Common use of Facility purpose Clause in Contracts

Facility purpose. This Facility finances the purchase of Products by the Borrower from suppliers, destined for immediate resale or for transport to Panama, discharge into and storage in the storage facilities of Petroterminal de Panama and subsequent resale. The Borrower intends to reimburse the Facility either: (a) through drawings under Facility A; or (b) the proceeds of receivables relating to the resale of Products. The Facility is available through: (c) the issuance of letters of credit and standby letters of credit (collectively "Documentary Credits") in favour of suppliers; (d) countersignature of letters of indemnity ("LOI" as defined below) issued by the Borrower in favour of its buyers to which it sold Products or in favour of BNP Paribas New York Branch; and

Facility purpose. This Facility finances the purchase of Products by the Borrower from suppliers, destined for immediate resale or for transport to Panama, discharge into and storage in the storage facilities of Petroterminal de Panama and subsequent resale. The Borrower intends to reimburse the Facility either: (a) through drawings under Facility A; or (b) the proceeds of receivables relating to the resale of Products. The Facility is available through: (c) the issuance of letters of credit and standby letters of credit (collectively "“Documentary Credits"”) in favour of suppliers; (d) countersignature of letters of indemnity ("“LOI" ” as defined below) issued by the Borrower in favour of its buyers to which it sold Products or in favour of BNP Paribas New York Branch; and;