Automatic Advance definition
Examples of Automatic Advance in a sentence
Borrower further represents that all representations and warranties made in the Borrowing Certificate most recently submitted prior to an Automatic Advance shall apply to such Automatic Advance and that Borrower shall notify Lender of any changes thereto.
Lender may, in its sole discretion, also may make additional Advances to Borrower without the requirement of a Borrowing Certificate ("Automatic Advance").
The Company hereby authorizes the Bank to make an Advance at any time that the aggregate collected balance in the Company’s demand deposit account with the Bank is insufficient to pay all items drawn on such account presented for payment (such an Advance hereinafter called an “Automatic Advance”); provided, that the Bank shall make an Automatic Advance only if no Event of Default or Unmatured Event of Default has occurred and is continuing at the time such Automatic Advance is to be made.
Advances pursuant to this Section 2.1(g)(ii) shall be made automatically by Agent and each Lender hereby acknowledges that there are no conditions precedent to any such Automatic Advance.
All funds transferred to the Concentration Account shall be applied to reduce the Obligations under the Revolving Facility or made the subject of a daily Automatic Advance, but for purposes of calculating interest hereunder, shall be subject to a seven Business Day clearance period.
Borrower represents that all representations and warranties made in the Borrowing Certificate most recently submitted prior to an Automatic Advance shall apply to such Automatic Advance and that Borrower shall notify Lender of any changes thereto.