Temporary Overadvance Facility means a temporary revolving credit facility to be maintained by the Agent and Congress Financial Corporation (New England) for the benefit of the Borrowers in an amount up to the Overadvance Amount, as set forth in Section 2.1(b). The Temporary Overadvance Facility shall be available to the Borrowers if, but only if, the Disney Stores Acquisition has been consummated and all Conditions Precedent contained in Section 3.1(c), below, have been satisfied.
Examples of Temporary Overadvance Facility in a sentence
Obligations outstanding under the Temporary Overadvance Facility shall be paid in full in immediately available funds, without demand, notice, or protest, on or before 5:00 p.m. (Boston time) on October 31, 2005.
During the time that advances are outstanding under the Temporary Overadvance Facility, interest shall accrue on the aggregate outstanding balance of the Temporary Overadvance Facility at the LIBOR Rate plus 4.00 percent per annum.
Temporary Overadvance Facility shall be in place, effective, and available to the Borrower for the making of Advances thereunder commencing upon the execution of this Agreement through October 31, 2005.
Borrowers shall pay to the Agent, for the pro rata benefit of each of the Lenders listed on Schedule 2.1(b), a fee in connection with the Temporary Overadvance Facility in the amounts, and at the times set forth in that certain Fee Letter of even date entered into by and between the Agent and the Borrowers.
Subject to the terms and conditions of this Agreement, in addition to the Advances to be made pursuant to Section 2.1(a), above, the Agent and Congress Financial Corporation (New England) agree to make Advances to Borrowers in an amount at any one time outstanding not to exceed an amount equal to the Overadvance Amount less the aggregate amount of all Advances outstanding under the Temporary Overadvance Facility.