Common use of Suspension of drawdown Clause in Contracts

Suspension of drawdown. If a Suspension Notice is given by the Agent before the advance of any of the Facility in accordance with Clause 2 then the Agent shall not be obliged to advance the Facility until notice to the contrary is given by the Agent. During the period of thirty (30) days from the giving of such Suspension Notice, the Agent and any Lender affected by the relevant market disturbance shall consult in good faith with the Borrower with a view to agreeing to an alternative basis for advancing of the Facility or any relevant part thereof. If such alternative basis is agreed between the Borrower, the Agent, the relevant Lender or Lenders and Hermes, it shall apply in accordance with its terms and, if not, the Facility or any relevant part thereof shall be made available to the Borrower in the other of the currencies of Dollars or Euro.

Suspension of drawdown. If a Suspension Notice is given by the Agent before the advance of any of the Facility in accordance with Clause 2 then the Agent shall not be obliged to advance the Facility until notice to the contrary is given by the Agent. During the period of thirty (30) days from the giving of such Suspension Notice, the Agent and any Lender affected by the relevant market disturbance shall consult in good faith with the Borrower with a view to agreeing to an alternative basis for advancing of the Facility or any relevant part thereof. If such alternative basis is agreed between the Borrower, the Agent, the relevant Lender or Lenders and Hermes, it shall apply in accordance with its terms and, if not, the Facility or any relevant part thereof shall be made available to the Borrower in the other of the currencies of Dollars or Euro.