The Facility Advance Procedures and Notes Clause Samples
This clause defines the terms and procedures governing the use of the facility, the process for making advances under the facility, and the issuance or management of related notes. It typically outlines how borrowers can request funds, the conditions that must be met for advances to be made, and the documentation required, such as promissory notes or certificates. By establishing clear steps and requirements for accessing funds and documenting obligations, this clause ensures both parties understand the operational mechanics of the facility and helps prevent disputes over disbursements or repayment terms.
The Facility Advance Procedures and Notes. 1Advances. (a) On the terms and subject to the conditions set forth in this Agreement, each Lender Group with a Commitment hereby agrees to make advances to or on behalf of the Borrower (individually, an “Advance” and collectively the “Advances”) from time to time on any date (each such date on which an Advance is made, an “Advance Date”) during the period from the Effective Date to the end of the Revolving Period; provided that there shall be no more than three (3) Advance Dates during any calendar week.
The Facility Advance Procedures and Notes. 56 Section 2.1 Advances ..............................................................................................56 Section 2.2 Funding of Advances .......................................................................5657 Section 2.3 Notes ....................................................................................................57 Section 2.4
The Facility Advance Procedures and Notes