Utilisation of the Facility Sample Clauses
The 'Utilisation of the Facility' clause defines the process and conditions under which a borrower can draw funds or access credit under a loan agreement. It typically outlines the steps required to request a drawdown, such as submitting a notice, meeting any preconditions, and specifying the amount and timing of the funds to be utilised. This clause ensures that both parties understand the procedures for accessing the facility, thereby providing clarity and reducing the risk of disputes over how and when funds can be used.
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Utilisation of the Facility. 8.1 Subject to the provisions of this Agreement and to the fulfilment or waiver of all of the Agreement Conditions Precedent and the Advance Conditions Precedent, the Borrower may utilise the Facility by delivering to the Lender, in respect of any Advance, a duly completed Drawing Notice.
8.2 Each Drawing Notice is irrevocable and will not be regarded as having been duly completed unless:
8.2.1 it is delivered to the Lender no later than 11h00 (Mauritius time) and no less than 3 (three) Business Days and no more than 5 (five) Business Days prior to the proposed Drawing Date;
8.2.2 the proposed Drawing Date is a Business Day within the Availability Period;
8.2.3 the currency of the proposed Advance is United States Dollars;
8.2.4 the amount of the proposed Advance must be a minimum amount of US$2 500 000 (Two Million Five Hundred Thousand United States Dollars) and in integral multiples of US$500 ▇▇▇ (▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars) and in any event not more than the Available Facility.
8.3 All proceeds of an Advance will be credited to the Proceeds Account on the relevant Drawing Date.
8.4 Only one Advance may be requested in each Drawing Notice.
8.5 No more than one Advance will be made by the Lender to the Borrower during any 1 (one) calendar month.
8.6 Notwithstanding anything to the contrary contained herein, the Lender shall not be obliged to make any Advance unless on the proposed Drawing Date:
8.6.1 no Event of Default or Potential Event of Default is continuing or would result from the making of the Advance; and
8.6.2 the Repeating Warranties are true and correct in all material respects.
8.7 The Borrower acknowledges and agrees that:
8.7.1 the Lender shall not be obliged to make any payment pursuant to any Drawing Notice unless and until the Borrower shall have complied strictly with the requirements in respect thereof as set out in this clause 8; and
8.7.2 any Drawing Notice signed by an authorised signatory on behalf of the Borrower shall be deemed to be a valid Drawing Notice issued by the Borrower and any Advances made pursuant to such Drawing Notice to the Borrower shall constitute valid Advances to the Borrower and constitute part of the Loan:
8.7.3 the Lender may validly act on all information, instructions and requests contained in the Drawing Notice, without any liability or responsibility to verify or check the accuracy of such information.
8.8 Upon the expiry of the Availability Period, the Available Facility shall be reduc...
Utilisation of the Facility. 3.1 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 proposed Term of the Letter of Credit is a period ending on or before the Termination Date;
3.1.5 the Letter of Credit is substantially in the form set out in Schedule 6 (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);
3.1.6 the beneficiary of such Letter of Credit is Lloyd's;
3.1.7 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
3.1.8 (if the Charge Agreement is required to be executed and delivered by the Account Party pursuant to sub-clause 17.1.2 of Clause 17.1 (Letter of Credit Commission)), 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.
Utilisation of the Facility. Utilisation Conditions for the Facility
3.1 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:
(a) 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;
(b) the proposed Utilisation Date is a Business Day falling within the Availability Period;
(c) the proposed amount of such Letter of Credit is less than or equal to the Available Facility;
(d) the Letter of Credit is substantially in the form set out in Schedule 7 (Form of Letter of Credit) or in such other form requested by the Account Party which is approved by Lloyd’s and the Lenders (such approval by the Lenders not to be unreasonably withheld or delayed and shall not be required unless the other form requested differs materially from the form set out in Schedule 7);
(e) the beneficiary of such Letter of Credit is Lloyd’s; and
(f) on and as of the proposed Utilisation Date (a) no Default has occurred and is continuing and (b) the Representations are true in all material respects.
Utilisation of the Facility. The Facility shall be advanced by the Lender to the Borrower in advances (each advance of the Facility is hereinafter called: “the Advance” and the principal amount owing in respect of each Advance at any relevant time is hereinafter called: “the Loan” or, as the case may be “the Loans”) following receipt by the Lender of a written notice from the Borrower in form and substance satisfactory to the Lender (“the Utilisation Request”). Subject to the following conditions the Borrower may serve a Utilisation Request not later than three (3) banking days prior to the intended date on which the Borrower requests that the relevant Advance be made available (“the Drawdown Date”). A Utilisation Request must be signed by an authorised representative of the Borrower and once served, such Utilisation Request cannot be revoked without the prior written consent of the Lender.
