Overformula Amount definition

Overformula Amount means (a) $2,500,000 during the period from March 8, 2006 until September 1, 2006, and $0 at all times thereafter.

Overformula Amount means $2,500,000. On January 1, 2008, and on the first day of each April, July, September and January thereafter, the Overformula Amount shall decrease by $500,000.

Overformula Amount is amended to read as follows:

Examples of Overformula Amount in a sentence

• If an Overformula Amount exists for five (5) or more days in any month during the Term, Advances (other than Cap/Ex Loans) for that month shall bear interest at the Overformula Rate.

• Any Revolving Advances constituting an Overformula Amount are made available by Lender or otherwise permitted to exist in the sole and absolute discretion of Lender and are subject to Section 2.7 hereof.

• The aggregate balance of all Revolving Advances constituting an Overformula Amount shall be immediately due and payable without the necessity of any demand, at the place designated by Lender, whether or not an Incipient Event of Default or Event of Default has occurred, unless otherwise expressly agreed to in writing by Lender.

• Notwithstanding anything to the contrary contained herein, the aggregate amount of all Revolving Advances and amounts due under Letters of Credit at any time and from time to time outstanding hereunder and under the Affiliate Loan Agreements shall not exceed the formulas and limitations as set forth in Section 2.1(a) hereof (any such excess amount, an "Overformula Amount").

• If, for any reason whatsoever, the aggregate Overformula Amount exceeds $3,000,000 at any time, the same shall constitute an Event of Default under the Loan Documents.

More Definitions of Overformula Amount

Overformula Amount means, at any time, as calculated by Lender, the amount (if any) by which (A) the aggregate amount of outstanding Obligations (other than the face amount of outstanding Letter of Credit Accommodations) at such time, exceeds (B) the lesser of (x) the Formula Availability and (y) the Maximum Credit less the face amount of outstanding Letter of Credit Accommodations, at such time.

Overformula Amount shall have the meaning set forth in Section 2.1(b) hereof.

Overformula Amount shall initially mean Five Million Dollars ($5,000,000). Beginning August 6, 2007, the Overformula Amount shall mean the lesser of (i) Five Million Dollars ($5,000,000) and (ii) fifty percent (50%) of the aggregate appraised value of the Eligible Real Estate Collateral.

Overformula Amount shall initially mean Four Million Five Hundred Thousand Dollars ($4,500,000). Commencing February 1, 2004, and on the first day of each month thereafter, the Overformula Amount shall automatically permanently reduce by $187,500 until it is $0. Upon the consummation of an Offering, the Overformula Amount shall be reduced to $0.

Overformula Amount shall initially mean Ten Million Dollars ($10,000,000). On the first day of each September and March (commencing September 1, 2001), the Overformula Amount shall be decreased by One Million Two Hundred Fifty Thousand Dollars ($1,250,000) until its has been reduced to zero; provided that the decrease on September 1, 2001 shall be in the amount of One Million Dollars ($1,000,000) and the last decrease shall be in the amount of One Million Five Hundred Thousand Dollars ($1,500,000).

Overformula Amount means from the date hereof through September 29, 2002, Four Million Four Hundred Thousand Dollars ($4,400,000). On the last day of each month, commencing September 30, 2002, 'Overformula Amount' automatically shall reduce by $150,000 until 'Overformula Amount' is zero ($0)."

Overformula Amount is defined in the Advance Formula Agreement.