{"component": "clause", "props": {"groups": [{"snippet": "(a) Subject to the terms of this Agreement and so long as (i) the total Principal Debt does not exceed the Maximum Facility Amount, (ii) the Principal Debt owed to the Lenders shall not exceed the total Collateral Value of all Eligible Mortgage Collateral, (iii) no Borrowing ever exceeds the Availability, and (iv) Borrowings are only made on Business Days before the Drawdown Termination Date, each Issuer (other than \u2587\u2587\u2587\u2587\u2587\u2587\u2587, and in the case of the Calyon Group, either Atlantic or La Fayette or both) may, each in its sole discretion, and \u2587\u2587\u2587\u2587\u2587\u2587\u2587 shall make an Advance ratably in accordance with the Bank Commitment of its Group Bank, and, except in the case of the Lloyds Group, to the extent that an Issuer does not make such Advance (or, in the case of Atlantic and La Fayette, to the extent neither such Issuer makes such Advance), its Group Banks shall, ratably in accordance with their Bank Commitments, make such Advance, to the Borrower from time to time in such amounts as may be requested by the Borrower pursuant to Section 2.3, so long as (A) each Borrowing is the least of (x) the Availability, and (y) the Available Collateral Value as of such date, and (B) such Borrowing is at least $15,000,000 and in integral multiples of $10,000 in excess thereof. Within the limits of the Maximum Facility Amount, the Borrower may borrow, prepay (whether pursuant to Section 2.5 or Section 3.3(a) of this Agreement or otherwise), and reborrow under this Section 2.1. Notwithstanding anything to the contrary contained in this Agreement, subject to the terms of this Agreement, \u2587\u2587\u2587\u2587\u2587\u2587\u2587 shall not decline to make any Advance requested by the Borrower as long as the conditions set forth in the first sentence of this paragraph are satisfied; provided further that \u2587\u2587\u2587\u2587\u2587\u2587\u2587, will fund such Advance by either the issuance of commercial paper (in accordance with Section 8.09(e) of its Liquidity Agreement) or will fund such Advance by drawing under its Liquidity Agreement.\n(b) The Borrower may request an extension of the Drawdown Termination Date to a date occurring up to 364 days after the date the extension is granted, by written request to the Lenders, the Managing Agents and the Administrative Agent given at least 60 days and no more than 225 days, prior to the then Drawdown Termination Date. If the Lenders, the Managing Agents and the Administrative Agent shall in their sole discretion consent to such extension within 45 (it being understood that it shall be deemed denied if no consent is given within 45 days) days of the request, then the date set forth in clause (a) of the definition of Drawdown Termination Date shall be extended to the requested date (occurring up to 364 days after the date such request is granted by such Persons). If any Lender declines to consent to an extension requested pursuant to this Section 2.1, but the other Lenders nevertheless desire to consent to the extension or confirmation, then the extension shall be granted, and at the option of the Managing Agent(s) of the extending Lenders, either (a) the Maximum Facility Amount shall be reduced by the Bank Commitments of such non-extending Lender on what would have been the Drawdown Termination Date but for the extension, or (b) the Managing Agent(s) of the extending Lenders shall find a replacement for such non-extending Lender. If Calyon New York and Issuers in the Calyon New York Group decline to consent to the extension, but the other Lenders nevertheless desire to consent to the extension, then the extension shall be granted, and Calyon New York shall cease to be the Administrative Agent and the Borrower, with the consent of the Lenders, shall appoint another Bank as the Administrative Agent hereunder. To the extent that any Lender declines to extend the Drawdown Termination Date, the Obligations