Utilisation of the Facility. The Facility shall be advanced by the Lender to the Borrower in one advance (the “Advance”) (the principal amount owing in respect of the Advance is hereinafter called: the “Loan”) following receipt by the Lender of a written notice from the Borrower in form and substance reasonably satisfactory to the Lender (the “Utilisation Request”). Subject to the conditions set out in clause 8, the Borrower may serve the Utilisation Request not later than three (3) banking days prior to the intended date on which the Borrower requests that the Advance to be made available, or on any shorter period as may be agreed by the Lender (the “Drawdown Date”). The Utilisation Request must be signed by an authorised representative of the Borrower and once served, the Utilisation Request cannot be revoked without the prior written consent of the Lender.
Utilisation of the Facility. 3.1 Utilisation Conditions for the Facility
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 2014 and prior open underwriting years of account of the Managed Syndicate only, 31 December 2017; and
(b) in the case of any Letter of Credit providing Funds at Lloyd's for the 2015 and prior open underwriting years of account of the Managed Syndicate only, 31 December 2018;
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.
Utilisation of the Facility. 6.1 Save as otherwise provided herein, Advances will be made by the Banks or, as the case may be, a Letter of Credit or Contract Guarantee will be issued by the Fronting Bank or, as the case may be, Short-Term Advances will be made by the Overdraft Provider to the Borrower if:
(i) no later than the specified time in respect of the proposed Utilisation, the Agent or, in the case of a Short-Term Advance, the Overdraft Provider, has received from the Borrower a Utilisation Request therefor;
(ii) the proposed Utilisation Date in respect of such Utilisation Request is a business day;
(iii) the Requested Amount is:
(a) in the case of a Utilisation by means of Advances (other than Short-Term Advances), an amount which does not exceed the Available Facility at such time and which, if less than the Available Facility at such time:
(1) if no other Advance (other than a Short-Term Advance) of an Original Sterling Amount of less than L1,000,000 is outstanding at such time is:
(A) if the currency is sterling, a minimum amount of L500,000 and in additional integral multiples of L1,000,000; or
(B) if the currency is an Optional Currency, a minimum Original Sterling Amount of L500,000 (or an appropriate amount thereof) and in additional integral multiples of an Original Sterling Amount of L1,000,000 (or an approximate amount thereof); or
(2) if an Advance (other than a Short-Term Advance) of less than an Original Sterling Amount of L1,000,000 is outstanding at such time is:
(A) if the currency is sterling, a minimum amount of L1,000,000 and in additional integral multiples of L500,000; or
(B) if the currency is an Optional Currency, a minimum Original Sterling Amount of L1,000,000 (or an approximate amount thereof) and in additional integral multiples of an Original Sterling Amount of L500,000 (or an approximate amount thereof); or
(b) in the case of a Utilisation by means of a Letter of Credit, an amount which does not exceed the Available Facility at such time and which when aggregated with the L/C Outstandings at the time of such Utilisation does not exceed an Original Sterling Amount of L3,000,000; or ----------------------------------------------------------------------------- 10 ----------------------------------------------------------------------------
(c) in the case of a Utilisation by means of Short-Term Advances, an amount which does not exceed the Available Facility at such time and which when aggregated with all other Short-Term Advances then outstanding, do...
Utilisation of the Facility. 3.1. Subject to the Limit and there being no Event of Default, the Client may utilise the Facility by entering into transactions in respect of which the amount to be debited from the Trading Account is not or not fully covered by a Relevant Cash Balance (as defined below) and is therefore lent by the Bank to Client (any such transaction a «Utilisation», and any amount lent by the Bank a «Utilised Amount»). As used herein, «Relevant Cash Balance» shall mean such cash or cash equivalent assets (as determined by the Bank) standing to the credit of the Trading Account and which is the same currency (or is denominated in the same currency) as the currency used to effect the Utilisation.
3.2. The Facility can be utilised in whole or in part, in one or several Utilisations, in each case up to the Limit. Such transactions may be denominated in the reference currency of the Trading Account (being, in the absence of other written indication from the Bank, the currency in which the Buying Power of the Trading Account is denominated) or in another currency, provided that the Bank shall define the currencies in which the Facility may be utilised at its sole discretion. The Bank may impose further restrictions to the Facility’s utilisation, as communicated by the Bank from time to time.
Utilisation of the Facility. 3.1 Conditions of Utilisation Save as otherwise provided in this Agreement, an Advance will be made by the Lender to the Borrower on its request if:
3.1.1 the amount of such Advance does not exceed the Available Facility.
3.1.2 the amount of the proposed Advance which shall be an amount which is not less then USD 500,000.
3.1.3 the proposed term of such Advance shall be any period up to 6 months or such other longer period as may be agreed between the Lender and the Borrower.
3.1.4 any Interest Period would otherwise and on a day which is not a Business Day that Interest Period shall be extended to the next succeeding Business Day.
3.1.5 no Event of Default has occurred as of the proposed date of the making of such Advance.
Utilisation of the Facility. With effect from the Restatement Amendment Effective Time, all Available Commitments shall be cancelled and reduced to zero.