Examples of Maximum Revolving Advance Amount in a sentence
If, for any calendar quarter during the Term, the average daily unpaid balance of the Revolving Advances and undrawn amount of any outstanding Letters of Credit for each day of such calendar quarter does not equal the Maximum Revolving Advance Amount, then Borrowers shall pay to Agent for the ratable benefit of Lenders a fee at a rate equal to the Applicable Facility Fee Rate on the amount by which the Maximum Revolving Advance Amount exceeds such average daily unpaid balance.
Subject to the terms and conditions set forth in this Agreement including, without limitation, Sections 2.1(b), (c) and (d), each Lender, severally and not jointly, will make Revolving Advances to US Borrowers in Dollars in aggregate amounts outstanding at any time equal to such Lender’s Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount minus the aggregate Maximum Undrawn Amount of all issued and outstanding Letters of Credit and (y) the Formula Amount.
If at any time the Revolving Facility Usage exceeds the Line Cap (other than as a result of a Protective Advance), including (for the avoidance of doubt) as a result of the reduction of the Maximum Revolving Advance Amount pursuant to Section 2.11, the Borrower shall (i) first, repay Revolving Advances and (ii) second, Cash Collateralize any outstanding Letters of Credit (consistent with the procedures set forth in Section 2.8(j)) to eliminate such excess.
The Revolving Facility Usage at any time shall not exceed the lesser of (a) the Maximum Revolving Advance Amount or (b) the Formula Amount.
For purposes of this Agreement the following terms shall have the following meanings: “Accordion Increase” shall mean an increase to the Maximum Revolving Advance Amount effectuated pursuant to the terms of Section 2.15 hereof.