Commitments and Advances Clause Samples
The 'Commitments and Advances' clause defines the obligations of lenders to provide funds and the conditions under which borrowers can request and receive those funds. Typically, this clause outlines the maximum amount each lender is committed to lend, the process for making borrowing requests, and the timing and method of disbursement of advances. For example, it may specify that advances are made in tranches upon satisfaction of certain conditions precedent. The core function of this clause is to ensure clarity and predictability in the lending process by setting out the mechanics and limits of fund availability.
Commitments and Advances. On the terms, subject to the conditions and relying upon the representations and warranties herein set forth:
Commitments and Advances. SECTION 2.01. The Commitments........................................... 29 SECTION 2.02. Advances.................................................. 29 SECTION 2.03. Terms Relating to the Making of Advances.................. 29 SECTION 2.04. Making of Advances........................................ 29 SECTION 2.05.
Commitments and Advances. Upon the terms and subject to the conditions set forth in this Agreement, the Lender hereby agrees, at any time from and after the Effective Date until the Business Day next preceding the Maturity Date, to make advances that are secured by the Lien of the Mortgages on the Collateral Properties (each, a "SECURED ADVANCE,") to the Borrower in an aggregate principal amount not to exceed, at any time outstanding, the lesser of (x) the Available Amount at such time or (y) the Secured Revolving Commitment. The Lender also agrees, at any time and from and after the Effective Date until the Business Day next preceding the Maturity Date, upon the terms and subject to the conditions set forth in this Agreement, to make unsecured advances (each, an "UNSECURED ADVANCE") to the Borrower in an aggregate principal REVOLVING LOAN AGREEMENT 16 amount not to exceed at any time outstanding the Unsecured Revolving Commitment. Advances may be voluntarily prepaid and, subject to the provisions of this Agreement, any amounts so prepaid may be re-borrowed, up to the amount available under this Section 2.1.1 at the time of such re-borrowing.
Commitments and Advances. Upon the terms and subject to the conditions set forth in this Agreement, the Lender hereby agrees, at any time from and after the Effective Date until the Business Day next preceding the Maturity Date, to make advances that are secured by the Lien of the Mortgages on the Collateral Properties (each, a "Secured Advance,") to the Borrower in an aggregate principal amount not to exceed, at any time outstanding, the lesser of (x) the Available Amount at such time or (y) the Secured Revolving Commitment. The Lender also agrees, at any time and from and after the Effective Date until the Business Day next preceding the Maturity Date, upon the terms and subject to the conditions set forth in this Agreement, to make unsecured advances (each, an "Unsecured Advance") to the Borrower in an aggregate principal amount not to exceed at any time outstanding the Unsecured Revolving Commitment. Advances may be voluntarily prepaid and, subject to the provisions of this Agreement, any amounts so prepaid may be re-borrowed, up to the amount available under this Section 2.1.1 at the time of such re-borrowing. The Borrower hereby agrees that all outstanding Secured Advances and Unsecured Advances made by the Lender under the Original Loan Agreement shall be deemed to be Secured Advances and Unsecured Advances hereunder, Amended and Restated Revolving Loan Agreement 16 respectively, and shall be evidenced by the Secured Revolving Note and the Unsecured Revolving Note, respectively.
Commitments and Advances