Overadvance Condition definition

Overadvance Condition means and is deemed to exist any time the outstanding Aggregate Revolving Facility Exposure exceeds the Borrowing Base.

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Overadvance Condition means (a) with respect to the U.S. Borrowing Base, a U.S. Overadvance Condition and (b) with respect to the Canadian Borrowing Base, a Canadian Overadvance Condition.

Overadvance Condition means and is deemed to exist any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base.

Examples of Overadvance Condition in a sentence

• Bank may in its sole discretion honor any request (or deemed request) for an advance even though an Overadvance Condition then exists, or would exist with the making of such advance, and without regard to the existence of, and without waiving, any default or Event of Default.

• No Default, Event of Default or Overadvance Condition shall exist.

• Bank may in its sole discretion honor any request (or deemed request) for an advance even though an Overadvance Condition then exists, or, would exist with the making of such advance, and without regard to the existence of, and without waiving, any default or Event of Default.

• Lender may in its sole discretion honor any request (or deemed request) for an advance even though an Overadvance Condition then exists, or would exist with the making of such advance, and without regard to the existence of, and without waiving, any default or Event of Default.

• Overadvance Condition - at any date, a condition such that the outstanding principal amount of the applicable Loan on such date exceeds the Maximum Revolving Principal Amount, with respect to the Revolving Loan, or the Maximum LOC Principal Amount, with respect to the LOC Loan.

More Definitions of Overadvance Condition

Overadvance Condition means and is deemed to exist any time the principal amount of Revolving Credit Loans outstanding exceeds the Borrowing Base at such time.

Overadvance Condition means and is deemed to exist any time the aggregate outstanding Revolving Credit Exposure exceeds the Borrowing Base.

Overadvance Condition means and shall be deemed to exist at any time (a) the sum of (i) the aggregate outstanding principal amount of Revolving Loans, (ii) one hundred percent (100%) of the aggregate undrawn face amount of all outstanding Letters of Credit, and (iii) the aggregate amount of all unpaid reimbursement obligations in respect of Letters of Credit exceeds (b) the lesser of (i) the Maximum Revolver Amount and (ii) the Borrowing Base.

Overadvance Condition means at any date, when the aggregate outstanding principal of the Revolving Loans plus the Reimbursement Obligation, plus the outstanding principal balance of all Competitive Bid Loans, plus the outstanding principal balance of the Swing Loan, exceeds the Maximum Borrowing Base on such date.

Overadvance Condition means, at any date, a condition such that the outstanding principal amount of the RLOC on such date exceeds the Borrowing Base on such date.

Overadvance Condition means at any date, a condition, such that the principal amount of the Loans outstanding to either Borrower on such date exceeds the amount otherwise available to such Borrower pursuant to Section 2.1 of this Agreement.

Overadvance Condition means any date on which there is an Overadvance.