Common use of Drawdown Clause in Contracts

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing; 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility; and 2.3.6 the Agent has been notified by the Commercial Loan Agent that all conditions precedent to drawdown of the Commercial Loan have been satisfied save for those which are to be satisfied pursuant to this Clause 2.3 and Clause 2.7, PROVIDED THAT Tranche 1 and Portion 2 shall not be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and Portion 2 shall not be capable of drawing until the Hermes Premium or the relevant part thereof has been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Euro amount of each amount of Portion 2 drawn down hereunder in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of each amount of Portion 2 drawn down hereunder in Dollars (c) the Euro amount of the aggregate of each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total nineteen million six hundred thousand Euro (€19,600,000).

Drawdown. The Borrower shall only make drawings under any Portion of the Facility draw down a Drawing if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for such drawing the Drawing in the form of Schedule 32; 2.3.2 the Advance Date proposed is a Business Day within the relevant Availability Period; 2.3.3 the first Drawing in respect of a Tranche is to be applied in part payment of the relevant Contract Price due to the Builder under the relevant Building Contract on the relevant Delivery Date; 2.3.4 the Drawing is in a minimum amount of one million euro (EUR1,000,000) in the case of a euro Drawing or one million Dollars (USD1,000,000) in the case of a Dollar Drawing or a whole multiple thereof; 2.3.5 on any Advance Date not more than five (5) Drawings will be outstanding in respect of the relevant Tranche; 2.3.6 the drawdown of the Drawing would not result in the amount of the relevant Tranche exceeding the relevant Maximum Tranche Amount on the Advance Date; 2.3.7 no Event of Default has occurred before the date relevant Advance Date and such drawing would not constitute an Event of such drawingDefault; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 2.3.8 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawingrelevant Advance Date; 2.3.5 2.3.9 no written notice has been received indicating that the Lower Saxony Guarantees do not, or the relevant Lower Guarantee does not (as the case may be), validly exist without restriction; and 2.3.10 it is then lawful for each of the Lenders to make available its relevant Contribution to the FacilityDrawing; and 2.3.6 PROVIDED THAT the Agent has been notified Lenders will only be obliged to comply with Clause 3.1 if, on the relevant Advance Date or on the commencement of the relevant Interest Period, no Event of Default is continuing or would result from the conversion and the representations made by the Commercial Loan Agent that Borrower under Clause 9 are true in all conditions precedent to drawdown of the Commercial Loan have been satisfied save for those which are to be satisfied pursuant to material respects. Each Drawing advanced under this Clause 2.3 and Clause 2.7, PROVIDED THAT Tranche 1 shall be deemed to have been advanced pro rata from Portion A and Portion 2 shall not be capable of drawing until twenty per cent (20%) B of the Contract Price has been paid by the Borrower to the Builder and Portion 2 shall not be capable of drawing until the Hermes Premium or the relevant part thereof has been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Euro amount of each amount of Portion 2 drawn down hereunder in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of each amount of Portion 2 drawn down hereunder in Dollars (c) the Euro amount of the aggregate of each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total nineteen million six hundred thousand Euro (€19,600,000)Tranche.

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ ' notice of the Borrower’s 's request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default or Possible Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing;; and 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility; and 2.3.6 the Agent has been notified by the Commercial Loan Agent that all conditions precedent to drawdown of the Commercial Loan have been satisfied save for those which are to be satisfied pursuant to this Clause 2.3 and Clause 2.7, PROVIDED THAT Tranche 1 and Portion 2 no part of the Loan shall not be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and no part of Portion 2 shall not be capable of drawing until the Hermes Issuing Fees and twenty five per cent (25%) of the Hermes Insurance Premium or the relevant part thereof has have become due and been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Euro amount of each amount of the Portion 2 Tranches drawn down hereunder in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s 's spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of each amount of the Portion 2 Tranches drawn down hereunder in Dollars (c) the Euro amount of the aggregate of each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s 's spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total nineteen twenty million six two hundred and fifty thousand Euro (€19,600,000(EURO)20,250,000).

