Common use of UTILISATION OF THE LOAN TRANCHES Clause in Contracts

UTILISATION OF THE LOAN TRANCHES. 6.1 Drawdown conditions relating to the Loan Tranches (a) the related Series and Class of Notes have (or, in the case of an NR VFN Loan Tranche, the related Class Z Variable Funding Note has) been issued by the Issuer on the relevant Closing Date and the subscription proceeds have been received by or on behalf of the Issuer; (b) not later than 2.00 p.m. (London time) on the relevant Closing Date (or such later time as may be agreed in writing by Funding 1, the Issuer, the Issuer Security Trustee and the Funding 1 Security Trustee), the Issuer, the Issuer Security Trustee and the Funding 1 Security Trustee have received from Funding 1 a Loan Tranche Notice (substantially in the form set out in Schedule 2) requesting a drawing under the Intercompany Loan Facility, receipt of which shall (subject to the terms of this Agreement and to the issue of the relevant Series and Class of Notes by the Issuer) oblige Funding 1 to borrow the whole of the amount requested in the Loan Tranche Notice on the date stated in the Loan Tranche Notice (which shall be the relevant Closing Date) upon the terms and subject to the conditions contained in this Agreement; (c) Funding 1 has confirmed in the relevant Loan Tranche Notice that: (i) no Intercompany Loan Event of Default has occurred and is continuing unremedied (if capable of remedy) or unwaived or would result from the making of such Loan Tranche; (ii) the representations set out in Clause 13 are true on and as of the relevant Closing Date by reference to the facts and circumstances then existing; and (iii) there is no debit balance on the Funding 1 Principal Deficiency Ledger as at the relevant Closing Date; (d) the aggregate principal amount of the Loan Tranches to be drawn on the Drawdown Date would not exceed the principal amount of the Series and Class of Notes to be issued by the Issuer on the relevant Drawdown Date; and (e) Funding 1 has delivered a solvency certificate to the Issuer, the Issuer Security Trustee and the Funding 1 Security Trustee substantially in the form set out in Schedule 4. 6.2 Loan Tranches correspond to Series and Classes of Notes