Common use of Division of Term Facility Advances Clause in Contracts

Division of Term Facility Advances. Subject to the requirements of Clause 14.2 (Duration), the Company 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 the Company in such notice provided that the Company shall not be entitled to make such a direction if: (a) as a result of so doing, there would be more than 10 Advances outstanding under the relevant Term Facility; or (b) any Term Facility Advance thereby coming into existence would have a Sterling Amount of less than £25 million.

Division of Term Facility Advances. Subject to the requirements of Clause 14.2 (Duration), ) the Company Borrower 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 the Company Borrower in such notice provided that the Company Borrower shall not be entitled to make such a direction if: (a) as a result of so doing, there would be outstanding more than 10 Advances outstanding under the relevant Term Facility; or (b) any Term Facility Advance thereby coming into existence would have a Sterling Amount of less than £25 million.

Division of Term Facility Advances. Subject to the requirements of Clause 14.2 (Duration), the Company 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 the Company in such notice provided that the Company shall not be entitled to make such a direction if: (a) as a result of so doing, there would be more than 10 Advances outstanding under the relevant Term Facility; or (b) any Term Facility Advance thereby coming into existence would have a Sterling Amount of less than £25 million.