Common use of Consolidation and Division of Term Facility Advances Clause in Contracts

Consolidation and Division of Term Facility Advances. (a) Subject to paragraph (b) below, if two or more Interest Periods: (i) relate to Term Facility Advances under the same Term Facility made to the same Borrower in the same currency; and (ii) end on the same date, those Term Facility Advances will, unless that Borrower (or the Company on its behalf) specifies to the contrary for the next Interest Period, be consolidated into, and treated as, a single Term Facility Advance on the last day of the Interest Period. (b) Subject to the requirements of Clause 14.2 (Duration), a Borrower (or the Company on its behalf) may, by no later than 2:00 p.m. on the date falling 3 Business Days before the first day of the relevant Interest Period, direct that any Term Facility Advance borrowed by it shall, at the beginning of the next Interest Period relating to it, be divided into (and thereafter, save as otherwise provided in this Agreement, be treated in all respects as) 2 or more Advances in such amounts (equal in aggregate to the Sterling Amount of the Term Facility Advance being so divided) as shall be specified by that Borrower or the Company in such notice provided that no such direction may be made if: (i) as a result of so doing, there would be more than 10 Advances outstanding under the relevant Term Facility; or (ii) any Term Facility Advance thereby coming into existence would have a Sterling Amount of less than £25 million.

Consolidation and Division of Term Facility Advances. (a) Subject to paragraph (b) below, if two or more Interest Periods: (i) relate to Term Facility Advances under the same Term Facility made to the same Borrower in the same currency; and (ii) end on the same date, those Term Facility Advances will, unless that Borrower (or the Company Parent on its behalf) specifies to the contrary for the next Interest Period, be consolidated into, and treated as, a single Term Facility Advance on the last day of the Interest Period. (b) Subject to the requirements of Clause 14.2 16.2 (Duration), a Borrower (or the Company Parent on its behalf) may, by no later than 2:00 p.m. 9:30a.m. on the date falling 3 Business Days before the first day of the relevant Interest Period, direct that any Term Facility Advance borrowed by it shall, at the beginning of the next Interest Period relating to it, be divided into (and thereafter, save as otherwise provided in this Agreement, be treated in all respects as) 2 or more Advances in such amounts (equal in aggregate to the Sterling Euro Amount of the Term Facility Advance being so divided) as shall be specified by that Borrower or the Company Parent in such notice provided that no such direction may be made if: (i) as a result of so doing, there would be more than 10 Advances outstanding under the relevant Term Facility; or (ii) any Term Facility Advance thereby coming into existence would have a Sterling Euro Amount of less than £25 million€25,000,000.