Uncommitted Advances Sample Clauses
The Uncommitted Advances clause defines the lender's ability to provide loans or credit to the borrower on a discretionary, rather than a committed, basis. In practice, this means the lender is not legally obligated to advance funds and may choose whether or not to do so at any time, often without prior notice or explanation. This clause is commonly used in credit agreements where flexibility is needed, such as in overdraft facilities or short-term working capital arrangements. Its core function is to give the lender control over the extension of credit, thereby limiting their risk exposure and ensuring they are not bound to provide funds under all circumstances.
Uncommitted Advances. (a) The Uncommitted Advances Option. In addition to Committed Advances pursuant to Section 2.01, the Borrower may, as set forth in this Section 2.13, request the Lenders to make offers to make Uncommitted Advances to the Borrower. Each Lender may, but shall have no obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in this Section 2.13; provided that, following the making of each Uncommitted Borrowing, the aggregate amount of the Advances then outstanding shall not exceed the aggregate amount of the Commitments of the Lenders. The Uncommitted Advances may be Floating Rate Advances or Fixed Rate Advances.
Uncommitted Advances. Subject to the terms and conditions set forth herein, the Lenders may, in their sole discretion, make Advances (each such Advance, an “Uncommitted Advance”), with respect to Eligible SF Properties, to the Borrower from time to time during the Revolving Period if any requested Advance would cause the Aggregate Advance Amount funded by the Lenders for all Financed SF Properties securing outstanding Advances under this Agreement to exceed the Committed Facility Amount; provided that (x) no Lender shall make any such Uncommitted Advance or portion thereof if after giving effect to such Uncommitted Advance the outstanding principal amount of the Uncommitted Advances for all Financed Properties securing outstanding Uncommitted Advances under this Agreement will exceed the Uncommitted Facility Amount. The Class 1 Type Lenders shall fund Class 1 Type Advances of any Uncommitted Advance in an amount, for each Class 1 Type Lender, equal to the Class 1 Type Lender Commitment Percentage of the amount requested with respect to any Class 1 Type Advance by Borrower Representative pursuant to Section 2(e) and the Class 2 Type Lenders shall fund Class 2 Type Advances of any Uncommitted Advance in an amount, for each Class 2 Type Lender, equal to the Class 2 Type Lender Commitment Percentage of the amount requested with respect to any Class 2 Type Advance by Borrower Representative pursuant to Section 2(e); provided that no Lender shall make any such Advance pursuant to this Section 2(b) or portion thereof if after giving effect to such Advance the Aggregate Advance Amount funded by such Lender for all Financed SF Properties securing outstanding Advances under this Agreement will exceed the Maximum Facility Amount of such Lender; further provided that no Lender shall make any such Uncommitted Advance or portion thereof following the renovation of such Financed SF Property if such Uncommitted Advance will exceed the Post-Renovation Advance Amount. Subject to the terms and conditions herein, Uncommitted Advances re-paid hereunder may be reborrowed as new Uncommitted Advances. As of any date of determination all outstanding Advances will first be attributed to and counted against the Commitment of each Lender as an Advance pursuant to Section 2(a) and then the remainder thereof, if any is available, shall be deemed and made as Uncommitted Advances up to the Uncommitted Facility Amount.
Uncommitted Advances. 17 2.04 Uncommitted Advance Notes........................................................................17 2.05
Uncommitted Advances