of such non-extending Lender will be repaid pursuant to Section 2.7(c)(iii) hereof. Any extension of the Drawdown Termination Date may be accompanied by such additional fees as the parties shall mutually agree. Any failure of any party to respond to the Borrower\u2019s request for an extension shall be deemed a denial of such request by such party. The Lenders, Managing Agents and the Administrative Agent agree to use commercially reasonable efforts to respond to any request by the Borrower for an extension; provided that under no circumstances shall the Lenders, the Managing Agents or the Administrative Agent have any liability to the Borrower for any failure to respond and a failure to respond shall not be deemed to be a consent to any request.\n(c) The Borrower may, upon at least thirty (30) days prior irrevocable notice to the Managing Agents and the Administrative Agent, but no more than once every three months, reduce the Maximum Facility Amount; provided, however, that each partial reduction shall be in the aggregate amount of $10,000,000 and in integral multiples of $1,000,000 in excess thereof; provided further, however that no such reduction shall reduce the Maximum Facility Amount below the greater of (i) the total Principal Debt owed to the Lenders and (ii) $300,000,000. Any partial reduction in the Maximum Facility Amount will reduce the Bank Commitment of each Group Bank ratably.\n(d) The Borrower may, upon at least thirty (30) days\u2019 prior irrevocable notice to the Administrative Agent, the Managing Agents and the Collateral Agent, and payment in full of all Obligations, terminate the Bank Commitments and reduce the Maximum Facility Amount to zero.", "size": 11, "snippet_links": [{"key": "terms-of-this-agreement", "type": "clause", "offset": [19, 42]}, {"key": "total-principal-debt", "type": "definition", "offset": [66, 86]}, {"key": "the-principal", "type": "definition", "offset": [137, 150]}, {"key": "total-collateral-value", "type": "definition", "offset": [197, 219]}, {"key": "eligible-mortgage-collateral", "type": "definition", "offset": [227, 255]}, {"key": "no-borrowing", "type": "clause", "offset": [263, 275]}, {"key": "business-days", "type": "clause", "offset": [344, 357]}, {"key": "drawdown-termination-date", "type": "definition", 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{"snippet": "After giving effect to the requested Advance, the Advances Outstanding shall not exceed the Maximum Facility Amount;", "size": 5, "snippet_links": [{"key": "after-giving", "type": "clause", "offset": [0, 12]}, {"key": "advances-outstanding", "type": "definition", "offset": [50, 70]}], "samples": [{"hash": "Dnc8wLEZav", "uri": "/contracts/Dnc8wLEZav#maximum-facility-amount", "label": "Loan and Security Agreement (Offerpad Solutions Inc.)", "score": 35.9295005798, "published": true}, {"hash": "ak644gHV2HZ", "uri": "/contracts/ak644gHV2HZ#maximum-facility-amount", "label": "Loan and Security Agreement (Offerpad Solutions Inc.)", "score": 34.7905540466, "published": true}, {"hash": "fA5osyBNSc5", "uri": "/contracts/fA5osyBNSc5#maximum-facility-amount", "label": "Loan and Security Agreement (Offerpad Solutions Inc.)", "score": 33.8350448608, "published": true}], "hash": "299be67a6dedbf1a39beb666f4a30795", "id": 2}, {"snippet": "After giving effect to the requested Transaction, the aggregate outstanding Purchase Price for all Purchased Assets and the Pledged Assets subject to then outstanding Transactions under this Agreement, when combined with any outstanding Purchase Price then supported by the Pledged Assets, shall not exceed the Maximum Facility Amount;", "size": 5, "snippet_links": [{"key": "after-giving", "type": "clause", "offset": [0, 12]}, {"key": "purchase-price-for", "type": "clause", "offset": [76, 94]}, {"key": "all-purchased-assets", "type": "clause", "offset": [95, 115]}, {"key": "pledged-assets", "type": "definition", "offset": [124, 138]}, {"key": "subject-to", "type": "definition", "offset": [139, 