Drawdown Conditions Sample Clauses
The Drawdown Conditions clause sets out the specific requirements that must be satisfied before a borrower can access funds under a loan agreement. Typically, these conditions include providing necessary documentation, meeting financial covenants, and ensuring that no default has occurred. For example, a borrower may need to submit up-to-date financial statements or confirm that all representations and warranties remain true. The core function of this clause is to protect the lender by ensuring that funds are only disbursed when all agreed-upon prerequisites are met, thereby reducing the risk of default or misuse of loan proceeds.
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Drawdown Conditions. Save as otherwise provided herein, the Advance will be made by the Initial Bank to the Borrower on the request of the Borrower if:
(i) not more than ten nor less than two business days before the proposed date for the making of the Advance the Agent has received from the Borrower a Notice of Drawdown therefor, receipt of which shall oblige the Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained herein;
(ii) the amount stated in the Notice of Drawdown shall not be more than the lesser of the amount of the Facility Amount and 70% of the purchase price of Vessel as set out in the Memorandum of Agreement;
(iii) the Drawdown Date is a business day which is or precedes the Termination Date;
(iv) on or before the Drawdown Date the Agent has received from the Borrower each of the documents specified in Part 2 of the First Schedule and found the same to be satisfactory to it in both form and substance;
(v) the interest rate applicable to the Advance during its first Interest Period does not fall to be determined pursuant to the proviso to Clause 7.2 (DURATION OF INTEREST PERIODS); and
(vi) (a) no event has occurred which is or may become (with the passage of time, the giving of notice, the making of any determination hereunder or any combination thereof) an Event of Default; and
Drawdown Conditions. 3.3.1 The Borrower may only deliver a Drawdown Request to the Agent if:
(a) the conditions precedent listed in Schedule 2 (Conditions for the First Drawdown) are met with respect to the first Advance and the Agent has notified the Borrower and the Lenders that it has received all of the documents and other evidence to be delivered in respect of such conditions precedent and each is in form and substance satisfactory to the Agent (and the Agent undertakes to promptly after receipt of such documents and evidence notify the Borrower that such conditions are met or inform the Borrower of the reasons they are not met);
(b) the conditions precedent listed in Schedule 3 (General Drawdown Conditions) are met with respect to any Advance; and
(c) each condition subsequent listed in Schedule 4 (Conditions Subsequent) has been met to the satisfaction of the Agent within three months of the date indicated in such Schedule for its satisfaction unless (i) the Agent, acting on the instruction of Majority Lenders, determines that failure to meet the relevant condition subsequent will not be materially adverse in relation to the Borrower’s ability to perform its obligations under the Transaction Documents and/or the validity or enforceability of the Transaction Documents or (ii) such failure is subsequently remedied.
3.3.2 The Agent may waive each drawdown condition with the Majority Lenders’ consent upon written request by the Borrower to the Agent.
Drawdown Conditions. Subject to the provisions of this Agreement, the Advance shall be made by the Lender to the Borrower at its request if the following additional conditions are fulfilled:-
(1) not later than 11.00 a.m. on the fifth Business Day before the proposed date of the Advance (or, as the case may be, such later time as may be acceptable to the Lender for the purpose of the request), the Lender has received from the Borrower a notice (which shall be irrevocable) substantially in the form set out in Schedule 2 specifying:-
(a) the proposed date of the Advance, which must be a Business Day on or before the Commitment Termination Date;
(b) the amount of the Advance, which shall not exceed the Available Commitment; and
(c) the manner of payment of the Advance, Such notice shall constitute a confirmation by the Borrower that at the date of the Advance no Event of Default or Potential Event of Default has occurred or will occur as a result of making the Advance, the representations and warranties of the Borrower contained herein remain true and correct as of the date of the Advance and no event specified in Clause 4(A)(6) has occurred;
(2) the conditions precedent referred to in Clause 3 have been fulfilled to the satisfaction of the Lender;
(3) none of the events mentioned in Clause 9 occurs in relation to the Advance;
(4) all representations and warranties in Clause 11 have been complied with and would be correct in all respects if repeated on the proposed date of the Advance by reference to the circumstances then existing;
(5) no Event of Default or Potential Event of Default has occurred on or before the proposed date of the Advance, or will occur as a result of making the Advance;
(6) no event, change, crisis or any development involving a prospective change, crisis or otherwise, in economic conditions in Singapore has occurred or the occurrence of any combination of any event, change, crisis or development in such conditions has taken place as may, in the reasonable opinion of the Lender, result or be likely to result in a material adverse effect on the business, trading position, operations or prospects of any Security Party; and
(7) not later than 9 a.m. on the proposed date of the Advance, the Lender has received and found satisfactory such additional information, legal opinions and/or other documents relevant in the context of or relating to this Agreement as it may reasonably request.
Drawdown Conditions. The Borrower shall satisfy the following prior to drawdown:
1. This Contract and its supplement is effective;
2. The Borrower has provided guarantees as requested by the Lender and guarantee contract has been executed and has been approved, registered and filed;
3. The Borrower has reserved or executed and fulfilled for the Lender relevant documents, invoices, chops, personnel list, signature samples, and has completed relevant vouchers;
4. The Borrower has opened all necessary bank account for the fulfillment of this Contract at the request of the Lender;
5. The Borrower has submitted to the Lender a copy of written drawdown application and related supporting documents for the purpose of the Loan 3 bank business days prior to the drawdown, to process the drawdown application;
Drawdown Conditions. When the Borrower applies for a Drawdown, all of the Drawdown conditions under this Article for the First Drawdown and/or subsequent Drawdown must be satisfied. Otherwise, the Lenders are not obligated to grant the Borrower the Facility Amount pursuant to the Agreement. For the original documents submitted by the Borrower, the formats and contents must be acceptable to the Facility Agent. For photocopies of the documents submitted by the Borrower, the formats and contents shall be acceptable to the Facility Agent, and the Borrower or the document provider shall certify the authenticity, correctness and completeness of copies.
