Common use of Request for the Advance Clause in Contracts

Request for the Advance. Subject to the following conditions, the Borrowers may request the Advance to be made by delivering to the Facility Agent a completed Drawdown Notice not later than 11:00 a.m. (New York time) three (3) Business Days prior to the Expected Drawdown Date thereof. The Facility Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of: (a) the amount of and the Expected Drawdown Date for the Advance; (b) the amount of each Lender’s Ratable Portion of the Advance; and (c) the duration of the first Interest Period applicable to the Advance.

Appears in 2 contracts

Sources: Loan Agreement (TBS International LTD), Loan Agreement (TBS International LTD)