Facility and Purpose Sample Clauses
The 'Facility and Purpose' clause defines the type of financial facility being provided and the specific purpose for which the borrower may use the funds. Typically, this clause outlines whether the facility is a loan, line of credit, or another form of financing, and details acceptable uses such as working capital, refinancing existing debt, or funding a particular project. By clearly stating these parameters, the clause ensures that both parties understand the intended use of the funds, thereby preventing misuse and aligning expectations.
Facility and Purpose. The Lender shall, on the terms set forth herein, make the Facility available to the Borrower to cover expected shortfall of financing under the Newbuilding Programme and for working capital purposes.
Facility and Purpose. Subject to the terms of this Agreement, the Lender makes available to the Borrower a 364 day revolving loan facility in an aggregate amount equal to the Commitment. Amounts borrowed under this Agreement may only be used:
2.1.1. firstly, for repaying monies owing under the Existing Facility Agreement;
2.1.2. secondly, for paying fees and expenses incurred in connection with such repayment;
2.1.3. thirdly, for making a Permitted Loan; and
2.1.4. fourthly, for making distributions to shareholders.
Facility and Purpose. Subject to the terms of this Agreement, the Lender makes available to the Borrowers a term loan facility in a maximum aggregate amount equal to the Maximum Facility Amount. The term loan facility shall be made available in two Loans (Vessel Loan 1 and Vessel Loan 2, each of which shall be made available to the relevant Borrower). Each Loan shall be capable of being drawn, up to the maximum amount of the relevant Vessel Loan, on the dates described in Clause 4.2(a).
Facility and Purpose. 9 2.1 FACILITY..........................................................9 2.2 LENDERS' RIGHTS AND OBLIGATIONS...................................9 2.3 PURPOSE...........................................................9
Facility and Purpose. 1.1 This Agreement sets out the terms and conditions upon and subject to which the Banks will make available to the Borrower the Facilities in the total amount of up to USD 151,500,000 and EUR 44,153,000. Term Loan A and the Subordinated Term Loan shall be used to part finance the Acquisition and related expenses. Term Loan B shall be used to refinance the Borrower’s existing debt under the term loan, revolving credit and guarantee facility agreement between amongst others the Borrower and the Facility Agent dated 21 October 2005. Term Loan C shall be used to refinance the outstanding amount under the acquisition term loan agreement between the Borrower and the Facility Agent dated 21 October 2005. The Revolving Credit Facility shall be used to fund working capital requirements and seasonal fluctuations of the Group. Without affecting the obligations of the Obligors in any way, no Finance Party is bound to monitor or verify the use or application of amounts borrowed under this Agreement.
Facility and Purpose. Subject to the terms of this Agreement, the Lender makes available to the Borrower a loan for the maximum amount of up to USD 69,700,000 for the purpose set out in the preamble hereto. The Borrower shall procure that each Drawing is applied towards meeting up to 85 per cent of payments due under each Purchase Order and Software License Order and up to 85 per cent of the corresponding EKN Premium as the case may be. The maximum amount allocated for the financing of Purchase Orders is sixty nine million seven hundred thousand (69,700,000) USD, which amount may only be utilised for Purchase Orders where shipment is made during the Delivery Period. The maximum amount allocated for the financing of EKN Premium is five million eight hundred seventeen thousand eight hundred forty six (5,817,846) USD. For the avoidance of doubt the aggregate of all financing of Purchase Order and Software License Order and of all financing of EKN Premium shall not exceed 69,700,000 USD.
Facility and Purpose. This Agreement sets out the terms and conditions upon which the Banks will severally, in proportions as set out in Schedule 1 hereto, make available to the Borrower a revolving multicurrency credit (the "FACILITY") in the amount of up to USD 125,000,000 with the purpose of financing capital expenditures and general corporate purposes of the SCS Group (as herein defined).
Facility and Purpose. Subject to the terms of this Agreement, the Lenders make available to the Borrower a term loan facility in a maximum aggregate amount equal to the total of the Maximum Tranche A Facility Amount and the
Facility and Purpose