Making of Advances Clause Samples
The "Making of Advances" clause defines the conditions and procedures under which a lender provides funds to a borrower under a loan agreement. It typically outlines the process for requesting advances, any notice periods required, and the criteria that must be met before funds are disbursed, such as compliance with covenants or submission of supporting documents. This clause ensures that both parties understand the steps and requirements for accessing loan funds, thereby reducing misunderstandings and ensuring orderly disbursement of advances.
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Making of Advances. (a) Subject to Section 2.06(d), each Interest Advance shall be made by the Liquidity Provider upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Borrower, such Interest Advance to be in an amount not exceeding the Maximum Available Commitment at such time and used solely for the payment when due of interest with respect to the Class A Certificates at the Stated Interest Rate therefor in accordance with Section 3.05(a) and 3.05(b) of the Intercreditor Agreement. Each Interest Advance made hereunder shall automatically reduce the Maximum Available Commitment and the amount available to be borrowed hereunder by subsequent Advances by the amount of such Interest Advance (subject to reinstatement as provided in the next sentence). Upon repayment to the Liquidity Provider in full or in part of the amount of any Interest Advance made pursuant to this Section 2.02(a), together with accrued interest thereon (as provided herein), the Maximum Available Commitment shall be reinstated by an amount equal to the amount of such Interest Advance so repaid, but not to exceed the Maximum Commitment; provided, however, that, subject to Section 2.06(d), the Maximum Available Commitment shall not be so reinstated at any time if (x) both a Performing Note Deficiency exists and a Liquidity Event of Default shall have occurred and be continuing or (y) a Final Advance, a Downgrade Advance, a Non-Extension Advance or a Special Termination Advance shall have occurred.
(b) (i) A Non-Extension Advance shall be made by the Liquidity Provider if this Agreement is not extended in accordance with Section 3.05(d) of the Intercreditor Agreement unless a Replacement Liquidity Facility to replace this Agreement shall have been delivered to the Borrower in accordance with said Section 3.05(d), upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex II, signed by a Responsible Officer of the Borrower, in an amount equal to the Maximum Available Commitment at such time, and shall be used to fund the Class A Cash Collateral Account in accordance with Sections 3.05(d) and 3.05(f) of the Intercreditor Agreement.
Making of Advances. (a) Each Lender shall, before 1:00 p.m. (New York City time) on the Funding Date, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent's address referred to in Section 10.02, in same day funds, such Lender's portion of the Borrowing to be made on such date. Contract Advances shall be made by the Lenders ratably in accordance with their several Commitments. After the Administrative Agent's receipt of such funds and upon fulfillment of the applicable conditions set forth in Article V, the Administrative Agent will make such funds available to the Borrower at the Administrative Agent's aforesaid address.
(b) Unless the Administrative Agent shall have received notice from a Lender prior to the time of the Borrowing to be made on the Funding Date that such Lender will not make available to the Administrative Agent such Lender's ratable portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the Funding Date in accordance with subsection (a) of this Section 3.03, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount on such date. If and to the extent that any such Lender (a "NON-PERFORMING LENDER") shall not have so made such ratable portion available to the Administrative Agent, the non-performing Lender and the Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to Advances comprising such Borrowing and (ii) in the case of such Lender, the Federal Funds Rate. Nothing herein shall in any way limit, waive or otherwise reduce any claims that any party hereto may have against any non-performing Lender.
(c) The failure of any Lender to make the Advance to be made by it as part of the Borrowing on the Funding Date shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the Funding Date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on the Funding Date.
Making of Advances. (i) In the event that Agent shall elect to have the terms of this subsection 2.2(c) apply to a requested Borrowing as described in subsection 2.2(b), then promptly after receipt of a request for a Borrowing pursuant to subsection 2.2(a), Agent shall notify the Revolving Credit Lenders, not later than 3:00 p.m. (Boston, Massachusetts time) on the Business Day immediately preceding the Funding Date applicable thereto, by facsimile, telephone, or other similar form of transmission, of the requested Borrowing. Each Revolving Credit Lender shall make the amount of such Revolving Credit Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, not later than 2:00 p.m. (Boston, Massachusetts time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Advances, upon satisfaction of the applicable conditions precedent set forth in Section 3 hereof, Agent shall make the proceeds thereof available to Administrative Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent to Administrative Borrower’s Designated Account; provided, however, that, subject to the provisions of subsection 2.2(i), Agent shall not request any Revolving Credit Lender to make, and no Revolving Credit Lender shall have the obligation to make, any Advance if Agent shall have actual knowledge that (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Excess Availability on such Funding Date.
(ii) Unless Agent receives notice from a Revolving Credit Lender on or prior to the Closing Date or, with respect to any Borrowing after the Closing Date, at least one (1) Business Day prior to the date of such Borrowing, that such Revolving Credit Lender will not make available as and when required hereunder to Agent for the account of Borrowers the amount of that Revolving Credit Lender’s Pro Rata Share of the Borrowing, Agent may assume that each Revolving Credit Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrowers on such date a corresponding amount. If and to the extent any Revolving Credit L...
Making of Advances. If Lender has received a timely request for a Borrowing in accordance with the provisions hereof, and subject to the satisfaction of the applicable terms and conditions set forth herein, Lender shall make the proceeds of such Advance available to Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds to Borrower's Designated Account.
Making of Advances. If Lender has received a timely request for a Borrowing in accordance with the provisions hereof, and subject to the satisfaction of the applicable terms and conditions set forth herein, Lender shall make the proceeds of such Advance available to Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds to Borrower’s Designated Account.
Making of Advances. After receipt of a Drawdown Notice the amount of the Advance requested in a Drawdown Notice will, subject to clause 4.6 but otherwise without set-off or deduction on any other account, be deposited by the Standby Redraw Facility Provider in the Collections Account in immediately available funds no later than 10.00 am on the Drawdown Date.
Making of Advances. (a) Each Interest Advance shall be made by the Liquidity Provider upon delivery to the Liquidity Provider of a written and completed Notice of Borrowing in substantially the form of Annex I, signed by a Responsible Officer of the Borrower, such Interest Advance to be in an amount not exceeding the Maximum Available Commitment at such time and used solely for the payment when due of interest with respect to the Class A Certificates at the Stated Interest Rate therefor in accordance with Section 3.05(a) and 3.05(b)
Making of Advances. Subject to the provisions of this agreement, each Lender will make available to the Facility Agent its participation in the relevant Advance on the relevant Drawdown Date.
Making of Advances. Subject to clause 4.3, after receipt of a Drawdown Notice the amount of the Advance requested in a Drawdown Notice must, unless otherwise directed by the Manager, be deposited by the Redraw Facility Provider in an Account or a Combined Account in immediately available funds no later than 11.00 am on the Drawdown Date.
Making of Advances. Subject to the provisions of this Agreement, each Lender will make available to the Facility Agent its participation in any Advance properly requested under this Agreement on the relevant Drawing Date.