Utilisation of the Facility. 8.1 Subject to the provisions of this Agreement and to the fulfilment or waiver of all of the Agreement Conditions Precedent and the Advance Conditions Precedent, the Borrower may utilise the Facility by delivering to the Lender, in respect of any Advance, a duly completed Drawing Notice.
8.2 Each Drawing Notice is irrevocable and will not be regarded as having been duly completed unless:
8.2.1 it is delivered to the Lender no later than 11h00 (Mauritius time) and no less than 3 (three) Business Days and no more than 5 (five) Business Days prior to the proposed Drawing Date;
8.2.2 the proposed Drawing Date is a Business Day within the Availability Period;
8.2.3 the currency of the proposed Advance is United States Dollars;
8.2.4 the amount of the proposed Advance must be a minimum amount of US$2 500 000 (Two Million Five Hundred Thousand United States Dollars) and in integral multiples of US$500 000 (Xxxx Xxxxxxx Xxxxxxxx Xxxxxx Xxxxxx Dollars) and in any event not more than the Available Facility.
8.3 All proceeds of an Advance will be credited to the Proceeds Account on the relevant Drawing Date.
8.4 Only one Advance may be requested in each Drawing Notice.
8.5 No more than one Advance will be made by the Lender to the Borrower during any 1 (one) calendar month.
8.6 Notwithstanding anything to the contrary contained herein, the Lender shall not be obliged to make any Advance unless on the proposed Drawing Date:
8.6.1 no Event of Default or Potential Event of Default is continuing or would result from the making of the Advance; and
8.6.2 the Repeating Warranties are true and correct in all material respects.
8.7 The Borrower acknowledges and agrees that:
8.7.1 the Lender shall not be obliged to make any payment pursuant to any Drawing Notice unless and until the Borrower shall have complied strictly with the requirements in respect thereof as set out in this clause 8; and
8.7.2 any Drawing Notice signed by an authorised signatory on behalf of the Borrower shall be deemed to be a valid Drawing Notice issued by the Borrower and any Advances made pursuant to such Drawing Notice to the Borrower shall constitute valid Advances to the Borrower and constitute part of the Loan:
8.7.3 the Lender may validly act on all information, instructions and requests contained in the Drawing Notice, without any liability or responsibility to verify or check the accuracy of such information.
8.8 Upon the expiry of the Availability Period, the Available Facility shall be reduc...
Utilisation of the Facility. 3.1 Utilisation Conditions for the Facility Save as otherwise provided herein, a Letter of Credit will be issued at the request of the Account Party on behalf of an Applicant if:
3.1.1 no later than 10.00 a.m. two Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Account Party;
3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period;
3.1.3 the proposed Original Sterling Amount of such Letter of Credit is less than or equal to the Available Facility;
3.1.4 the proposed Term of the Letter of Credit is a period ending on or before the Termination Date;
3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by the Banks (such approval not to be unreasonably withheld or delayed);
3.1.6 the beneficiary of such Letter of Credit is Lloyd's;
3.1.7 on and as of the proposed Utilisation Date (a) no Event of Default or Potential Event of Default has occurred and is continuing and (b) the Representations are true in all material respects; and
3.1.8 (if the Charge Agreement is required to be executed and delivered by the Account Party pursuant to sub-clause 17.1.2 of Clause 17.1 (Letter of Credit Commission)), the Agent has received evidence acceptable to it that the Charged Portfolio has been delivered to the Custodian and the amount of the Charged Portfolio is at least equal to the Required Value.
Utilisation of the Facility. Utilisation Conditions for the Facility
3.1 Save as otherwise provided herein, a Letter of Credit will be issued at the request of the Account Party on behalf of an Applicant if:
(a) no later than 10.00 a.m. two Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Account Party;
(b) the proposed Utilisation Date is a Business Day falling within the Availability Period;
(c) the proposed amount of such Letter of Credit is less than or equal to the Available Facility;
(d) the Letter of Credit is substantially in the form set out in Schedule 7 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by Lloyd’s and the Lenders (such approval by the Lenders not to be unreasonably withheld or delayed and shall not be required unless the other form requested differs materially from the form set out in Schedule 7);
(e) the beneficiary of such Letter of Credit is Lloyd’s; and
(f) on and as of the proposed Utilisation Date (a) no Default has occurred and is continuing and (b) the Representations are true in all material respects.
Utilisation of the Facility. The Facility shall be advanced by the Lender to the Borrower in advances (each advance of the Facility is hereinafter called: “the Advance” and the principal amount owing in respect of each Advance at any relevant time is hereinafter called: “the Loan” or, as the case may be “the Loans”) following receipt by the Lender of a written notice from the Borrower in form and substance satisfactory to the Lender (“the Utilisation Request”). Subject to the following conditions the Borrower may serve a Utilisation Request not later than three (3) banking days prior to the intended date on which the Borrower requests that the relevant Advance be made available (“the Drawdown Date”). A Utilisation Request must be signed by an authorised representative of the Borrower and once served, such Utilisation Request cannot be revoked without the prior written consent of the Lender.