Drawdown Conditions. Advances will be made by the Banks to and as requested by the Borrower if the additional conditions set out in Clauses 4.2 (Drawdown Request) to 4.5 (No Event of Default etc.) are fulfilled.
Drawdown Conditions. Subject to the terms of this Agreement and the Facility Agreements, the Company may request, and the relevant Lending Group shall make, Advances under a Facility if:
3.1.1 not later than 5:00 p.m. on the tenth Business Day before the proposed Advance Date (in the case of an Advance under the Term Loan Facilities and with any necessary amendments thereto made and received by the Intercreditor Agent and the relevant Facility Agent not later than 3:00 p.m. on the sixth Business Day before the proposed Advance Date) or the fourth day before the proposed Advance Date (in the case of an Advance under a Revolving Credit Facility), the Intercreditor Agent and the relevant Facility Agent have received a completed Advance Request; and
3.1.2 in the case of the Term Loan Facilities, no other Advance Request has been served by the Company in respect of any Term Loan Facility in the same month.
Drawdown Conditions. Subject to the other terms of this Agreement, Advances will be made by the Bank to and as requested by the Borrower if the additional conditions set out in Clauses 4.2 (Drawdown Request) to 4.5 (No Event of Default etc.) inclusive are fulfilled.
Drawdown Conditions. 3.1 The Borrower may, subject to Clause 3.3, utilise the Facility by delivering to the Bank at the Designated Branch a duly completed Drawdown Notice.
3.2 For the purposes of Clause 3.1 above, the Drawdown Notice will not be considered to have been duly completed unless:
(i) the Drawdown Notice specifies: (i) the currency and amount to be disbursed by the Bank; (ii) the proposed date of utilisation; (iii) the proposed Repayment Date: and (iv) the proposed Specified Rate;
(ii) the proposed date of utilisation is a Business Day within the Availability Period;
(iii) the Drawdown Notice specifies that no Event of Default or potential Event of Default has occurred and/or is in existence or continuing;
(iv) the Drawdown Notice is given at least 3 Business Days prior to the proposed date of utilisation:
(v) the amount proposed to be borrowed in a particular currency (as set out in the Drawdown Notice) when aggregated with the outstanding principal amount(s) borrowed by the Borrower under this Agreement in that currency does not exceed the Relevant Currency Amount;
(vi) the Drawdown Notice sets out the detail(s) of the bank account(s) into which the proceeds of the Facility are to be remitted;
(vii) all Conditions Precedent have been satisfied; and
(viii) the Additional Conditions (if any) have been complied with; and
(ix) the Security has been validly created in form and substance acceptable to the Bank.
3.3 If the Drawdown Notice is duly completed, the Bank may at its sole and absolute discretion disburse to the Borrower the amount set out in the Drawdown Notice in the currency set out in the Drawdown Notice and on the terms set out therein unless otherwise communicated by the Bank.
Drawdown Conditions. The Borrower can make utilization of the loan provided that:
1. This Agreement and its annexes have become effective;
2. The Borrower has provided guarantee as required by the Lender, and the guarantee contract has become effective and legal formalities regarding its approval, registration, or recording have been completed;
3. The Borrower has provided the Lender with Borrower’s documents, receipts, specimen seal impressions, staff list, and specimen signatures in relation to conclusion and performance of this Agreement, and has completed related documents;
4. The Borrower has opened an account required for performance of this Agreement as per the requirements of the Lender;
5. The Borrower submitted written utilization requests and related proof documents regarding the purpose of loan to the Lender three (3) business days before the drawdown and handled related drawdown formalities;
6. The Borrower has submitted the resolution and power of attorney of its board of directors and responsible departments for consenting to entering into and performance of this Agreement;
7. The Borrower shall obtain the certificate of property ownership and properly handle property mortgage formalities, make sure that the Lender is the only mortgagee of the collateral, buy mortgage insurance and transfer insurance interest to the Lender, and obtain official collateral evaluation report by the end of 2017. The mortgage rate shall not be more than 50%;
8. The Borrower shall properly provide joint liability guarantee of Beijing iQIYI Science & Technology Co., Ltd. and conclude a guarantee contract;
9. The Borrower shall provide advertising agency service contracts or orders with authentic background for drawdown of loan and shall entrust the Lender to make payments trade by trade;
10. The Borrower shall repay no less than RMB 10,000,000 in the first year, no less than RMB 10,000,000 in the second year, and RMB 279,000,000 in the third year. Principal shall be repaid biannually, namely, at least once every six months. Interests shall be paid on a quarterly basis;
11. The Borrower shall undertake the following in writing:
(1) During the existence of credit, the balance in the account that the Borrower opens at the Lender shall not be less than two times of the due interest payable of current period;
(2) During the existence of credit, at least 30% of the settlement shall be carried out by the Lender;