Inadvertent Overadvances means the making of any Revolving Advance or the issuance, renewal or amendment of a Letter of Credit by an Issuer which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the Agent prior to the making of such Revolving Advance or the 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 any of the following which are beyond the reasonable control of the Agent or the Lenders: (i) a decline in the value of the Formula Amount or the Collateral, (ii) inaccuracy of any Borrowing Base Certificate, (iii) components of the Formula Amount being deemed ineligible after the making of such Revolving Advance or the issuance, renewal or amendment of such Letter of Credit, (iv) the return of uncollected checks or other items of payment applied to the reduction of the Obligations or other similar involuntary or unintentional actions, (v) the imposition or modification of any reserve or a reduction in Advance Rates after the making of such Revolving Advance or the issuance, renewal or amendment of such Letter of Credit or (iv) any other circumstance beyond the reasonable control of the Agent or the Lenders that results in the reduction of the realizable value of the Formula Amount.
Inadvertent Overadvances means the funding of any loan or advance under the ABL Credit Agreement or the issuance, renewal or amendment of a Letter of Credit by any of the L/C Issuers 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 circumstances beyond the reasonable control of the ABL Agent or the other ABL Credit Parties (including as the result of the entry of an adverse order for use of cash collateral by the United States Bankruptcy Court as to which the ABL Agent, on behalf of the ABL Credit Parties, has contested in good faith), including (i) a decline in the value of the Collateral included in the ABL Borrowing Base, (ii) errors or fraud on a Borrowing Base Certificate, (iii) components of the ABL 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 (as defined in the ABL Credit Agreement) or other similar involuntary or unintentional actions, (v) the imposition of any Reserve or a reduction in advance rates after the funding of any Loan or the issuance, renewal or amendment of a Letter of Credit by any of the L/C Issuers or (vi) any other circumstance beyond the reasonable control of the ABL Agent or the other ABL Credit Parties which reduces Availability (as such term is defined in the ABL Credit Agreement as in effect on the date hereof), provided that any repayments with respect to any Overadvances shall be applied first, to Inadvertent Overadvances and second, to Protective Overadvances.
Inadvertent Overadvances means the funding of any loan or advance under the ABL Credit Agreement or the issuance, renewal or amendment of a Letter of Credit by any of the L/C Issuers 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 circumstances beyond the reasonable control of the ABL Agent or the other ABL Credit Parties (including as the result of the entry of an adverse order for
Examples of Inadvertent Overadvances in a sentence
Revolving Agent agrees with the Term Loan Agent that Revolving Lenders shall not, at any time, make any Overadvances except for Permitted Overadvances and Inadvertent Overadvances.
All Inadvertent Overadvances and Protective Overadvances shall constitute Base Rate Loans and shall bear interest at the Base Rate plus the Applicable Margin for Revolving Loans and the default rate under subsection 1.3(c), and shall be due and payable upon demand of Agent.
The aggregate amount of all Overadvances resulting from any and all Inadvertent Overadvances.
The Agents shall have no liability for, and no Loan Party or Lender shall have the right to, or shall, bring any claim of any kind whatsoever against the Agents with respect to Inadvertent Overadvances regardless of the amount of any such Overadvances.
More Definitions of Inadvertent Overadvances
Inadvertent Overadvances means the funding of any Revolving Loan or advance under this Agreement or the issuance, renewal or amendment of a Letter of Credit by an L/C Issuer which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate delivered to the Agent prior to such funding or issuance, renewal or amendment but which has become an Overadvance as the result of (a) a decline in the value of the Collateral, (b) errors or fraud on a Borrowing Base Certificate, (c) components of the Revolving Borrowing Base on any date thereafter being deemed ineligible, (d) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, (e) the establishment or increase of any Availability Reserves or Reserves or (f) any other circumstance beyond the reasonable control of the Agent or the Lenders that results in the reduction of the realizable value of the Revolving Borrowing Base; provided that nothing in this definition or in subsection 1.1(b)(iii) shall constitute a waiver or cure of any Default or Event of Default resulting from an Inadvertent Overadvance or shall limit the rights and remedies of the Agent and Lenders under the Loan Documents with respect thereto.
