Determination of Loan Availability Sample Clauses

Determination of Loan Availability. (a) Loan Availability shall be initially calculated by Borrower and finally determined by Administrative Agent in its sole discretion on the first day of each fiscal quarter. (b) For any period of determination, Loan Availability shall equal the lesser of the following amounts: (i) The aggregate Commitment of all of the Lenders; (ii) Seventy percent (70%) of the value of the Approved Assets (and for purposes of this determination, Borrower shall provide evidence to Administrative Agent that each such Approved Asset continues to satisfy the requirements of an Approved Asset, including the Minimum Lease Up Requirement) as determined by Administrative Agent based on Appraisals obtained and reviewed by Administrative Agent (prior to the Effective Date, in connection with an Approved Asset Closing or in connection with the exercise by Borrower of the Extension Option); provided, however if an Approved Asset was acquired by Borrower or the Approved Subsidiary within the previous two fiscal quarters, the value attributable thereto shall not exceed Borrower’s undepreciated GAAP basis therein; or (iii) The Permanent Loan Estimate (using Adjusted NOI for Approved Assets during the previous two (2) fiscal quarters, annualized); provided, however, Loan Availability shall be reduced on a dollar for dollar basis by (x) the Letter of Credit Liabilities, (y) the aggregate balance of any Swingline Loans made by the Swingline Lender and outstanding hereunder, and (z) one and one-half (1.5) times the amount of any Lien (other than any Lien securing the Loan) arising with respect to any Approved Asset until same is paid in full, discharged or bonded over to the satisfaction of the Administrative Agent (provided that such Lien is less than one percent (1%) of the Permanent Loan Estimate of the Approved Asset, it being acknowledged that for so long as any Lien in excess of such amount encumbers an Approved Asset, such Real Estate Asset shall not be an Approved Asset). (c) In no event shall Lenders be obligated to make advances which in the aggregate exceed Loan Availability as determined by Administrative Agent from time to time. If at any time Loan Availability is less than the aggregate unpaid principal balance of advances outstanding, Borrower shall, within ninety (90) days of such determination by Administrative Agent, either (i) cure the cause of such reduction in Loan Availability, or (ii) pay the excess of amounts outstanding under the Loan over Loan Availability to Admi...
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Determination of Loan Availability. A. Loan Availability shall be calculated by Agent on behalf of the Lenders on the first day of each calendar quarter and on each Calculation Date. B. For any period of determination, Loan Availability shall equal the sum of the Tranche A Loan Availability and Tranche B Loan Availability as determined in accordance with Sections 2.B.3.C and 2.B.3.D, respectively, as may be reduced in accordance with Section 2.B.3.E. C. For any period of determination, Tranche A Loan Availability shall equal the sum of the following three amounts, rounded down to the nearest $1,000,000.00 increment: 1. With respect to Approved Assets which, as of the Calculation Date, either Borrower or an Approved Subsidiary has owned for more than one year (and which have been in operation for more than one year), the lesser of:
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Related to Determination of Loan Availability

  • Undrawn Availability After giving effect to the initial Advances hereunder, Borrowers shall have Undrawn Availability of at least $10,000,000;

  • Circumstances Affecting LIBOR Rate Availability In connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 5.1(d)), on the last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest Period.

  • Minimum Amount of Each Borrowing; Maximum Number of Borrowings The aggregate principal amount of each Borrowing of Loans shall be in a multiple of $100,000 and shall not be less than the Minimum Borrowing Amount. More than one Borrowing may occur on any date; provided that at no time shall there be outstanding more than four (4) Borrowings of LIBOR Loans under this Agreement.

  • Laws Affecting LIBOR Rate Availability If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans hereunder, and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period applicable thereto as a LIBOR Rate Loan, the applicable LIBOR Rate Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.

  • FUNDING AVAILABILITY This Contract is contingent upon the continued availability of funding. If funds become unavailable through the lack of appropriations, legislative or executive budget cuts, amendment of the Appropriations Act, state agency consolidation or any other disruptions of current appropriations, DFPS will reduce or terminate this Contract.

  • RDDS availability Refers to the ability of all the RDDS services for the TLD, to respond to queries from an Internet user with appropriate data from the relevant Registry System. If 51% or more of the RDDS testing probes see any of the RDDS services as unavailable during a given time, the RDDS will be considered unavailable.

  • Funds Availability For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, federal holidays and legal banking holidays in the State of Utah.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Minimum Availability Borrower shall have minimum availability immediately following the initial funding in the amount set forth on the Schedule.

  • Excess Availability Borrowers shall have Excess Availability at all times of at least (i) as of any date of determination during the period from July 25, 2016 through and including August 29, 2016, $10,000,000, (ii) as of any date of determination during the period from August 30, 2016 through and including October 17, 2016, $13,000,000, (iii) as of any date of determination during the period from October 18, 2016 through and including October 31, 2016, $17,500,000, and (iv) as of any date of determination during the period from November 1, 2016 through and including December 31, 2016, $20,000,000.

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