Determination of Loan Availability Sample Clauses

The Determination of Loan Availability clause defines the conditions and procedures under which a borrower can access funds from a loan facility. It typically outlines the requirements that must be met before funds are disbursed, such as providing necessary documentation, meeting financial covenants, or satisfying specific milestones. This clause ensures that both lender and borrower have a clear understanding of when and how loan proceeds become available, thereby reducing uncertainty and managing risk for both parties.
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 lesser of the following amounts: 1. Unencumbered Adjusted EBITDA for the previous four (4) quarters (x) multiplied by sixty percent (60%) and (y) divided by nine and one-quarter percent (9.25%); or 2. The Permanent Loan Estimate (using Unencumbered Adjusted EBITDA for the previous four (4) quarters) for such Approved Assets. provided, however, Loan Availability shall be reduced on a dollar for dollar basis (which reduction shall not be applied to the Acquisition Sublimit) by (x) the face amount of any Letters of Credit issued by Agent and outstanding hereunder, (y) one and one-half (1.5) times the amount of any Imposition, Lien or Encumbrance arising with respect to any Approved Asset until same is paid in full, discharged or bonded over to the satisfaction of the Agent (provided that such Imposition, Lien or Encumbrance is less than one percent (1%) of the Capitalization Value of the Approved Asset, it being acknowledged that for so long as any Imposition, Lien or Encumbrance in excess of such amount encumbers an Approved Asset, such Real Estate Asset shall not be an Approved Asset) and (z) any other unsecured indebtedness of Borrower or Guarantor. C. In no event shall Lenders be obligated to make Advances which in the aggregate exceed Loan Availability as determined by Agent from time to time. If at any time Loan Availability is less than the Total Revolving Outstandings, Borrower shall, within thirty (30) days of such determination by Agent, either (i) cure the cause of such reduction in Loan Availability, or (ii) pay the excess to Agent on behalf of the Lenders. No additional Advances shall be made hereunder and no additional Letters of Credit shall be issued hereunder until such time as Agent determines that Loan Availability exceeds the Total Revolving Outstandings. It shall be an Event of Default if Borrower fails to cure the cause of the reduction in Loan Availability or make the required payment within such thirty (30) day period. D. In no event shall Lenders be obligated to make an Advance under the Acquisition Sublimit which exceeds an amount equal to Loan Availability; provided that, solely for purposes of determining the Loan Availability in connection with an Advance under the Acquisition Sublimit, the Approved Acquisition for wh...
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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.