Making of the Facility Sample Clauses
The "Making of the Facility" clause defines the process and conditions under which a lender provides a loan or credit facility to a borrower. It typically outlines the steps required for the facility to become available, such as the satisfaction of certain conditions precedent, delivery of necessary documentation, and completion of due diligence. This clause ensures that both parties understand when and how the funds will be made accessible, thereby providing clarity and reducing the risk of disputes regarding the commencement of the lending arrangement.
Making of the Facility. Each of the Lenders, relying upon each of the representations and warranties set out in Section 2, hereby severally and not jointly agrees with the Borrower that, subject to and upon the terms of this Agreement, it will, not later than 11:00 a.m. New York City time on the Drawdown Date, make its portion of the Facility, in Federal or other funds, immediately available in New York City to the Facility Agent at its address set forth on Schedule I or to such account of the Facility Agent most recently designated by it for such purpose by notice to the Lenders. Unless the Facility Agent determines that any applicable condition specified in Sections 4.1 or 4.2 has not been satisfied, the Facility Agent will make the funds so received from the Lenders available to the Borrower at the aforesaid address, subject to the receipt of the funds by the Facility Agent as provided in the immediately preceding sentence, not later than 2:30 P.M. (New York City time) on the Drawdown Dates, and in any event as soon as practicable after receipt. The Facility will be made available in one (1) drawing.
Making of the Facility. Each of the Lenders, relying upon each of the representations and warranties set out in Section 2, hereby severally and not jointly agrees with the Borrowers that, subject to and upon the terms of this Agreement, it will, not later than 11:00 a.m. New York City time on the Drawdown Date, make its portion of the Facility, immediately available in New York City to the Facility Agent at its address set forth on Schedule 1 or to such account of the Facility Agent most recently designated by it for such purpose by notice to the Lenders. Unless the Facility Agent determines that any applicable condition specified in Sections 4.1 has not been satisfied, the Facility Agent will make the funds so received from the Lenders available to the Borrowers at the aforesaid address, subject to the receipt of the funds by the Facility Agent as provided in the immediately preceding sentence, not later than 2:30 P.M. (New York City time) on the Drawdown Date, and in any event as soon as practicable after receipt. (c) [Intentionally Omitted]. (d)
Making of the Facility. During the Availability Period, each of the Lenders hereby severally and not jointly agrees to, on each Drawdown Date, make its portion of the relevant Advance available through the Facility Agent to the Borrower if, immediately after giving effect to such Advance, (i) the amount of such Advance to be funded by such Lender does not exceed such L▇▇▇▇▇’s Pro Rata Share of Available Commitments and (ii) the Total Utilization of Commitments does not exceed the Commitments then in effect. The Facility may be made available in multiple Advances. Any Advance shall be in a minimum amount of One Million Dollars ($1,000,000) and in integral multiples thereof. Any Commitments that are not drawn on the Final Availability Date shall be terminated. Advances may be repaid, in whole or in part, and all or any portion of the principal amounts thereof reborrowed, from time to time during the Availability Period, subject to the terms and conditions hereof.