Common use of Drawdown Conditions Clause in Contracts

Drawdown Conditions. Subject to the provisions of this Agreement, the Advances up to the Available Commitment shall be made by the Lender to the Borrower at its request if the following additional conditions are fulfilled:- (1) not later than 11.00 a.m. on the seventh (7th) Business Day before the proposed date of an Advance (or, as the case may be, such later time as may be acceptable to the Lender for the purpose of the request), the Lender has received from the Borrower a notice (which shall be irrevocable) substantially in the form set out in Schedule 2 specifying:- (a) the proposed date of the Advance, which must be a Business Day on or before the Commitment Termination Date; and (b) the amount of the Advance, which shall not exceed the Available Commitment. Such notice shall constitute a confirmation by the Borrower that at the date of such Advance no Event of Default or Potential Event of Default has occurred or will occur as a result of making such Advance, the representations and warranties of the Borrower contained herein remain true and correct as of the date of such Advance; (2) the conditions precedent referred to in Clause 3 have been fulfilled to the satisfaction of the Lender; (3) all representations and warranties in Clause 11 have been complied with and would be correct in all respects if repeated on the proposed date of such Advance by reference to the circumstances then existing and none of the events mentioned in Clause 9 occurs in relation to such Advance; (4) no Event of Default or Potential Event of Default has occurred on or before the proposed date of such Advance, or will occur as a result of making such Advance; (5) no event, change, crisis or any development involving a prospective change, crisis or otherwise, in economic conditions in Singapore has occurred or the occurrence of any combination of any event, change, crisis or development in such conditions has taken place as may, in the reasonable opinion of the Lender, result or be likely to result in an adverse effect on the business, trading position, operations, financial condition or prospects of any Obligor or any customer of the Borrower; and (6) not later than 9 a.m. on the proposed date of such Advance, the Lender has received and found satisfactory such additional information, legal opinions and/or other documents relevant in the context of or relating to this Agreement as it may reasonably request.

Drawdown Conditions. Subject to the provisions The obligation of this Agreement, the Advances up to the Available Commitment shall be made by the Lender to make any Loan is subject to the Borrower at its request if satisfaction of the following additional conditions are fulfilled:- (1) not later than 11.00 a.m. on the seventh (7th) Business Day before the proposed date of an Advance (or, as the case may be, such later time as may be acceptable to the Lender for the purpose of the request), the Lender has received from the Borrower a notice (which shall be irrevocable) substantially in the form set out in Schedule 2 specifying:-conditions: (a) the proposed date Lender shall have received of the Advance, which must be a Business Day on or before the Commitment Termination Date; andNotice of Borrowing as required by Section 1.2; (b) the Lender and the Borrower shall have agreed to the Warrant valuation described in Section 2.3; (c) immediately after the Loan is extended, the aggregate outstanding principal amount of the Advance, which shall Loans will not exceed the Available Commitment. Such notice shall constitute a confirmation by ; (d) the Borrower that at has available the date of such Advance capacity or an applicable exemption under the High Yield Notes and their respective indentures to drawdown the Loan; (e) immediately before and after the Loan is extended, no Event of Default or Potential Event of Default has shall have occurred or will occur as a result of making such Advance, and be continuing; (f) the representations and warranties of the Borrower Borrower, of RSL COM and of RSL USA contained herein remain in this Agreement shall be true and correct in all material respects on and as of the date of such Advancethe Loan; (2g) the conditions precedent referred to in Clause 3 since March 31, 2000, no Material Adverse Change shall have been fulfilled to the satisfaction of the Lenderoccurred; (3h) RSL COM, RSL USA, the Borrower and the Lender shall have received all representations consents and warranties approvals, and shall have made all filings and notices, required in Clause 11 have been complied connection with and would be correct in all respects if repeated on the proposed date of such Advance by reference to the circumstances then existing and none of the events mentioned in Clause 9 occurs in relation to such Advancetransactions contemplated hereby; (4i) no Event order of Default any court or Potential Event governmental agency enjoining any of Default has occurred on the transactions contemplated hereby may be in effect, and no action, suit, proceeding or before investigation seeking any such order or substantial damages in connection with the proposed date of such Advancetransactions contemplated hereby, or will occur as that could reasonably be expected to have a result of making such AdvanceMaterial Adverse Effect, may be pending or threatened; (5j) no event, change, crisis or any development involving RSL COM shall have delivered a prospective change, crisis or otherwise, duly executed Warrant to the Lender permitting the Lender to purchase Class A Common Shares in economic conditions in Singapore has occurred or accordance with this Loan Agreement; (k) the occurrence of any combination of any event, change, crisis or development in such conditions has taken place as may, in Borrower shall have paid all fees and expenses due to the reasonable opinion of Lenders pursuant to the Lender, result or be likely to result in an adverse effect on the business, trading position, operations, financial condition or prospects of any Obligor or any customer of the BorrowerLoan Documents; and (6l) not later than 9 a.m. on the proposed Lender shall have received a certificate signed by the chief executive officer of the Borrower, dated the date of any drawing of any Loan, to the effect set forth in clauses (c), (d), (e) and (f) of this Section 3.2 (and, with respect to (c), such Advance, certificate shall set forth the Lender has received and found satisfactory such additional information, legal opinions and/or other documents relevant in calculation or exception upon which the context of or relating Borrower is relying to this Agreement as it may reasonably requestdraw-down the Loan).