149]}, {"key": "outstanding-transactions", "type": "clause", "offset": [155, 179]}, {"key": "this-agreement", "type": "clause", "offset": [186, 200]}], "samples": [{"hash": "4dYgHkfa4Oh", "uri": "/contracts/4dYgHkfa4Oh#maximum-facility-amount", "label": "Master Repurchase Agreement (Rocket Companies, Inc.)", "score": 33.3531837463, "published": true}, {"hash": "jHJylxS6WP3", "uri": "/contracts/jHJylxS6WP3#maximum-facility-amount", "label": "Master Repurchase Agreement (Rocket Companies, Inc.)", "score": 31.5133476257, "published": true}, {"hash": "cq7MbeNwamV", "uri": "/contracts/cq7MbeNwamV#maximum-facility-amount", "label": "Master Repurchase Agreement (Rocket Companies, Inc.)", "score": 31.5133476257, "published": true}], "hash": "5cd87a9700b2890b437e7d239e337947", "id": 3}, {"snippet": "The sum of (i) the unpaid Repurchase Price (excluding accrued but unpaid Price Differential) for all prior outstanding Transactions and (ii) the requested Purchase Price for the pending Transaction, in each case, does not exceed the Maximum Facility Amount.", "size": 4, "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [4, 10]}, {"key": "repurchase-price", "type": "definition", "offset": [26, 42]}, {"key": "price-differential", "type": "definition", "offset": [73, 91]}, {"key": "outstanding-transactions", "type": "clause", 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subject to then outstanding Transactions shall not exceed FIVE HUNDRED MILLION DOLLARS ($500,000,000) (the \"Total Facility Amount\").", "size": 4, "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [0, 15]}, {"key": "all-transactions", "type": "clause", "offset": [16, 32]}, {"key": "purchase-price-for", "type": "clause", "offset": [58, 76]}, {"key": "purchased-mortgage-loans", "type": "definition", "offset": [81, 105]}, {"key": "subject-to", "type": "definition", "offset": [122, 132]}, {"key": "outstanding-transactions", "type": "clause", "offset": [138, 162]}, {"key": "total-facility-amount", "type": "definition", "offset": [230, 251]}], "samples": [{"hash": "iVwgBYO2GvT", "uri": "/contracts/iVwgBYO2GvT#maximum-facility-amount", "label": "Master Repurchase Agreement (Fieldstone Investment Corp)", "score": 21.0, "published": true}, {"hash": "7I6N81pexxj", "uri": "/contracts/7I6N81pexxj#maximum-facility-amount", "label": "Master Repurchase Agreement (Fieldstone 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At the Purchaser\u2019s absolute and sole discretion it may deny or agree to such a request. If the Purchaser agrees to increase the Maximum Facility Amount, such increase shall be effected by the delivery of a Maximum Facility Amount", "size": 2, "snippet_links": [{"key": "during-the-term-of-this-agreement", "type": "clause", "offset": [0, 33]}, {"key": "the-seller-representative", "type": "clause", "offset": [35, 60]}, {"key": "the-purchaser", "type": "definition", "offset": [78, 91]}, {"key": "sole-discretion", "type": "definition", "offset": [162, 177]}, {"key": "agree-to", "type": "clause", "offset": [193, 201]}, {"key": "agrees-to", "type": "clause", "offset": [235, 244]}, {"key": "delivery-of-a", "type": "clause", "offset": [322, 335]}], "samples": [{"hash": "f8nQfBaBef1", "uri": "/contracts/f8nQfBaBef1#maximum-facility-amount", "label": "Master Accounts Receivable Purchase Agreement (Plexus Corp)", "score": 28.0910339355, "published": true}, {"hash": "dkAeVd5DExe", "uri": "/contracts/dkAeVd5DExe#maximum-facility-amount", "label": "Accounts Receivable Purchase Agreement (Plexus Corp)", "score": 27.7652301788, "published": true}], "hash": "96fed1850ce9bed0647cc7b1ee51f2ef", "id": 7}, {"snippet": "Equivalent to US Dollars Six Million Five Hundred Thousand Only (USD6, 500, 000) For the purpose of calculating the Maximum Facility Amount, the calculation shall be made at relevant exchange rate determined by the Bank. If the aggregate of all amounts outstanding under this Agreement at any one time exceed the aforesaid Maximum Facility Amount as a result of a change in the