The Syndicated Borrowing Facility Sample Clauses
The Syndicated Borrowing Facility clause establishes the terms under which multiple lenders collectively provide a loan to a borrower. It outlines the structure of the lending group, the roles of the lead bank (often called the agent), and the process for disbursing funds, managing repayments, and handling communications among all parties. For example, it may specify how decisions are made if amendments to the loan agreement are needed or how payments are distributed among the lenders. This clause is essential for coordinating the interests of several lenders, ensuring efficient administration of the loan, and reducing the risk of disputes by clearly defining each party’s rights and responsibilities.
The Syndicated Borrowing Facility. Each Bank severally agrees, on the terms and conditions provided herein, to make Syndicated Advances denominated in Agreed Currencies to the Borrower from time to time on any Business Day during the period from the date hereof to the Termination Date in an aggregate Dollar Amount not to exceed at any time outstanding the amount of such Bank’s Available Commitment (the “Syndicated Borrowing Facility”). Subject to Section 5.01, each Syndicated Borrowing shall be in an aggregate amount not less than $25,000,000 (and in integral multiples of $5,000,000 in excess thereof) (or the Approximate Equivalent Amounts thereof if such Syndicated Advances are denominated in Agreed Currencies other than Dollars), shall be made on the same day from the Banks ratably according to their respective Commitments and shall consist of Syndicated Advances of the same Type. Within the limits of each Bank’s Available Commitment, the Borrower may borrow Syndicated Advances under this Section 2.01, maintain Syndicated Advances outstanding by Converting such Syndicated Advances pursuant to Section 2.03, or prepay Syndicated Advances pursuant to Section 5.12, and reborrow Syndicated Advances under this Section 2.01. The Aggregate Commitments to lend hereunder shall expire on the Termination Date.