Drawdown Conditions. Subject to the provisions of this Agreement, the Advances up to the Available Commitment Advance shall be made by the Lender to the Borrower at its request if the following additional conditions are fulfilled:- (1) not later than 11.00 a.m. on the seventh (7th) fifth Business Day before the proposed date of an the Advance (or, as the case may be, such later time as may be acceptable to the Lender for the purpose of the request), the Lender has received from the Borrower a notice (which shall be irrevocable) substantially in the form set out in Schedule 2 specifying:- (a) the proposed date of the Advance, which must be a Business Day on or before the Commitment Termination Date; and; (b) the amount of the Advance, which shall not exceed the Available Commitment. ; and (c) the manner of payment of the Advance, Such notice shall constitute a confirmation by the Borrower that at the date of such the Advance no Event of Default or Potential Event of Default has occurred or will occur as a result of making such the Advance, the representations and warranties of the Borrower contained herein remain true and correct as of the date of such Advancethe Advance and no event specified in Clause 4(A)(6) has occurred; (2) the conditions precedent referred to in Clause 3 have been fulfilled to the satisfaction of the Lender; (3) none of the events mentioned in Clause 9 occurs in relation to the Advance; (4) all representations and warranties in Clause 11 have been complied with and would be correct in all respects if repeated on the proposed date of such the Advance by reference to the circumstances then existing and none of the events mentioned in Clause 9 occurs in relation to such Advanceexisting; (45) no Event of Default or Potential Event of Default has occurred on or before the proposed date of such the Advance, or will occur as a result of making such the Advance; (56) no event, change, crisis or any development involving a prospective change, crisis or otherwise, in economic conditions in Singapore has occurred or the occurrence of any combination of any event, change, crisis or development in such conditions has taken place as may, in the reasonable opinion of the Lender, result or be likely to result in an a material adverse effect on the business, trading position, operations, financial condition operations or prospects of any Obligor or any customer of the BorrowerSecurity Party; and (67) not later than 9 a.m. on the proposed date of such the Advance, the Lender has received and found satisfactory such additional information, legal opinions and/or other documents relevant in the context of or relating to this Agreement as it may reasonably request.

Drawdown Conditions. Subject to the provisions of this Agreement, the Advances up to the Available Commitment shall An Advance will be made by the Lender Banks to the Borrower at its request if the following additional conditions are fulfilled:-if: (1i) not later more than 11.00 a.m. on the seventh (7th) Business Day ten nor less than three business days before the proposed date for the making of an such Advance, the Agent 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 falling before the Commitment 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; (iv) the proposed amount of such Advance is in a minimum amount of $5,000,000 and subject thereto an integral multiple of $1,000,000 which is equal to or less than the amount of the A Available Facility or, as the case may be, the B Available Facility; (v) there would not, immediately after the making of such later time Advance, be more than six (6) Advances outstanding; (vi) following the making of any Advance under the A Facility which increases the amount of the Loan outstanding (other than the first Advance) Loan 1 shall not exceed seventy-five per cent. of the Estimated Value of Security Pool 1; Provided that in relation to an Advance made in respect of the delivery of any New Vessel from the Yard, the Borrower shall be entitled to borrow up to $30,000,000 ($25,000,000, in the case of New Vessel 4) or, if less, up to the Estimated Value of such New Vessel notwithstanding that such Advance may cause such percentage to be exceeded; (vii) following the making of a B Advance which increases the amount outstanding under the B Facility, Loan 2 shall not exceed seventy five per cent of the Estimated Value of Security Pool 2; (viii) the proposed Term of such Advance is a period of one, two, three, six or twelve months (or such other periods as may be acceptable to the Lender for the purpose of the request), the Lender has received from agreed between the Borrower a notice (which shall be irrevocableand the Banks) substantially in the form set out in Schedule 2 specifying:- (a) the proposed date of the Advance, which must be a Business Day ending on or before the Commitment Termination Final Maturity Date; and (b) the amount of the Advance, which shall not exceed the Available Commitment. Such notice shall constitute a confirmation by the Borrower that at the date of such Advance no Event of Default or Potential Event of Default has occurred or will occur as a result of making such Advance, the representations and warranties of the Borrower contained herein remain true and correct as of the date of such Advance; (2) the conditions precedent referred to in Clause 3 have been fulfilled to the satisfaction of the Lender; (3) all representations and warranties in Clause 11 have been complied with and would be correct in all respects if repeated on the proposed date of such Advance by reference to the circumstances then existing and none of the events mentioned in Clause 9 occurs in relation to such Advance; (4ix) no Event of Default or Potential Event of Default has occurred and the representations set out in Clause 11 (Representations) are true in all material respects on or before and as of the proposed date for the making of such Advance, or will occur as a result of making such Advance; (5) no event, change, crisis or any development involving a prospective change, crisis or otherwise, in economic conditions in Singapore has occurred or the occurrence of any combination of any event, change, crisis or development in such conditions has taken place as may, in the reasonable opinion of the Lender, result or be likely to result in an adverse effect on the business, trading position, operations, financial condition or prospects of any Obligor or any customer of the Borrower; and (6x) not later than 9 a.m. following the making of a B Advance (and on the proposed date basis of such Advancethe statement which shall have been delivered pursuant to Clause 12.8, the Lender has received and found satisfactory such additional information, legal opinions and/or other documents relevant in the context of or relating to this Agreement as it may reasonably requestif applicable) Leverage shall not be more than 75%.