Common use of DEEMED UTILISATIONS Clause in Contracts

DEEMED UTILISATIONS. If the Agent makes any payment (i) pursuant to or in respect of any L/C or (ii) upon the maturity of any Forex Transaction, then (and in each such case) the Obligor for whose account such payment was made shall be deemed on the date of such payment to have received the proceeds of a Utilisation. A Utilisation so deemed to be made shall, at the option of the Agent, be deemed to be either a payment of the Outstanding Purchase Price or a Revolving Loan and the other provisions of this Agreement (as to Purchase Commission, interest, repayment and otherwise) shall apply to such Utilisation accordingly. The Agent may give effect to the provisions of this Clause 6.7 even though this may cause any of the limits referred to in this Clause 6 to be exceeded. If it can do so, the Agent shall allocate such Utilisation in such manner as not to cause a Default.