Common use of Pre-funding Clause in Contracts

Pre-funding. 24.1 The Lender may, at its absolute discretion, and if agreed with you, agree to transfer to you or your solicitors all or part of the Loan to be advanced on the first Drawdown Date notwithstanding that the conditions to the availability of the Loan specified in paragraph 3 have not been satisfied (a "Pre Funding Advance"). Any such transfer shall not constitute a waiver of any of the conditions specified in paragraph 3 and the sums transferred shall, unless and until the Lender confirms that all of the requirements of paragraph 3 above have been satisfied, be repayable immediately upon demand by the Lender. 24.2 You agree that where a Pre Funding Advance has been made, you will:- 24.2.1 indemnify the Lender on demand against any cost, expense, loss or liability incurred by the Lender (including, without limit, interest, broken funding costs and transmission charges) as a result the Lender having made the Pre Funding Advance; and 24.2.2 pay to the Lender interest at the Interest Rate from the date on which the Pre Funding Advance is made, to the earlier of the date upon which the Lender confirms that the requirements of paragraph 3 in relation to the Loan have been satisfied (whereupon the Pre Funding Advance shall be deemed to have been repaid, and the Loan borrowed in an equal amount) and the date on which the Pre Funding Advance is repaid to the Lender, both dates inclusive.

Pre-funding. 24.1 The Lender may, at its absolute discretion, and if agreed with you, agree to transfer to you or your solicitors all or part of the Loan to be advanced on the first Drawdown Date notwithstanding that the conditions to the availability of the Loan specified in paragraph 3 have not been satisfied (a "Pre Funding Advance")) . Any such transfer shall not constitute a waiver of any of the conditions specified in paragraph 3 and the sums transferred shall, unless and until the Lender confirms that all of the requirements of paragraph 3 above have been satisfied, be repayable immediately upon demand by the Lender. 24.2 You agree that where a Pre Funding Advance has been made, you will:- 24.2.1 indemnify the Lender on demand against any cost, expense, loss or liability incurred by the Lender (including, without limit, interest, broken funding costs and transmission charges) as a result the Lender having made the Pre Funding Advance; and 24.2.2 pay to the Lender interest at the Initial Interest Rate from the date on which the Pre Funding Advance is made, to the earlier of the date upon which the Lender confirms that the requirements of paragraph 3 in relation to the Loan have been satisfied (whereupon the Pre Funding Advance shall be deemed to have been repaid, and the Loan borrowed in an equal amount) and the date on which the Pre Funding Advance is repaid to the Lender, both dates inclusive.