Examples of Revolving Maximum Amount in a sentence
The Borrower’s obligation to comply with this Section 3.9 is automatic, and the Lender has no obligation to notify the Borrower that the aggregate balance of all Advances outstanding under the Revolving Note exceeds the Revolving Maximum Amount.
If at any time the aggregate balance of all Advances outstanding exceeds the Revolving Maximum Amount, within one (1) Business Day the Borrower shall prepay the Revolving Note so that the aggregate balance of all Advances under the Revolving Note do not exceed the Revolving Maximum Amount.
In the event that the aggregate unpaid principal amount of the Advances at any one time exceeds the Revolving Maximum Amount for any reason the Borrower shall, within two (2)Business Days of the date occurrence of any such excess, prepay the Advances in an amount sufficient to eliminate such excess.
If on any day the Revolving Outstandings plus the Swing Line Outstandings exceeds the Revolving Maximum Amount, the Co-Borrowers shall immediately prepay Revolving Loans and/or Cash Collateralize the outstanding Letters of Credit, or do a combination of the foregoing, in an amount sufficient to eliminate such excess.
Notwithstanding the foregoing, at any time the Lender has the option of notifying the Borrower that the aggregate balance of all Advances under the Revolving Note outstanding exceeds the Revolving Maximum Amount, and if such notice is given the Lender does not waive or modify any of the terms or conditions in this Loan Agreement.