Ancillary Facility Lenders Clause Samples
The 'Ancillary Facility Lenders' clause defines the parties that provide additional credit facilities or financial services related to, but separate from, the main loan agreement. These lenders may offer services such as overdraft lines, letters of credit, or other ancillary financial products to the borrower, often under terms that are coordinated with the primary lending arrangement. The clause clarifies the rights and obligations of these ancillary lenders, ensuring that their interests are recognized and integrated within the broader financing structure, thereby preventing conflicts and ensuring smooth operation of all related financial facilities.
Ancillary Facility Lenders. (a) This Clause 30 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary Facility Lender at any time prior to service of notice under Clause 26.2 (Acceleration) or Clause 26.3 (Maintenance Covenant Revolving Facility Acceleration).
(b) Following service of notice under Clause 26.2 (Acceleration) or Clause 26.3 (Maintenance Covenant Revolving Facility Acceleration), this Clause 30 shall apply to all receipts or recoveries by Ancillary Facility Lenders except to the extent that the receipt or recovery represents a reduction of the Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Net Outstandings.
Ancillary Facility Lenders. (a) This Clause 35 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary Facility Lender at any time prior to service of notice under Clause 27.17 (Acceleration).
(b) Following service of notice under Clause 27.17 (Acceleration), this Clause 35 shall apply to all receipts or recoveries by Ancillary Facility Lenders except to the extent that the receipt or recovery represents a reduction from the Designated Gross Amount for an Ancillary Facility to its Designated Net Amount.