GROSS ADVANCES Sample Clauses
The Gross Advances clause defines the total amount of funds or credit extended to a borrower before any deductions, such as fees or repayments, are applied. In practice, this clause specifies the initial principal sum made available under a loan or credit facility, which serves as the basis for calculating interest and repayment obligations. Its core function is to establish a clear reference point for financial calculations and obligations, ensuring both parties understand the full extent of the credit provided and reducing the risk of disputes over amounts owed.
GROSS ADVANCES. The Company will not at any time permit Gross Advances to exceed seventy percent (70%) of Net Installment Contract Receivables; provided, however, that at any time at which the Credit Agreement (as from time to time amended, restated, refinanced, replaced or supplemented) does not permit the amount of Gross Advances to exceed 65% of Net Installment Contract Receivables, the Company shall not permit Gross Advances to exceed sixty-five percent (65%) of Net Installment Contract Receivables.".
GROSS ADVANCES. The Company will not at any time permit Gross Advances to exceed sixty-five percent (65%) of Net Installment Contract Receivables."