Drawdown under the Facility Sample Clauses
The 'Drawdown under the Facility' clause defines the process by which a borrower can request and receive funds from a credit facility provided by a lender. Typically, this clause outlines the conditions that must be met before a drawdown can occur, such as submitting a drawdown notice, satisfying any pre-disbursement requirements, and adhering to specified timelines. For example, the borrower may need to provide evidence of compliance with covenants or deliver certain documents before funds are released. The core function of this clause is to establish a clear and orderly procedure for accessing loan funds, thereby ensuring both parties understand the steps and requirements involved in each disbursement.
Drawdown under the Facility. 5.1.1 Subject to the other terms of this Agreement, any Loans shall be made to the Borrowers at any time during the Availability Period when requested by the Borrowers by means of a Drawdown Notice in accordance with Clause 5.2 (Drawdown Notice).
5.1.2 The following limitations apply to the Loans:
(a) the Drawdown Date of a Loan shall be a Business Day during the Availability Period in one drawing for each currency;
(b) the principal amount of a Loan denominated in USD or an Optional Currency shall be:
(i) a minimum Original Base Currency Amount of USD 1,000,000 and an integral multiple of USD 500,000; and
(ii) in no case more than the amount of the Total Commitments;
(c) no Loan shall be made if the making of that Loan would result in the aggregate of the Original Base Currency Amount of all Loans exceeding the Total Commitment and for the purpose of this calculation any remaining commitment under the Lone Star Equity Commitment shall reduce the amount of Total Commitment with its USD-Equivalent;
(d) no Loan shall be made as long as prepayments are mandatory according to Clause 7.2;
(e) no more than twenty (20) Loans may be outstanding at any one time; and
(f) in the case of a Loan denominated in an Optional Currency, the requirements of Clause 5.6 (No Optional Currency) are met.
Drawdown under the Facility. 5.1.1 Subject to the other terms of this Agreement, Loans shall be made to the Borrowers at any time during the Availability Period when requested by the Borrowers by means of a Drawdown Notice in accordance with Clause 5.2 (Drawdown Notice).
5.1.2 The following limitations apply to Loans:
(a) the Drawdown Date of a Loan shall be a Business Day during the Availability Period in one drawing for each currency;
(b) the principal amount of a Loan denominated in USD or an Optional Currency shall be:
(i) a minimum Original Base Currency Amount of USD 1,000,000 and an integral multiple of USD 500,000; and
(ii) in no case more than the amount of the Total Commitments;
(c) no Loan shall be made if the making of that Loan would result in the aggregate of the Original Base Currency Amount of all Loans exceeding the Total Commitment;
(d) no Loan shall be made as long as prepayments are mandatory according to Clause 7.2;
(e) no more than twenty (20) Loans may be outstanding at any one time; and
(f) in the case of a Loan denominated in an Optional Currency, the requirements of Clause 5.6 (No Optional Currency) are met.
Drawdown under the Facility. 5.1.1 Subject to the other terms of this Agreement, Loans shall be made to the Borrowers at any time during the Availability Period when requested by the Borrowers by means of a Drawdown Notice in accordance with Clause 5.2 (Drawdown Notice).
5.1.2 The following limitations apply to Loans:
(a) the Drawdown Date of a Loan shall be a Business Day during the Availability Period in one drawing for each currency;
(b) the principal amount of a Loan denominated in USD or an Optional Currency shall be:
Drawdown under the Facility. Any drawdown under the Facility shall be requested by the delivery by the Borrower to the Agent of a drawdown notice substantially in the form attached hereto as Schedule 3.1 before 10:30 a.m. on the Business Day which is at least (i) one (1) Business Day prior to any advance that the Borrower wishes to request by way of Prime Rate Advances, (ii) two (2) Business Days prior to any advance that the Borrower wishes to request by way of Banker's Acceptance and (iii) three (3) Business Days prior to any advance that the Borrower wishes to request that interest thereon be calculated on a Libor Basis; any such notice, once delivered to the Agent, may not be revoked or withdrawn by the Borrower.