Utilisation Conditions for the Facility Sample Clauses

The Utilisation Conditions for the Facility clause defines the specific requirements and procedures that must be met before a borrower can draw funds from a loan facility. Typically, this includes submitting a formal drawdown request, providing necessary documentation, and ensuring that all preconditions—such as compliance with covenants or the absence of default—are satisfied. By setting these conditions, the clause ensures that the lender maintains control over disbursements and that the borrower meets agreed standards before accessing funds, thereby reducing the lender’s risk and promoting responsible borrowing.
Utilisation Conditions for the Facility. 3.2.1 Save as otherwise provided herein, the Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: (a) no later than 10.00 a.m. three Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Borrower; (b) the proposed Utilisation Date is a Business Day falling within the Availability Period; (c) on and as of the proposed Utilisation Date: (i) no Default is continuing or would result from the proposed Loan; and (ii) the Representations are true in all material respects; and (d) the currency and amount of the Utilisation comply with Clause 3.4 (Currency and Amount). 3.2.2 The Banks will not be obliged to satisfy the Utilisation Request unless the Fixed Rate has been agreed hereunder.
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Utilisation Conditions for the Facility. Save as otherwise provided herein, a Letter of Credit will be issued at the request of a Borrower if: 3.1.1 no less than three Business Days before the proposed Utilisation Date, the Agent has received a completed Utilisation Request from such Borrower; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the first day of the Term of the Letter of Credit is a Business Day falling within the Availability Period; 3.1.4 the proposed Expiry Date of the Letter of Credit shall be: (a) in the case of any Letter of Credit providing Funds at Lloyd’s for the 2012 and prior open underwriting years of account of the Managed Syndicate only, 31 December 2015; and (b) in the case of any Letter of Credit providing Funds at Lloyd’s for the 2013 and prior open underwriting years of account of the Managed Syndicate only, 31 December 2016; 3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (Form of Letter of Credit); 3.1.6 the beneficiary of such Letter of Credit is Lloyd’s; and 3.1.7 the conditions set out in Clause 3.2 (Currency and amount) are satisfied, provided that no Letter of Credit shall be issued for the account of the Account Party at any time when the Outstandings exceed (or would after the issuance of such Letter of Credit exceed) the Borrowing Base of the Account Party at such time.
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Utilisation Conditions for the Facility. Save as otherwise provided herein, a Letter of Credit will be issued at the request of the Account Party on behalf of an Applicant if: 3.1.1 no later than 10.00 a.m. two Business Days before the proposed Utilisation Date, the Agent has received a duly completed Utilisation Request from the Account Party; 3.1.2 the proposed Utilisation Date is a Business Day falling within the Availability Period; 3.1.3 the proposed Original Sterling Amount of such Letter of Credit is less than or equal to the Available Facility; 3.1.4 the Letter of Credit is substantially in the form set out in Schedule 5 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by the Banks (such approval not to be unreasonably withheld or delayed); 3.1.5 the beneficiary of such Letter of Credit is Lloyd’s; 3.1.6 on and as of the proposed Utilisation Date: (a) no Event of Default or Potential Event of Default has occurred and is continuing; and (b) the Representations are true in all material respects; and 3.1.7 the Agent has received evidence acceptable to it that the Charged Portfolio has been delivered to the Custodian and the amount of the Charged Portfolio is at least equal to the Required Value.
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Related to Utilisation Conditions for the Facility

