Common use of Application of Claim Limit Clause in Contracts

Application of Claim Limit. The maximum aggregate amount claimed by the Lender under any Payment Claim in respect of a Scheme Facility that is offered during a Scheme Period (and in respect of which the Initial Drawdown Date has occurred within six (6) months of the relevant Offer Date, whether or not during that Scheme Period), when aggregated with the total amount already claimed by the Lender under Payment Claims in respect of that Scheme Facility and other Scheme Facilities that were offered during the same Scheme Period, cannot exceed the Claim Limit for that Scheme Period. If the making of a Payment Claim would result in the relevant Claim Limit being exceeded, the Guarantor will have no obligation to pay any amount in respect of any such Payment Claim to the extent of any such excess.