Delivery of Drawdown Notice Clause Samples
The 'Delivery of Drawdown Notice' clause defines the process by which a borrower must formally notify the lender of their intention to draw funds under a loan agreement. Typically, this involves the borrower submitting a written notice specifying the amount to be drawn and the proposed date for the drawdown, often within a set timeframe before the funds are needed. This clause ensures that both parties are clear on the timing and amount of each disbursement, facilitating smooth fund transfers and helping to prevent misunderstandings or delays in the lending process.
Delivery of Drawdown Notice. The Borrower may, subject to this Clause 2 (Drawdown and Conditions), utilise the Facility by delivering to the Lender a duly completed Drawdown Notice not later than 5 (five) Business Days’ notice within the Availability Period. In case of disbursement through multiple tranches, the Lender will only be obliged to allow a Drawdown in respect of the Facility if on the date of the Drawdown Notice and on the proposed Drawdown Date, no Material Adverse Effect has occurred, no Default is continuing or would result from the proposed Facility; and all the representations of the Borrower are correct in all material respects. If the Borrower becomes aware of any event or circumstance which will or may prevent any of the Pre- Disbursement Conditions, Disbursement Conditions and Special Condition mentioned in Sanction Letter from being satisfied, it shall forthwith notify the Lender of the same, in writing. Any disbursement of the tranches of the Facility shall be made at the sole discretion of the Lender. Notwithstanding anything contained herein, it is hereby expressly agreed and understood by the Borrower, that the Lender shall not be bound or obliged to grant any Facility to the Borrower, even if such request for Facility is within the Facility Amount, (which decision shall be at the sole and exclusive discretion of the Lender). It is also agreed by the Parties hereto that in the event the Lender does not grant the Facility to the Borrower, the Lender shall not be required to provide any reasons therefor nor shall the Lender be liable for any damages to the Borrower by reason of the Lender refusal to grant any Facility to the Borrower.
Delivery of Drawdown Notice. In order to utilise the Advance, the Borrower must deliver to the Lender a duly completed Drawdown Notice not later than 10:00 A.M. Hong Kong time on the fifth (5th) Banking Day before the proposed Drawdown Date.
Delivery of Drawdown Notice. If the Borrower requires the provision of an Advance it must deliver to the Lender a Drawdown Notice.
Delivery of Drawdown Notice. The Borrower may only draw a Tranche by delivery to the Agent of a duly completed Drawdown Notice not later than 11:00 hours three Business Days prior to the relevant Drawdown Date or such other period as may have been approved by the Agent. The Agent shall notify the Lenders promptly upon such notice being received.
Delivery of Drawdown Notice. The Seller may not deliver a Drawdown Notice to the Buyer unless:
(a) the conditions referred to in clause 3 (Conditions Precedent) have been satisfied or waived, each in form and substance satisfactory to the Buyer;
(b) the Drawdown Notice is delivered not less than two (2) Business Days prior to the proposed Advance Date;
(c) if as a result of the proposed Advance, not more than one Advance would be outstanding;
(d) the Drawdown Notice sets out:
(i) the Advance requested to be drawn (being for the Commitment Amount);
(ii) the proposed Advance Date (to be a Business Day no later than 30 days after the date of this Agreement);
(iii) the account or accounts to which the Advance should be paid;
(iv) a confirmation that the proceeds of the Advance will be applied towards an Eligible Purpose; and
(v) a representation and warranty that no Default is subsisting or would result from the proposed Advance.
Delivery of Drawdown Notice. (a) If the Parent requires a Funding Portion to be provided to a Borrower using any of the Total Undrawn Commitment it must deliver to the Facility Agent a Drawdown Notice under this clause 3.1.