Common use of Deferment of disbursement Clause in Contracts

Deferment of disbursement. 1.5.A Grounds for deferment Upon the written request of the Borrower, the Bank shall defer the disbursement of any Notified Tranche in whole or in part to a date specified by the Borrower being a date falling not later than 6 (six) months from its Scheduled Disbursement Date and not later than 60 (sixty) days prior to the first repayment date of the Tranche indicated in the Disbursement Notice. In such case, the Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred. Any request for deferment shall have effect in respect of a Tranche only if it is made at least 7 (seven) Business Days before its Scheduled Disbursement Date. If for a Notified Tranche any of the conditions referred to in Article 1.4 is not fulfilled as at the specified date and at the Scheduled Disbursement Date (or the date expected for disbursement in case of a previous deferment), disbursement will be deferred to a date agreed between the Bank and the Borrower falling not earlier than 7 (seven) Business Days following the fulfilment of all conditions of disbursement (without prejudice to the right of the Bank to suspend and/or cancel the undisbursed portion of the Credit in whole or in part pursuant to Article 1.6.B). In such case, the Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred. 1.5.B Cancellation of a disbursement deferred by 6 (six) months The Bank may, by notice in writing to the Borrower, cancel a disbursement which has been deferred under Article 1.5.A by more than 6 (six) months in aggregate. The cancelled amount shall remain available for disbursement under Article 1.2.

Deferment of disbursement. 1.5.A Grounds for deferment Upon deferment (a) whether the written request of the Borrower, the Bank shall Borrower would like to defer the disbursement of any Notified Tranche in whole or in part and if in part, the amount to a be deferred; and (b) the date specified by until which the Borrower being would like to defer a disbursement of the above amount (the "Requested Deferred Disbursement Date"), which must be a date falling not later than than: (i) 6 (six) months from its Scheduled Disbursement Date and not later than 60 Date; (sixtyii) 30 (thirty) days prior to the first repayment date Repayment Date; and (iii) the Final Availability Date. Upon receipt of such a written request, the Bank shall defer the disbursement of the Tranche indicated in relevant amount until the Disbursement Notice. In such case, the Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferred. Any request for deferment shall have effect in respect of a Tranche only if it is made at least 7 (seven) Business Days before its Scheduled Requested Deferred Disbursement Date. If 1.5.A(2)FAILURE TO SATISFY CONDITIONS TO DISBURSEMENT (a) The disbursement of an Accepted Tranche shall be deferred if any condition for a Notified disbursement of such an Accepted Tranche any of the conditions referred to in Article 1.4 is not fulfilled as both: (i) at the date specified date and for fulfilment of such condition in Article 1.4; and (ii) at its Scheduled Disbursement Date (or, where the Scheduled Disbursement Date (or has been deferred previously, the date expected for disbursement in case of a previous defermentdisbursement), disbursement will be deferred to a date agreed between the . (b) The Bank and the Borrower falling shall agree the date until which the disbursement of such an Accepted Tranche shall be deferred (the "Agreed Deferred Disbursement Date"), which must be a date falling: (i) not earlier than 7 5 (sevenfive) Business Days following the fulfilment of all conditions of disbursement disbursement; and (without ii) not later than the Final Availability Date. (c) Without prejudice to the Bank’s right of the Bank to suspend and/or cancel the undisbursed portion of the Credit in whole or in part pursuant to Article 1.6.B), the Bank shall defer disbursement of such an Accepted Tranche until the Agreed Deferred Disbursement Date. In such case1.5.A(3)DEFERMENT FEE If disbursement of an Accepted Tranche is deferred pursuant to paragraphs 1.5.A(1) or 1.5.A(2) above, the Borrower shall pay the Deferment Indemnity calculated on the amount of disbursement deferredFee. 1.5.B Cancellation of If a disbursement deferred by 6 (six) months The Bank may, by notice in writing to the Borrower, cancel a disbursement which has been deferred under Article 1.5.A by more than 6 (six) months in aggregateaggregate pursuant to Article 1.5.A, the Bank may notify the Borrower in writing that such disbursement shall be cancelled and such cancellation shall take effect on the date of such written notification. The amount of the disbursement which is cancelled amount by the Bank pursuant to this Article 1.5.B shall remain available for disbursement under Article 1.2.