Amounts Available for Borrowing Clause Samples
The "Amounts Available for Borrowing" clause defines the maximum sum that a borrower is permitted to draw under a loan agreement. It typically outlines the total credit limit, any sub-limits for specific purposes, and may specify conditions or formulas for calculating the available amount at any given time, such as based on collateral value or outstanding balances. This clause ensures both parties are clear on the borrowing capacity, preventing misunderstandings and managing the lender's risk exposure.
Amounts Available for Borrowing. Upon the terms and subject to the conditions of this Credit Agreement, from time to time during the Revolving Credit Availability Period, Borrower may request and each Lender shall advance to Borrower Loans hereunder in available funds, denominated in Dollars, by following the procedures for requesting Loans set forth in this Section 2.1, provided that (i) the sum of the outstanding principal amount of all Loans (after giving effect to all amounts requested) made by any given Lender shall not at any time exceed such Lender's Commitment in effect at such time, and (ii) the sum of the outstanding principal amount of all Loans made by all Lenders (after giving effect to all amounts requested) shall not at any time exceed the Maximum Aggregate Available Loan Amount in effect at such time.
Amounts Available for Borrowing. (a) Upon the terms and subject to the conditions of this Agreement, from time to time during the Revolving Credit Availability Period, Borrower may request and Lender may advance to Borrower Loans hereunder in available funds, denominated in Dollars, by following the procedures for requesting Loans set forth in this §2.1, provided that the sum of the outstanding principal amount of all Loans (after giving effect to all amounts requested) shall not at any time exceed the Maximum Aggregate Available Loan Amount in effect at such time, and further provided that Lender (in its sole and absolute discretion) may honor or refuse to honor any such request in whole or in part.
(b) To request the advance of a Loan hereunder, Borrower shall notify Lender in writing in the form of Exhibit A hereto (or telephonic notice confirmed in writing with such form) of each Loan requested hereunder (a “Loan Request”) (i) no later than 2:00 p.m., New York time, on the proposed Drawdown Date of any Prime Rate Loan and (ii) no later than 2:00 p.m., New York time, on the date that is one (1) Eurodollar Business Day prior to the proposed Drawdown Date for any LIBOR Loan. Each such notice shall specify (A) the principal amount of the Loan requested, (B) the proposed Drawdown Date of such Loan, and (C) whether such Loan shall be a Prime Rate Loan or a LIBOR Loan (and, if the requested Loan is a LIBOR Loan, the initial Interest Period for such Loan). Each such Loan Request shall be irrevocable and binding on Borrower and shall obligate Borrower to accept the Loan requested from Lender on the proposed Drawdown Date. Notwithstanding anything to the contrary contained herein, subject to the provisions of this §2.1 and so long as no Event of Default is continuing, Borrower may make Loan Requests for additional Loans prior to the repayment of any previously outstanding Loans, and the proceeds of such additional Loans may be for any permitted purpose, including the repayment (or refinancing) of Loans previously made. Each Loan Request for a Prime Rate Loan shall be in a minimum aggregate amount of $100,000, and each Loan Request for a LIBOR Loan shall be in a minimum aggregate amount of $250,000. There shall not be more than three (3) outstanding Loans that are LIBOR Loans at any time.
(c) The obligation of Borrower to repay to Lender the principal of the Loans and interest accrued thereon, at the request of Lender, may be evidenced by one or more promissory notes (collectively, the “Note”) i...