Advances Under the Facility Sample Clauses
Advances Under the Facility. (a) If the Borrower wishes to draw an Advance (in addition to the Initial Advance), it may deliver an irrevocable Drawdown Notice during the Availability Period to the Lender. Such Drawdown Notice must be delivered by 16:00 at least 3 Business Days before the intended Drawdown Date or such shorter period as the Lender may agree and:
(i) specify the amount of the Advance proposed to be drawn down (which may not exceed the Available Facility);
(ii) specify the proposed Drawdown Date;
(iii) if the Drawdown Date is prior to Completion, provide a reasonably detailed schedule of the proposed working capital costs and expenses of the Borrower;
(iv) provide a reasonably detailed description of the purpose for which it is intended that the Advance be utilised; and
(v) confirm that, so far as the Borrower is aware, no Default has occurred and is continuing or, in the reasonable and honest belief of the Borrower, will result from the making of the Advance.
Advances Under the Facility. 4.1 The Facility
Advances Under the Facility. The obligation of each Lender to fund its Committed Percentage of any Advance (including the initial Advance) is subject to the continued satisfaction of each of the following conditions which must be satisfied in Agent's discretion:
(a) Borrower shall be current with respect to the delivery of all items as required under Section 4.1, and otherwise by the Loan Documents;
(b) Agent shall have (i) received a current Compliance Certificate as required by Section 6.1(d) and (ii) confirmed the Availability;
(c) The amount of such Advance shall not exceed the Availability, and upon funding such Advance, the Facility Balance shall not exceed the maximum amount allowed by the Loan Documents;
(d) All of the representations and warranties contained in the Loan Documents shall be true, correct and complete in all material respects, except as supplemented pursuant to Section 6.9; and
(e) No Event of Default shall have occurred and be continuing, or would result from such Advance and no other event or condition which would be the subject of a required notice under Section 6.11 shall be in existence. Each request for an Advance by Borrower under the Facility shall constitute a representation and warranty by Borrower that the conditions precedent set forth in this Section have been satisfied (both as of the date of such notice and, unless Borrower otherwise notifies Agent prior to the date of such Advance, as of the date of such Advance). Any request for funding under the Facility at a time when any of the foregoing requirements is not satisfied may be declined by Agent without prior notice.
Advances Under the Facility