Completion of Requests. (a) A Request for a Loan will not be regarded as having been duly completed unless:
(i) it identifies the Facility under which the Loan is to be made;
(ii) it identifies the Borrower;
(iii) the Utilisation Date is a Business Day falling within the Availability Period applicable to the relevant Facility;
(iv) the amount of the Loan requested is:
(A) a minimum of US$10,000,000 and an integral multiple of US$1,000,000;
(B) the maximum undrawn amount available under the relevant Facility on the proposed Utilisation Date; or
(C) such other amount as the Facility Agent may agree;
(v) the proposed Term complies with this Agreement; and
(vi) the proposed currency complies with this Agreement.
(b) Only one Loan may be requested in a Request.
Completion of Requests. A Request will not be regarded as having been duly completed unless:
(a) it identifies the Borrower;
(b) the Utilisation Date is a Business Day falling within the Availability Period; and
(c) the proposed currency, amount and Term comply with this Agreement. Only one Loan may be requested in a Request.
Completion of Requests. A Request will not be regarded as having been duly completed unless:
(a) the Utilisation Date is a Business Day falling within the relevant Availability Period for that Loan and:
(i) for an Instalment Loan (other than the Delivery Loan), is the date on which the corresponding Instalment is payable under the terms of the Shipbuilding Contract;
(ii) for the Delivery Loan, is the Final Completion Date; or
(iii) for an Incidental Vessel Costs Loan:
(A) for the first Incidental Vessel Costs Loan, is a date on or after the date of this Agreement; and
(B) for any other Incidental Vessel Costs Loan, is a date falling at least three (3) months after the previous Incidental Vessel Costs Loan Utilisation Date;
(b) the requested Incidental Costs Loan is in an amount not exceeding the aggregate amount of:
(i) the Incidental Loan Costs incurred in the period up to and including the Utilisation Date of the Incidental Costs Loan;
(ii) the aggregate amount of the Approved Incidental Vessel Costs payable in the period up to and including the Utilisation Date of the Incidental Costs Loan and supported by invoices or receipts; and
(iii) the aggregate estimated amount of Approved Incidental Vessel Costs which will become payable in the period up to and including the Utilisation Date of the Instalment Loan 1, supported by evidence satisfactory to the Facility Agent (acting in its sole discretion);
(c) the requested Loan (other than the requested Incidental Costs Loan) is in an amount not exceeding:
(i) if a Drilling Charter and a Sister Drilling Charter has been entered into ten (10) Business Days prior to the relevant Utilisation Date and:
(A) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter; or
(B) the Drilling Charter is a Five Year Drilling Charter and the Sister Drilling Charter is a Sister Three Year Drilling Charter; or
(C) the Drilling Charter is a Three Year Drilling Charter and the Sister Drilling Charter is a Sister Five Year Drilling Charter, a percentage of the Scheduled Instalment Amount or, as applicable the Approved Incidental Vessel Costs (in each case determined by the Facility Agent) to be derived from an iterative process in a manner that the expected LTC Ratio at the Utilisation Date following the advance of the Loan equals zero point seven (0.7); or
(ii) if the conditions in Clause 4.2(c)(i) have not been met, a percentage of the Scheduled Instalment Amount or, as applicable the App...
Completion of Requests. A Request for a Loan will not be regarded as having been duly completed unless:
(a) it identifies the Borrower;
(b) the proposed Utilisation Date is a Business Day falling within the Availability Period;
(c) the amount of the Loan requested is:
(i) a minimum of US$1,000,000 or its equivalent in accordance with Clause 6 (Optional Currencies) and an integral multiple of 1,000,000 units of the requested currency;
(ii) the maximum undrawn amount available under the Facility on the proposed Utilisation Date; or
(iii) such other amount as the Facility Agent may agree; and
(d) the proposed currency and Term comply with this Agreement. Only one Loan may be requested in a Request.
Completion of Requests. A Request will not be regarded as having been duly completed unless:
(a) the Utilisation Date is a Business Day falling within the Availability Period;
(b) the amount of the Loan requested is:
(i) a minimum of €5,000,000 and an integral multiple of €250,000 or an amount which complies with Clause 6 (Optional Currencies);
(ii) the maximum undrawn amount available under the Facility on the proposed Utilisation Date; or
(iii) such other amount as the Facility Agent may agree; and
(c) the proposed currency and Term comply with this Agreement. Only one Loan may be requested in a Request.
Completion of Requests for Swingline Advances A Request for Swingline Advances will not be regarded having been duly completed unless:
(a) the Utilisation Date is:
(i) in the case of Swingline Advances in U.S. Dollars, a New York Business Day; or
(ii) in the case of Swingline Advances in Sterling or euros, a Business Day, in each case falling before the Tranche B Final Maturity Date;
(b) it is specified that the Swingline Advances are to be made in U.S. Dollars, Sterling or euros under the Swingline Facility;
(c) the Requested Amount is a minimum Original Euro Amount of euro 10,000,000 or such other amount as the Agent or, as the case may be, US Swingline Agent and the relevant Borrower may agree which, if borrowed, would not cause the Original Euro Amount of all Utilisations under Tranche B to exceed the Tranche B Total Commitments;
(d) only one Term is specified, which:
(i) does not overrun the Tranche B Final Maturity Date; and
(ii) is a period not exceeding 7 days.