exchange rate, the Bank shall reserve its right to demand immediate repayment of any such excess amount. In any event, the aggregate amounts of the outstanding under the Facility Agreement for the two customers shall not exceed the Maximum Facility Amount.", "size": 2, "snippet_links": [{"key": "for-the-purpose-of", "type": "definition", "offset": [81, 99]}, {"key": "calculating-the", "type": "clause", "offset": [100, 115]}, {"key": "relevant-exchange-rate", "type": "definition", "offset": [174, 196]}, {"key": "by-the-bank", "type": "clause", "offset": [208, 219]}, {"key": "amounts-outstanding", "type": "definition", "offset": [245, 264]}, {"key": "this-agreement", "type": "clause", "offset": [271, 285]}, {"key": "a-change-in", "type": "definition", "offset": [362, 373]}, {"key": "the-exchange-rate", "type": "clause", "offset": [374, 391]}, {"key": "the-bank-shall", "type": "clause", "offset": [393, 407]}, {"key": "right-to-demand", "type": "clause", "offset": [420, 435]}, {"key": "repayment-of", "type": "clause", "offset": [446, 458]}, {"key": "excess-amount", "type": "clause", "offset": [468, 481]}, {"key": "agreement-for", "type": "clause", "offset": [557, 570]}], "samples": [{"hash": "gCC1EZRSnwm", "uri": "/contracts/gCC1EZRSnwm#maximum-facility-amount", "label": "Short Term Revolving Facility Agreement (Highpower International, Inc.)", "score": 20.2785758972, "published": true}], "hash": "dba13530f8d4f253f118f8953525c029", "id": 8}, {"snippet": "After giving effect to the requested Advance and any repayment of Advances on the Funding Date, the Advances Outstanding shall not exceed the Maximum Facility Amount;", "size": 1, "snippet_links": [{"key": "after-giving", "type": "clause", "offset": [0, 12]}, {"key": "repayment-of-advances", "type": "clause", "offset": [53, 74]}, {"key": "funding-date", "type": "clause", "offset": [82, 94]}, {"key": "advances-outstanding", "type": "definition", "offset": [100, 120]}], "samples": [{"hash": "jlse4TnQlYU", "uri": "/contracts/jlse4TnQlYU#maximum-facility-amount", "label": "Loan and Security Agreement (Redfin Corp)", "score": 30.8453121185, "published": true}], "hash": "47b4a3340750611cbcb9b9b78b03e924", "id": 9}, {"snippet": "Subject to the conditions and upon the terms herein provided, and subject specifically to the restrictions set forth in the remainder of this Section 2.1.1, \u2587\u2587\u2587\u2587\u2587\u2587\u2587 hereby agree to lend to \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, and \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 agrees to borrow from Lenders, a loan (the \u201cLoan\u201d), in a maximum principal amount not to exceed the Maximum Facility Amount. The Loan shall be repaid with interest, costs and charges as more particularly set forth in this Agreement, the Note, the Security Instrument and the other Loan Documents. Principal amounts of the Loan which are repaid for any reason may not be reborrowed. The decision to make any Advance under this Loan shall be subject to \u2587\u2587\u2587\u2587\u2587\u2587\u2019s sole but good faith discretion, including, without limitation, satisfaction of the conditions set forth in Section 2.1.6 through Section 2.1.8, as applicable. The Loan shall be funded in one or more Advances. For the avoidance of doubt, nothing contained in this Agreement or the other Loan Documents shall be construed to constitute a commitment to advance any Advance.", "size": 1, "snippet_links": [{"key": "subject-to-the", "type": "definition", "offset": [0, 14]}, {"key": "the-terms", "type": "definition", "offset": [35, 44]}, {"key": "the-restrictions", "type": "clause", "offset": [90, 106]}, {"key": "agree-to", "type": "clause", "offset": [172, 180]}, {"key": "to-borrow", "type": "clause", "offset": [219, 228]}, {"key": "from-lenders", "type": "clause", "offset": [229, 241]}, {"key": "a-loan", "type": "definition", "offset": [243, 249]}, {"key": "amount-not-to-exceed", "type": "clause", "offset": [287, 307]}, {"key": "loan-shall", "type": "definition", "offset": [341, 