Drawdown. The Borrower shall only make drawings under any Portion of the Facility if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ ' notice of the Borrower’s 's request for such drawing in the form of Schedule 3; 2.3.2 no Event of Default or Possible Event of Default has occurred before the date of such drawing; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawing; 2.3.5 it is then lawful for each of the Lenders to make available its Contribution to the Facility; and 2.3.6 the Agent has been notified by the Commercial Loan Agent that all conditions precedent to drawdown of the Commercial Loan have been satisfied save for those which are to be satisfied pursuant to this Clause 2.3 and Clause 2.7, PROVIDED THAT Tranche 1 and Portion 2 shall not be capable of drawing until twenty per cent (20%) of the Contract Price has been paid by the Borrower to the Builder and Portion 2 shall not be capable of drawing until the Hermes Premium or the relevant part thereof has been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Euro amount of each amount of Portion 2 drawn down hereunder in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s 's spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of each amount of Portion 2 drawn down hereunder in Dollars (c) the Euro amount of the aggregate of each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s 's spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total nineteen million six hundred thousand Euro (€19,600,000(EURO)19,600,000).

Drawdown. The Borrower shall only make drawings under any Portion of the Facility draw down a Drawing if: 2.3.1 in the case of Portion 1 and Portion 2, the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for such drawing the Drawing in the form of Schedule 32; 2.3.2 the Advance Date proposed is a Business Day within the relevant Availability Period; 2.3.3 the first Drawing in respect of a Tranche is to be applied in part payment of the relevant Contract Price due to the Builder under the relevant Building Contract on the relevant Delivery Date; 2.3.4 the Drawing is in a minimum amount of one million euro (EUR1,000,000) in the case of a euro Drawing or one million Dollars (USD1,000,000) in the case of a Dollar Drawing or a whole multiple thereof; 2.3.5 on any Advance Date not more than five (5) Drawings will be outstanding in respect of the relevant Tranche; 2.3.6 the drawdown of the Drawing would not result in the amount of the relevant Tranche exceeding the relevant Maximum Tranche Amount on the Advance Date; 2.3.7 no Event of Default or Possible Event of Default has occurred before the date relevant Advance Date and such drawing would not constitute an Event of such drawingDefault or a Possible Event of Default; 2.3.3 no written notice has been received indicating that the Hermes Cover does not validly exist without restriction; 2.3.4 2.3.8 the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the date of such drawingrelevant Advance Date; 2.3.5 2.3.9 no written notice has been received indicating that the Lower Saxony Guarantees do not, or the relevant Lower Guarantee does not (as the case may be), validly exist without restriction; and 2.3.10 it is then lawful for each of the Lenders to make available its relevant Contribution to the FacilityDrawing; and 2.3.6 PROVIDED THAT the Agent has been notified Lenders will only be obliged to comply with Clause 3.1 if, on the relevant Advance Date or on the commencement of the relevant Interest Period, no Event of Default is continuing or would result from the conversion and the representations made by the Commercial Loan Agent that Borrower under Clause 9 are true in all conditions precedent to drawdown of the Commercial Loan have been satisfied save for those which are to be satisfied pursuant to material respects. Each Drawing advanced under this Clause 2.3 and Clause 2.7, PROVIDED THAT Tranche 1 shall be deemed to have been advanced pro rata from Portion A and Portion 2 shall not be capable of drawing until twenty per cent (20%) B of the Contract Price has been paid by the Borrower to the Builder and Portion 2 shall not be capable of drawing until the Hermes Premium or the relevant part thereof has been paid by the Borrower to Hermes through the Hermes Agent and PROVIDED FURTHER THAT the aggregate of (a) the Euro amount of each amount of Portion 2 drawn down hereunder in Euro (b) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of each amount of Portion 2 drawn down hereunder in Dollars (c) the Euro amount of the aggregate of each amount of Portion 3 drawn down hereunder in Euro and (d) the equivalent amount in Euro determined at the rate of exchange for Euro against Dollars as determined at HSBC Bank plc’s spot rate at about 10.00 a.m. two (2) Business Days prior to the Termination Date of the aggregate of each amount of Portion 3 drawn down hereunder in Dollars, shall not exceed in total nineteen million six hundred thousand Euro (€19,600,000)Tranche.