Common use of Availability of the Facility Clause in Contracts

Availability of the Facility. 5.1 Upon completion of this Agreement not more than three business days after receipt of a Notice of Drawdown from the Borrower, the Lender will, subject to clause 4, remit to the Designated Account an Advance in the sum of GBP1,540,000 (one million five hundred and forty thousand pounds sterling). 5.2 The Lender will, subject to Clause 4, remit to the Designated Account on the 23rd day of March 2000 and thereafter on the 23rd day of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available Facility. 5.3 Save as otherwise provided herein, an Advance will be made by the Lender to the Borrower in respect of amounts in excess of those provided for in Clause 5.2 if: (i) not less than three business days before the proposed date for the making of such Advance, the Lender has received from the Borrower a Notice of Drawdown therefor, 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; (ii) the proposed date for the making of such Advance is a business day; (iii) the proposed date for the making of such Advance is not less than five business days after the date upon which the previous Advance (if any) was made hereunder; (iv) the proposed amount of such Advance is no greater than GBP50,000 in any month and shall not cause the aggregate of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than the Available Facility, the amount of the Advance shall be limited to the Available Facility; and (v) either: (a) no Event of Default or Potential Event of Default has occurred; and (b) the representations set out in Clause 14 are in all material respects true on and as of the proposed date for the making of such Advance.

Availability of the Facility. 5.1 Upon completion of this Agreement not more than three business days after receipt of a Notice of Drawdown from the Borrower, the Lender will, subject to clause 4, remit 6.1 Subject to the Designated Account an Advance in the sum provisions of GBP1,540,000 (one million five hundred Clause 6.2 and forty thousand pounds sterling). 5.2 The Lender will, subject to Clause 4, remit to the Designated Account on the 23rd day of March 2000 and thereafter on the 23rd day of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available Facility. 5.3 Save save as otherwise provided herein, an Advance will be made by the Lender Banks to the Borrower in respect of amounts in excess of those provided for in Clause 5.2 if: (i) not more than ten, nor less than three business days before the proposed date for the making of such Advance, the Lender Agent has received from the Borrower a Notice notice of Drawdown therefordrawdown therefore, 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; (ii) the proposed date for the making of such Advance is a business dayday which falls one or more months before the Final Maturity Date; (iii) the proposed date for the making amount of such Advance is (a) an amount of not less than five business days after $1,000,000 which is an integral multiple of $500,000 and which is less than the date upon which Available Facility or (b) equal to, the previous Advance (if any) was made hereunderamount of the Available Facility; (iv) the proposed amount of such Advance is no greater than GBP50,000 in any month and shall not cause the aggregate of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than the Available Facility, (less the amount of any Advances falling to be repaid on or before the proposed date for the making of such Advance) will not result, when such Advance shall is made, in the Loan exceeding the Available Amount; (v) in the case of the initial Advance the Agent is satisfied that the Original Vessels will be limited transferred to the Available FacilityBorrower free from encumbrances and first priority legal mortgages over each of the Original Vessels will be duly registered, recorded and filed immediately on the making thereof; (vi) the interest rate applicable to such Advance during its first Interest Period would not fall to be determined pursuant to Clause 10.1; (vii) the making of such Advance would not result in a breach of the requirements of Clause 19.1; and (vviii) either: (a) no Event of Default or Potential Event of Default has occurred; and (b) the representations set out in Clause 14 17 are in all material respects true on and as of the proposed date for the making of such Advance, Provided always that if the Banks agree to make an Advance notwithstanding any of the above, and the proceeds of such Advance are paid into an account with The Chase Manhattan Bank or any of its subsidiaries or affiliates (the "DEPOSIT HOLDING BANK"), the Deposit Holding Bank shall not be obliged to release such proceeds from such account until the Agent is satisfied regarding compliance with the above provisions and has confirmed such satisfaction to the Deposit Holding Bank. 6.2 Save as the Agent may otherwise agree, other than in the case of the initial Advance, the Borrower may not deliver a Notice of Drawdown hereunder in respect of an Advance the availability of which is determined by reference to the value of a Designated Vessel, unless the Agent has confirmed to the Principal Sponsor that it has received in form and substance satisfactory to it:- (i) evidence that such Designated Vessel (a) is, or will be, registered in the name of the Borrower under a flag acceptable to the Agent, free from all charters, contracts liens and encumbrances other than in favour of the Security Trustee or in terms acceptable to the Agent; (b) is classified by the American Bureau of Shipping A1 AMS or to an equivalent classification acceptable to the Agent; and (c) is, or will be, insured in accordance with the deed of covenants (and/or such other document as may be executed assigning the insurances of such Designated Vessel) referred to in Clause 6.2(ii); (ii) a first priority mortgage in respect of such Designated Vessel in favour of the Security Trustee; and (iii) a deed of covenants (and/or such other document as may be executed, assigning the earnings and insurances of such Designated Vessel) Provided that the documents referred to in Clause 6.2(ii) and (iii) shall be left undated and held by the Agent on the terms and conditions of Clause 5.2 and 5.3 mutatis mutandis.

