Overadvance Loans. If the Total Revolving Credit Exposure exceeds the Borrowing Base (an “Overadvance”) at any time, the excess amount shall be payable by the Borrowers with two (2) Business Days of demand by the Agent, but all such Revolving Loans shall nevertheless constitute Secured Obligations secured by the Collateral and entitled to all benefits of the Loan Documents. The Agent may require the Lenders to honor requests for Overadvance Loans and to forbear from requiring the Borrowers to cure an Overadvance, (a) when no other Event of Default is known to the Agent (other than under Section 7.1(a)), as long as (i) the Overadvance does not continue for more than 30 consecutive days, and (ii) the aggregate amount of all Overadvances and Protective Advances is not known by the Agent to exceed 10.0% of the Borrowing Base; and (b) regardless of whether an Event of Default exists, if the Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery the Overadvance (i) is not increased by more than $1,000,000, or (ii) does not continue for more than 30 consecutive days. In no event shall Overadvance Loans be required that would cause the Total Revolving Credit Exposure to exceed the Total Revolving Credit Commitments. The Required Lenders may at any time revoke the Agent’s authority to make further Overadvance Loans by written notice to the Agent. Absent such revocation, the Agent’s determination that the funding of Overadvance Loans is appropriate shall be conclusive. The making of any Overadvance Loan permitted hereby shall not create nor constitute a Default or Event of Default; it being understood that the making or continuance of an Overadvance permitted hereby shall not constitute a waiver by the Agent or the Lenders of any then existing Event of Default. In no event shall any Borrower or other Loan Party be permitted to require any Overadvance Loan to be made.
Overadvance Loans. Notwithstanding the existence of a Default or an Event of Default or any other provision of this Agreement to the contrary, provided the Commitments have not been terminated pursuant to SECTION 6.01, (i) the Agent may, from time to time, in the exercise of its sole discretion, advance Revolving Loans on behalf of the Lenders equal to the lesser of (x) the Unused Commitment, (y) an amount not greater than $5,000,000 in excess of the amount of the Borrowing Base, and (z) an amount not greater than ten percent (10%) of the Borrowing Base and/or (ii) Wachovia may, from time to time in the exercise of its sole discretion, at the request of the Agent and in the exercise of the Agent's sole discretion, make Settlement Loans equal to the lesser of (x) the Unused Commitment, (y) an amount not greater than $5,000,000 in excess of the amount of the Borrowing Base, and (z) an amount not greater than ten percent (10%) of the Borrowing Base (each such Loan made under clause (i) and/or (ii) of this paragraph (d) is herein referred to as an "Overadvance Loan"), provided, however, that each Overadvance Loan made pursuant to this SECTION 2.01(c) shall (1) become due and payable in full on or before the date which is 10 Business Days after such Overadvance Loan is made, and (2) not be made during any period shorter than 10 Business Days after the date on which such prior Overadvance Loan was made in excess of the Borrowing Base under this SECTION 2.01(c).
Overadvance Loans. Silicon may, in its sole and absolute discretion, make Loans to Borrower from time to time which exceed the limitations on borrowing against Eligible Accounts as set forth in subparagraph (a) above (the "Overadvance Loans"). The aggregate outstanding Overadvance Loans shall not at anytime exceed the lesser of:
(1) $1,000,000; or
(2) 30% (an "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above). Moreover, the aggregate outstanding Loans shall not at anytime exceed the Maximum Credit Limit. plus
Overadvance Loans. Notwithstanding (i) the existence of a Default or an Event of Default, (ii) that any of the other applicable conditions precedent set forth in Section 4.2 hereof have not been satisfied or the commitments of Lenders to make Revolving Loans hereunder have been terminated for any reason, or (iii) any other contrary provision of this Agreement, the Administrative Agent may at its discretion and without the consent of any Lender, voluntarily permit the outstanding Revolving Credit Exposure at any time to exceed the Borrowing Base hereof at such time by up to ten percent (10%) of the Borrowing Base for up to sixty (60) consecutive Business Days (or such longer period as the Administrative Agent may agree in its sole discretion) (the “Overadvance Loans”). If the Administrative Agent is willing in its sole and absolute discretion to permit such Overadvance Loans, Lenders holding Revolving Commitments shall be obligated to fund such Overadvance Loans in accordance with their respective Revolving Commitments, and such Overadvance Loans shall be payable on demand and shall bear interest at the Default Rate for Revolving Loans consisting of Base Rate Loans; provided that, if the Administrative Agent does permit Overadvance Loans, neither the Administrative Agent nor Lenders shall be deemed thereby to have changed the limits of the Borrowing Base nor shall any Lender be obligated to fund Revolving Loans in excess of the amount of its Revolving Commitment. For purposes of this paragraph, the discretion granted to the Administrative Agent hereunder shall not preclude involuntary overadvances that may result from time to time due to the fact that the Borrowing Base was unintentionally exceeded for any reason, including, but not limited to, Collateral previously deemed to be “Eligible Accounts” “Eligible Investment Grade Accounts”, “Eligible Foreign Insured Accounts” or “Eligible Unbilled Accounts” becomes ineligible, collections of Accounts applied to reduce outstanding Revolving Loans are thereafter returned for insufficient funds or overadvances are made to protect or preserve the Collateral. In the event the Administrative Agent involuntarily permits the outstanding Revolving Loans to exceed the Borrowing Base by more than ten percent (10%), the Administrative Agent shall use its efforts to have Loan Parties decrease such excess in as expeditious a manner as is practicable under the circumstances and not inconsistent with the reason for such excess. Revolving Loans ma...
