UTILISATION NOTICES Clause Samples
The 'Utilisation Notices' clause defines the process by which a borrower formally requests the use of funds under a loan agreement. Typically, this involves the borrower submitting a written notice to the lender specifying the amount to be drawn, the date of utilisation, and any other required details. This clause ensures that both parties have a clear, documented procedure for disbursing loan funds, thereby reducing misunderstandings and providing a reliable record of each drawdown request.
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UTILISATION NOTICES. 6.5.1 Subject to the terms of this Agreement, each Utilisation Notice shall be irrevocable and shall oblige the relevant Borrower to borrow the amount so requested or, as the case may be, to give effect to the Utilisation so requested on the date specified in such Utilisation Notice upon the terms and subject to the conditions set out in this Agreement.
6.5.2 The first Utilisation Notice delivered hereunder shall include a request to draw down as part of the relevant Revolving Loan an amount equal to the amount of any fees then due and payable to the Arranger, the Agent and the Lenders and to such other valuers and professional advisers as shall have been agreed with the Agent and the Lenders as being payable therefrom and an authorisation and direction to the Agent to appropriate for such purpose the proceeds of so much of the relevant Revolving Loan as is required to satisfy the payment in full of such fees.
UTILISATION NOTICES. 3.1.1 In order to effect a Utilisation under this Agreement, the relevant Export Lessee must submit a notice to the Agent substantially in the form set out in Schedule 3 identifying:
(a) the proposed Utilisation Date, which shall be a Banking Day within the Availability Period (i) in the case of the first and second Utilisations under the Facility, as GFC and the Agent may agree and (ii) in the case of all other Utilisations (other than an Alternative Utilisation) under the Facility not less than ten (10) Business Days (or such shorter period as the Agent acting on the instructions of the National Agents, in any particular case, may agree) after the date of service of such notice;
(b) the amount and currency of the proposed Advance;
(c) the relevant Eligible Aircraft (including its manufacturer's serial number, the proposed registration ▇▇▇▇ (if then known) and the type and serial numbers (if then known) of the Engines to be installed);
(d) if known, the identity of the proposed Lessee of the Aircraft and the jurisdiction in which the Aircraft shall be registered and the principal place of business of the Lessee;
(e) the Aircraft Purchase Price;
(f) the structure of the proposed Utilisation and the identity of each Obligor to be involved in such Utilisation; and
(g) in the case of a Refinanced Aircraft, the Delivery Date, and having attached thereto a Certified Copy of the latest draft (if any) or, if the same is then available, a Certified Copy of the executed version of the proposed Lease. Once served, subject to Clause 3.1.6, a Utilisation Notice is irrevocable.
3.1.2 The Agent shall only be obliged to accept a Utilisation Notice and the Lenders shall only be obliged to make the Advance the subject of a Utilisation Notice:
(a) if no Relevant Event, Termination Event or Utilisation Block Event has occurred which is continuing and no such event would result from the drawdown of the relevant Advance;
(b) if the proposed date for the making of such Advance is a Banking Day which is within the Availability Period;
(c) if the Advance requested therein is equal to or less than eighty five per cent. (85%) of the Aircraft Purchase Price of the relevant Eligible Aircraft;
(d) if the proposed aggregate amount of such Advance is less than or equal to the aggregate of the Total Commitments at the time;
(e) if any requisite approvals of the competent authorities of the French Republic, the Federal Republic of Germany and the United Kingdom shall have been obtained in...
UTILISATION NOTICES. Subject to the terms of this Agreement, each Utilisation Notice shall be irrevocable and shall oblige the relevant Borrower to borrow the amount so requested or, as the case may be, to give effect to the Utilisation so requested on the date specified in such Utilisation Notice upon the terms and subject to the conditions set out in this Agreement.