LOC Availability definition
LOC Availability means the lesser of (a) the LOC Facility minus the outstanding Facility LOC Obligations or (b) the Availability.
Examples of LOC Availability in a sentence
The Equipment Line of Credit is available between the date of this Agreement and the date which is three hundred sixty four (364) days after the Closing Date (the “Equipment LOC Availability Period”), unless Borrower is in default under this Agreement.
After the expiration of the Equipment LOC Availability Period, Borrower shall not be entitled to any additional advances under the Equipment Line of Credit Note.
Any amount of principal repaid by Borrower during the Equipment LOC Availability Period may again be borrowed by Borrower, provided that the aggregate principal balance outstanding at any time does not exceed the Equipment LOC Credit Limit.