Common use of Automatic Advance Clause in Contracts

Automatic Advance. (a) In the event that the Borrower does not repay a Swingline Advance in full on the last day of its Interest Period, on the Business Day immediately following such day, the Borrower shall be deemed to have served a Utilisation Request for an Advance (not being a Swingline Advance) in the amount and currency of such Swingline Advance and with an Interest Period of 1 week and such Advance shall be made in accordance with Clause 5.4 (Lenders’ participation) and the proceeds thereof applied in repayment of the said Swingline Advance. (b) Clause 4.2(a) (Further conditions precedent) shall not apply to any Advance to which this Clause 5.9 refers.

Appears in 2 contracts

Sources: Credit Agreement (France Telecom /), Credit Agreement (France Telecom /)