Amount & Availability. The Committee may establish a minimum amount which a borrower may borrow at any one time from the Plan, exclusive of interest. The maximum amount which a borrower may borrow from the Plan, when added to the outstanding balance of all other loans from the Plan and from any other qualified plans maintained by the Employer and any entity required to be aggregated with the Employer pursuant to Code section 72(p), exclusive of interest, shall not exceed the lesser of: (i) fifty thousand dollars ($50,000), reduced by the excess (if any) of the highest outstanding balance of loans from the Plan to the borrower during the one (1) year period ending on the day before the date on which such loan was made, over the outstanding balance of loans from the Plan to the borrower on the date on which such loan was made; or (ii) fifty percent (50%) of the borrower's vested Plan Account, determined as of the origination date of the loan in the same manner as provided in Section 21.7. A borrower's vested interest in the Plan shall be determined in accordance with Code section 72(p)(2)(A). In addition, the Loan Administrator shall approve a loan made pursuant to this Article only if the Loan Administrator determines, in his or her sole and absolute discretion, that the amount of such loan is reasonable based on factors that are legally considered by commercial entities in the business of making similar loans. In no event shall a loan be made which would be taxed under Code section 72(p) as a distribution from the Plan. Prior default on a Plan loan by a borrower precludes future loans to that borrower.
Amount & Availability. 2.1 Subject to the terms hereof the Facility shall remain available until and the Borrower may make drawings from time to time hereunder on any Business Day prior to the Commitment Termination Date provided that:
(a) at the time of drawing the currency of the drawing is, in the Bank’s opinion, readily available to the Bank in the amount of the drawing and that the Bank is able to determine the applicable rate of interest pursuant to the terms of this letter; and
(b) the Bank shall have received a notice of drawing from the Borrower by 10 a.m. on the Notification Date therefor. The amount of each drawing shall be at least US$250,000 and a multiple of US$50,000. No drawing may be effected on any particular day if the amount thereof together with the amount of interest payable on the last day of the Interest Period selected in respect thereof would otherwise cause the aggregate of the Accrued Interest, the Default Interest and the Total Outstandings on that day to exceed the Facility Limit.
2.2 Each notice of drawing to be given pursuant to Clause 2.1 hereof shall specify the amount of the drawing, the account to which the proceeds of the drawing are to be paid and the term of the Interest Period required. Such notice may be given by facsimile if the proceeds of the drawing are to be credited to a Specified Account. All other notices of drawing must be given by written notice. The proceeds o£ each drawing shall be utilised by the Borrower for working capital purposes.
2.3 Each drawing shall bear interest at the aggregate of 0.75% per annum, the Offered Rate and the Associated Costs Rate. The Borrower shall pay interest on each drawing in arrears on the last day of its Interest Period.
2.4 Each drawing shall be repaid on the last day of its Interest Period. All moneys outstanding hereunder on the Commitment Termination Date shall be repaid by the Borrower on or before the Expiry Date. No Interest Period shall continue after the Expiry Date.
2.5 The Borrower may, by giving to the Bank not less than 1 month’s written notice expiring on or before the Expiry Date, apply to defer the Expiry Date for a period of 1 year or such other period acceptable to the Bank. If the Bank agrees in writing to such deferment the Expiry Date shall be so deferred. The Borrower may make an application prior to each Expiry Date as so deferred provided that in no event will the Expiry Date be extended beyond the date which is 3 years after the date of this letter and at no time may the...
Amount & Availability. 2.1 Subject to the terms hereof the Facilities shall remain available until and may be drawn on any Business Day prior to the Expiry Date provided that at the time of drawing the currency of the drawing is, in the Bank’s opinion, readily available to the Bank in the amount of the drawing and that the Bank is able to determine the applicable rate of interest pursuant to the terms of this letter. No drawing may be affected on any particular day if the amount thereof would otherwise cause the Total Outstandings on that day to exceed the Facility Limit. If at any time the Bank shall determine that the Total Outstandings exceed the Facility Limit by more than 10% then the Borrower shall repay to the Bank on demand in one or more of the currencies (as the Bank shall specify) in which drawings are outstanding at such time an amount equal or equivalent to the amount by which the Facility Limit is exceeded.
2.2 Each notice of drawing to be given pursuant to this letter hereof shall specify the amount and currency of the drawing and the account to which the proceeds are to be paid. The proceeds of each drawing shall be placed by the Borrower on deposit in the Account.
2.3 All moneys from time to time outstanding hereunder shall be repaid by the Borrower in the currency in which they are outstanding on or before the Expiry Date.
2.4 At any time on or after any moneys from time to time outstanding hereunder become repayable by the Borrower, the Bank shall have the right at such time or at any time thereafter to transfer all or any of the amount standing on deposit in the Account to repay an equivalent amount of the amounts outstanding hereunder and repayable at that time.
