Maximum Advance Sample Clauses
The Maximum Advance clause sets a cap on the total amount of funds that a lender is obligated to provide to a borrower under a credit facility or loan agreement. In practice, this means that even if the borrower requests additional advances or draws, the lender is not required to disburse more than the specified maximum amount. This clause is commonly used in revolving credit arrangements or lines of credit to limit the lender’s financial exposure. Its core function is to manage risk by ensuring the lender’s liability does not exceed a predetermined threshold, thereby providing financial certainty for both parties.
Maximum Advance. The amount advanced to a full-time employee may not exceed thirty (30) days. Part-time employees, working under a regular tour of duty, may be advanced sick leave on a pro rata basis.
Maximum Advance. The maximum amount of credit available to be drawn upon from time to time under this Agreement, determined as of each Measurement Date and being effective as set out in Section 2.01(c), but in no event to exceed the Facility Limit (the "Maximum Advance"), is the product of (a) 58% from the date hereof through June 30, 2000, and 55% thereafter, and (b) the sum of (i) Total Cost of each Non-Stabilized Borrowing Base Hotel, and (ii) the Capitalized Value of each Stabilized Borrowing Base Hotel less (iii) the FF&E Deficiency. On July 1, 2000, Borrower shall provide a Borrowing Base Certificate recalculating the Maximum Advance available hereunder based on the product of 55% of the sums described in (b) above, as shown on the then-effective Borrowing Base Value Certificate, and, if the Maximum Advance is thus reduced, such reduction shall become effective on such date.
Maximum Advance. The maximum amount of credit available to be drawn upon from time to time under this Agreement, determined as of each Measurement Date and being effective as set out in Section 2.01(c), but in no event to exceed the Facility Limit (the "Maximum Advance"), is the product of (a) 60% and (b) the sum of (i) the Total Cost of each Non-Stabilized Borrowing Base Hotel, and (ii) the Capitalized Value of each Stabilized Borrowing Base Hotel, less (iii) the FF&E Deficiency."
3. Amendments to Article VI. Article VI of the Credit Agreement is amended as follows:
(a) Section 6.06 of the Credit Agreement is deleted, and the following is substituted in lieu thereof:
Maximum Advance. The maximum amount of credit available to be drawn upon from time to time under this Agreement, determined as of each Measurement Date and being effective as set out in Section 2.01(c), but in no event to exceed the Facility Limit (the "Maximum Advance"), is the product of (a) 55% and (b) the sum of (i) Total Cost of each Non-Stabilized Borrowing Base Hotel, and (ii) the Capitalized Value of each Stabilized Borrowing Base Hotel less (iii) the FF&E Deficiency.