o Multiple Advance Term Loan Clause Samples
The Multiple Advance Term Loan clause establishes the borrower's ability to draw down funds from a term loan facility in several separate advances rather than as a single lump sum. In practice, this means the borrower can request portions of the total loan amount at different times, subject to the terms and conditions set out in the agreement, such as notice requirements or maximum number of advances. This structure provides the borrower with flexibility in managing cash flow and project financing, ensuring that funds are available as needed while potentially reducing interest costs on undrawn amounts.
o Multiple Advance Term Loan. Prior to n/a or the earlier termination hereof, the Borrower may obtain advances from the Bank in an aggregate amount not exceeding $ n/a (the "Loan Amount). The term loans will be evidenced by a single promissory note of the Borrower to the Bank in the principal amount of the Loan Amount and dated as of the date hereof (the "Note"). Although the Note will be expressed as payable in the full Loan Amount, the Borrower will be obligated to pay only the amounts actually disbursed hereunder, together with accrued interest on the outstanding balance at the rates and on the dates specified therein and such other charges provided for herein.