Guarantee Facility. Subject to the terms of this Agreement, the Commercial Lenders make available to the Borrower, during the Availability Period-Commercial Lenders’ Guarantee, a guarantee facility in the amount of up to the Guarantee Facility Commitment (the “Guarantee Facility”) granted by the Commercial Lenders in the form of the Commercial Lenders’ Guarantee conditional upon the utilisation of the Eksportfinans Commercial Facility.
Guarantee Facility. Facility 2 may be utilized as follows:
Guarantee Facility. (1) The Guarantor Bankx xxxxx xx the Borrower a S$236,800,000 guarantee facility upon the terms and subject to the conditions of this Agreement.
Guarantee Facility. In case a payment demand is made by the beneficiary under a Guarantee, the Lender will send a notice to the Borrower informing the Borrower of such payment demand, and specifying (a) the amount to be reimbursed by the Borrower, (b) the date on which such reimbursement is to be made, and (c) the account to which the reimbursement amount is to be transferred. The Borrower shall make each reimbursement in accordance with the respective notice of the Lender.
Guarantee Facility. (a) The definition of "Guarantee Facility Amount" in Clause 1.1 (Definitions) of the Original Facility Agreement shall be amended to read as follows:
Guarantee Facility. The Borrower may utilize the Guarantee Facility by giving the Lender instructions to issue payment or performance guarantees (each a “Guarantee”), provided always that:
Guarantee Facility. 11 10 Indemnity.............................................................
Guarantee Facility. (a) For the purposes of Part D of the Project, the Borrower shall, by June 30, 1999, prepare and transmit to the Association the Guarantee Facility Manual, acceptable to the Association, giving details of operational guidelines governing the Guarantee Facility, including (i) procedures relating to the Borrower’s deposits of funds into the Escrow Account; (ii) eligibility criteria for the provision of Guarantees; (iii) procedures for submission and processing of Guarantee applications;
Guarantee Facility. (a) Subject to the other provisions of this Agreement, the Lender shall make available to the Borrowers the Guarantee Facility not exceeding $5,900,000 together with interest at the rate of 7 per cent. per annum for a maximum period of 60 days, representing the maximum actual and contingent liabilities of the Lender under the Instalment Guarantees.
(b) The Borrowers must issue and send to the Lender a request for making available an Instalment Guarantee not less than 2 Business Days before the intended issuance which shall be in the form attached herein as Schedule 3.
(c) The Instalment Guarantees will only be issued at the time when the first instalment of the Contract Price of each Ship is paid to the Builder.
8.2 The Outstanding Guarantee Amount shall not be treated as reduced for the purposes of this Agreement unless and until:
(a) the Lender has received a written confirmation from the Builder of the amount of such reduction; or
(b) the Lender is satisfied that its liability under an Instalment Guarantee has been irrevocably reduced or discharged; or
(c) the amount of an Instalment Guarantee irrevocably and unconditionally reduces in accordance with its terms; or
(d) the expiry date of an Instalment Guarantee elapses and the Lender has, on the Borrowers’ request, notified the Borrowers in writing that it is satisfied that no claim or demand has been made or may thereafter be made, under such Instalment Guarantee.
8.3 The Lender shall, immediately after receiving a demand from, or after being notified by, the Builder that it is required to make payment under an Instalment Guarantee, notify the Borrowers that such payment is due and of the Settlement Amount and the Settlement Date in respect thereof.
8.4 Without prejudice to the Borrowers’ obligations under Clause 8.5, the Borrowers shall pay to the Lender the Settlement Amount in Dollars on the Settlement Date, which amount shall be paid:
(a) subject to compliance with Clause 9.1, by the Lender drawing down the Secondone Advance Tranche A and/or the Thirdone Advance Tranche A which shall be applied directly in partly discharging the sums paid by the Lender under an Instalment Guarantee (and the Borrower hereby irrevocably authorises the Lender to drawdown the Secondone Advance Tranche A and/or the Thirdone Advance Tranche A and apply the same in accordance with this Clause 8.4); and
(b) by the Borrowers making prompt payment to the Lender of a sum equal to the balance of any Settlement Amount.
8.5 Each...
Guarantee Facility. (a) Without prejudice to the generality of the foregoing in respect of each Guarantee Facility issued from time to time by MDV, the Customer shall pay an arranger fee at the rate stipulated in the relevant Letter(s) of Offer, in advance upon issue of the Guarantee Facility or at such other times and within such other period or periods as MDV may deem fit.
(b) MDV shall be entitled at any time or from time to time to vary the above fee with prior notification and the Customer agrees that MDV is entitled at any time and from time to time to vary the same.
