Excess Loan Amount Sample Clauses
The Excess Loan Amount clause defines the portion of a loan that exceeds a predetermined threshold or limit set by the agreement. In practice, this clause identifies any borrowed funds that go beyond the agreed maximum, often triggering additional terms such as higher interest rates, stricter repayment conditions, or special reporting requirements for the excess portion. Its core function is to manage and control lending risk by clearly delineating the consequences and obligations associated with borrowing more than the standard loan amount.
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Excess Loan Amount. If, on any date, the aggregate outstanding principal amount of all Advances under each of the Notes exceeds the Maximum Total Loan Amount (such excess amount, the “Excess Loan Amount”), the Borrower shall, within five (5) Business Days, deliver to DOE and FFB a Prepayment Election Notice specifying that it elects to prepay the Advances under the Notes in a principal amount equal to such Excess Loan Amount in accordance with Section 3.6(c)(vi) and shall make such prepayment within five (5) Business Days after the delivery of such Prepayment Election Notice.
Excess Loan Amount. If on any date, (A) the aggregate Note A Loan Amount exceeds the Note A Maximum Loan Amount (the amount of such excess, the “Note A Excess Loan Amount”) or (B) the aggregate Note B Loan Amount exceeds the Note B Maximum Loan Amount (the amount of such excess, the “Note B Excess Loan Amount”), the Borrower shall deliver to DOE within **** following its Knowledge of such excess either (A) a Prepayment Election Notice specifying that it elects to prepay the principal amount of one or more Advances (and if applicable capitalized interest thereon) equal to such Note A Excess Loan Amount or Note B Excess Loan Amount, as applicable, and shall make such prepayment on the date specified in such Prepayment Election Notice, which shall be no later than **** following delivery of such Prepayment Election Notice or (B) evidence satisfactory to DOE that the Borrower has paid additional Project Costs with respect to Block 1 (in the case of a Note A Excess Loan Amount) or Block 2 (in the case of a Note B Excess Loan Amount) (in each case, as contemplated in the then current Construction Budget), after the date of the Advance or capitalization of interest that caused such Note A Excess Loan Amount or Note B Excess Loan Amount, and after giving effect to the payment of such additional Project Costs the aggregate Note A Loan Amount no longer exceeds the Note A Maximum Loan Amount and the aggregate Note B Loan Amount no longer exceeds the Note B Maximum Loan Amount; provided that, if the Borrower has submitted evidence to DOE for the payment of additional Project Costs pursuant to this clause (B), the Borrower shall not have an obligation to deliver the Prepayment Election Notice contemplated in clause (A) prior to DOE’s notification in writing to the Borrower that such evidence is not satisfactory. If DOE notifies the Borrower in writing that it is not satisfied with such evidence, then the Borrower shall deliver a Prepayment Election Notice pursuant to clause (A) above within **** after receipt of such notice from DOE.
Excess Loan Amount. If, on any date, the aggregate Guaranteed Loan Amount exceeds the Maximum Guaranteed Loan Amount (the amount of such excess, the “Excess Loan Amount”), the Borrower shall deliver to the Guarantor and FFB within [*****] following its Knowledge of such event a Prepayment Election Notice specifying that it elects to prepay the principal amount of one or more Advances (and if applicable capitalized interest thereon) equal to such Excess Loan Amount and shall make such prepayment on the date specified in such Prepayment Election Notice, which shall be no later than [*****] following delivery of such Prepayment Election Notice, unless (x) the Borrower has delivered a Master Advance Notice requesting an Advance, the amount of which will be reduced by the Excess Loan Amount in accordance with Section 5.05 (Advance Deductions), provided that, if such requested Advance is not actually made, the Borrower shall make the prepayment contemplated hereby as if it had acquired Knowledge of the Excess Loan Amount on the Requested Advance Date contemplated in such Master Advance Notice;
Excess Loan Amount. If, on any date, the aggregate Loan Amount exceeds the Maximum Loan Amount (the amount of such excess, the “Excess Loan Amount”), the Borrower shall deliver to DOE and FFB within three Business Days following its Knowledge of such event a Prepayment Election Notice specifying that it elects to prepay the principal amount of one or more Advances (and if applicable capitalized interest thereon) equal to such Excess Loan Amount and shall make such prepayment on the date specified in such Prepayment Election Notice, which shall be no later than five Business Days following delivery of such Prepayment Election Notice.