Authorized Overadvance definition

Authorized Overadvance means an Overadvance authorized in writing by Summit.
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Authorized Overadvance. RATE: Not Applicable
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Authorized Overadvance means Outstandings, at any given time, under any Overadvance Availability;
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Examples of Authorized Overadvance in a sentence

  • If at any time an Overadvance exists which is not an Authorized Overadvance, Client shall immediately make payment to Summit of an amount equal to the Overadvance.

  • The applicable Revolving Loan Rate, Authorized Overadvance Rate, Non-Revolving Loan Rate, and/or Bankers' Acceptance Fees, shall constitute rates on a per annum (ie.

  • If a Purchased Account is not paid in full by the Account Due Date or if at any time Transfac determines that a Purchased Account is no longer an Acceptable Account, the Purchased Account shall thereupon automatically be a Chargeback Account, unless Transfac elects, in it’s sole discretion, to treat the Chargeback Account as an Authorized Overadvance.

  • Lender may decline to make any Authorized Overadvance for any reason or for no reason, without notice, regardless of any course of conduct or past Authorized Overadvances made by Lender.

  • If at any time an Overadvance exists, Client shall immediately pay to Transfac an amount equal to the Overadvance, unless Transfac elects, in it sole discretion, to treat the Overadvance as an Authorized Overadvance.

  • Interest shall accrue on the Authorized Overadvance, both before and after judgment, from the date of creation of the Authorized Overadvance until paid, at the Authorized Overadvance Rate.

  • Lender may decline to make any Authorized Overadvance for any reason or for no reason, without notice, regardless of any course of conduct or past Authorized Overadvances made by Xxxxxx.

  • If Transfac elects to treat the Overadvance as an Authorized Overadvance, the Authorized Overadvance and interest thereon shall be due and payable upon demand or as otherwise agreed by Transfac.

  • Authorized Overadvances shall accrue interest at the Daily Funds Rate plus Three Percent (3%) per annum or such other rate as may be specified by Summit at the time of its authorization for the Authorized Overadvance.

Related to Authorized Overadvance

  • Permitted Overadvance means an Overadvance made by the Administrative Agent, in its discretion, which:

  • Canadian Overadvance has the meaning assigned to such term in Section 2.04(b).

  • Overadvance has the meaning set forth in Section 2.5.

  • Unintentional Overadvance means an Overadvance which, to the Administrative Agent’s knowledge, did not constitute an Overadvance when made but which has become an Overadvance resulting from changed circumstances beyond the control of the Credit Parties, including, without limitation, a reduction in the Appraised Value of property or assets included in the Borrowing Base or misrepresentation by the Loan Parties.

  • Overadvance Loan means a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.

  • Overadvance Amount has the meaning specified therefor in Section 2.4(f).

  • Letter of Credit Availability Period the period from and including the Closing Date to but excluding the Letter of Credit Maturity Date.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Swing Line Advance means an advance made by (a) the Swing Line Bank pursuant to Section 2.01(c) or (b) any Lender pursuant to Section 2.02(b).

  • Revolving Loan Notice means a notice of (a) a Revolving Borrowing, (b) a conversion of Revolving Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events:

  • Revolving Advance has the meaning given in Section 2.1.

  • Term Loan Availability Period means the period starting on the Effective Date and ending on the End Date.

  • Borrowing Availability means as of any date of determination the Maximum Amount less the sum of (i) the Revolving Loan and Swing Line Loan then outstanding and (ii) the Reserves as then in effect.

  • Revolving Credit Extension Request shall have the meaning provided in Section 2.14(f)(ii).

  • Swing Line Loan Notice means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit B.

  • Swing Loan Note means the Swing Loan Note of the Borrower in the form of Exhibit 1.1(S) evidencing the Swing Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.

  • Revolving Credit Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Commitment Termination Date and the date of termination of the Revolving Credit Commitments.

  • Swing Line Note means the promissory note of the Borrowers substantially in the form of Exhibit C-2, payable to the order of the Swing Line Lender, evidencing the Swing Line Loans made by the Swing Line Lender.

  • Revolving Availability Period means the period from and including the Effective Date to but excluding the earlier of the Revolving Maturity Date and the date of termination of the Revolving Commitments.

  • Notice of Revolving Credit Advance has the meaning ascribed to it in Section 1.1(a).

  • Revolving Loan Note means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.

  • Swingline Loan Notice means a notice of a Swingline Borrowing pursuant to Section 2.04(b), which shall be substantially in the form of Exhibit J or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

  • Swingline Loan Note a promissory note in the form of Exhibit H-2, as it may be amended, supplemented or otherwise modified from time to time.