Overadvance Facility. Anything in this Agreement to the contrary notwithstanding, at the request of Parent Borrower, Lender shall make or expressly permit to remain outstanding any Revolving Loan Advance to Borrowers in amounts that cause the aggregate outstanding principal balance of the Revolving Loans to exceed the Borrowing Base (any such excess Revolving Loan Advance are herein referred to individually as an “Overadvance” and collectively as “Overadvances”), provided that (i) the aggregate principal amount of all such Overadvances outstanding shall not exceed $500,000 at any time; (ii) an Overadvance may be outstanding for no more than twenty-eight (28) consecutive calendar days; and (iii) no Overadvance shall be made or permitted to exist at any time (A) during the Overadvance Clean Down Period (and Borrower shall repay such Overadvances no later than the Business Day immediately preceding the first day of each Overadvance Clean Down Period as provided in Section 2.6(a)(iii)) or (B) that an Event of Default then exists or would arise as a result of such Overadvance. Overadvances may be made even if the conditions to lending set forth in Section 4 have not been met. All Overadvances shall constitute Revolving Loans and bear interest at the Revolving Interest Rate applicable for Overadvances. For purposes of this Section 2.1(c), (x) the aggregate principal amount of all Overadvances shall not exceed $500,000 at any time; and (y) no Overadvance shall cause the aggregate principal amount of all Revolving Loans to exceed the Revolving Loan Maximum Amount.
Overadvance Facility. Anything in this Agreement to the contrary notwithstanding, at the request of Parent Borrower, Lender [shall]may, in its sole discretion, make or expressly permit to remain outstanding any Revolving Loan Advance to Borrowers in amounts that cause the aggregate outstanding principal balance of the Revolving Loans to exceed the Borrowing Base (any such excess Revolving Loan Advance are herein referred to individually as an “Overadvance” and collectively as “Overadvances”)[, provided that (i) the aggregate principal amount of all such Overadvances outstanding shall not exceed $500,000 at any time; (ii) an Overadvance may be outstanding for no more than twenty-eight (28) consecutive calendar days; and (iii) no Overadvance shall be made or permitted to exist at any time (A) during the Overadvance Clean Down Period (and Borrower shall repay such Overadvances no later than the Business Day immediately preceding the first day of each Overadvance Clean Down Period as provided in Section 2.6(a)(iii)) or (B) that an Event of Default then exists or would arise as a result of such Overadvance]. Overadvances may be made even if the conditions to lending set forth in Section 4 have not been met. All Overadvances shall constitute Revolving Loans and bear interest at the Revolving Interest Rate applicable for Overadvances. [For purposes of this Section 2.1(c), (x) the aggregate principal amount of all Overadvances shall not exceed $500,000 at any time; and (y) no]No Overadvance shall cause the aggregate principal amount of all Revolving Loans to exceed the Revolving Loan Maximum Amount. Overadvances, together with all accrued interest, fees and other Secured Obligations on or relating to Overadvances, shall be due and payable on demand. The Borrowers acknowledge and agree that the outstanding amount of Overadvances outstanding on October 28, 2010 is $6,585,587.76.
Overadvance Facility. Notwithstanding the provisions of Section 1.1.1. hereof, Borrower may from time to time request Revolving Credit Loans which exceed the available Borrowing Base, but which, in addition to all Revolving Loans and Obligations does not exceed the Total Credit Facility. Lender agrees, for so long as no Default or Event of Default exists and if requested by Borrower until the earlier of the date of receipt by Borrower of the Equity Injection or June 30, 2005, to permit an Overadvance of not more than $500,000 (“Overadvance Limit”). Borrower agrees that, notwithstanding the existence of any Availability, the first $500,000 extended to Borrower above the outstanding balance after the Effective Date will be deemed an Overadvance.
Overadvance Facility. (a) The Term Loan B Agent, in its discretion, may make additional advances ("Protective Overadvances") of up to $5,000,000 available to Borrowers in accordance with the terms and conditions hereof. Any amount of the Protective Overadvances that is repaid prior to the Maturity Date (as defined below) may not be reborrowed.
Overadvance Facility. 2.1.5(a). MAXIMUM OVERADVANCE AMOUNT. As of any date of determination, the sum of the Overadvances shall not exceed the Maximum Overadvance Amount then in effect. Each Overadvance outstanding from time to time shall bear interest calculated by reference to the Base Rate pursuant to ss.2.5.
Overadvance Facility. Subject to all of the terms and conditions of this Agreement, the Lender agrees to provide to Borrowers the Overadvance Facility.
Overadvance Facility. Section 2.1.5 of the Credit Agreement is amended and restated in its entirety as follows:
Overadvance Facility. Section 3.4 is hereby deleted in its entirety and replaced with the following: "This Section has been intentionally left blank."
Overadvance Facility. Notwithstanding the terms and conditions of that certain First Amendment to Financing Agreement and Waiver between the Companies and CIT, the Companies hereby agree that the Overadvance Facility (as defined therein) shall be reduced to zero, repaid in full and terminated as of the Amendment Effective Date.
Overadvance Facility. New Sections 2.21 and 2.22 of the Credit Agreement are hereby inserted as follows:
