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:
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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.
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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.
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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.
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Commitments and Advances 
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Related to Commitments and Advances

  • Investments, Loans and Advances Neither Borrower nor any Restricted Subsidiary will, directly or indirectly, make any Investment, except for the following: (a) Investments outstanding on the Closing Date and identified on Schedule 10.04 and any Investments received in respect thereof without the payment of additional consideration (other than through the issuance of or exchange of Qualified Capital Stock); (b) Investments in cash and Cash Equivalents (including Investments that were Cash Equivalents when made); (c) Borrower may enter into Swap Contracts to the extent permitted by Section 10.01(c); (d) Investments (i) by Borrower in any Restricted Subsidiary, (ii) by any Restricted Subsidiary in Borrower and (iii) by a Restricted Subsidiary in another Restricted Subsidiary; provided that, in each case, any intercompany loan (it being understood and agreed that intercompany receivables or advances made in the ordinary course of business do not constitute loans) in excess of $20.0 million individually shall be evidenced by a promissory note and, to the extent that the payee, holder or lender of such intercompany loan is a Credit Party, such promissory note shall be pledged (and delivered) by such Credit Party to Collateral Agent on behalf of the Secured Parties; (e) Borrower and its Restricted Subsidiaries may sell or transfer assets to the extent permitted by Section 10.05; (f) Investments in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in settlement of delinquent or overdue accounts in the ordinary course of business; (g) Investments made by Borrower or any Restricted Subsidiary with, or as a result of, consideration received in connection with an Asset Sale made in compliance with Section 10.05; (h) Investments made to officers, directors and employees in the ordinary course of business not to exceed $10.0 million in the aggregate at any time outstanding; (i) Permitted Acquisitions; (j) accounts receivable, security deposits, prepayments (including prepayments of expenses), credits and extensions of trade credit (including to gaming customers) in the ordinary course of business; (k) Investments resulting from pledges and deposits permitted under Section 10.02; (l) in addition to Investments otherwise permitted by this Section 10.04, from and after the earlier of the ▇▇▇▇ Las Vegas Reorganization and the Wynn Massachusetts Project Opening Date, Investments by Borrower or any of its Restricted Subsidiaries; provided that (i) the amount of such Investments to be made pursuant to this Section 10.04(l) do not exceed the Available Amount determined at the time such Investment is made, (ii) immediately before and after giving effect thereto, no Event of Default has occurred and is continuing and (iii) (x) prior to the Initial Test Date, the Consolidated Senior Secured Net Leverage Ratio shall not exceed 2.50 to 1.00 on a Pro Forma Basis as of the most recent Calculation Date and (y) from and after the Initial Test Date, Borrower shall be in compliance on a Pro Forma Basis with the Financial Maintenance Covenant (whether or not then in effect) as of the most recent Calculation Date; provided that if any Investment pursuant to this clause (l) is made in any person that is not a Restricted Subsidiary of Borrower at the date of the making of such Investment and such person becomes a Restricted Subsidiary of Borrower after such date, such Investment shall, upon the election of Borrower, thereafter be deemed to have been made pursuant to clause (d) above and shall cease to have been made pursuant to this clause (l) for so long as such person continues to be a Restricted Subsidiary of Borrower;

  • The Commitments and Borrowings Section 2.01