Before drawdown Sample Clauses

Before drawdown. On a Ship being sold or becoming a Total Loss (or suffering damage or being involved in an incident which in the opinion of the Agent may result in such Ship being subsequently determined to be a Total Loss) before the Advance in respect of such Ship is drawn down, the obligation of the Banks to make such Advance available shall immediately cease and the Total Commitment shall be reduced by the amount of such Advance.
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Before drawdown. (a) On a New Ship becoming a Total Loss (or suffering damage or being involved in an incident which in the opinion of the Bank may result in such New Ship being subsequently determined to be a Total Loss) or on a New Ship being sold, in each case before the Advance for such New Ship is drawn down, the obligation of the Bank to advance the Advance for such New Ship shall immediately cease and the Commitment shall be reduced by the amount of such Advance.
Sample 1
Before drawdown. On the Vessel becoming (i) a Total Loss or suffering damage or being involved in an incident which in the reasonable opinion of the Bank may result in the Vessel being subsequently determined to be a Total Loss, or (ii) the Vessel being sold before the Commitment has been drawn down, the obligation of the Bank to advance the Commitment or any part thereof shall immediately cease, and all obligations of the Bank under this Agreement with respect to the Commitment shall immediately cease;
Sample 1
Before drawdown. On the Newbuilding becoming a Total Loss (or suffering damage or being involved in an incident which in the opinion of the Agent may result in the Newbuilding being subsequently determined to be a Total Loss) before the Newbuilding Advance is drawn down, the obligation of the Banks to advance the Newbuilding Advance shall immediately cease and the Total Commitment shall be reduced by the amount of the Newbuilding Advance.
Sample 1
Before drawdown. On a Ship becoming a Total Loss (or suffering damage or being involved in an incident which, in the opinion of the Bank may result in such Ship being subsequently determined to be a Total Loss), before the Loan is drawn down, the obligation of the Bank to advance the Loan shall immediately cease and the Commitment shall be reduced to zero.
Sample 1

Related to Before drawdown

  • Drawdown Subject to the terms and conditions of this Agreement, each Advance shall be made to the Borrowers following receipt by the Agent from the Borrowers of a Drawdown Notice not later than 10:00 a.m. on the third Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period for such Advance, on which the Borrowers propose such Advance is made. A Drawdown Notice shall be effective on actual receipt by the Agent and, once given, shall, subject as provided in clause 3.6.1, be irrevocable.

  • Initial Advance On or prior to the Closing Date, Borrower shall have delivered to Agent the following:

  • Drawdown Date The date on which any Loan is made or is to be made, and the date on which any Loan which is made prior to the Maturity Date is converted in accordance with §4.1.

  • Funding Date The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

  • Disbursement of Loan Proceeds (a) The State shall disburse Federal Funds earmarked for the Loan to the Borrower in accordance with the terms hereof. Before each and every disbursement of the proceeds of the Loan by the State to the Borrower, the Borrower shall in accordance with the procedures set forth in the Regulations submit to the State a requisition executed by an Authorized Officer of the Borrower.

  • Conditions Precedent to the Initial Extension of Credit The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment, to the satisfaction of Agent and each Lender of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent).

  • Suspension of drawdown If the Agent’s notice under Clause 5.8 is served before an Advance is made:

  • Conditions Precedent to the Initial Advance The obligations of the Banks hereunder and the obligation of each Bank to make the Initial Advance are subject to the condition precedent that Administrative Agent shall have received and approved on or before the Closing Date (other than with respect to paragraph (10) below which shall be required prior to the Initial Advance) each of the following documents, and each of the following requirements shall have been fulfilled:

  • Commitment Increase An increase in the Total Commitment to not more than $250,000,000.00 pursuant to §2.11.

  • Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.

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