Permitted Overadvances means (i) involuntary overadvances not exceeding $5,000,000 that may result from time to time due to the fact that any borrowing formulas set forth in the Financing Documents were unintentionally exceeded (whether at the time of any Loan or at the time of the issuance of any Letter of Credit or otherwise) for any reason (other than the Administrative Agent’s gross negligence or willful misconduct), including Collateral believed to be eligible in fact being or becoming ineligible and the return of uncollected checks or other items applied to the reduction of the Loans, Letters of Credit or other obligations, and overadvances made by the Administrative Agent without Lenders’ consent for up to two weeks after discovering the unintentional overadvance, provided that the Administrative Agent does not during that period voluntarily increase the amount by which the borrowing formulas had been exceeded as of the start of that period, and (ii) voluntary overadvances made by the Administrative Agent in its sole discretion which shall (x) not cause the aggregate outstanding Loans and LC Exposure to exceed the total Commitments, (y) not cause the Loans and LC Exposure to exceed Availability by an amount in excess of $5,000,000 at any one time outstanding, and (z) not be outstanding beyond the date that is ten (10) days after the first voluntary overadvance is made during such overadvance period, or (z) be with the consent of all Lenders. To the extent any Permitted Overadvances are made, each Lender shall bear its pro rata (based on its Commitment) share thereof.
Permitted Overadvances means Overadvances outstanding prior to November 1, 2016, less Excess Cash Flow, payments received by the Borrower in connection with or as a result of Hedge Close‑Outs and the net proceeds from the Hugoton Basin Divestiture.
Permitted Overadvances means any advance made under the Revolving Credit Facility pursuant to Section 2.7 of this Agreement, and all such advances collectively as the context requires.
Examples of Permitted Overadvances in a sentence
The making of any such Permitted Overadvance on any one occasion shall not obligate the Administrative Agent or any Lender to make or permit any Permitted Overadvance on any other occasion or to permit such Permitted Overadvances to remain outstanding.
The making of any such Permitted Overadvance on any one occasion shall not obligate the Agent or any Lender to make or permit any Permitted Overadvance on any other occasion or to permit such Permitted Overadvances to remain outstanding.
The making of any such Permitted Overadvances on any one occasion shall not obligate the Administrative Agent or any Lender to make or permit any Permitted Overadvances on any other occasion or to permit such Permitted Overadvances to remain outstanding.
The making of any Permitted Overadvance is for the benefit of the Borrowers; such Permitted Overadvances constitute Revolving Loans and Obligations.
The Administrative Agent may, in its discretion, make Permitted Overadvances without the consent of the Lenders and each Lender shall be bound thereby.
More Definitions of Permitted Overadvances
Permitted Overadvances means Credit Accommodations to a Borrower in an amount which exceeds the Export-Related Borrowing Base of such Borrower, provided that
Permitted Overadvances means Overadvances for which (i) the aggregate amount of such Overadvances does not exceed five percent (5%) of the Maximum Amount; (ii) the aggregate amount of all Credit Accommodations, including such Overadvances, does not exceed the Maximum Amount; and (iii) such Overadvances are not outstanding for more than ninety (90) consecutive days; provided, however, an Overadvance that exceeds at any time the criteria set forth in (i) -and (ii) above but that is partially cured (by payment or additional Collateral) within the time period set forth in (iii) above such that the aggregate amount outstanding becomes less than or equal to five percent (5%) of the Maximum Amount shall not be considered a Permitted Overadvance.
Permitted Overadvances means Overadvances made or outstanding under Section 2.1(b)(ii), so long as (A) the Total Loan Balance does not exceed the Aggregate Revolving Loan Commitment, (B) the aggregate amount of all Overadvances does not exceed 10% of the Aggregate Revolving Loan Commitment and (C) no Overadvance remains outstanding for more than thirty (30) consecutive days during any one hundred eighty (180) consecutive day period.
Permitted Overadvances shall have the meaning provided in the A&R ABL Credit Agreement as in effect on the date hereof.
Permitted Overadvances means (i) involuntary overadvances that may result from time to time due to the fact that any borrowing formulas set forth in this Agreement were unintentionally exceeded (whether at the time of any Loan or at the time of the issuance of any Letter of Credit or otherwise) for any reason (other than Agent's gross negligence or willful misconduct), including Collateral believed to be eligible in fact being or becoming ineligible or the return of uncollected checks or other items applied to the reduction of the Loans or other Obligations, as well as overadvances made by Agent without Lenders' consent for up to two weeks after discovering the unintentional overadvance, provided that Agent does not during that period voluntarily increase the amount by which the borrowing formulas had been exceeded as of the start of that period, and (ii) (X) voluntary overadvances made by Agent in its sole discretion which shall not cause the Obligations to exceed the borrowing formulas by the lesser of (1) 10% of the amount permitted to be borrowed under Section 2(b) or (2) $10,000,000 at any one time outstanding, and (Y) voluntary overadvances made by BNY in its sole discretion ("BNY Overadvances") which shall (A) be designated by BNY as a BNY Overadvance, (B) be due and payable to BNY on demand (subject to the last sentence of this Section (c)), (C) not exceed $7,500,000 at any time outstanding, (D) be secured by the Collateral on a basis junior to all other Obligations of Borrower hereunder and (E) not result in the then aggregate Revolving Credit Advances outstanding exceeding the Maximum Loan Amount. Any such Permitted Overadvances in excess of $2,500,000 (other than with respect to a BNY Overadvance) may remain outstanding for no more than any sixty (60) day period. To the extent any Permitted Overadvances are made (other than with respect to a BNY Overadvance), each Lender shall bear its Commitment Percentage thereof. BNY shall not demand repayment of a BNY Overadvance, unless after giving effect to such repayment the then aggregate outstanding principal balance of outstanding Loans (including any Permitted Overadvances) is less than the lesser of (A) the Maximum Loan Amount or (B) the Formula Amount.
Permitted Overadvances is a Advance or Advances under the Revolving Line from the Fourth Loan Modification Date until January 31, 2008, in amount not to exceed Seven Million Five Hundred Thousand Dollars ($7,500,000.00) outstanding at any time.
Permitted Overadvances means Loan advances made to ASI or Letters of Credit issued for the account of the Borrowers in an aggregate amount which would cause the Collateral Value to be exceeded, provided that (i) the aggregate amount of such Permitted Overadvances does not exceed five percent (5%) of the Commitment; (ii) the aggregate amount of all outstanding Borrowers' Obligations including Borrowers' Obligations in respect of Permitted Overadvances does not exceed the Commitment; and (iii) such Permitted Overadvances are not outstanding for more than ninety (90) consecutive days.