Inadvertent Overadvances means the making of any Revolving Advance or the issuance, renewal or amendment of a Letter of Credit by an Issuer which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the Agent prior to the making of such Revolving Advance or the issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of any of the following which are beyond the reasonable control of the Agent or the Lenders: (i) a decline in the value of the Formula Amount or the Collateral, (ii) inaccuracy of any Borrowing Base Certificate, (iii) components of the Formula Amount being deemed ineligible after the making of such Revolving Advance or the issuance, renewal or amendment of such Letter of Credit, (iv) the return of uncollected checks or other items of payment applied to the reduction of the Obligations or other similar involuntary or unintentional actions, (v) the imposition or modification of any reserve or a reduction in Advance Rates after the making of such Revolving Advance or the issuance, renewal or amendment of such Letter of Credit or (iv) any other circumstance beyond the reasonable control of the Agent or the Lenders that results in the reduction of the realizable value of the Formula Amount.
Inadvertent Overadvances means the funding of any loan or advance under the ABL Credit Agreement or the issuance, renewal or amendment of a Letter of Credit by any of the L/C Issuers which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the ABL Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of circumstances beyond the reasonable control of the ABL Agent or the other ABL Credit Parties (including as the result of the entry of an adverse order for use of cash collateral by the United States Bankruptcy Court as to which the ABL Agent, on behalf of the ABL Credit Parties, has contested in good faith), including (i) a decline in the value of the Collateral included in the ABL Borrowing Base, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the ABL Borrowing Base on any date thereafter being deemed ineligible, (iv) the return of uncollected checks or other items of payment applied to the reduction of Loans (as defined in the ABL Credit Agreement) or other similar involuntary or unintentional actions, (v) the imposition of any Reserve or a reduction in advance rates after the funding of any Loan or the issuance, renewal or amendment of a Letter of Credit by any of the L/C Issuers or (vi) any other circumstance beyond the reasonable control of the ABL Agent or the other ABL Credit Parties which reduces Availability (as such term is defined in the ABL Credit Agreement as in effect on the date hereof), provided that any repayments with respect to any Overadvances shall be applied first, to Inadvertent Overadvances and second, to Protective Overadvances.
Inadvertent Overadvances means the funding of any loan or advance under the ABL Credit Agreement or the issuance, renewal or amendment of a Letter of Credit by any of the L/C Issuers which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the ABL Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of circumstances beyond the reasonable control of the ABL Agent or the other ABL Credit Parties (including as the result of the entry of an adverse order for
Examples of Inadvertent Overadvances in a sentence
The aggregate amount of all Overadvances resulting from any and all Inadvertent Overadvances.
Revolving Agent agrees with the Term Loan Agent that Revolving Lenders shall not, at any time, make any Overadvances except for Permitted Overadvances and Inadvertent Overadvances.
All Inadvertent Overadvances and Protective Overadvances shall constitute Base Rate Loans and shall bear interest at the Base Rate plus the Applicable Margin for Revolving Loans and the default rate under subsection 1.3(c), and shall be due and payable upon demand of Agent.
The Agents shall have no liability for, and no Loan Party or Lender shall have the right to, or shall, bring any claim of any kind whatsoever against the Agents with respect to Inadvertent Overadvances regardless of the amount of any such Overadvances.
More Definitions of Inadvertent Overadvances
Inadvertent Overadvances means the funding of any Revolving Credit Loan or the issuance, renewal or amendment of a Letter of Credit which either (x) results from the funding of the Carve-Out, the Priority Carve-Out or any Canadian Claims Reserves in compliance with the Orders, or (y) did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the Administrative Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of circumstances beyond the reasonable control of the Administrative Agent or the other Revolving Lenders (including as the result of the entry of an adverse order for use of cash collateral by the Bankruptcy Court), including (i) a decline in the value of the Collateral included in the Borrowing Base, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the Borrowing Base on any date thereafter being deemed ineligible, (iv) the return of uncollected checks or other items of payment applied to the reduction of Revolving Credit Loans or other similar involuntary or unintentional actions, (v) the imposition of any Reserve or a reduction in advance rates after the funding of any Revolving Credit Loan or the issuance, renewal or amendment of a Letter of Credit or (vi) any other circumstance beyond the reasonable control of the Administrative Agent or the other Revolving Lenders which reduces availability or the amount that can be borrowed under this Agreement.