Availability of the Facility. 5.1 Upon completion 2.1 Subject to our approval of the Facility Application, we agree to make the Facility available to you on the terms of this Agreement not more than three business days after receipt of a Notice of Drawdown from the Borrower, the Lender will, subject to clause 4, remit to the Designated Account an Advance in the sum of GBP1,540,000 (one million five hundred and forty thousand pounds sterling). 5.2 Agreement. The Lender will, subject to Clause 4, remit to the Designated Account on the 23rd day of March 2000 and thereafter on the 23rd day of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available Facility. 5.3 Save as otherwise provided herein, an Advance Facility will be made available by way of multiple Advances so long as the Lender Amount outstanding under the Facility does not, at any time, exceed the Facility Limit. We may review the Facility Limit at any time. Any amendment to the Borrower Facility Limit will be notified to you by us. 2.2 if the Facility Application is approved by us, it will immediately constitute a binding facility agreement on the terms set out in respect this Agreement. We may approve the Facility Application subject to any special conditions that we see fit in our absolute discretion. if we notify you that we have approved the Facility Application subject to any such special conditions, those special conditions are deemed to form part of amounts in excess this Agreement. 2.3 you agree to use the proceeds of those provided for in Clause 5.2 if: (i) not less than three business days before the proposed date each Advance solely for the making purpose of such paying the purchase price for PGG ▇▇▇▇▇▇▇▇▇ Products as more particularly described in each invoice and/or other document or information describing the PGG ▇▇▇▇▇▇▇▇▇ Products to be purchased with the proceeds of the Advance, in each case as accepted by us. 2.4 We will make an Advance available to you on any Business day during the Lender has received from the Borrower a Notice of Drawdown therefor, 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; (ii) the proposed date for the making of such Advance is a business day; (iii) the proposed date for the making of such Advance is not less than five business days after the date upon which the previous Advance (if any) was made hereunder; (iv) the proposed amount of such Advance is no greater than GBP50,000 in any month and shall not cause the aggregate of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than the Available Facility, the amount of Availability Period by paying the Advance shall be limited direct to the Available Facility; and (v) eitherPGG ▇▇▇▇▇▇▇▇▇ Limited, if: (a) each of the initial conditions precedent described in clause 1 above has been provided in a form and substance satisfactory to us; (b) we have received and accepted a copy of the invoice from you provided by PGG ▇▇▇▇▇▇▇▇▇ Limited and/or other such other document or information describing the PGG ▇▇▇▇▇▇▇▇▇ Products to be purchased with the proceeds of the Advance at least 2 Business days prior to the proposed date of Advance; (c) we are satisfied that the proposed date of Advance is no Event later than 10 Business days after the date you took possession of Default the relevant PGG ▇▇▇▇▇▇▇▇▇ Products; (d) we have received any fee(s) due on or Potential Event before the proposed date of Default Advance; (e) the Advance (when aggregated with the Amount outstanding) would not cause the Facility Limit to be exceeded on the date of Advance; (f) no event of default has occurred, or will occur, as a result of the making of the Advance; (g) the representations and undertakings made in the relevant documents are true, accurate and complied with in all respects on the date of Advance as if repeated on that date by reference to the facts and circumstances then existing; and (bh) we have received any other document or information requested from you. 2.5 We may, at our discretion, pay the representations set out in Clause 14 are in all material respects true on and as proceeds of the proposed date for the making of such AdvanceAdvance direct to you if you request us to do so.

