Facility 2 Clause Samples

The 'Facility 2' clause defines the terms and conditions governing a specific credit facility or loan arrangement, typically identified as the second in a series of such facilities within a broader financing agreement. This clause outlines key details such as the amount available, the purpose of the facility, repayment terms, interest rates, and any specific covenants or conditions precedent that apply uniquely to Facility 2. By clearly delineating the rights and obligations associated with this particular facility, the clause ensures that both lender and borrower understand the distinct parameters and requirements, thereby reducing ambiguity and facilitating effective management of multiple financing arrangements.
Facility 2. Subject to the terms and conditions of this Agreement (including the limitations set forth in Subparagraph 2.01(c)): (i) Lessor shall, on the Closing Date, purchase (with funds provided by the Participants) (A) the Improvements to the Facility 1 Land (as more fully defined in Schedule 1.01, the "Facility 2 Improvements"), together with any Appurtenant Rights thereto and any other related property; (ii) Immediately upon the purchase by Lessor of the Facility 2 Improvements on the Closing Date, Lessor and Lessee shall execute (A) a Facility 2 Lease Agreement in the form of Exhibit B(2) (the "Facility 2 Lease Agreement"), pursuant to which Lessor will lease to Lessee such property, (B) a Facility 2 Purchase Agreement in the form of Exhibit C(2) (the "Facility 2 Purchase Agreement"), pursuant to which Lessor grants to Lessee the right to purchase such property and (C) a Facility 2 Construction Agency Agreement in the form of Exhibit D (the "Facility 2 Construction Agency Agreement"), pursuant to which Lessee agrees to construct certain improvements to the Facility 2 Improvements; and (iii) During the period beginning on the Closing Date and ending on the first Business Day of the first full calendar month immediately succeeding the earliest of (A) September 30, 1998 (the "Outside Completion Date"), (B) the Completion Date and (C) the date on which the Unused Total Commitment is $0 (such first Business Day to be referred to as the "Commitment Termination Date"), Lessor shall, at the request of Lessee, make additional advances (with funds provided by the Participants) to pay Permitted Improvement Costs and Permitted Transaction Expenses under Facility 2 ("Improvement/Expense Advances").
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Facility 2. The aggregate amount of the Advances made by Lessor on account of each Parcel of Property under Facility 2 shall not exceed the following respective amounts: Parcel Amount ----------------------------- --------------------- 1 (3930, 3960 and 3970 $11,609,404 North First Street) 2 (4145 North First Stree▇ $ ▇,▇▇▇,▇▇▇ and 55 Vista Montana) 3 (4000 North First Street) $ 73,387,343 ▇ (▇▇ ▇▇▇▇▇ ▇▇▇tana) $ 12,859,356 5 (4041 North First Street) $ 24,809,657 ▇ (▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ Street) $ 52,460,114 ▇ (▇▇▇▇ ▇▇▇▇▇er) $ 38,824,272 8 (3940 and 3950 North $ 23,796,438 First Street) ----------------------------- --------------------- Total $245,293,644 The aggregate amount of all Advances made by Lessor under Facility 2 shall not exceed the total set forth above (the "Total Facility 2 Commitment").
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Facility 2. The second credit facility is a term loan in the aggregate principal amount of $2,550,000 (the “Secondary Term Loan”) which will be loaned in one advance, subject to the terms hereof, upon the Borrowers’ request, provided that the Borrowers may not request, and Bank shall not be obligated to make such Secondary Term Loan after December 31, 2005 (the “Funding Expiration Date”). The obligation of the Borrowers to repay the Secondary Term Loan, if made, shall be evidenced by a term note of the Borrowers dated as of the date such Secondary Term Loan is made and in the form attached hereto as Exhibit A (the “Secondary Term Note”). The Secondary Term Loan, if made, will be used by the Borrowers to finance a portion of the purchase price of the Hunting Park Property.
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Facility 2. Subject to the terms and conditions hereof, and relying upon the representations and warranties herein set forth, the Lenders agree to make Facility 2 to the Borrower. The principal amount of Facility 2 outstanding at any time shall not exceed Ten Million Dollars ($10,000,000) and the principal amount of Facility 2 on a combined basis with Facility 1 shall not exceed the Borrowing Base. The proceeds of Facility 2 will be used solely for the acquisition and development by the Borrower of Real Estate Assets as described herein. The proceeds of Facility 2 will be advanced to the Borrower in accordance with and subject to the requirements and limitations set forth herein. If prior to the Facility 2 Maturity Date, the Borrower repays any Advance(s) of Facility 2, or any portion thereof, loan proceeds in an amount equal to the amount of the repayment will again be made available to the Borrower for Advances, subject to the terms and conditions hereof.
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Facility 2. The Bank agrees, on the terms and conditions set forth herein, to make loans to the Borrower (each such loan, a "Facility 2 Loan") from time to time on any Business Day during the period from the Closing Date to the Revolving Termination Date, in an aggregate amount, together with the L/C Obligations, not to exceed at any time outstanding the amount of the Facility 2 Commitment. Within the limits of the Facility 2 Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.1(b), prepay under Section 2.6 and reborrow under this Section 2.1(b).
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Facility 2. (a) Commission on Guarantees
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Facility 2. The Borrower shall pay to the Bank interest on the unpaid principal amount of each Revolving Loan made by the Bank to the Borrower under Facility 2 for the period commencing on the date of such Revolving Loan until such Revolving Loan shall be paid in full, at a rate per annum equal to the greater of (x) the Prime Rate plus 0.00%, and (y) 3.50%. Any change in the interest rate resulting from a change in the Prime Rate shall be effective as of the opening of business on the day on which such change in the Prime Rate becomes effective.
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Related to Facility 2

  • Facility Use The Employer shall allow individuals the use of gender- segregated facilities, such as restrooms, locker rooms, and dressing rooms that are consistent with that individual's gender expression or gender identity. In such facilities where undressing in the presence of others occurs, the Employer shall allow access to and use of a facility consistent with that individual's gender expression or gender identity.