351]}, {"key": "with-interest", "type": "definition", "offset": [362, 375]}, {"key": "costs-and-charges", "type": "clause", "offset": [377, 394]}, {"key": "the-note", "type": "clause", "offset": [445, 453]}, {"key": "security-instrument", "type": "clause", "offset": [459, 478]}, {"key": "other-loan-documents", "type": "definition", "offset": [487, 507]}, {"key": "principal-amounts", "type": "clause", "offset": [509, 526]}, {"key": "for-any-reason", "type": "clause", "offset": [556, 570]}, {"key": "the-decision", "type": "clause", "offset": [594, 606]}, {"key": "any-advance", "type": "clause", "offset": [615, 626]}, {"key": "good-faith", "type": "clause", "offset": [681, 691]}, {"key": "without-limitation", "type": "clause", "offset": [715, 733]}, {"key": "satisfaction-of-the-conditions", "type": "clause", "offset": [735, 765]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [881, 907]}, {"key": "agreement-or", "type": "definition", "offset": [935, 947]}, {"key": "to-advance", "type": "definition", "offset": [1019, 1029]}], "samples": [{"hash": "1SJ5GfS92IH", "uri": "/contracts/1SJ5GfS92IH#maximum-facility-amount", "label": "Loan and Security Agreement (Vinebrook Homes Trust, Inc.)", "score": 36.4962354552, "published": true}], "hash": "faf98089258c59a64b1e11ed1f13c41e", "id": 10}], "next_curs": "CmASWmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjwLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiBtYXhpbXVtLWZhY2lsaXR5LWFtb3VudCMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [], "parents": [["conditions-precedent-to-all-transactions", "Conditions Precedent to all Transactions"], ["amount-and-terms-of-commitment", "Amount and Terms of Commitment"], ["conditions-precedent-to-each-advance", "Conditions Precedent to each Advance"], ["initiation-termination", "Initiation Termination"], ["facility", "Facility"]], "title": "Maximum Facility Amount", "size": 44, "id": "maximum-facility-amount", "related": [["maximum-credit", "Maximum Credit", "Maximum Credit"], ["minimum-amount-of-each-borrowing-maximum-number-of-borrowings", "Minimum Amount of Each Borrowing; Maximum Number of Borrowings", "Minimum Amount of Each Borrowing; Maximum Number of Borrowings"], ["loan-amount", "Loan Amount", "Loan Amount"], ["maximum-drawing-amount", "Maximum Drawing Amount", "Maximum Drawing Amount"], ["line-of-credit-amount", "Line of Credit Amount", "Line of Credit Amount"]], "related_snippets": [], "updated": "2025-07-15T01:04:09+00:00", "also_ask": ["What negotiation levers exist to adjust the Maximum Facility Amount in favor of the borrower or lender?", "Which essential definitions and carve-outs must be included to avoid ambiguity in the Maximum Facility Amount clause?", "What are the most common legal pitfalls or loopholes that could undermine the enforceability of the Maximum Facility Amount?", "How does the Maximum Facility Amount clause compare to market standards in similar financing agreements?", "What arguments have courts accepted or rejected when disputes arise over the interpretation or application of the Maximum Facility Amount?"], "drafting_tip": "Specify the exact facility amount to prevent disputes; state whether the amount is a cap or a limit to ensure clarity; define any adjustment mechanisms to address future changes.", "explanation": "The Maximum Facility Amount clause sets a cap on the total amount of funds that can be drawn or borrowed under a particular credit facility or loan agreement. In practice, this means that regardless of the number of drawdowns or advances made, the aggregate outstanding amount cannot exceed the specified maximum limit. For example, if the maximum facility amount is set at $10 million, the borrower cannot access more than this sum at any time, even if previous amounts have been repaid and redrawn. This clause serves to limit the lender's financial exposure and provides clear boundaries for both parties regarding the extent of available credit."}, "json": true, "cursor": ""}}