Availability of the Facility. 5.1 Upon completion of this Agreement not more than three business days after receipt of a Notice of 3.1 Drawdown from the Borrower, the Lender will, subject to clause 4, remit to the Designated Account an Advance in the sum of GBP1,540,000 (one million five hundred and forty thousand pounds sterling). 5.2 Conditions The Lender will, subject to Clause 4, remit to the Designated Account on the 23rd day of March 2000 and thereafter on the 23rd day of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available Facility. 5.3 Save as otherwise provided herein, an Advance Advances will be made by the Lender Banks to the Borrower in respect of amounts in excess of those provided for in Clause 5.2 Borrowers if: (ia) not more than three (3) nor less than three one (1) business days before the proposed date for the making of such AdvanceAdvances, the Lender Facility Agent has received from the Borrower a Borrowers the Notice of Drawdown thereforin respect of such Advances, receipt of which shall irrevocably oblige the Borrower Borrowers to borrow the amount therein amounts requested in such Notice of Drawdown on the date therein stated in such Notice of Drawdown upon the terms and subject to the conditions contained hereinin this Agreement; (iib) the proposed date for the making of such Advance Advances is a business dayday which is or which precedes the Termination Date; (iii) the proposed date for the making of such Advance is not less than five business days after the date upon which the previous Advance (if any) was made hereunder; (ivc) the proposed amount and currency of each of such Advance Advances is no greater than GBP50,000 in any month accordance with the amounts and shall currencies set out in the Notice of Drawdown and in aggregate do not cause the aggregate of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than the Available Facility, the amount of the Advance shall be limited to the Available Facility; (d) the interest rate applicable to any such Advances during its first Interest Period would not fall to be determined pursuant to Clause 6.1 (Market Disruption); and (v) either: (ai) no Event of Default or Potential Event of Default has occurredoccurred and is continuing unremedied and unwaived; and and (bii) the representations set out in Clause 14 12 (Representations) are in all material respects true on and as of the proposed date for the making of such Advances. 3.2 Each Bank's Participation Each Bank will participate through its Facility Office in each Advance made pursuant to Clause 3.1 (Drawdown Conditions): (i) prior to the making of the Advances, in the proportion borne by its Available Commitment to the Available Facility immediately prior to the making of that Advance; (ii) thereafter, in equal proportions, as provided for in the relevant Transfer Certificate to which such Bank is a party as Transferee. 3.3 Automatic Cancellation of Available Commitments Any amount of the Available Facility undrawn at the end of the Availability Period shall be automatically cancelled and the Available Commitment of each Bank at such time shall be reduced to zero (0).

Availability of the Facility. 5.1 Upon completion Subject to the other terms of this Agreement not more than three business days after receipt Agreement, the Lender will make an Advance available to the Borrower in accordance with the following provisions of this Clause 5. 5.2 Once a Notice of Drawdown from Purchase Order has been executed by both the Supplier and the Borrower, the Lender willBorrower (or, subject to clause 4as appropriate, remit the relevant Primus Affiliate if that Purchase Order has been novated by the Borrower to the Designated Account relevant Primus Affiliate) will have an Advance in the sum of GBP1,540,000 (one million five hundred and forty thousand pounds sterling). 5.2 The Lender will, subject obligation to Clause 4, remit pay to the Designated Account on Supplier (or, as appropriate, the 23rd day of March 2000 and thereafter on relevant Ericsson Affiliate if that Purchase Order has been novated by the 23rd day Supplier to the relevant Ericsson Affiliate) the Preliminary Payment in accordance with the terms of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available FacilitySupply Contract. 5.3 Save Once the Preliminary Payment has been paid to the Supplier (or, as otherwise provided hereinappropriate, the relevant Ericsson Affiliate) the Borrower may request an Advance will to be made by the Lender to Lender, provided that the Borrower in respect of amounts in excess of those provided for in Clause 5.2 iffollowing conditions ------------- are fulfilled: 5.3.1 by 10.00 a.m. (iLondon time) not less than three on the seventh business days day before the proposed date for the making of such Advance, the Lender has received from the Borrower a Notice of Drawdown therefor(which shall be irrevocable) in relation to such Advance, receipt of which shall oblige the Borrower to borrow the amount therein requested in such Notice on the date therein stated in such Notice upon the terms and subject to the conditions contained hereinin this Agreement; (ii) 5.3.2 the proposed date for the making of such Advance is a business dayday during the Availability Period; (iii) 5.3.3 the currency of the proposed date for Advance must be in Sterling or an Optional Currency; 5.3.4 the making proposed Original Sterling Amount of such each Advance is not (a) a minimum amount of (Pounds)250,000 or the equivalent amount of an Optional Currency and is less than five business days after the date upon amount of the Available Facility or (b) equal to the amount of the Available Facility; 5.3.5 the Advance cannot exceed the balance of the Price due under the Purchase Order in relation to which the previous Advance (if any) was made hereunderPreliminary Payment has been made; 5.3.6 the Lender has not determined that deposits in Sterling or in the applicable Optional Currency (ivafter applying the provisions of Clause 6.2 as appropriate) of the proposed amount of such Advance is no greater than