Common use of Drawdown Clause in Contracts

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

Appears in 7 contracts

Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Eighth Supplemental Agreement (Aegean Marine Petroleum Network Inc.), Loan 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 Bank Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the second Banking Day before the date, which shall be a Banking Day falling within the relevant each proposed Drawdown Period, on which such Advance is intended to be made. Date. 2.4.2 A Drawdown Notice shall be effective on actual receipt by the Bank 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 Partners L.P.), Facility Agreement, Facility Agreement (Navios Maritime Acquisition CORP)

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

Appears in 2 contracts

Samples: Facility Agreement (Globus Maritime LTD), Facility Agreement (FreeSeas Inc.)

Drawdown. Subject to 2.2.1 On the terms and subject to the conditions of this Agreement, each Advance shall be made drawn by and advanced to the Borrower in one amount on the relevant Drawdown Date following receipt by the Bank Lender from the Borrowers Borrower of a Drawdown Notice not later than 10:00 a.m. on the second Banking Day before the date, which shall be a Banking Day falling within the relevant proposed Drawdown Period, on which such Advance is intended to be made. Date. 2.2.2 A Drawdown Notice shall be effective on actual receipt by the Bank Lender and, once given, shall, subject as provided in clause 3.6.13.5, be irrevocable.

Appears in 2 contracts

Samples: Facility Agreement (Navios Maritime Midstream Partners LP), Facility Agreement (Navios Maritime Midstream Partners LP)

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

Appears in 1 contract

Samples: Junior Loan Agreement (FreeSeas Inc.)

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

Appears in 1 contract

Samples: Loan Agreement (Top Tankers Inc.)

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

Appears in 1 contract

Samples: Supplemental Agreement (Aegean Marine Petroleum Network Inc.)

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

Appears in 1 contract

Samples: Facilities Agreement (Top Tankers Inc.)

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

Appears in 1 contract

Samples: Loan Agreement (Poseidon Containers Holdings Corp.)

Drawdown. Subject to the terms and conditions of this Agreement, each Advance thereof shall be made to the Borrower following receipt by the Bank from the Borrowers Borrower of a Drawdown Notice not later than 10:00 10 a.m. on the second Banking Day before the date, proposed Drawdown Date relative to such Advance which shall be a Banking Day falling within the relevant Drawdown Period, Period on which such Advance is intended to be made. A Drawdown Notice shall be effective on actual receipt by the Bank and, once given, shall, subject as provided in clause 3.6.1, be irrevocable. No Advances shall be available after the Termination Date, and subject to the provision of this Agreement more than one Advance may be made on the same date.

Appears in 1 contract

Samples: Supplemental Agreement (Top Ships Inc.)

Drawdown. Subject to 2.2.1 On the terms and subject to the conditions of this Agreement, each Advance shall be made drawn by and advanced to the Borrower in one amount on the relevant Drawdown Date following receipt by the Bank Lender from the Borrowers Borrower of a Drawdown Notice not later than 10:00 a.m. 10:00 a. m. on the second Banking Day before the date, which shall be a Banking Day falling within the relevant proposed Drawdown Period, on which such Advance is intended to be made. Date. 2.2.2 A Drawdown Notice shall be effective on actual receipt by the Bank Lender and, once given, shall, subject as provided in clause 3.6.13.5, be irrevocable.

Appears in 1 contract

Samples: Facility Agreement

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

Appears in 1 contract

Samples: Facility Agreement (Freeseas Inc.)

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