Overadvance definition

Overadvance has the meaning set forth in Section 2.5.

Overadvance is defined in Section 2.2.

Overadvance has the meaning assigned to such term in Section 2.05(b).

Examples of Overadvance in a sentence

• The Required Lenders may at any time revoke the Agent’s authority to make further Overadvance Loans by written notice to the Agent.

• Without limiting Borrower’s obligation to repay Bank any Overadvance, Borrower shall pay Bank interest on the outstanding amount of any Overadvance, on demand, at a rate per annum equal to the rate that is otherwise applicable to Advances plus five percent (5.0%).

• In no event shall Overadvance Loans be required that would cause the Total Revolving Credit Exposure to exceed the Total Revolving Credit Commitments.

• 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.

More Definitions of Overadvance

Overadvance means a Credit Extension to the extent that, immediately after its having been made, Availability is less than zero.

Overadvance means, as of any date of determination, that the Revolver Usage is greater than any of the limitations set forth in Section 2.1 or Section 2.11 of this Agreement.

Overadvance has the meaning ascribed to it in Section 1.1(a)(iii).

Overadvance has the meaning specified therefor in Section 2.5 of the Agreement.

Overadvance is defined in Section 2.4.

Overadvance has the meaning specified in Section 2.01(c).

Overadvance means either a Canadian Overadvance or a Domestic Overadvance.