Inadvertent Overadvances shall have the meaning provided in the ABL Credit Agreement as in effect on the date hereof..
Inadvertent Overadvances means the funding of any Revolving Credit Loan or the issuance, renewal or amendment of a Letter of Credit which did not result in an Overadvance or the Borrower failing to be in compliance with SECTION 6.10 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, or caused the Borrower to not be in compliance with SECTION 6.10 as the result of circumstances beyond the reasonable control of the Administrative Agent or the other Revolving Lenders (including as the result of the entry of an adverse order for use of cash collateral by the United States Bankruptcy Court), including (i) a decline in the value of the Collateral included in the Borrowing Base, (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 Revolving Credit Loan or other similar involuntary or unintentional actions, (v) the imposition of any Reserve or a reduction in advance rates after the funding of any Revolving Credit Loan or the issuance, renewal or amendment of a Letter of Credit or (vi) any other circumstance beyond the reasonable control of the Administrative Agent or the other Revolving Lenders which reduces availability or the amount that can be borrowed under this Agreement.
Inadvertent Overadvances means the funding of any loan or advance under the ABL Loan Agreement 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 any of the following which are beyond the reasonable control of the ABL Claimholders: (i) a decline in the value of the Collateral included in the (A) ABL Borrowing Base; or (B) a Term Loan Borrowing Base resulting in an increase in the Second Lien Deficiency Reserve, (ii) errors or fraud on a Borrowing Base Certificate, or (iii) the return of uncollected checks or other items of payment applied to the reduction of ABL Obligations, or (iv) any other circumstance beyond the reasonable control of the ABL Agent or the ABL Lenders that results in the reduction of the realizable value of the ABL Borrowing Base. Insolvency Proceeding: any case or proceeding commenced by or against a Obligor under any Bankruptcy Law or any agreement of such Obligor to, (a) the entry of an order for relief under any Bankruptcy Law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Obligor or any part of its property; or (c) an assignment or trust mortgage for the benefit of creditors.
Inadvertent Overadvances means the making of any Revolving Advance or the issuance, renewal or amendment of a Letter of Credit by an Issuer which did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the Agent prior to the making of such Revolving Advance or the 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 any of the following which are beyond the reasonable control of the Agent or the Lenders:
Inadvertent Overadvances means (a) the portion of the Revolving Principal Obligations consisting of Revolving Advances and Letters of Credit made or advanced or issued pursuant to the Revolving Credit Agreement that exceed the amount set forth in clause I(B)(i) of the definition of Revolving Maximum Amount but that were not made or issued intentionally or with actual knowledge that the making or advancing of such Revolving Advances or issuance of such Letters of Credit would cause the aggregate amount of the Revolving Principal Obligations to exceed such amount, and (b) any Revolving Principal Obligations consisting of Revolving Advances and Letters of Credit made or advanced or issued pursuant to the Revolving Credit Agreement that exceed the amount set forth in clause I(B)(i) of the definition of Revolving Maximum Amount but that at the time of the making or advancing of such Revolving Advances or issuance of such Letters of Credit did not cause the aggregate amount of the Revolving Principal Obligations to exceed such amount.
Inadvertent Overadvances means the funding of any loan or advance under the ABL Agreement or the issuance, renewal or amendment of a letter of credit under the ABL Agreement, in either case which to the actual knowledge of the ABL Representative did not result in an Overadvance when made based upon the most recent Borrowing Base Certificate received by the ABL Representative pursuant to the ABL Agreement prior to such funding or issuance, renewal or amendment, but which was actually an Overadvance when made or which has become an Overadvance, in either case, as applicable, as a result of