Regular Draw Down Notice Clause Samples
A Regular Draw Down Notice clause defines the process by which a borrower formally requests the disbursement of funds under a loan agreement. Typically, this clause outlines the required notice period, the information that must be included in the notice (such as the amount to be drawn and the intended date), and any conditions that must be satisfied before funds are released. By establishing a clear procedure for requesting and receiving loan advances, this clause ensures both parties understand the timing and requirements for fund disbursement, thereby reducing misunderstandings and administrative delays.
Regular Draw Down Notice. With respect to any Draw Down pursuant to a Regular Draw Down Notice received by the Investor in accordance with Section 3.1(b) hereof, the settlement thereof shall occur not later than the first Trading Day next following the last Trading Day of the applicable Pricing Period.
Regular Draw Down Notice. From time to time during the Investment Period, the Company may, in its sole discretion, no later than 9:30 a.m. (New York City time) on the first Trading Day of the applicable Pricing Period, provide to the Investor a Regular Draw Down Notice, substantially in the form attached hereto as Exhibit B-2 (the “Regular Draw Down Notice”), which Regular Draw Down Notice shall become effective at 9:30 a.m. (New York City time) on the first Trading Day of the applicable Pricing Period specified in the Regular Draw Down Notice; provided, however, that if the Company delivers the Regular Draw Down Notice to the Investor later than 9:30 a.m. (New York City time) on a Trading Day, then the first Trading Day of such Pricing Period shall not be the Trading Day on which the Investor received such Regular Draw Down Notice, but rather shall be the immediately following Trading Day (unless a subsequent Trading Day is therein specified). The Regular Draw Down Notice shall specify the Draw Down Amount Requested (which shall not exceed the Maximum Regular Draw Down Amount Requested), the applicable Floor Price for such Draw Down and the first and last Trading Day of the Pricing Period. Upon the terms and subject to the conditions of this Agreement, the Investor is obligated to accept each Regular Draw Down Notice prepared and delivered in accordance with the provisions of this Agreement and shall purchase from the Company the Shares subject to such Regular Draw Down Notice at the applicable Discount Price on the applicable Settlement Date.
Regular Draw Down Notice. The Company shall not make more than one Draw Down (whether pursuant to a Fixed Draw Down Notice or a Regular Draw Down Notice) during any Pricing Period with respect to which a Regular Draw Down Notice has been delivered. At least 24 hours shall elapse between the completion of the settlement, in accordance with Section 3.5(b) and (c) below, of a Draw Down with respect to which a Regular Draw Down Notice was delivered and the delivery of any Fixed Draw Down Notice or Regular Draw Down Notice for any other Draw Down during the Investment Period.