Utilisation of the Facility. The Facility shall be advanced by the Lender to the Borrower in one advance (the “Advance”) (the principal amount owing in respect of the Advance is hereinafter called: the “Loan”) following receipt by the Lender of a written notice from the Borrower in form and substance reasonably satisfactory to the Lender (the “Utilisation Request”). Subject to the conditions set out in clause 8, the Borrower may serve the Utilisation Request on the intended date on which the Borrower requests that the Advance to be made available, or on any shorter period as may be agreed by the Lender (the “Drawdown Date”). The Utilisation Request must be signed by an authorised representative of the Borrower and once served, the Utilisation Request cannot be revoked without the prior written consent of the Lender.
Utilisation of the Facility. With effect from the Restatement Amendment Effective Time, all Available Commitments shall be cancelled and reduced to zero.
Utilisation of the Facility. 6.1 Save as otherwise provided herein, Advances will be made by the Banks or, as the case may be, a Letter of Credit or Contract Guarantee will be issued by the Fronting Bank or, as the case may be, Short-Term Advances will be made by the Overdraft Provider to the Borrower if:
(i) no later than the specified time in respect of the proposed Utilisation, the Agent or, in the case of a Short-Term Advance, the Overdraft Provider, has received from the Borrower a Utilisation Request therefor;
(ii) the proposed Utilisation Date in respect of such Utilisation Request is a business day;
(iii) the Requested Amount is:
(a) in the case of a Utilisation by means of Advances (other than Short-Term Advances), an amount which does not exceed the Available Facility at such time and which, if less than the Available Facility at such time:
(1) if no other Advance (other than a Short-Term Advance) of an Original Sterling Amount of less than L1,000,000 is outstanding at such time is:
(A) if the currency is sterling, a minimum amount of L500,000 and in additional integral multiples of L1,000,000; or
(B) if the currency is an Optional Currency, a minimum Original Sterling Amount of L500,000 (or an appropriate amount thereof) and in additional integral multiples of an Original Sterling Amount of L1,000,000 (or an approximate amount thereof); or
(2) if an Advance (other than a Short-Term Advance) of less than an Original Sterling Amount of L1,000,000 is outstanding at such time is:
(A) if the currency is sterling, a minimum amount of L1,000,000 and in additional integral multiples of L500,000; or
(B) if the currency is an Optional Currency, a minimum Original Sterling Amount of L1,000,000 (or an approximate amount thereof) and in additional integral multiples of an Original Sterling Amount of L500,000 (or an approximate amount thereof); or
(b) in the case of a Utilisation by means of a Letter of Credit, an amount which does not exceed the Available Facility at such time and which when aggregated with the L/C Outstandings at the time of such Utilisation does not exceed an Original Sterling Amount of L3,000,000; or ----------------------------------------------------------------------------- 10 ----------------------------------------------------------------------------
(c) in the case of a Utilisation by means of Short-Term Advances, an amount which does not exceed the Available Facility at such time and which when aggregated with all other Short-Term Advances then outstanding, do...
Utilisation of the Facility. 5.1 Save as otherwise provided herein, an Advance will be made by the Lender to the Borrower if:
(a) not more than 10 nor less than one business day before the proposed date for the making of such Advance, the Lender has received from the Borrower a Notice of Drawdown therefor (or such other notice acceptable to the Lender), receipt of which shall oblige the Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained herein;
(b) the proposed date for the making of such Advance is a business day falling before the Commitment Termination Date;
(c) the Requested Amount complies with the conditions set out in Condition 5.2;
(i) no Event of Default has occurred and is continuing; and
(ii) the representations set out in Clause 12 are true in all material respects on and as of the proposed date for the making of such Advance.
5.2 The Requested Amount to be specified in a Notice of Drawdown delivered pursuant to Clause 5.1 shall be in an amount of up to but not exceeding the Available Facility in relation to such Drawdown and if less shall be in a minimum amount of L.100,000.
Utilisation of the Facility. 6.1 Save as otherwise provided herein, Advances will be made by the Banks or, as the case may be, a Letter of Credit will be issued by the Fronting Bank or, as the case may be, Short-Term Advances will be made by the Overdraft Provider to a Borrower if: (i) no later than the specified time in respect of the proposed Utilisation, the Agent or, in the case of a Short-Term Advance, the Overdraft Provider, has received from the relevant Borrower a Utilisation Request therefor; (ii) the proposed Utilisation Date in respect of such Utilisation Request is a business day; (iii) the Requested Amount is: (a) in the case of a Utilisation by means of Advances (other than Short-Term Advances), an amount which does not exceed the Available Facility at such time and which, if less than the Available Facility at such time:
(1) if no other Advance (other than a Short-Term Advance) of less than an Original Swiss Amount of CHF 2,000,000 is outstanding at such time is: (A) if the currency is Swiss Francs, a minimum amount of CHF 1,000,000 and in additional integral multiples of CHF 2,000,000; or
Utilisation of the Facility. 6.1 Subject to the provisions of this Agreement and to the fulfillment or waiver of all of the Agreement Conditions Precedent and the Advance Conditions Precedent, the Borrower may request to utilise the Total Facility Amount by delivering to the Lender, in respect of any Advance, a duly completed Drawing Request.
6.2 For the avoidance of doubt, the Lender shall not be under any obligation to grant any Drawing Request and more specifically, the Lender shall not grant any Advance while any amount under any previously granted Advance remains outstanding. The repayment of any previously granted Advance shall reduce the Total Facility Amount by such repayment amount.
