Availability Letter Sample Clauses
An Availability Letter is a formal document issued by a lender or financial institution confirming that a specified amount of funds is available to a borrower under agreed terms. Typically, this letter outlines the conditions under which the funds can be drawn, such as meeting certain milestones or providing required documentation, and may specify the time frame during which the funds remain accessible. Its core practical function is to provide assurance to the borrower and any third parties (such as sellers or contractors) that financing is secured and ready for use, thereby facilitating transactions and reducing uncertainty.
Availability Letter. Upon NN's or ZGI's timely notification ------------------- pursuant to SECTION 4.1, the other party shall inform the notifying party if the desired license remains available or if the specific subject matter of the notification has been out-licensed or is the object of internal research and/or development efforts. If the license remains available, the terms and conditions set forth in this ARTICLE 4 for the license will apply upon the notifying party's receipt of the availability letter. If the desired license is unavailable, the parties may enter into good faith negotiations regarding an alternative license.