GBP50,000 are not being offered to prime banks in any month and shall not cause the aggregate London Interbank Market (by reason of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than circumstances affecting the Available Facility, London Interbank Market generally) for the amount proposed duration of the Advance shall be limited to the Available Facility; andfirst Interest Period of such Advance; (v) 5.3.7 either: (a) 5.3.7.1 no event has occurred which is an Event of Default or a Potential Event of Default has occurredDefault; and (b) 5.3.7.2 the representations set out in Clause 14 13 are in all material respects true on and as of the proposed date for the making of such Advance or the Lender agrees (notwithstanding any matter mentioned at (a) or (b) above) to make such Advance available; 5.3.8 the long term corporate credit rating of the Guarantor as published from time to time by Standard & Poors has not fallen below the level of CCC+; 5.3.9 the Notice of Drawdown specifies the purpose to which the Advance is to be put and has attached to it copies of all relevant invoices issued to the Borrower or Primus Affiliates (as applicable) by the Supplier or Ericsson Affiliates (as appropriate) in respect of each Purchase Order specified in the Notice of Drawdown; and 5.3.10 the Lender shall be satisfied that the Supplier (or, as appropriate, the relevant Ericsson Affiliate) has received the Preliminary Payment in respect of each Purchase Order specified in the Notice of Drawdown, 5.4 The Lender will have no obligation to make available an Advance unless and until: 5.4.1 it shall have received from the Borrower the Applicable Schedule in respect of such Advance as duly accepted on behalf of the Borrower; and 5.4.2 it shall have received in form and content satisfactory to it (in its absolute discretion): 5.4.2.1 in the case of an Advance being made available in connection with payment obligations of the Borrower under a Purchase Order, all of the documents listed in paragraph 1 of Part B of the Second Schedule; and 5.4.2.2 in the case of an Advance being made available in connection with payment obligations of a Primus Affiliate under a Purchase Order, all of the documents listed in paragraph 2 of Part B of the Second Schedule. 5.5 Subject to the terms of this Agreement (including, without limitation, the satisfaction of the Lender with the conditions set out in Clauses 5.3 and 5.4), the Lender agrees that on the Drawdown Date in relation to each Advance, it will make available to the Borrower the amount of such Advance in the currency and in accordance with the Borrower's instructions as set out in the relevant Notice of Drawdown. 5.6 If and to the extent that the Facility has not been fully drawn by close of business on the Termination Date, the Available Facility shall then be immediately cancelled.

Availability of the Facility. 5.1 Upon completion of this Agreement not more than three business days after receipt of a Notice of Drawdown from the Borrower, the Lender will, subject to clause 4, remit to the Designated Account an Advance in the sum of GBP1,540,000 (one million five hundred and forty thousand pounds sterling). 5.2 The Lender will, subject to Clause 4, remit to the Designated Account on the 23rd day of March 2000 and thereafter on the 23rd day of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available Facility. 5.3 3.1 Save as otherwise provided herein, the Borrower may from time to time request an Advance will be made under the Facility by the Lender delivery to the Borrower Lender, not later than 11.00 a.m. on the third business day before the proposed Drawdown Date for such Advance, of a duly completed Advance Request in respect of amounts in excess of those provided for in Clause 5.2 ifrelation to such Advance. 3.2 Each Advance Request delivered to the Lender hereunder shall be irrevocable and shall specify: (i) not less than three business days before the proposed date for the making Drawdown Date of such Advance, the Lender has received from the Borrower a Notice of Drawdown therefor, receipt of Advance which shall oblige be a Banking Day which is or precedes the Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained hereinAvailability Termination Date; (ii) the proposed date for the making amount of such Advance which shall be (a) a minimum amount of US$5,000,000 and an integral multiple of US$500,000 which is a business dayless than the Available Amount (and, in the event that the aggregate amount referred to in the attachment to such Advance Request referred to in sub-Clause (iv) below is not an integral multiple of US$500,000, the amount of such Advance shall be rounded up to the nearest US$500,000) or (b) equal to the Available Amount; (iii) the proposed date Interest Period for which the making Borrower wishes such Advance to be made but subject to the provisions of Clause 5; and (iv) by way of an attachment thereto which shall be in form and substance satisfactory to the Lender, the specific purpose or purposes for which the proceeds of such Advance is or are to be used. 3.3 The Borrower may not less request under this Clause 3 more than five one (1) Advance to be made on any one (1) day and may not deliver any other Advance Request hereunder during the period between the delivery of an Advance Request and the Drawdown Date relating thereto. 3.4 At close of business days after on the date upon which Availability Termination Date, any undrawn portion of the previous Advance (if any) was made hereunder; (iv) the proposed amount of such Advance is no greater than GBP50,000 in any month Facility shall automatically be cancelled and shall not cause the aggregate of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than the Available Facility, the amount of the Advance shall be limited Amount reduced to the Available Facility; and (v) either: (a) no Event of Default or Potential Event of Default has occurred; and (b) the representations set out in Clause 14 are in all material respects true on and as of the proposed date for the making of such Advancezero.