Common use of CREDIT FACILITY UTILIZATION PROCEDURE Clause in Contracts

CREDIT FACILITY UTILIZATION PROCEDURE. 6.6.1. Credit Facility is used on the basis of the Credit Facility Utilization Statement (in the form of Annex No. 1 hereto), hereinafter referred to as the “Statement”, by transferring cashless monetary funds in the amount of Tranches within the Credit Facility to the Borrower’s settlement account at the Bank in foreign currency. The Lender is entitled to provide the Credit Tranche within the Credit Facility on the basis of the Application provided to the Bank in the form of a fax/scanned copy and the Borrower shall within not later than 2 (two) Business Days after the Credit provision date (day) specified in subclause 6.6.5 hereof provide the original of the foregoing Application to the Bank. 6.6.2. The Lender will consider the Statement to be valid if it specifies the following: 6.6.2.1. designation of the credit; 6.6.2.2. Credit Tranche amount; 6.6.2.3. bank details - Foreign Currency Settlement Account; 6.6.2.4. date of the Credit Tranche provision; 6.6.2.5. schedule for the Credit Tranche repayment. 6.6.3. The Statement may be submitted by the Borrower to the Lender for execution until 02:00 p.m. Moscow time no later than 2 (Two) Business days before the end of the Credit Facility Utilization Period. 6.6.4. The Lender shall provide the Credit within 2 (two) Business Days after the Application provision or on the Credit provision date specified in the Application if this date is in the time range exceeding 2 (Two) Business Days after the Application provision taking into account the provisions specified in clause 6.6.3 hereof provided that such Application meets the requirements hereof. 6.6.5. The date (day) when the Credit amount is credited to the Settlement Account in foreign currency shall be deemed the date (day) of the Credit granting.