  • Facility Prudential is willing to consider, in its sole discretion and within limits which may be authorized for purchase by Prudential Affiliates from time to time, the purchase of Shelf Notes pursuant to this Agreement. The willingness of Prudential to consider such purchase of Shelf Notes is herein called the “Facility”. At any time, the aggregate principal amount of Shelf Notes stated in Section 1.2, minus the aggregate principal amount of Shelf Notes purchased and sold pursuant to this Agreement prior to such time, minus the aggregate principal amount of Accepted Notes (as hereinafter defined) which have not yet been purchased and sold hereunder prior to such time, is herein called the “Available Facility Amount” at such time. NOTWITHSTANDING THE WILLINGNESS OF PRUDENTIAL TO CONSIDER PURCHASES OF SHELF NOTES BY PRUDENTIAL AFFILIATES, THIS AGREEMENT IS ENTERED INTO ON THE EXPRESS UNDERSTANDING THAT NEITHER PRUDENTIAL NOR ANY PRUDENTIAL AFFILIATE SHALL BE OBLIGATED TO MAKE OR ACCEPT OFFERS TO PURCHASE SHELF NOTES, OR TO QUOTE RATES, SPREADS OR OTHER TERMS WITH RESPECT TO SPECIFIC PURCHASES OF SHELF NOTES, AND THE FACILITY SHALL IN NO WAY BE CONSTRUED AS A COMMITMENT BY PRUDENTIAL OR ANY PRUDENTIAL AFFILIATE.

  • Facility Access Notwithstanding any other provision of the Agreement, the Customer shall provide the Authority with such access to the Facility, and such documentation, as the Authority deems necessary to determine the Customer’s compliance with the Customer’s Supplemental Commitments specified in this Schedule B.

  • Overdraft Facility In the event that the Custodian is directed by Proper Instructions to make any payment or transfer of funds on behalf of the Fund for which there would be, at the close of business on the date of such payment or transfer, insufficient funds held by the Custodian on behalf of the Fund, the Custodian may, in its sole discretion, provide an overdraft (an "Overdraft") to the Fund in an amount sufficient to allow the completion of such payment. Any Overdraft provided hereunder: (a) shall be payable on the next business day, unless otherwise agreed by the Fund and the Custodian; and (b) shall accrue interest from the date of the Overdraft to the date of payment in full by the Fund at a rate agreed upon in writing, from time to time, by the Custodian and the Fund. The purpose of such Overdrafts is to temporarily finance extraordinary or emergency expenses not reasonably foreseeable by the Fund. The Custodian shall promptly notify the Fund in writing ("Overdraft Notice") of any Overdraft by facsimile transmission or in such other manner as the Fund and the Custodian may agree in writing. The Custodian shall have a right of set-off against all Assets (except for Assets held in a segregated margin account or otherwise pledged in connection with options or futures contracts held for the benefit of the Fund and for Assets allocated to any other Overdraft or loan made hereunder); provided, however, the Custodian shall promptly notify the Fund in writing of any intent to exercise a right of set-off against Assets hereunder and shall not exercise any such right of set-off against Assets hereunder unless and until the Fund has failed to pay (within ten (10) days after the Fund's receipt of such notice of intent to exercise a right of set-off), any Overdraft, together with all accrued interest thereon. Notwithstanding the provisions of any applicable law, including, without limitation, the Uniform Commercial Code, the only rights or remedies which the Custodian is entitled to with respect to Overdrafts is the right of set-off granted herein.

  • Loan Facility Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions hereinafter set forth, the Conduit Lenders, ratably, in accordance with the aggregate of the Commitments of the Related Committed Lenders with respect to each such Conduit Lender, severally and not jointly, may, in their sole discretion, make Loans to the Borrower on a revolving basis, and if and to the extent any Conduit Lender does not make any such requested Loan or if any Group does not include a Conduit Lender, the Related Committed Lender(s) for such Conduit Lender or the Committed Lender for such Group, as the case may be, shall, ratably in accordance with their respective Commitments, severally and not jointly, make such Loans to the Borrower, in either case, from time to time during the period from the Closing Date to the Termination Date. Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan: (i) the Aggregate Capital would exceed the Facility Limit at such time; (ii) the sum of (A) the Capital of such Lender, plus (B) the aggregate outstanding Capital of each other Lender in its Group, would exceed the Group Commitment of such Lender’s Group; (iii) if such Lender is a Committed Lender, the aggregate outstanding Capital of such Committed Lender would exceed its Commitment; or (iv) the Aggregate Capital would exceed the Borrowing Base at such time.