Notifications by Facility Agent Sample Clauses
The "Notifications by Facility Agent" clause defines the responsibilities and procedures for the facility agent to communicate important information to the parties involved in a financing arrangement. Typically, this clause outlines the types of notices the agent must send, such as payment reminders, default alerts, or changes to terms, and specifies the methods and timing for delivering these notifications. By establishing clear communication protocols, the clause ensures that all parties are promptly informed of relevant developments, reducing the risk of misunderstandings and facilitating smooth administration of the facility.
Notifications by Facility Agent. The Facility Agent shall, promptly upon becoming aware of the Rate Switch Date, notify the Borrowers and the Lenders of that occurrence.
Notifications by Facility Agent. (a) Following the occurrence of a Rate Switch Trigger Event, the Facility Agent shall:
(i) promptly upon becoming aware of the occurrence of that Rate Switch Trigger Event, notify the Borrowers and the Lenders of that occurrence; and
(ii) promptly upon becoming aware of the date of the Rate Switch Trigger Event Date applicable to that Rate Switch Trigger Event, notify the Borrowers and the Lenders of that date.
(b) The Facility Agent shall, promptly upon becoming aware of the occurrence of the Rate Switch Date, notify the Borrowers and the Lenders of that occurrence.