Common use of Drawing Clause in Contracts

Drawing. 5.1 Subject to Clause 5.5 hereof and the other provisions of this Deed, and in particular to all the conditions precedent under Clause 3 being complied with, the Borrower may on any Business Day drawdown on the Facility upon giving to SIF a notice of Drawing of not less than five (5) Business Days prior to the intended date of Drawing. The intended date of each Drawing must fall on a Business Day. 5.2 Each Drawing shall not exceed the quantum specified in the Facility Letter. SIF may from time to time vary the quantum at its absolute discretion and upon such terms and conditions set by SIF. 5.3 The Facility shall be available to the Borrower on a revolving basis, that is to say, the Borrower may make Drawings from time to time in accordance with this Clause and any amount or amounts so drawn may be repaid by the Borrower in accordance with Clause 8 in whole or in part at any time and thereafter the Borrower may make fresh or further Drawings in accordance with this Clause, and all such Drawings, repayments and subsequent Drawings may be made from time to time subject to the terms of this Deed and to the terms of the Facility Letter. 5.4 The first or full draw-down of the Facility (as the case maybe) shall be effected within six (6) months from the date of the Facility Letter, failing which SIF is entitled to cancel the Facility. 5.5 All Drawings under the Facility are at all times subject to availability of funds and such availability shall be determined by SIF at its sole and absolute discretion.

Drawing. 5.1 Subject to Clause 5.5 hereof and the other provisions of this Deed, and in particular to all the conditions precedent under Clause 3 being complied with, the Borrower may on any Business Day drawdown on the Facility upon giving to SIF SingFinance a notice of Drawing of not less than five (5) Business Days prior to the intended date of Drawing. The intended date of each Drawing must fall on a Business Day. 5.2 Each Drawing shall not exceed the quantum specified in the Facility Letter. SIF SingFinance may from time to time vary the quantum at its absolute discretion and upon such terms and conditions set by SIFSingFinance. 5.3 The Facility shall be available to the Borrower on a revolving basis, that is to say, the Borrower may make Drawings from time to time in accordance with this Clause and any amount or amounts so drawn may be repaid by the Borrower in accordance with Clause 8 in whole or in part at any time and thereafter the Borrower may make fresh or further Drawings in accordance with this Clause, and all such Drawings, repayments and subsequent Drawings may be made from time to time subject to the terms of this Deed and to the terms of the Facility Letter. 5.4 The first or full draw-down of the Facility (as the case maybe) shall be effected within six (6) months from the date of the Facility Letter, failing which SIF SingFinance is entitled to cancel the Facility. 5.5 All Drawings under the Facility are at all times subject to availability of funds and such availability shall be determined by SIF SingFinance at its sole and absolute discretion.