Non-Formula Loans definition

Non-Formula Loans means Loans in excess of the Borrowing Base up to the Non-Formula Amount made without regard to the Borrowing Base.
Sample 1

Examples of Non-Formula Loans in a sentence

  • Section 2.1.1(b) of the Loan Agreement is amended by deleting the last sentence thereof its entirety and replacing it with the following: In addition and notwithstanding the foregoing, the aggregate amount of Advances outstanding at any time may not exceed Fifteen Million Dollars ($15,000,000) minus the outstanding amount of the Non-Formula Loans.

  • Section 2.1.1(b) of the Loan Agreement is amended by deleting the last sentence thereof its entirety and replacing it with the following: In addition and notwithstanding the foregoing, the aggregate amount of Advances outstanding at any time may not exceed Twenty Million Dollars ($20,000,000) minus the outstanding amount of the Non-Formula Loans.

  • If at that date the Non-Formula Loans were only $250,000, then the payment on such Non-Formula Loans would be $250,000 to pay them in full.

  • For Non-Formula Loans Only and Related Obligations: A rate equal to the “Prime Rate” in effect from time to time, plus 2.00% per annum.

  • Bank and Borrower hereby further agree that Bank shall only be entitled to draw on the Supporting Letter of Credit to the extent of any outstanding principal amount of, interest on and fees and expenses incurred solely in connection with the Non-Formula Loans as of the date Bank draws on the Supporting Letter of Credit and any such amounts shall be used to repay the outstanding Non-Formula Loans.

  • Compliance shall be determined on a consolidated basis as of the end of each month: Minimum Liquidity: The sum of (x) aggregate undrawn portion of the Loans available under the Formula Loans Credit Limit and Non-Formula Loans Credit Limit, respectively, plus (y) the aggregate amount of all non-restricted cash and cash equivalents of Borrower as shown on Borrower’s financial statements provided to Lender as required hereunder shall be at least $3,000,000.

  • If, as of the end of any month, Borrower fails to meet the Quick Ratio Test (as defined below in subsection (3)), then Borrower shall repay in full all outstanding Non-Formula Loans, and thereafter Borrower may not borrow or have outstanding any Non-Formula Loans.

  • Thereafter, the Non-Formula Loans would be limited to $500,000 (i.e. $1,000,000 minus $500,000) (even if the amount of the Non- Formula Loans paid off was only $250,000)." As herein expressly modified the Loan Agreement shall continue in full force and effect and the same is hereby ratified and confirmed.

  • If at any time or for any reason the total of all outstanding Loans and all other monetary Obligations exceeds the Credit Limit or the total outstanding Formula Loans exceeds the Formula Loans Credit Limit or the total outstanding Non-Formula Loans exceeds the Non-Formula Loans Credit Limit (the amount of each such excess, an “Overadvance”), Borrower shall promptly pay the amount of the Overadvance to Lender, without notice or demand.

  • Subject to the other terms and conditions hereof, Borrower may repay the Non-Formula Loans with the proceeds of available Account Loans.

Related to Non-Formula Loans

  • Domestic Loans means CD Loans or Base Rate Loans or both.

  • Pending Revolving Loans means, at any time, the aggregate principal amount of all Revolving Loans requested in any Notice of Borrowing received by the Agent which have not yet been advanced.

  • Revolving Advances means Advances made other than Letters of Credit.

  • Revolving Loans shall have the meaning assigned to such term in Section 2.1(a).

  • Out-of-Formula Loans shall have the meaning set forth in Section 15.2(b).

  • U.S. Revolving Loans has the meaning set forth in Section 2.1(a).

  • Incremental Revolving Loans has the meaning assigned to such term in Section 2.22(a).

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Base Rate Loans Loans the rate of interest applicable to which is based upon the Base Rate.

  • New Revolving Loans as defined in Section 2.25.

  • U.S. Loans means, individually and collectively as the context may require, the U.S. Revolving Loans, the Swingline Loans and the U.S. Protective Advances.

  • Canadian Revolving Loans means Revolving Loans made to the Canadian Borrower under Section 2.2, including Bankers’ Acceptance Advances.

  • Additional Revolving Loans means any revolving loan added hereunder pursuant to Section 2.22, 2.23 or 9.02(c)(ii).

  • Existing Revolving Loans has the meaning specified in Section 2.7(a).

  • Other Revolving Loans means the Revolving Loans made pursuant to any Other Revolving Commitment.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Delayed Draw Term Loans has the meaning as set forth in Section 2.5(a).

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • LIBOR Rate Loans means the Loans bearing interest with reference to the LIBOR Rate.

  • Tranche B Term Loans means Loans made or deemed made by the Tranche B Term Lenders pursuant to Section 2.01(b) or pursuant to Section 1 of the First Amendment to 2009 Credit Agreement.

  • Eurodollar Loans Loans the rate of interest applicable to which is based upon the Eurodollar Rate.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • ABR Loans Loans the rate of interest applicable to which is based upon the ABR.

  • Domestic Rate Loan means any Advance that bears interest based upon the Alternate Base Rate.

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • Fixed Rate Loans means Euro-Dollar Loans or Money Market Loans (excluding Money Market LIBOR Loans bearing interest at the Base Rate pursuant to Section 8.01(a)) or any combination of the foregoing.