Inadvertent Overadvances means the funding of any Revolving Loan or advance under this Agreement or the issuance, renewal or amendment of a Letter of Credit by an L/C Issuer which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate delivered to the Agent prior to such funding or issuance, renewal or amendment but which has become an Overadvance as the result of (a) a decline in the value of the Collateral, (b) errors or fraud on a Borrowing Base Certificate, (c) components of the Revolving Borrowing Base on any date thereafter being deemed ineligible, (d) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, (e) the establishment or increase of any Availability Reserves or Reserves or (f) any other circumstance beyond the reasonable control of the Agent or the Lenders that results in the reduction of the realizable value of the Revolving Borrowing Base; provided that nothing in this definition or in subsection 1.1(b)(iii) shall constitute a waiver or cure of any Default or Event of Default resulting from an Inadvertent Overadvance or shall limit the rights and remedies of the Agent and Lenders under the Loan Documents with respect thereto.
Inadvertent Overadvances shall have the meaning provided in the A&R ABL Credit Agreement as in effect on the date hereof.
Inadvertent Overadvances means the funding of any loan or advance under the Revolving Credit Agreement or the issuance, renewal or amendment of a Letter of Credit by an issuing bank which did not result in an Overadvance (as defined in the Revolving Credit Agreement) when made based upon the most recent Borrowing Base Certificate (as defined in the Revolving Credit Agreement) received by the Revolving Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of (i) a decline in the value of the Borrowing Base (as defined in the Revolving Credit Agreement) or the Collateral, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the Borrowing Base on any date thereafter being deemed ineligible, (iv) the return of uncollected checks or other items of payment applied to the reduction of Loans (as defined in the Revolving Credit Agreement) or other similar involuntary or unintentional actions, (v) the imposition of any reserve or a reduction in advance rates after the funding of any loan or advance or the issuance, renewal or amendment of a Letter of Credit by an issuing bank, or (vi) any other circumstance beyond the reasonable control of the Revolving Agent that results in the reduction of the Borrowing Base.
Inadvertent Overadvances means the funding of any Loan or the issuance, renewal or amendment of a Letter of Credit which did not result in an Overadvance or the Borrowers failing to be in compliance with Section 6.16 when made based upon the most recent Borrowing Base Certificate received by the Administrative Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance or caused the Borrowers to not be in compliance with Section 6.16 as the result of circumstances beyond the reasonable control of the Administrative Agent or the other Revolving Credit Parties (including as the result of the entry of an adverse order for use of cash collateral by the United States Bankruptcy Court), including (i) a decline in the value of the Collateral included in the Tranche A Borrowing Base or the FILO Borrowing Base, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the Tranche A Borrowing Base or the FILO Borrowing Base on any date thereafter being deemed ineligible, (iv) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, (v) the imposition of any Reserve or a reduction in advance rates after the funding of any Loan or the issuance, renewal or amendment of a Letter of Credit or (vi) any other circumstance beyond the reasonable control of the Administrative Agent or the other Revolving Credit Parties which reduces availability or the amount that can be borrowed under this Agreement.
Inadvertent Overadvances means the funding of any Loan or advance or the issuance, renewal or amendment of any Letter of Credit by an Issuing Bank which did not result in an Overadvance Loan when made based upon the most recent Borrowing Base Certificate delivered to the Agent prior to such funding or issuance, renewal or amendment but which has become an Overadvance Loan as the result of (a) a decline in the value of the Collateral, (b) errors or fraud on a Borrowing Base Certificate, (c) components of the Tranche A Borrowing Base or Tranche A-1 Borrowing Base on any date thereafter being deemed ineligible, (d) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, (e) any modification or increase of the Availability Reserve or the Tranche A-1 Utilization Amount or a reduction in advance rates after the funding of any Loan or advance or the issuance, renewal or amendment of any Letter of Credit, or (f) any other circumstance beyond the reasonable control of the Agent or any Secured Party that results in the reduction of the realizable value of the Tranche A Borrowing Base or Tranche A-1 Borrowing Base or which reduces availability or the amount that may be borrowed under the Loan Agreement (including, including without limitation, as the result of the entry of an adverse order for use of cash collateral by the United States Bankruptcy Court).
Inadvertent Overadvances means the making of any Revolving Advance or the issuance, renewal or amendment of a Letter of Credit by an Issuer which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the Agent prior to the making of such Revolving Advance or the issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of any of the following which are beyond the reasonable control of the Agent or the Lenders: