Common use of REFUSAL TO MAKE LOANS Clause in Contracts

REFUSAL TO MAKE LOANS. 7.1 A Lender who decides not to make the Individual Loan for the reason that all or part of the conditions under Clause 5 are not satisfied (the “Non-Drawdown Lender”) may notify the Agent, the Borrower, the Guarantor and all other Lenders of the decision with the reason affixed thereto by three (3) o’clock P.M. of the first Business Day prior to the Drawdown Date. Provided, however, that if, notwithstanding the satisfaction of all the conditions under Clause 5, such notice is given and the Individual Loan is not made, the Non-Drawdown Lender may not be released from liabilities arising from the breach of its Lending Obligations. 7.2 The Borrower shall be responsible for any damages, losses or expenses incurred by the Non-Drawdown Lender or the Agent as a result of the failure to make the Individual Loan by that Non-Drawdown Lender. Provided, however, that the foregoing shall not apply if the failure to make the Individual Loan constitutes a breach of the Non-Drawdown Lender’s Lending Obligations.

REFUSAL TO MAKE LOANS. 7.1 1. A Lender who that decides not to make the Individual Loan Loans for the reason that all or part of the conditions under Clause 5 Conditions Precedent are not satisfied (the “Non-Drawdown Lender”) may notify the Agent, the Borrower, the Guarantor Borrower and all other Lenders of the decision with the reason affixed thereto by three (3) o’clock P.M. 5:00 p.m. of the first Business Day immediately prior to the Drawdown Date. ProvidedHowever, however, that if, notwithstanding the satisfaction of all the conditions under Clause 5Conditions Precedent, such notice is given and the Individual Loan is Loans are not made, the Non-Drawdown Lender may shall not be released from liabilities arising from the breach of its Lending ObligationsObligation. 7.2 2. The Borrower shall be responsible for any Break Cost or other damages, losses or expenses incurred by the Non-Drawdown Lender or the Agent as a result of the failure to make the Individual Loan Loans by that Non-Drawdown LenderLender (provided, other than the Break Cost, such damages, losses or expenses shall be limited to a reasonable extent). ProvidedHowever, however, that the foregoing shall not apply if the failure to make the Individual Loan Loans constitutes a breach of the Non-Drawdown Lender’s Lending ObligationsObligation.