UTILISATION PROCEDURE Clause Samples
The Utilisation Procedure clause sets out the steps and requirements a borrower must follow to draw down funds under a loan agreement. Typically, this involves submitting a utilisation request specifying the amount and date of the drawdown, and meeting any preconditions such as providing necessary documentation or ensuring no default has occurred. By clearly outlining the process for accessing loan funds, this clause ensures both parties understand the conditions and timing for disbursements, thereby reducing the risk of disputes and facilitating smooth operation of the loan facility.
UTILISATION PROCEDURE. 7.1 When the Investor wants to utilise the Individual Facility, the Investor must fill out, sign and submit Appendix 7.1 – Loan Request Notice (a “Notice”) to the Lender. HELLERUP 7 OCTOBER 2021
7.2 The Lender reserves the right to adjust and amend the Notice from time to time. The Notice is available on the Lender’s homepage ▇▇▇.▇▇.▇▇ (▇▇.▇▇/▇▇▇▇▇▇▇-▇▇- priser).
7.3 Upon receipt of the Notice, the Lender will within 10 working days notify the Inves- tor whether the conditions for the requested Loan are fulfilled and whether there are available funds under the Individual Facility and the Total Facility. In the affirm- ative, the Lender will procure that the Loan Terms are forwarded for (electronic) signature by the Qualified Company (as Borrower) and the Investor, after which the Loan Terms will be duly countersigned by the Lender.
7.4 As a condition for the Lender’s disbursement of the Loan to the Borrower, the In- vestor shall no later than 30 calendar days from the Lender signing the Loan Terms provide the Lender with certain documentation as listed in clause 5 of the Loan Terms (the “Condition Precedent Documentation”), e.g. inter alia that the In- vestment has been carried out in accordance with the Notice no later than 30 cal- endar days from – and not more than 30 calendar days before – the date of the Lender signing the Loan Terms.
7.5 If the Condition Precedent Documentation is submitted to the Lender in due time, the Lender undertakes to pay out the loan amount under the Loan within 14 calen- dar days from receipt of the Condition Precedent Documentation. the Lender shall be under no obligation to disburse the Loan. The Investor, how- ever, shall be entitled to initiate a new utilisation request procedure, cf. this Clause 7.
UTILISATION PROCEDURE. Each Utilisation shall be made in accordance with the procedure set out in Schedule 2 (Utilisation procedure).
UTILISATION PROCEDURE. (A) Subject to satisfying the conditions set out in Clause 2 (Conditions Precedent) of the Facility Agreement and Clause 4.2 (IFC Utilisation) of this Agreement, the Borrower may utilise the IFC Facility by delivering an IFC Utilisation Request to the IFC (with a copy to the Facility Agent) and in accordance with and subject to the provisions of Clause 6 (Utilisation) of the Facility Agreement.
(B) The Borrower shall deliver to the IFC, within five (5) Business Days of a Utilisation Date, an IFC Utilisation Receipt.
UTILISATION PROCEDURE. 1. Further conditions precedent
(a) The obligations of the Lender to make any Facility A Loan are subject to the further conditions precedent that on both the date of the Facility A Request and the Utilisation Date for that Facility A Loan:
(i) the Repeating Representations are correct in all material respects;
(ii) no Default is outstanding or would result from the Loan;
(iii) the LTV Ratio was no less than the Required LTV Ratio on the immediately preceding Test Date and the Lender has no reason to believe that the LTV Ratio will not be less than the Required LTV Ratio on the next following Test Date as a result of the making of the requested Facility A Loan;
(iv) the Company has provided copies of the invoices (and, if applicable, evidence that such invoices where paid by the Company) and other documents evidencing delivery of goods or performance of services under the MinMetals EPC Contract that are required by the Facility A Request;
(v) other than in respect of a Facility A Loan being made to reimburse the Company for an amount already paid to MinMetals:
(A) the Company has provided a certified copy of a payment instruction issued to the Passport Bank instructing the Passport Bank to pay the proceeds of the requested Facility A Loan to an account of MinMetals (as directed by MinMetals) and such payment instruction is in full force and effect and has not been revoked by the Company; and
(B) the Company has taken all actions and provided all information required for the Passport Bank to comply with the payment instruction referred to in paragraph (v) above;
(vi) GPB (OJSC) has confirmed to the Lender that it is reasonably likely that it will have (by the time it is required) received sufficient funds to fund its participation in the requested Facility A Loan;
(vii) GPB (OJSC) has confirmed to the Lender that the Sinosure Policy issued in respect of Export-Import Bank of China’s risk coverage in connection with the loan agreement between Export-Import Bank of China and GPB (OJSC) has been issued and is in full force and effect, and funds are available for disbursement under the loan agreement between GPB (OJSC) and the Export-Import Bank of China; and
(viii) the Lender has received e-mail confirmation from the Passport Bank that the Passport Account is free from any Security Interest.
(b) The obligations of the Lender to make any Facility A Loan are subject to the further condition precedent that, no later than seven Facility A Business Days before the ...
UTILISATION PROCEDURE