Common use of Conditions Precedent to the Advance Clause in Contracts

Conditions Precedent to the Advance. The Facility Lenders will only be obliged to make the Advance if: 3.1.1 the Facility Agent (or its duly authorised representative) has received the documents and other evidence listed in Schedule 2, Part 1 of this Agreement; 3.1.2 on the date of the Drawdown Notice and on the proposed Drawdown Date no Default is continuing or would result from the making of the Advance; 3.1.3 on the date of the Drawdown Notice and on the proposed Drawdown Date the representations made by the Borrower under clause 11 (other than that in clauses 11.2, 11.6 and 11.18) are true in all material respects; 3.1.4 the amount of the Advance does not exceed the lower of (i) one hundred and fifty million Dollars ($150,000,000) and (ii) seventy per cent. (70%) of the Vessel Total Costs; and 3.1.5 the Total GIEK Facility Commitments do not exceed eighty five per cent. (85%) of the aggregate of the Eligible Costs and the Hiload Eligible Costs.