Protective OverAdvances definition

Protective OverAdvances. Revolving Credit Loans which are OverLoans, but as to which each of the following conditions is satisfied: (a) the Revolving Credit Commitments are not exceeded; (b) when aggregated with all other Protective OverAdvances, such Revolving Credit Loans do not aggregate more than 5% of the aggregate of the Borrowing Base; and (c) such Revolving Credit Loans are made or undertaken in the Agents’ discretion to protect and preserve the interests of the Lenders.
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Protective OverAdvances. Revolving Credit Loans which are OverLoans, but as to which each of the following conditions is satisfied: (a) when aggregated with all other Revolving Credit Loans, SwingLine Loans, Protective OverAdvances and the Stated Amount of L/Cs and Banker's Acceptances, the Revolving Credit Ceiling is not exceeded; and (b) when aggregated with all other Protective OverAdvances, such Revolving Credit Loans do not aggregate more than $7,500,000; (c) such Protective OverAdvances shall not remain outstanding for more than forty-five (45) days in any period of one hundred eighty (180) consecutive days, and (d) such Revolving Credit Loans are made or undertaken in the Administrative Agent's reasonable, good faith discretion (or as directed by the Collateral Agent) to protect and preserve the interests of the Revolving Credit Lenders. Overadvances on account of circumstances beyond the control of the Agent (such as a drop in collateral value) shall not be deemed "Protective Overadvances" and shall not be subject to the limitations contained herein.
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Protective OverAdvances means an Overadvance which the ABL Agent in its reasonable business judgment in the performance of its duties under the ABL Credit Agreement, determines to be necessary or desirable to, directly or indirectly, (i) maintain, protect or preserve the value of the Collateral and/or the ABL Agent’s rights therein as determined in the discretion of the ABL Agent, including to preserve the Loan Parties’ business assets and infrastructure (such as the payment of insurance premiums, taxes, necessary suppliers, rent and payroll), (ii) commence the Exercise of Any Secured Creditor Remedies, (iii) fund an orderly liquidation or wind-down of the Loan Parties’ assets or business or an Insolvency Proceeding (whether or not occurring prior to or after the commencement of an Insolvency Proceeding), or (iv) enhance the likelihood of, or maximize the amount of, repayment of the ABL Obligations.
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Examples of Protective OverAdvances in a sentence

  • The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in ss.2.1 and the requirements that the applicable provisions of ss.11 (in the case of Revolving Credit Loans made on the Closing Date) and ss.12 be satisfied (except in the case of Protective OverAdvances).

  • OverLoans and Protective OverAdvances.................................

  • The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 and the requirements that the applicable provisions of Section 11 (in the case of Revolving Credit Loans made on the Closing Date) and Section 12 be satisfied (except in the case of Protective OverAdvances).

  • The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in §2.1 and the requirements that the applicable provisions of §11 (in the case of Revolving Credit Loans made on the Closing Date) and §12 be satisfied (except in the case of Protective OverAdvances).

  • Notwithstanding any provision contained in this Agreement to the contrary, the Administrative Agent may (without any obligation to do so) in its sole and absolute discretion make Protective OverAdvances to the Borrowers which would constitute OverLoans.


