Base Facility Note Clause Samples
A Base Facility Note is a contractual provision that outlines the fundamental terms and conditions governing a specific loan or credit facility provided by a lender to a borrower. It typically details the principal amount, interest rate, repayment schedule, and any covenants or requirements associated with the facility. For example, it may specify the drawdown process, events of default, and the rights and obligations of both parties. The core function of this clause is to provide a clear and comprehensive framework for the operation of the loan, ensuring both parties understand their commitments and reducing the risk of disputes.
Base Facility Note. The obligation of the Borrower to repay a Base Facility Advance will be evidenced by a Base Facility Note. The Base Facility Notes shall be payable to the order of the Lender and shall be made in the original principal amount of each Base Facility Advance.