revolving Lender fails to so purchase its Revolving Percentage of any Swingline Advance, such Revolving Lender shall be deemed to be a Defaulting Lender hereunder. Notwithstanding anything to the contrary contained in this Section 2.16, the Swingline Lender shall not be obligated to make any Swingline Loan at a time when any other Lender is a Defaulting Lender, unless the Swingline Lender is satisfied that the participation therein will otherwise be fully allocated to the Lenders that are Non-Defaulting Lenders consistent with Section 10.14 and the Defaulting Lender shall not participate therein, except to the extent the Swingline Lender has entered into arrangements with the Borrower or such Defaulting Lender that are satisfactory to the Swingline Lender in its good faith determination to eliminate the Swingline Lender’s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral.

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding daily balance thereof, at a rate equal to 0.50% above the Prime Rate.

  • Revolver Advances (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans (“Advances”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

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