Completion of a Utilisation Request Sample Clauses
The 'Completion of a Utilisation Request' clause defines the process by which a borrower formally requests the use of funds under a loan agreement. Typically, this involves the borrower submitting a specific form or notice to the lender, detailing the amount to be drawn and the proposed date of utilisation, and ensuring all required conditions precedent are satisfied. This clause ensures that both parties have a clear, documented procedure for disbursing loan funds, thereby reducing misunderstandings and providing a structured framework for accessing credit.
Completion of a Utilisation Request. (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
(i) the proposed Utilisation Date is a Business Day within the Availability Period;
(ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and
(iii) the proposed Interest Period complies with Clause 10 (Interest Periods).
(b) Only one Loan may be requested in each Utilisation Request.
Completion of a Utilisation Request. (a) Each Utilisation Request for a Loan is irrevocable and will not be regarded as having been duly completed unless:
(i) it specifies that it is for a Loan;
(ii) it identifies the Facility to be utilised;
(iii) the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility;
(iv) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);
(v) the proposed Interest Period complies with Clause 13 (Interest Periods); and
(vi) it specifies the account and bank (which must be in the principal financial centre of the country of the currency of the Utilisation or, in the case of euro, the principal financial centre of a Participating Member State in which banks are open for general business on that day or London) to which the proceeds of the Utilisation are to be credited.
(b) Only one Loan may be requested in each Utilisation Request.
Completion of a Utilisation Request. (a) Each Utilisation Request is irrevocable and shall not be regarded as having been duly completed unless:
(i) it sets out:
(A) the aggregate amount requested by the Borrower under all Tranches of its Term Loan in respect of that Utilisation Request; and
(B) the individual amounts requested by the Borrower under each Tranche of its Term Loan in respect of that Utilisation Request, which amounts shall be calculated by such Borrower and be equal to the Tranche Proportion of each such Tranche;
(ii) the proposed Utilisation Date specified in such Utilisation Request is within the Availability Period of the Relevant Term Loan;
(iii) the currency and amount of the proposed Utilisation comply with Clause 4.3;
(iv) the proposed Interest Period complies with Clause 7.1; and
(v) the Utilisation Request:
(A) except in respect of the final Utilisation of a Term Loan, confirms that following the proposed Utilisation, sufficient Available Commitments shall remain available in order for each Borrower that has not made its Final Payment to make its Final Payment as required by the Shipbuilding Contract to which it is a party; and
(B) confirms that the Proceeds of the proposed Utilisation shall be used for Permitted Uses only.
(b) In respect of each Term Loan, only one Utilisation Request may be delivered each month; provided, however, that subject to Clause 4.2(d), a Borrower may deliver more than one Utilisation Request in any month, provided that the Proceeds of any such additional Utilisation shall be applied only to the payment of amounts due and payable under its Shipbuilding Contract.
(c) Each Borrower has proposed a Utilisation Schedule for its Term Loan. Such Utilisation Schedule is indicative only. To the extent a Borrower reasonably anticipates any material deviation from the schedule of dates and/or amounts in its Utilisation Schedule at any time, such Borrower shall update its Utilisation Schedule and provide such updated Utilisation Schedule to the Intercreditor Agent. If Proceeds of the Loans are to be applied towards payments contemplated in the Construction Budget of a Borrower, the Utilisation Schedule for such Borrower (as updated from time to time in accordance with this Clause 4.2(c)) shall provide for the Utilisation in respect of such Proceeds to be made prior to the date such Proceeds are to be applied as contemplated by such Construction Budget.
(d) Each Alternative Arrangement Borrower may request only one further Utilisation of its Term Loan fol...
Completion of a Utilisation Request. Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
Completion of a Utilisation Request. (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
(i) the proposed Utilisation Date is a Business Day within the Availability Period;
(ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);
(iii) the proposed Interest Period complies with Clause 10 (Interest Periods); and
(iv) it specifies the account and bank (which must be in the principal financial centre of the country of the currency of the Utilisation or, in the case of euro, the principal financial centre of a Participating Member State in which banks are open for general business on that day or London) to which the proceeds of the Utilisation are to be credited.
(b) Only one Loan may be requested in each Utilisation Request.
Completion of a Utilisation Request. (a) Each Utilisation Request for a Revolving Facility Loan is irrevocable and will not be regarded as having been duly completed unless:
(i) the proposed Utilisation Date is a Business Day within the Availability Period applicable to the Revolving Facility;
(ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and
(iii) the proposed Interest Period complies with Clause 12 (Interest Periods).
(b) Only one Utilisation may be requested in each Utilisation Request.
Completion of a Utilisation Request. (A) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
(i) the proposed Utilisation Date is a Business Day within the Availability Period;
(ii) the amount of the Utilisation complies with clause 6.4 (Amount); and
(iii) the proposed Interest Period complies with clause 12 (Interest Periods).
(B) Only one Loan may be requested in each Utilisation Request and a maximum of 3 Utilisation Requests may be requested in any one month.
(C) A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation 10 or more Loans would be outstanding.
Completion of a Utilisation Request. (a) Each Utilisation Request delivered to the Facility Agent pursuant to Clause 5.1 (Delivery of a Utilisation Request) is irrevocable and will not be regarded as having been duly completed unless:
(i) the proposed Utilisation Date is a Business Day within the Availability Period;
(ii) the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and
(iii) the proposed Interest Period complies with Clause 10 (Interest Periods).
(b) Only one Advance may be requested in each Utilisation Request delivered to the Facility Agent pursuant to Clause 5.1 (Delivery of a Utilisation Request).
Completion of a Utilisation Request. 5.2.1 A Utilisation Request will not be regarded as having been duly completed unless:
(a) the proposed Utilisation Date is a Business Day within the Availability Period;
(b) the currency and amount of the Utilisation comply with Clause 5.3 below; and
(c) it specifies a bank account in South Africa to which the Borrower requires the proceeds of the Senior Facility H Loan to be credited.
5.2.2 Only one Senior Facility H Loan may be requested in a Utilisation Request.
Completion of a Utilisation Request. (a) Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:
(i) in the case of the Utilisations to be made on the Closing Date, it is the Initial Utilisation Request;
(ii) it identifies the Facility to be utilised;
(iii) the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility;
(iv) the currency and amount of the Loan comply with Clause 5.3 (Currency and amount);
(v) it specifies the account to which the net proceeds of such Utilisation are to be paid, being in relation to any Utilisation to be made:
(A) on the Closing Date, the account(s) specified for those purposes in the Funds Flow Statement; or
(B) after the Closing Date, the Distributions Account;
(vi) the proposed Interest Period complies with Clause 13 (Interest Periods); and
(vii) in relation to any Utilisation of Facility C, Facility A and Facility B have been utilised and the Availability Period in relation to Facility A has expired.
(b) Multiple Loans may be requested in a Utilisation Request where the proposed Utilisation Date is the Closing Date. Only one Loan may be requested in each subsequent Utilisation Request.