Unintentional Overadvance definition

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.

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Unintentional Overadvance means an Overadvance which, to the Administrative 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) a reduction in the appraised value of property or assets included in the Borrowing Base, (b) components of the Borrowing Base on any date thereafter being deemed ineligible, (c) the imposition of, or increase in, any Reserve or a reduction in advance rates after the funding of any Loan or advance or the issuance, renewal or amendment of a Letter of Credit, (d) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, or (e) any misrepresentation by the Loan Parties.

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 Canadian Borrowing Base or the Domestic Borrowing Base or misrepresentation by the Loan Parties.

Examples of Unintentional Overadvance in a sentence

Between settlement dates, Agent may in its discretion apply payments on Revolver Loans to any existing Unintentional Overadvance or Swingline Loan, regardless of any designation by Borrowers or anything herein to the contrary.
Without limiting the foregoing, the Administrative Agent shall have no liability for, and no Loan Party or Credit Party shall have the right to, or shall, bring any claim of any kind whatsoever against the Administrative Agent with respect to any Unintentional Overadvance regardless of the amount of any such Unintentional Overadvance.
If an Unintentional Overadvance or a Swingline Loan cannot be settled among Lenders, whether due to an Obligor’s Insolvency Proceeding or for any other reason, each Lender shall pay the amount of its participation in the Loan relating to such Unintentional Overadvance or Swingline Loan to Agent, in immediately available funds, within one Business Day after Agent’s request therefor.
Unintentional Overadvance: as defined in Section 2.1.5. Unused Line Fee Rate: a per annum rate equal to (a) 0.30%, if the average daily balance of Loans and stated amount of Letters of Credit was<Total Outstandings were> less than 40% of the Aggregate Commitments during the preceding Fiscal Quarter, or (b) 0.25%, if such average daily balance was<Total Outstandings were> 40% or more of the Aggregate Commitments during the preceding Fiscal Quarter.
Unintentional Overadvance 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.

More Definitions of Unintentional Overadvance

Unintentional Overadvance has the meaning provided therefor in the ABL Credit Agreement.

Unintentional Overadvance means an Overadvance which, to the Administrative 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 Secured Parties, including (a) a reduction in the Appraised Value Percentage, (b) components of the Revolving Borrowing Base, the FILO A Borrowing Base or the FILO B Borrowing Base on any date thereafter being deemed ineligible, (c) the imposition of, or increase in, the Availability Reserve or any FILO Deficiency Reserve or a reduction in advance rates after the funding of any Loan or advance or the issuance, renewal or amendment of a Letter of Credit, (d) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, or (e) any misrepresentation by the Loan Parties.

Unintentional Overadvance means an Overadvance, which, to the Administrative 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 Administrative Agent, including, without limitation, (a) a reduction in the Appraised Value of property or assets included in the Revolving Borrowing Base or the FILO Borrowing Base, (b) components of the Revolving Borrowing Base or the FILO Borrowing Base on any date thereafter being deemed ineligible, (c) the imposition of, or increase in, any Reserve, the FILO Deficiency Reserve or the FILO Seasonal Reserve or a reduction in advance rates after the funding of any Loan or advance or the issuance, renewal or amendment of a Letter of Credit, (d) the return of uncollected checks or other items of payment applied to the reduction of Loans or other similar involuntary or unintentional actions, or (e) any misrepresentation by the Loan Parties.

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

Unintentional Overadvance means, on any date of determination, the aggregate principal amount of Revolving Loans and Letters of Credit at any time outstanding under the Revolving Loan Agreement that are made or issued without actual knowledge that such Revolving Loans and Letters of Credit would cause the aggregate outstanding principal amount of Revolving Loans and Letter of Credit to exceed the amount equal to the Borrowing Base at the time such Revolving Loans are made or Letter of Credit established calculated in accordance with the provisions of the Revolving Loan Agreement.

Unintentional Overadvance means any Overadvance (as defined in the Revolving Credit Agreement) which did not constitute an Overadvance at the time when made, but has become an Overadvance as a result of changed circumstances beyond the control of the Revolving Credit Agent or the Revolving Credit Secured Parties (such as a reduction in the collateral value of the assets included in the Tranche A Borrowing Base or Tranche A-1 Borrowing Base (each as defined in the Revolving Credit Agreement), as applicable, or by a misrepresentations by the Company or its Subsidiaries).