NORMAL COURSE AGENT ADVANCES Clause Samples
The "Normal Course Agent Advances" clause defines the conditions under which an agent, typically a financial institution acting on behalf of a group of lenders, may advance funds to a borrower in the ordinary course of business. This clause typically specifies that such advances are permitted as long as they are made in accordance with the established procedures and within agreed-upon limits, often to cover short-term needs or to facilitate ongoing operations. Its core practical function is to ensure that the agent can efficiently provide necessary funding without requiring repeated approvals, thereby supporting the smooth operation of the credit facility and addressing the need for timely access to funds.
NORMAL COURSE AGENT ADVANCES. For administrative convenience, the Agent may, but is not obligated, to make Agent Advances up to the amount available for borrowing under SECTION 2.1 in reliance upon the actual or deemed representations of the Borrowers under SECTION 5.2 that the conditions for borrowing are satisfied.
NORMAL COURSE AGENT ADVANCES. For administrative convenience, the Agent may, but is not obligated, to make Agent Advances up to the amount available for borrowing under Section 2.1 in reliance upon the actual or deemed representations of the Borrowers under Section 5.2 that the conditions for borrowing are satisfied.
NORMAL COURSE AGENT ADVANCES. For administrative convenience, the Agent may, but is not obligated, to make Agent Advances up to