Common use of Drawdown Clause in Contracts

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default or Possible Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing; and 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility, PROVIDED THAT no part of the Loan shall be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and no part of Portion 2 shall be capable of drawing until the Hermes Issuing Fees and twenty five per cent (25%) of the Hermes Insurance Premium have become due and been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of the Equivalent Amount of the Portion 2 Tranches drawn down hereunder and the aggregate of the amounts of Portion 3 drawn down hereunder shall not exceed in total twenty two million and fifty thousand Dollars (USD22,050,000).

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default or Possible Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing; and 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility, PROVIDED THAT no part of the Loan shall be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and no part of Portion 2 shall be capable of drawing until the Hermes Issuing Fees and twenty five per cent (25%) of the Hermes Insurance Premium have become due and been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Equivalent Amount Euro amount of the Portion 2 Tranches drawn down hereunder and in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the Portion 2 Tranches drawn down hereunder in Dollars (c) the Euro amount of the aggregate of the amounts each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total twenty million two million hundred and fifty thousand Dollars Euro (USD22,050,000€20,250,000).

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ ' notice of the Borrower’s 's request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default or Possible Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing; and 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility, PROVIDED THAT no part of the Loan shall be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and no part of Portion 2 shall be capable of drawing until the Hermes Issuing Fees and twenty five per cent (25%) of the Hermes Insurance Premium have become due and been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of the Equivalent Amount of the Portion 2 Tranches drawn down hereunder and the aggregate of the amounts of Portion 3 drawn down hereunder shall not exceed in total twenty two million and fifty thousand Dollars (USD22,050,000).