Common use of Over-Advances Clause in Contracts

Over-Advances. If, at any time and for any reason, the aggregate amount of Borrower's Liabilities outstanding hereunder exceeds the limitations set forth in Paragraph 2.1 or Paragraph 2.2 (an "Over-Advance"), then Borrower shall immediately pay to Bank, in cash, the amount of such Over-Advance. If such Over-Advance remains outstanding for more than three (3) days, until such Over-Advance is so repaid to Bank, the amount of such Over-Advance shall bear interest at the applicable Default Rate.

Appears in 3 contracts

Samples: Loan Agreement (Taylor Capital Group Inc), Loan Agreement (Taylor Capital Group Inc), Loan Agreement (Taylor Capital Group Inc)

AutoNDA by SimpleDocs

Over-Advances. If, at any time and for any reason, the aggregate amount of Borrower's Borrowers' Liabilities in respect of Revolving Loans outstanding hereunder exceeds the limitations set forth in Paragraph 2.1 or Paragraph 2.2 Revolving Credit Commitment (an "Over-Advance"), then Borrower Borrowers shall immediately pay to Bank, in cash, the amount of such Over-Advance. If such Over-Advance remains outstanding for more than three one (31) daysBusiness Day, such Over-Advance shall constitute an Event of Default and until such Over-Advance is so repaid to Bank, the amount of such Over-Advance shall bear interest at the applicable Default Rate.

Appears in 1 contract

Samples: Loan and Security Agreement (Paul Harris Stores Inc)

Over-Advances. If, at any time and for any reason, the aggregate amount of Borrower's Liabilities in respect of Revolving Loans outstanding hereunder exceeds the limitations set forth in Paragraph 2.1 or Paragraph 2.2 Revolving Credit Commitment (an "Over-Advance"), then Borrower shall immediately pay to Bank, in cash, the amount of such Over-Advance. If such Over-Advance remains outstanding for more than three two (32) daysBusiness Days, such Over-Advance shall constitute an Event of Default and until such Over-Advance is so repaid to Bank, the amount of such Over-Advance shall bear interest at the applicable Default Rate.

Appears in 1 contract

Samples: Loan and Security Agreement (Sigmatron International Inc)

AutoNDA by SimpleDocs

Over-Advances. If, at any time and for any reason, the aggregate amount of Borrower's Borrowers' Liabilities outstanding hereunder in respect of the Revolving Loans exceeds the limitations set forth in Paragraph 2.1 or Paragraph 2.2 Revolving Credit Commitment (an "Over-Advance"), then Borrower Borrowers shall immediately pay to Bank, in cash, the amount of such Over-Advance. If such Over-Advance remains outstanding for more than three (3) days, Business Days until such Over-Advance is so repaid to Bank, the amount of such Over-Advance shall bear interest at the applicable Default Rate.

Appears in 1 contract

Samples: Loan Agreement (Kv Pharmaceutical Co /De/)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!