Common use of Drawdown Procedure Clause in Contracts

Drawdown Procedure. A. Before Completion of Construction of the Project, the Borrower may request Drawdown of the Loan Commitments during the Availability Period in accordance with the Drawdown Plan as set out in Exhibit 2. In case where progress of the Project is delayed or there is any other unavoidable event, the Borrower may adjust the Drawdown schedule under the Drawdown Plan as set out in Exhibit 2 after obtaining prior written consents from the Facility Agent given in accordance with the instruction of the Majority Lenders. After Completion of Construction of the Project, the Borrower may request Drawdown of the Loan Commitments on any Interest Payment Date during the Availability Period. B. Notwithstanding paragraph A, (i) the Borrower may request Drawdown of the Interest Reserve Loan from the Interest Reserve Commitment on each Interest Payment Date during the Construction Period and (ii) during the Operation Period, in case it is expected to be difficult to pay the amount of interests payable on the relevant Interest Payment Date from the cash deposited in the Revenue Deposit Account, the Borrower may, three (3) Business Days prior to the relevant Interest Payment Date, request the Facility Agent to make a Drawdown and with the Facility Agent’s consent, such Drawdown from the Interest Reserve Commitment shall be made; provided, however, if, notwithstanding item (ii) above, payment of interest is made from the cash deposited in the Revenue Deposit Account and results in any unused and outstanding Interest Reserve Commitment, the Borrower may request Drawdown of the Loan Commitment in the amount equal to the amount of such unused and outstanding Interest Reserve Commitment, for the purpose consented by the Majority Lenders. C. If the Borrower intends to draw down the Loan Commitments, the Borrower shall file with the Facility Agent a Drawdown Request in form and substance as set forth in Form A not later than three (3) Business Days prior to the date set for Drawdown (“Proposed Drawdown Date”) or the later time which the Facility Agent agreed. Provided, however, that the Borrower shall submit a Drawdown Request consented by the Builder before the Completion of Construction, which consent may be omitted after the Completion of Construction. D. The Borrower shall draw down KRW One Hundred Million (￦100,000,000) or if more than that, multiple amounts of KRW One Hundred Million (￦100,000,000) (except for the last Drawdown), and the unit of Loan Commitment made available from each Lender may be adjusted at discretion of the Facility Agent. E. The Facility Agent shall notify the Lenders of the receipt of a Drawdown Request and the specific method of Drawdown including the amount of Loan Commitments to be made available from each Lender. F. The Borrower shall request Drawdown in accordance with this Section, and may not arbitrarily delay a Drawdown Request, reduce a Drawdown amount or rescind a Drawdown Request once submitted. G. Upon receipt of a Drawdown Request, subject to fulfillment of the conditions set forth in Section 2 and/or 3 of this Article, each Lender shall extend a loan to the Borrower on the designated Proposed Drawdown Date by depositing a specified amount of Loan to the Loan Drawdown Account opened in the name of the Borrower with the Facility Agent (provided, in case of Interest Reserve Loan, to the Loan Repayment Account). Provided that, each lender may deposit after deducting the fee and interest due on the date of withdrawal from the loan amount. H. After the Loan from each Lender is deposited to the Loan Drawdown Account, the Facility Agent shall immediately deduct accrued and unpaid fees, interests and other financial costs, etc. from the Loan and transfer the remaining Loan from the Loan Drawdown Account to the Operating Account of the Borrower. I. Notwithstanding the foregoing provisions, the Facility Agent and the Borrower may go through the Drawdown Procedure in accordance with a separately agreed-on schedule and procedure, upon consent from all the Lenders.

Drawdown Procedure. A. Before Completion of Construction of the Project, the Borrower may request Drawdown of the Loan Commitments during the Availability Period in accordance with the Drawdown Plan as set out in Exhibit 2. In case where progress of the Project is delayed or there is any other unavoidable event, the Borrower may adjust the Drawdown schedule under the Drawdown Plan as set out in Exhibit 2 after obtaining prior written consents from the Facility Agent given in accordance with the instruction of the Majority Lenders. After Completion of Construction of the Project, the Borrower may request Drawdown of the Loan Commitments on any Interest Payment Date during the Availability Period. B. Notwithstanding paragraph A, (i) the Borrower may request Drawdown of the Interest Reserve Loan from the Interest Reserve Commitment on each Interest Payment Date during the Construction Period and (ii) during the Operation Period, in case it is expected to be difficult to pay the amount of interests payable on the relevant Interest Payment Date from the cash deposited in the Revenue Deposit Account, the Borrower may, three (3) Business Days prior to the relevant Interest Payment Date, request the Facility Agent to make a Drawdown and with the Facility Agent’s consent, such Drawdown from the Interest Reserve Commitment shall be made; provided, however, if, notwithstanding item (ii) above, payment of interest is made from the cash deposited in the Revenue Deposit Account and results in any unused and outstanding Interest Reserve Commitment, the Borrower may request Drawdown of the Loan Commitment in the amount equal to the amount of such unused and outstanding Interest Reserve Commitment, for the purpose consented by the Majority Lenders. C. If the Borrower intends to draw down the Loan Commitments, the Borrower shall file with the Facility Agent a Drawdown Request in form and substance as set forth in Form A not later than three (3) Business Days prior to the date set for Drawdown (“Proposed Drawdown Date”) or the later time which the Facility Agent agreed. Provided, however, that the Borrower shall submit a Drawdown Request consented by the Builder before the Completion of Construction, which consent may be omitted after the Completion of Construction. D. The Borrower shall draw down KRW One Hundred Million (￦100,000,000) or if more than that, multiple amounts of KRW One Hundred Million (￦100,000,000) (except for the last Drawdown), and the unit of Loan Commitment made available from each Lender may be adjusted at discretion of the Facility Agent. E. The Facility Agent shall notify the Lenders of the receipt of a Drawdown Request and the specific method of Drawdown including the amount of Loan Commitments to be made available from each Lender. F. The Borrower shall request Drawdown in accordance with this Section, and may not arbitrarily delay a Drawdown Request, reduce a Drawdown amount or rescind a Drawdown Request once submitted. G. Upon receipt of a Drawdown Request, subject to fulfillment of the conditions set forth in Section 2 and/or 3 of this Article, each Lender shall extend a loan to the Borrower on the designated Proposed Drawdown Date by depositing a specified amount of Loan to the Loan Drawdown Account opened in the name of the Borrower with the Facility Agent (provided, in case of Interest Reserve Loan, to the Loan Repayment Account). Provided that, each lender may deposit after deducting the fee and interest due on the date of withdrawal from the loan amount. H. After the Loan from each Lender is deposited to the Loan Drawdown Account, the Facility Agent shall immediately deduct accrued and unpaid fees, interests and other financial costs, etc. from the Loan and transfer the remaining Loan from the Loan Drawdown Account to the Operating Account of the Borrower. I. Notwithstanding the foregoing provisions, the Facility Agent and the Borrower may go through the Drawdown Procedure in accordance with a separately agreed-agreed- on schedule and procedure, upon consent from all the Lenders.