Availability and Purpose Clause Samples
Availability and Purpose. The Contingent Facility shall, subject to this Agreement, be available by way of multiple Drawdowns on and after the Closing Date on a revolving basis prior to the Term Conversion Date, and the Borrowers may borrow, repay and reborrow Cdn. Dollars or US Dollars, may issue, repay and re-issue Bankers’ Acceptances or BA Equivalent Advances, provided that (collectively, the “Contingent Facility Funding Conditions”):
(i) except as provided in clause (ii) below, Drawdowns under the Contingent Facility shall only be requested by the NEB Reserve Borrower and used to satisfy the NEB Financial Resources Requirement in an aggregate principal amount of up to Cdn.$500,000,000 (in each case, a “NEB Reserve Drawdown”); and
(ii) Drawdowns under the Contingent Facility may also be used to fund Project Costs if the Construction Facility has been fully drawn at the time of a Drawdown under the Contingent Facility and, in such case:
(A) no more than one Drawdown under the Contingent Facility may be requested in any calendar month and not in the same calendar month in which a Drawdown has been made under the Construction Facility;
(B) each Drawdown under the Contingent Facility shall only be used to fund, in whole or in part, Project Costs that are due as well as projected Project Costs for up to the next 60 day period and the maximum amount of each requested Drawdown shall not exceed the amount of such due and projected Project Costs;
(C) Consolidated Total Funded Debt (excluding the Equivalent Amount in Canadian Dollars of the Outstanding Principal under the Working Capital Facility and Permitted Incremental Debt) shall not exceed 60% of the total pro forma Project Costs incurred and to be incurred over the period noted in clause (B) above as set out in the applicable Drawdown Notice and for certainty including the total incremental Project Costs requested to be funded as set out in such Drawdown Notice; and
(D) the Forward Funding Test has been satisfied.
Availability and Purpose. The Working Capital Facility shall, subject to this Agreement, be available by way of multiple Drawdowns on and after the Closing Date on a revolving basis prior to the Maturity Date, and the Principal Borrower may borrow, repay and reborrow Cdn. Dollars or US Dollars, may issue, repay and re-issue Bankers’ Acceptances or BA Equivalent Advances and may obtain, cancel and re-obtain Letters of Credit thereunder, provided that:
(i) each Drawdown shall be used for working capital requirements and other general corporate purposes of the Obligors, including Capital Expenditures, unrelated to the Project;
(ii) to pay fees and expenses incurred in connection with the Project (but not in any event for Capital Expenditures related to the Project prior to the Term Conversion Date); and
(iii) to make repayments of NEB Reserve Drawdowns in accordance with Section 7.1(e).
Availability and Purpose. The Credit Facility shall, subject to this Agreement, be available by way of multiple Drawdowns on and after the Effective Date on a revolving basis prior to the Maturity Date, and the Borrower may borrow, repay and reborrow Cdn. Dollars or US Dollars, may issue, repay and re-issue Bankers’ Acceptances or BA Equivalent Advances and may obtain, cancel and re-obtain Letters of Credit thereunder, provided that each Drawdown shall be used for general corporate purposes of the Obligors.
Availability and Purpose. The Loan will be available to be drawn in one amount in Dollars on the Drawdown Date in an amount not exceeding 70% of the Fair Market Value of the Vessel as at the Delivery Date and is to be applied exclusively for the purpose referred to in Recital (A), provided that none of the Banks shall be bound to monitor or verify the application of the proceeds of the Loan.
Availability and Purpose. Subject to the terms of this Agreement, the Lenders agree to make available to the Obligors a (pound)900,000,000 5 year multi-currency revolving credit facility available by way of cash advances, letters of credit and bank guarantees to be used for the general corporate purposes of the Group.
Availability and Purpose. Subject to the conditions of this Agreement, the Lenders hereby agree to make available to the Borrower the Facility in one or more Disbursements to be made before the end of the Availability Period of up to a maximum aggregate principal amount not exceeding USD 115,000,000 in order to:
(a) finance, or to reimburse to the Borrower to the extent already paid by the Borrower prior to the date of the first Disbursement, the payment to the Launch Supplier of a portion (not to exceed 85%) of the Eligible Portion of the Launch Contract up to the maximum principal amount of the Facility less the maximum amount set forth in the COFACE Premia Letter, the purpose of which is to finance the COFACE Premia; and
(b) finance the payment of 100% of the COFACE Premia up to the amount set forth in the COFACE Premia Letter.