Making and Settlement of Advances Clause Samples
The "Making and Settlement of Advances" clause outlines the procedures and conditions under which one party may provide advance payments or funds to another, as well as the methods for repaying or settling those advances. Typically, this clause specifies the timing, documentation, and approval processes required for advances, and may detail how repayments are to be made, such as through deductions from future payments or direct reimbursement. Its core function is to ensure both parties have a clear understanding of how advances are handled, reducing the risk of disputes over payment timing and obligations.
Making and Settlement of Advances. (a) Each borrowing of Revolving Advances shall be advanced according to the applicable Commitment Percentages of the Lenders holding the Commitments (subject to any contrary terms of Section 2.13). Each borrowing of Swing Loans shall be advanced by the Swing Loan Lender alone.
(b) Promptly after receipt by Agent of a request or a deemed request for a Revolving Advance pursuant to Section 2.2(a) and, with respect to Revolving Advances, to the extent Agent elects not to provide a Swing Loan or the making of a Swing Loan would result in the aggregate amount of all outstanding Swing Loans exceeding the maximum amount permitted in Section 2.14(a), Agent shall notify the Lenders holding the Commitments of its receipt of such request specifying the information provided by Borrowing Agent and the apportionment among Lenders of the requested Revolving Advance as determined by Agent in accordance with the terms hereof. Each Lender shall remit the principal amount of each Revolving Advance to Agent such that Agent is able to, and Agent shall, to the extent the applicable Lenders have made funds available to it for such purpose and subject to Section 8.2, fund such Revolving Advance to Borrowers in U.S. Dollars and immediately available funds at the Payment Office prior to the close of business, on the applicable borrowing date; provided that if any applicable Lender fails to remit such funds to Agent in a timely manner, Agent may elect in its sole discretion to fund with its own funds the Revolving Advance of such Lender on such borrowing date, and such Lender shall be subject to the repayment obligation in Section 2.10(c) hereof.
(c) Unless Agent shall have been notified by telephone, confirmed in writing, by any Lender holding a Commitment that such Lender will not make the amount which would constitute its applicable Commitment Percentage of the requested Revolving Advance available to Agent, Agent may (but shall not be obligated to) assume that such Lender has made such amount available to Agent on such date in accordance with Section 2.10(b) and may, in reliance upon such assumption, make available to Borrowers a corresponding amount. In such event, if a Lender has not in fact made its applicable Commitment Percentage of the requested Revolving Advance available to Agent, then the applicable Lender and Borrowers severally agree to pay to Agent on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made ...
Making and Settlement of Advances. (a) of the Loan Agreement shall be amended and restated in its entirety as follows:
Making and Settlement of Advances. (a) The delivery of Cash Collateral on the Closing Date hereunder shall be made and each Cash Collateral Withdrawal shall be automatically converted into a Delayed Draw Term Loan according to the applicable Cash Collateral Commitment Percentages of the respective Cash Collateral Providers.
(b) On or prior to the Closing Date each Cash Collateral Provider shall remit an amount equal to its Cash Collateral Commitment Amount to Agent such that Agent is able to, and Agent shall, to the extent the applicable Cash Collateral Providers have made funds available to it for such purpose and subject to Section 8.1 hereof, fund such Cash Collateral to the Cash Collateral Account on the Closing Date in U.S. Dollars and immediately available funds.
(c) [Reserved].
(d) [Reserved].
(e) Subject to any separate written agreement among any applicable Cash Collateral Providers, if any Cash Collateral Provider or Participant (a “Benefited Cash Collateral Provider”) shall at any time receive any payment of all or part of its Advances, or interest thereon, or receive any Collateral in respect thereof (whether voluntarily or involuntarily or by set-off) in a greater proportion than any such payment to and Collateral received by any other Cash Collateral Provider, if any, in respect of such other Cash Collateral Provider’s Advances, or interest thereon, and such greater proportionate payment or receipt of Collateral is not expressly permitted hereunder, such Benefited Cash Collateral Provider shall purchase for cash from the other Cash Collateral Providers a participation in such portion of each such other Cash Collateral Provider’s Advances, or shall provide such other Cash Collateral Provider with the benefits of any such Collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Cash Collateral Provider to share the excess payment or benefits of such Collateral or proceeds ratably with each of the other Cash Collateral Providers; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Cash Collateral Provider, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that each Cash Collateral Provider so purchasing a portion of another Cash Collateral Provider’s Advances may exercise all rights of pay...
Making and Settlement of Advances. The Transaction Specific Loans shall be advanced on the Closing Date according to the applicable Commitment Percentages of the respective Transaction Specific Loan Lenders.
Making and Settlement of Advances. (a) Each borrowing of Revolving Advances shall be advanced according to the applicable Revolving Commitment Percentages of Lenders holding the Revolving Commitments (subject to any contrary terms of Section 2.22). Each borrowing of Swing Loans shall be advanced by Swing Loan Lender alone.