Inadvertent Overadvance definition

Inadvertent Overadvance means the funding of any Advance hereunder or the issuance, amendment, renewal, extension or other modification of a Letter of Credit by the L/C Issuer, in each case which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by Agent prior to such funding or issuance, amendment, renewal, extension or other modification of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of any of the following which are beyond the reasonable control of Agent, L/C Issuer or Revolving Lenders: (i) a decline in the value of the Borrowing Base or the Collateral, (ii) errors or fraud on a Borrowing Base Certificate, (iii) the return of uncollected checks or other items of payment applied to the reduction of Advances, (iv) the imposition of any reserve or a reduction in advance rates after the funding of any Advance or the issuance, amendment, renewal, extension or other modification of a Letter of Credit by L/C Issuer, or (v) any other circumstance beyond the reasonable control of Agent, L/C Issuer or Revolving Lenders that results in the reduction of the Appraised Value of the Eligible Inventory or of the face amount of the Eligible Credit Card Receivables.
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Inadvertent Overadvance means the funding of any Loan or the issuance, renewal or amendment of a Letter of Credit by an Issuing Bank which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the ABL Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of (i) a decline in the value of the Borrowing Base or the Collateral, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the Borrowing Base on any date thereafter being deemed ineligible, (iv) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, (v) the imposition or modification of any Reserve or a reduction in advance rates after the funding of any loan or advance or the issuance, renewal or amendment of a Letter of Credit by an Issuing Bank or (vi) any other circumstance beyond the reasonable control of the ABL Agent or the ABL Secured Parties that results in the reduction of the realizable value of the Borrowing Base. An Inadvertent Overadvance shall be deemed outstanding until such time as no Overadvance is outstanding.
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Inadvertent Overadvance means, as of any date of determination, all or any portion of any loan or advance funded under the ABL Credit Agreement or all or any portion of any letter of credit issued, renewed or amended under the ABL Credit Agreement, in each case, which did not result in an ABL Out-of-Formula Condition when funded, issued, renewed or amended based upon the most recent ABL Borrowing Base Certificate received by the ABL Collateral Agent prior to such funding, issuance, renewal or amendment but which thereafter has, on the relevant date of determination, caused an ABL Out-of-Formula Condition as a result of circumstances beyond the reasonable control of the ABL Collateral Agent or the ABL Claimholders, including (a) the use of cash collateral pursuant to the entry of an order by the Bankruptcy Court as to which order or motion therefor the ABL Collateral Agent and the ABL Claimholders have not provided their consent, (b) a decline in the value of the ABL Priority Collateral, (c) errors or fraud on an ABL Borrowing Base Certificate, (d) components of the ABL Borrowing Base on any date thereafter being deemed ineligible, (e) the return of uncollected checks or other items of payment applied to the reduction of the ABL Obligations or other similar involuntary or unintentional actions, (f) the imposition of any reserve or a reduction in advance rates after the funding of any loan or advance or the issuance, renewal or amendment of a letter of credit under the ABL Loan Documents, or (g) any other circumstance beyond the reasonable control of the ABL Collateral Agent or the ABL Claimholders which reduces Availability (as such term is defined in the ABL Credit Agreement as in effect on the date hereof) (it being understood and agreed that any ABL Out-of-Formula Condition resulting from any event described in clauses (b) — (g) of this definition during the use of cash collateral pursuant to an entry of an order by the Bankruptcy Court shall constitute an Inadvertent Overadvance hereunder).
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Examples of Inadvertent Overadvance in a sentence

  • In calculating the Maximum Bank Debt, any Overadvance resulting from any settlement or adjustment of any insurance claims by any Person for an amount less then the cost of such Inventory, in each case, shall be deemed an Inadvertent Overadvance.

  • Excluded Bank Debt shall not include any portion of Bank Debt (and interest thereon) attributable to an Inadvertent Overadvance.

  • The period of time following the occurrence of an Inadvertent Overadvance and continuing until such time as no Overadvance is outstanding.


More Definitions of Inadvertent Overadvance

Inadvertent Overadvance means the funding of any Loan or the issuance, renewal or amendment of a Letter of Credit by an Issuing Bank which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the Administrative Agent prior to such funding or issuance, renewal or amendment of a Letter of Credit but which has, on the relevant date of determination, become an Overadvance as the result of (i) a decline in the value of the Borrowing Base, Incremental Availability or the Collateral, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the Borrowing Base or Incremental Availability on any date thereafter being deemed ineligible, (iv) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, (v) the imposition or modification of any Reserve or a reduction in advance rates after the funding of any loan or advance or the issuance, renewal or amendment of a Letter of Credit by an Issuing Bank or (vi) any other circumstance beyond the reasonable control of the Administrative Agent or the Secured Parties that results in the reduction of the realizable value of the Borrowing Base or Incremental Availability. An Inadvertent Overadvance shall be deemed outstanding until such time as no Overadvance is outstanding.
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Inadvertent Overadvance means the funding of any loan or advance under the ABL Credit Agreement or the issuance, renewal or amendment of a letter of credit which did not result in an Overadvance when made, issued or incurred based upon the most recent ABL Borrowing Base Certificate delivered to the ABL Agent prior to such funding or issuance, renewal or amendment but which has become an Overadvance.
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Related to Inadvertent Overadvance

  • 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 has the meaning set forth in Section 2.5.

  • 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 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).

  • Refunded Swing Line Loan has the meaning ascribed to it in Section 1.1(c)(iii).

  • Refunded Swing Line Loans has the meaning assigned to that term in subsection 2.1A(iii).

  • Protective Advance has the meaning assigned to such term in Section 2.04.

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

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Extended Revolving Loan shall have the meaning assigned to such term in Section 2.21(e).

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Required Revolving Lenders means, as of any date of determination, Revolving Credit Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Lenders.

  • Waivable Mandatory Prepayment shall have the meaning assigned to such term in Section 2.11(e).

  • Revolving Advances means Advances made other than Letters of Credit.

  • 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.

  • 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.

  • Refunded Swingline Loans as defined in Section 2.7(b).

  • Extended Revolving Loans has the meaning assigned to such term in Section 2.23(a).

  • 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.

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.

  • Swing Line Obligations means, as at any date of determination, the aggregate principal amount of all Swing Line Loans outstanding.

  • 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.

  • Required Revolving Facility Lenders means, at any time, Revolving Facility Lenders having (a) Revolving Facility Loans (other than Swingline Loans) outstanding, (b) Revolving L/C Exposures, (c) Swingline Exposures and (d) Available Unused Commitments that, taken together, represent more than 50% of the sum of (w) all Revolving Facility Loans (other than Swingline Loans) outstanding, (x) all Revolving L/C Exposures, (y) all Swingline Exposures and (z) the total Available Unused Commitments at such time; provided, that the Revolving Facility Loans, Revolving L/C Exposures, Swingline Exposures and Available Unused Commitment of any Defaulting Lender shall be disregarded in determining Required Revolving Facility Lenders at any time.