Revolving Loans/Letters of Credit. If at any time for any reason whatsoever (including without limitation as a result of currency fluctuations)
(i) the sum of the outstanding balance of all Revolving Loans and the Letter of Credit Balance exceeds the lesser of (x) the Maximum Revolving Facility Amount and (y) the Borrowing Base, or (ii) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then in each case, Borrowers will immediately and jointly and severally pay to Lender such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Lender in the manner set forth in clause (c) below) as shall cause Borrowers to eliminate such excess (such excess, an “Overadvance”).
Revolving Loans/Letters of Credit. If at any time (a) the sum of the outstanding balance of all Revolving Loans and the Letter of Credit Balance exceeds the lesser of (i) the Maximum Revolving Facility Amount and (ii) the Borrowing Base, or (b) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then in each case, Borrower will immediately pay to Lender such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Lender in the manner set forth in clause (c) below) as shall cause Borrower to eliminate such excess.
Revolving Loans/Letters of Credit. If at any time for any reason whatsoever (including without limitation as a result of currency fluctuations)
(i) the sum of the outstanding balance of all Revolving Loans and the Letter of Credit Balance exceeds the lesser of (x) the Maximum Revolving Facility Amount, minus Reserves and (y) the Borrowing Base, or (ii) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then in each case, Borrowers will promptly (but in no event later than 2 Business Days) and jointly and severally pay to Agent (for the ratable benefit of the Lenders) such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Agent in the manner set forth in clause (c) below) as shall cause Borrowers to eliminate such excess (such excess, an “Overadvance”).
Revolving Loans/Letters of Credit. (a) In addition to Advances described in Section 2 above, subject to the terms and conditions of this Agreement, Hellxx xxxl make Revolving Loans to each Client upon such Client's request therefor and in Hellxx'x xxxe discretion up to, in the case of (1) NN, the NN Borrowing Base plus the Undrawn Supplemental Amount, (2) HG, the HG Borrowing Base plus the Undrawn Supplemental Amount and (3) HRNL, the HRNL Borrowing Base plus the Undrawn Supplemental Amount; provided, however, in no event shall the aggregate Revolving Loans to all Clients exceed (i) the Maximum Revolving Loan Amount plus (ii) the Supplemental Amount; provided, further, the Supplemental Amount shall equal zero ($0) during at least one consecutive thirty (30) day period during each Contract Year (the "Clean Up Period"). In the event a Clean Up Period has not occurred prior to the last month of any Contract Year, the Clean Up Period shall be deemed to be the last consecutive thirty (30) day period of such Contract Year. Amounts borrowed hereunder may be repaid and reborrowed from time to time until such time as this Agreement terminates. "Eligible Inventory" means, as at any date of determination, the value (determined at the lower of cost or market on a first-in, first-out basis) of all Specified Finished Goods Inventory owned by the applicable Client or other HG Entity, as the case may be, and in the applicable Client's or other HG Entity's possession, as the case may be, and located in the United States of America. Hellxx xxxll establish and may adjust, in its sole discretion, standards to determine whether Inventory is eligible for a Revolving Loan. Without limiting the foregoing, the following are not Eligible Inventory: (a) work-in-process that is not readily marketable in its current form, (b) finished goods which do not
Revolving Loans/Letters of Credit. 2.1. The Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 2.2. Borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 2.3. Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2.4. Repayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 2.5.
Revolving Loans/Letters of Credit. 20 Section 2.1 Commitment; Use of Proceeds ....................... 20 Section 2.2 Notes; Repayment of Principal ..................... 21 Section 2.3 Voluntary Reduction of Revolving Loan Commitments . 22 Section 2.4 Letters of Credit ................................. 22 Section 2.5 Manner of Issuance ..............................
Revolving Loans/Letters of Credit. If at any time (a) the sum of the outstanding balance of all Revolving Loans and the Letter of Credit Balance exceeds the lesser of (i) the Maximum Revolving Facility Amount and (ii) the Borrowing Base, or (b) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then in each case, Borrower will within one (1) Business Day pay to Lender such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Lender in the manner set forth in clause (b) below) as shall cause Borrower to eliminate such excess. For the avoidance of doubt, prior to any such excess being eliminated, Lender shall have no obligation to honor any request to fund a Revolving Loan or issue a Letter of Credit.
Revolving Loans/Letters of Credit. If at any time for any reason whatsoever (i) the sum of the outstanding principal balance of all Revolving Loans and the Letter of Credit Balance 4874-2581-2044v.13 exceeds the lesser of (x) the Maximum Revolving Facility Amount minus Reserves minus the Availability Block and (y) the Borrowing Base, or (ii) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then in each case, Borrowers will, within two (2) Business Days, and jointly and severally pay to Lender such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Lender in the manner set forth in clause (c) below) as shall cause Borrowers to eliminate such excess (such excess, an “Overadvance”).
Revolving Loans/Letters of Credit. If at any time for any reason whatsoever (including as a result of currency fluctuations)
(i) the outstanding principal balance of all Revolving Loans and the Letter of Credit Balance exceeds the lesser of (x) the Maximum Revolving Facility Amount and (y) the Borrowing Base or (ii) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then, in each case, Borrowers will immediately pay to Agent such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Agent in the manner set forth in clause (b) below) as shall cause Borrowers to eliminate such excess.
Revolving Loans/Letters of Credit. If at any time for any reason whatsoever (including as a result of currency fluctuations) (i) the sum of the outstanding balance of all Revolving Loans and the Letter of Credit Balance exceeds the lesser of (x) the Maximum Revolving Facility Amount minus Reserves established against the Maximum Revolving Facility Amount and (y) the Borrowing Base or (ii) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then, in each case, Borrowers will immediately pay to Agent such amounts as shall cause Borrowers to eliminate such excess (or, with respect to the Letter of Credit Balance, provide cash collateral to Agent in the manner set forth in clause (b) below).