Completion of Requests. (a) A Request for a Letter of Credit will not be regarded as being duly completed unless:
(i) it specifies that it is for a Letter of Credit and whether it is to be a standby Letter of Credit or not;
(ii) the Utilisation Date is a Business Day falling within the Availability Period;
(iii) the amount of the Letter of Credit requested is:
(A) not exceeding the maximum undrawn amount available under the L/C Facility on the proposed Utilisation Date; or
(B) such other amount as the Issuing Bank may agree;
(iv) in the case of a Letter of Credit which is a standby letter of credit:
(A) it is in the form of Letter of Credit (in substantially the form of Schedule 9 (Form of Letter of Credit)); and
(B) all relevant supporting documents are attached;
(v) in the case of a Letter of Credit which is not a standby letter of credit, the relevant application form (in substantially the form of applications generally accepted by the Issuing Bank for general letter of credit business from time to time) and all relevant supporting documents are attached;
(vi) the expiry date (including the last day of the issuance period) of the Letter of Credit falls on or before one Business Day before the Final Maturity Date;
(vii) the expiry date of the Letter of Credit does not exceed:
(A) in respect of a Letter of Credit requested for the purpose of equipment purchases, 540 days from the Utilisation Date; and
(B) in respect of a Letter of Credit requested for any other general purpose, 150 days from the Utilisation Date; and
(viii) the delivery instructions for the Letter of Credit are specified.
(b) For the purpose of (a)(vii) above, if the expiry date of the Letter of Credit falls on a day other than a Business Day, the expiry date of the Letter of Credit shall be the Business Day immediately preceding such day.
(c) Only one Letter of Credit may be requested in a Request, and only three Requests for Letters of Credit may be delivered on any day.
Completion of Requests. A Request will not be regarded as having been duly completed unless:
(a) the Drawdown Date is a Business Day falling on or before the final day of the Availability Period;
(b) it identifies whether the Loan is a Revolving Credit Loan or a Term Loan;
(c) the amount of the Loan is:
(i) if the currency is Sterling, a minimum of £3,000,000 and an integral multiple of £1,000,000; or
(ii) if the currency is U.S. Dollars, a minimum of U.S.$3,000,000 and an integral multiple of U.S.$1,000,000; or
(iii) if the currency is euro, a minimum of €3,000,000 and an integral multiple of €1,000,000; or
(iv) if the currency is an Optional Currency other than U.S. Dollars or euro either:
(A) the equivalent of a minimum of £3,000,000 and an integral multiple of 1,000,000 units of the relevant currency; or
(B) such amount as the Agent and the Company may agree; or
(v) the balance of the undrawn Total Commitments;
(d) the amount selected under paragraph (c) above does not cause Clause 2.1 (Facility) to be contravened;
(e) the currency selected complies with Clause 10 (Optional Currencies);
(f) the Interest Period selected complies with Clause 8 (Interest Periods) and does not extend beyond the Final Maturity Date; and
(g) the payment instructions comply with Clause 12 (Payments). Each Request must specify one Loan only, but the Borrowers may, subject to the other terms of this Agreement, deliver more than one Request on any one day.
Completion of Requests. 5.2.1 A Request will not be regarded as having been duly completed unless:
(A) the Drawdown Date is a Business Day falling within the Commitment Period;
(B) if the currency is Sterling, the amount of the Loan is:
(1) a minimum of £50,000,000 and an integral multiple of £25,000,000; or
(2) the balance of the undrawn Total Commitments; or
(3) such other amount as the Facility Agent acting on the instructions of the Majority Banks may agree;
(C) if the currency is the Optional Currency, the amount of the Loan is:
(1) a minimum of 50,000,000 and an integral multiple of 25,000,000; or
(2) the balance of the undrawn Total Commitments; or
(3) such other amount as the Facility Agent acting on the instructions of the Majority Banks may agree;
(D) the currency selected complies with Clause 10 (Optional Currency);
(E) it identifies the relevant Borrower;
(F) the Interest Period selected complies with Clause 8 (Interest Periods); and
(G) if the bank account on which the Utilisation is to be made available is not one of the bank accounts listed in Schedule 9 (List of Approved Bank Accounts), the Facility Agent (i) has obtained a written confirmation (by electronic mail or otherwise) by one of the persons mentioned in the document provided by the Company pursuant to paragraph 2 of Schedule 2 (Conditions Precedent) that the Request was not fraudulent or erroneous and (ii) has been provided at least five (5) Business Days before the relevant Drawdown Date with the bank account information on which the Utilisation is to be made available (including the executed administrative details, IBAN and a call-back contact).
5.2.2 Each Request must specify one Loan in one currency only and no Borrower may deliver a Request which would result in more than ten (10) Loans being outstanding at any time.
Completion of Requests. The Request for the Loan will not be regarded as having been duly completed unless:
(a) the Utilization Date is a Business Day which falls within the Availability Period;
(b) it is addressed to both of the Lenders;
(c) the aggregate amount of the requested Loan, including any Loan amounts already paid to the Company pursuant to previous Requests, does not exceed the Total Commitments.
