Subsequent Facilities Clause Samples
The "Subsequent Facilities" clause defines the terms under which additional credit facilities or loans may be provided to a borrower after the initial agreement is in place. Typically, this clause outlines the conditions, approval processes, and documentation required for the borrower to access further funding, such as meeting certain financial covenants or obtaining lender consent. Its core practical function is to provide a structured mechanism for expanding the borrower's access to credit while ensuring that the lender retains control and oversight over any new lending arrangements.
Subsequent Facilities. Facilities to be provided by VT Transco hereunder in addition to those described in Section 1.2 shall be subject to approval by CVP and GMP.
Subsequent Facilities. The affirmative vote of one (1) or more Parties having a combined Participating Interest of fifty-one percent (51%) or more in the w▇▇▇▇ to be served by the proposed Subsequent Facilities shall constitute approval for the construction of such Subsequent Facilities and all Parties having an interest in the w▇▇▇▇ to be served shall be bound by such approval and be required to participate in the costs therefor. Nothing hereunder shall limit a Party's rights under Section 21.1 to incur additional costs for separate facilities.
Subsequent Facilities. Facilities to be provided by VTransco hereunder in addition to those described in Section 1.2 shall be subject to approval by CVP and GMP.
Subsequent Facilities. Notwithstanding anything herein to the contrary, Producer may request additional Receipt Points be designated at a Central Production Facility (each an “Additional Receipt Point”). Producer shall provide Carrier written notice for the connection of any Additional Receipt Point(s) to Carrier’s Facilities (“Connection Notice”). The Connection Notice shall include the required in-service date, the anticipated initial production rate, and the anticipated maximum production rate over the immediate following twelve (12) months. Upon receiving a Connection Notice, Carrier shall expand its facilities as necessary to receive Committed Crude Oil at the Additional Receipt Point(s) and deliver it to the Delivery Point(s) (“Subsequent Facilities”); provided, however, that Producer agrees to reimburse Carrier for 50% of its actual third party costs at the completion of construction within 30 days of invoice (with reasonable supporting documentation).