More Definitions of Protective OverAdvances

Protective OverAdvances. Revolving Credit Loans which are OverAdvances, but as to which each of the following conditions is satisfied: (a) the Maximum Revolving Credit Ceiling is not exceeded; and (b) when aggregated with all other Protective OverAdvances, such Revolving Credit Loans do not aggregate more than five percent (5%) of the lesser of (i) the then-current Borrowing Base and (ii) the Maximum Revolving Credit Ceiling; and (c) such Revolving Credit Loans are made or undertaken in the Agent’s discretion to protect and preserve the interests of the Lenders.
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Protective OverAdvances. Revolving Credit Loans which are OverLoans, but as to which each of the following conditions is satisfied: (a) the Revolving Credit Ceiling is not exceeded; and (b) when aggregated with all other Protective OverAdvances, such Revolving Credit Loans do not aggregate more than 5% of the aggregate of the Borrowing Base; and (c) such Revolving Credit Loans are made or undertaken in the Agents' discretion to protect and preserve the interests of the Lenders.
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Protective OverAdvances any “Protective Advance” as such term is defined in the ABL Loan Agreement.
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Protective OverAdvances means Overadvances which are made or undertaken in Agent’s discretion to (a) protect and preserve the Collateral or (b) protect and preserve the interests of the Lenders, provided that the aggregate outstanding amount of Protective Overadvances shall not exceed $10,000,000 at any time without the prior written consent of Requisite Lenders.
Sample 1
Protective OverAdvances. Revolving Credit Loans which are OverLoans, but as to which each of the following conditions is satisfied: (a) the Revolving Credit Ceiling is not exceeded; and (b) when aggregated with all other Protective OverAdvances, such Revolving Credit Loans do not aggregate more than Ten percent (10%) of the aggregate of the Borrowing Base, not to exceed $7,000,000.00; (c) any Protective OverAdvance may be outstanding for no more than Sixty (60) consecutive Business Days, (d) Protective OverAdvances may only be made up to Two (2) times in any Twelve (12) month period, and (e) such Revolving Credit Loans are made or undertaken in the Agent’s discretion to protect and preserve the interests of the Revolving Credit Lenders.
Sample 1
Protective OverAdvances means an Overadvance which the ABL Agent in its reasonable business judgment in the performance of its duties under the ABL Loan Agreement, determines to be necessary or desirable to (i) maintain, protect or preserve the value of the Collateral, or (ii) enhance the likelihood, or maximize, the repayment of the ABL Obligations.
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Related to Protective OverAdvances

  • Overadvance has the meaning set forth in Section 2.5.

  • Canadian Overadvance has the meaning assigned to such term in Section 2.04(b).

  • Protective Advances has the meaning specified therefor in Section 2.3(d)(i) of the Agreement.

  • Permitted Overadvance means an Overadvance made by the Agent, in its discretion, which:

  • Unintentional Overadvance means an Overadvance which, to the 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 Amount has the meaning specified therefor in Section 2.4(f).

  • Overadvance Loan means a Base Rate Revolving Loan made when an Overadvance exists or is caused by the funding thereof.

  • Revolving Loan Availability means at any time the lesser of (a) the Revolving Loan Commitment or (b) the Borrowing Base Amount.

  • Revolving Loan Outstandings means, at any time of calculation, (a) the then existing aggregate outstanding principal amount of Revolving Loans, and (b) when used with reference to any single Lender, the then existing outstanding principal amount of Revolving Loans advanced by such Lender.

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

  • Swing Loan Exposure means, as of any date of determination with respect to any Lender, such Lender’s Pro Rata Share of the Swing Loans on such date.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Swing Loans each is defined in Section 1.7 hereof.

  • Revolving Loan Exposure means, with respect to any Revolving Lender, as of any date of determination (a) prior to the termination of the Revolver Commitments, the amount of such Lender’s Revolver Commitment, and (b) after the termination of the Revolver Commitments, the aggregate outstanding principal amount of the Revolving Loans of such Lender.

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

  • 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.

  • Extended Revolving Credit Loans shall have the meaning provided in Section 2.14(g)(ii).

  • U.S. Revolving Loans has the meaning set forth in Section 2.1(a).

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Revolving Credit Availability means, at any particular time, the amount by which (x) the Aggregate Revolving Loan Commitment at such time exceeds (y) the Dollar Amount of the Revolving Credit Obligations outstanding at such time.

  • 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.

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

  • Revolving Credit Advances has the meaning assigned to such term in Section 2.1.

  • Term Loan Availability Period means the period starting on the Effective Date and ending on the End Date.

  • Revolving Dollar Credit Exposure means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Syndicated Loans, and its LC Exposure and Swingline Exposure, at such time made or incurred under the Dollar Commitments.

  • Total Revolving Credit Exposure means, at any time, the sum of the outstanding principal amount of all Lenders’ Revolving Loans, their LC Exposure and their Swingline Exposure at such time; provided, that clause (a) of the definition of Swingline Exposure shall only be applicable to the extent Lenders shall have funded their respective participations in the outstanding Swingline Loans.