  • Conditions of Utilisation 4.1 Initial conditions precedent

  • Buyer’s Conditions Precedent Buyer’s obligation to purchase the Partnership Interests or otherwise to perform any obligation provided in this Agreement shall be conditioned upon the fulfillment of the following conditions precedent: (a) On or before the expiration of the Inspection Period, Buyer shall have inspected and approved, in Buyer’s sole discretion, all aspects and matters relating to the Property, of any nature whatsoever, or waived such approval, in Buyer’s sole and absolute discretion; provided, that notwithstanding anything herein to the contrary, if Buyer fails to deliver to Seller, on or before the expiration of the Inspection Period, written notice of the failure of the condition set forth in Section 6.02 hereof, then such condition shall be deemed to have been satisfied without further notice. (b) On or before the respective dates provided for herein, Seller shall have, in a timely fashion, substantially performed each and every covenant, undertaking and agreement to be performed by Seller pursuant to this Agreement. (c) The Title Insurer shall deliver to Buyer at the Closing at Buyer’s sole expense an endorsement to Owner’s Policy of Title Insurance with respect to the Partnership’s ownership of the Real Property as contemplated under Section 2.01 hereof and in accordance with the Commitment, as it may have been modified as contemplated by this Agreement (the “Title Policy”), with extended coverage (i.e. with General Standard Exceptions 1 through 5 deleted), with respect to (i) taxes (except for taxes which are not yet due and payable which are apportioned hereunder), (ii) mechanic’s liens, (iii) survey issues (which shall be replaced by a “reading” of the Survey and an exception only for “shortages in area”), (iv) leases and parties in possession (which shall be replaced by a reference to “tenants under the leases described on the Rent Roll delivered at the Closing, as tenants only without any right or option to purchase all or any part of the Property”) and (v) items raised after the effective date of the Title Commitment), issued by the Title Insurer at its standard filed rates, as applicable as of the date and time of the issuance of the Title Policy, in the amount of the Purchase Price, containing Buyer’s Endorsements (as hereinafter defined), insuring the Partnership as owner of fee simple title to the Property subject only to the Permitted Exceptions. As used herein, the term “Buyer Endorsements” shall mean such endorsements as Buyer has requested by the end of the Inspection Period and the Title Insurer has agreed to issue in the Title Commitment by the end of the Inspection Period. Seller or the Management Company (to the extent permitted by the Title Insurer) shall execute at the Closing an affidavit in such form as the Title Insurer shall reasonably require for the issuance of the Title Policy and, provided Seller shall not incur any additional cost or liability, Buyer Endorsements. The Title Policy may be delivered after the Closing if at the Closing the Title Insurer issues a currently effective, duly executed “marked-up” Title Commitment and irrevocably commits in writing to issue the Title Policy in the form of the “marked-up” Title Commitment promptly after the Closing Date.

  • Failure to Satisfy Conditions Precedent If any Lender makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

  • Seller’s Conditions Precedent The obligations of Sellers to consummate the transactions contemplated by this Agreement are subject to each of the following conditions: (a) The representations and warranties made by Purchaser in this Agreement shall be true in all material respects when made and on and as of the Closing as though such representations and warranties were made on and as of Closing. Sellers shall have received from Purchaser at Closing a satisfactory certificate to such effect signed by an authorized officer of Purchaser. (b) Purchaser shall have performed and complied in all material respects with all provisions of this Agreement required to be performed or complied with by Purchaser before or at Closing. Sellers shall have received from Purchaser at the Closing a satisfactory certificate to such effect, signed by an authorized officer of Purchaser. (c) Purchaser shall have executed and delivered to Sellers at the Closing each of the Purchaser Documents and such additional documents as may be reasonably requested by Sellers in order to consummate the transactions contemplated by this Agreement. (d) Purchaser shall have paid or made provisions acceptable to Sellers for the payment of all fees, costs and expenses for obtaining all environmental due diligence, surveys, title examinations, inventory audits, and other inspections performed in connection with the transfer of the Assets pursuant to this Agreement. (e) Purchaser shall have executed a lease of or concession agreements regarding the Subways (2) locations the form of which is set out in Exhibit 9.1(e) (the “Subway Leases”), which shall grant the Purchaser the right to approve any subsequent sublease or assignment, which approval cannot be unreasonably withheld. (f) At Closing, the Real Properties transferred shall constitute at least thirteen (13) of the Purchased Owned Real Properties and Purchased Leased Real Properties in aggregate. (g) Sellers shall have received all consents required to consummate the transactions contemplated by this Agreement. Purchaser shall reasonably cooperate with Sellers in obtaining such consents. (h) No action or proceeding before a court or any other governmental agency or body shall have been instituted or threatened to restrain or prohibit any of the transactions contemplated in this Agreement. (i) Sellers’ obligations under this Agreement are conditioned and contingent upon the consummation of the LGO Asset Purchase Agreement simultaneously with or prior to Closing hereunder.

  • Conditions Precedent This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent: