Advances Section 2 Sample Clauses
The Advances Section 2 clause defines the terms and conditions under which advances, or early disbursements of funds, are provided to a borrower. Typically, this clause outlines the process for requesting advances, any limitations on the amount or frequency, and the requirements that must be met before funds are released, such as documentation or compliance with covenants. By clearly specifying these procedures, the clause ensures both parties understand how and when advances can be accessed, thereby reducing the risk of disputes and ensuring smooth financial operations.
Advances Section 2. 1(a) of the Loan Agreement is hereby deleted and the following substituted therefor:
(a) The Loan shall be advanced in two Advances, both the First Tranche and the Second Tranche to be advanced on or after May 31, 1999 or such later date as the non-management directors of the Lender shall, by majority vote, determine, based on the cash position of the Lender and its financial performance. Each Advance shall be evidenced by a Note;
Advances Section 2. 1. Advances” Subject to the terms and conditions of this Agreement (including, without limitation, the provisions of Article VII hereof), the Company, at its sole and exclusive option, may issue and sell to the Investor, and the Investor shall purchase from the Company, shares of the Company’s Common Stock by the delivery, in the Company’s sole discretion, of Advance Notices. The number of shares of Common Stock that the Investor shall purchase pursuant to each Advance shall be determined by dividing the amount of the Advance by the Purchase Price. No fractional shares shall be issued. Fractional shares shall be rounded to the next higher whole number of shares. The aggregate maximum amount of all Advances that the Investor shall be obligated to make under this Agreement shall not exceed the Commitment Amount.
Advances Section 2