Common use of Available Amount Clause in Contracts

Available Amount. It is understood and agreed that the Issuing Bank shall not have any obligation to pay any draft presented by the Agent under the Debt Service Letter of Credit if the amount of such draft shall exceed the Available Amount (as defined below) as of the date of payment of such draft. "Available Amount" shall mean, as of any date, the amount by which the Required Stated Amount exceeds the aggregate outstanding principal amount of all Debt Service Letter of Credit Loans as of such date.