Overadvance Loans. Notwithstanding the existence of a Default or an Event of Default or any other provision of this Agreement to the contrary, provided the Commitments have not been terminated pursuant to SECTION 6.01 and the Agent has not been directed otherwise by any 2 Lenders, the Agent may, from time to time, in the exercise of its sole discretion, advance Revolving Loans on behalf of the Lenders and/or Settlement Loans in an aggregate amount up to the lesser of (x) the Unused Revolving Loan Commitment, and (y) an amount not greater than $500,000 in excess of the amount of the Borrowing Base (each such Loan made under this paragraph (d) is herein referred to as an "Overadvance Loan"), provided, however, that each Overadvance Loan made pursuant to this SECTION 2.01(d) shall (1) become due and payable in full on or before the date which is 10 Business Days after such Overadvance Loan is made, and (2) not be made during any period longer than 10 Business Days after the date on which such first Overadvance Loan was made in excess of the Borrowing Base under this SECTION 2.01(d).
Overadvance Loans. Except as otherwise expressly provided in Section 2.05(d), if, at any time, Availability shall be less than zero, the Borrowers shall prepay Revolving Loans or Swingline Loan in an aggregate amount necessary to cause Availability to be greater than or equal to zero, and such prepayment shall be applied in accordance with Section 2.09(c). Notwithstanding the foregoing provisions of this paragraph, if at any time the Borrowers are required to make a prepayment under this paragraph the Borrowers would incur breakage costs under Section 2.14 as a result of LIBOR Loans being prepaid other than on the last day of an Interest Period applicable thereto, the Borrowers may cause an amount equal to such required prepayment to be deposited into a cash collateral account with the Administrative Agent as provided in Section 2.14.
Overadvance Loans. In the case of Overadvance Loans (i.e., initially $2,000,000 at the time the Borrowing is made and thereafter such outstanding amount), at the Prime Rate.
Overadvance Loans. Notwithstanding anything herein to the contrary, if an Overadvance exists, the Borrower owing such Overadvance shall, on the sooner of the Administrative Agent’s demand or the first Business Day after such Borrower has knowledge thereof (or, in the event such Overadvance is the result of fluctuations in Spot Rates, within three (3) Business Days of the Administrative Agent’s demand or of such Borrower’s knowledge thereof), repay the outstanding Loans in an amount sufficient to reduce the principal balance of the related Overadvance Loan to zero.
Overadvance Loans. Silicon may, in its sole and absolute discretion, make Loans to Borrower from time to time which exceed the limitations on borrowing against Eligible Accounts as set forth in subparagraph (a) above (the "Overadvance Loans"). The aggregate outstanding Overadvance Loans shall not at anytime exceed the lesser of:
(1) $500,000; or
(2) 30% (an "Advance Rate") of the amount of Borrower's Eligible Accounts (as defined in Section 8 above). Moreover, the aggregate outstanding Loans shall not at anytime exceed the Maximum Credit Limit. Accounts Loans and the Overadvance Loans are "Loans" for all purposes of this Agreement. Silicon may, from time to time, modify the Advance Silicon Valley Bank Schedule to Loan and Security Agreement ---------------------------------------------------------------------- Rates, in its good faith business judgment, upon notice to the Borrower, based on changes in collection experience with respect to Accounts or other issues or factors relating to the Accounts or other Collateral. ================================================================================ 2. Interest. Interest Rate (Section 1.2):
Overadvance Loans. If the Total Revolving Credit Exposure exceeds the Borrowing Base (an “Overadvance”) at any time, the excess amount shall be payable by the Borrowers with two (2) Business Days of demand by the Agent, but all such Revolving Loans shall nevertheless constitute Secured Obligations secured by the Collateral and entitled to all benefits of the Loan Documents. The Agent may require the Lenders to honor requests for Overadvance Loans and to forbear from requiring the Borrowers to cure an Overadvance, (a) when no other Event of Default is known to the Agent (other than under Section 7.1(a)), as long as (i) the Overadvance does not continue for more than 30 consecutive days, and (ii) the aggregate amount of all Overadvances and Protective Advances is not known by the Agent to exceed 10.0% of the Borrowing Base; and (b) regardless of whether an Event of Default exists, if the Agent discovers an Overadvance not previously known by it to exist, as long as from the date of such discovery the Overadvance (i) is not increased by more than $1,000,000, or (ii) does not continue for more than 30 consecutive days. In no event shall Overadvance Loans be required that would cause the Total Revolving Credit Exposure to exceed the Total Revolving Credit
