Common use of Notice of Approval Clause in Contracts

Notice of Approval. The approval by Administrative Agent of a Nominated Financing will be confirmed by a written notice from Administrative Agent to Borrower Agent in the form of Appendix 6 and shall identify, without limitation, (i) any additional terms, Material Underlying Financing Participants and conditions specific to such Approved Financing, (ii) the Material Underlying Financing Documents, (iii) the aggregate principal amount of the Approved Financing as well as the Nominal Amount, if different and (iv) the amount of the Advance available for such Approved Financing which shall be determined by Administrative Agent and shall be no greater than the Nominal Value for such Approved Financing. Lenders’ Commitment to finance any Approved Financing on the terms and conditions set forth in this Agreement shall automatically expire if neither the funding of the initial Advance nor the inclusion of the Approved Financing as part of the Borrowing Base (whether or not an Advance has been made) as a result of an Additional Collateral Event in respect of such Approved Financing occurs on or prior to the expiration of the Loan Availability Period.

Notice of Approval. The approval by Administrative Agent of a Nominated Financing will be confirmed by a written notice from Administrative Agent to Borrower Agent in the form of Appendix 6 and shall identify, without limitation, (i) any additional terms, Material Underlying Financing Participants and conditions specific to such Approved Financing, (ii) the Material Underlying Financing Documents, (iii) the aggregate principal amount of the Approved Financing as well as the Nominal Amount, if different and (iv) the amount of the Advance available for such Approved Financing (including the amount of any Fixed Rate Loan that may be advanced in respect of such Approved Financing) which shall be determined by Administrative Agent and shall be no greater than the Nominal Value for such Approved Financing. Lenders’ Commitment to finance any Approved Financing on the terms and conditions set forth in this Agreement shall automatically expire if neither the funding of the initial Advance nor the inclusion of the Approved Financing as part of the Borrowing Base (whether or not an Advance has been made) as a result of an Additional Collateral Event in respect of such Approved Financing occurs on or prior to the expiration of the Loan Availability Period.