Common use of Drawdown Clause in Contracts

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 11 contracts

Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Ninth Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Third Supplemental Agreement (Aegean Marine Petroleum Network Inc.)

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Drawdown. Subject to 2.4.1 On the terms and subject to the conditions of this Agreement, each Advance shall be made advanced to the Borrowers on the relevant Drawdown Date following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the each proposed Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. Date. 2.4.2 A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.13.6, be irrevocable.

Appears in 3 contracts

Samples: Facility Agreement (Navios Maritime Acquisition CORP), Facility Agreement (Navios Maritime Acquisition CORP), Facility Agreement (Navios Maritime Acquisition CORP)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third one (1) Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 3 contracts

Samples: Loan Agreement (Quintana Shipping Ltd.), Supplemental Agreement (Quintana Shipping Ltd.), Supplemental Agreement (Quintana Shipping Ltd.)

Drawdown. 2.4.1 Subject to the terms and conditions of this Agreement, each Advance shall be made available to the Borrowers Borrower following receipt by the Payment Agent from the Borrowers Borrower of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such AdvancePeriod, on which the Borrowers propose Borrower proposes such Advance is made. made available. 2.4.2 A Drawdown Notice shall be effective on actual receipt by the Payment Agent and, once given, shall, subject as provided in clause 3.6.13.6, be irrevocable.

Appears in 2 contracts

Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, proposed Drawdown Date which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is madePeriod. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 2 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (DryShips Inc.)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. (London time) on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. A Drawdown Notice (i) shall be effective on actual receipt by the Agent and, and (ii) once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 2 contracts

Samples: Facility Agreement (Costamare Partners LP), Facility Agreement (Costamare Partners LP)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. A Drawdown Notice (a) shall be effective on actual receipt by the Agent and, and (b) once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 2 contracts

Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third three (3) Banking Day Days before the date, which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 2 contracts

Samples: Loan Agreement (Quintana Shipping Ltd.), Loan Agreement (Quintana Shipping Ltd.)

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Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers Borrower following receipt by the Agent from the Borrowers Borrower of a Drawdown Notice not later than 10:00 a.m. on the third (3rd) Banking Day before the date, which shall be a Banking Day falling within the Drawdown Availability Period for such Advance, on which the Borrowers propose Borrower proposes such Advance is to be made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 1 contract

Samples: Facility Agreement (Costamare Inc.)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such AdvancePeriod, on which the Borrowers propose such Advance is made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 1 contract

Samples: Senior Loan Agreement (FreeSeas Inc.)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers on the relevant Drawdown Date following receipt by the Agent from the Borrowers of a an original Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such AdvancePeriod, on which the Borrowers propose such Advance is made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 1 contract

Samples: Loan Agreement (Mc Shipping Inc)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance shall be made advanced on the relevant Drawdown Date to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, proposed Drawdown Date which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is madePeriod. A Drawdown Notice (a) shall be effective on actual receipt by the Agent and, once given, and (b) shall, subject as provided in clause 3.6.1, be irrevocableirrevocable once given.

Appears in 1 contract

Samples: Supplemental Agreement (Diana Shipping Inc.)

Drawdown. Subject to the terms and conditions of this Agreement, each Tranche or any Advance thereof shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, proposed Drawdown Date which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is madePeriod. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

Appears in 1 contract

Samples: Loan Agreement (Diana Containerships Inc.)

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