Common use of Initial Requirements Clause in Contracts

Initial Requirements. 4.1.1 The Credit may be drawn down only if all following conditions are met: (A) The Credit Manager acknowledged receipt of the documents and the information listed in Annex 2 (Requirements to the Borrower for Granting of the Credit) in the scope and in the number of copies requested by the Credit Manager based on the Creditors’ requirements (hereinafter referred to as the “Initial Requirements”); and (B) The Borrower sent the Credit Manager a duly executed Drawdown Request in accordance with Article 4.2 (Submission of the Drawdown Request). 4.1.2 The Creditors’ duty to grant the Credit shall arise (subject to any other restrictions set forth by this Agreement) only if the Borrower and the Creditors receive acknowledgement from the Credit Manager (via e-mail) that the Borrower duly complied with the Initial Requirements. 4.1.3 The copies of the documents provided by the Borrower to the Credit Manager under the Initial Requirements shall be sent by the Credit Manager to the Creditors via e-mail on the same Business Day (if the documents are received before 5 p.m. (inclusive)) or within the next Business Day (if the documents are received after the said time) specifying the information: (A) In what form the relevant document was received by the Credit Manager (original, copy, notarized copy, copy certified by the Borrower’s authorized representative); and (or) (B) That the Credit Manager received the acknowledgement from the legal consultant that the legal consultant had received particular documents in a particular form (specifying such form); 4.1.4 Each Creditor acknowledges, within the next Business Day after receiving the relevant documents, to the Credit Manager that (in the opinion of such Creditor) the relevant Initial Requirements are complied with or sends the Credit Manager its questions on and (or) objections to the relevant documents (including via e-mail), and: (A) The Credit Manager sends, within the next Business Day after receiving such questions and objections, such questions and objections to the Borrower (including via e-mail); (B) The Creditor, which did not send an acknowledgement, questions, or objections within the specified period, shall be considered to have submitted its acknowledgement in relation to the relevant Initial Requirements. 4.1.5 The Credit Manager sends (via e-mail) the Borrower and the Creditors the acknowledgements that the Initial Requirements are complied with within the next Business Day after all Creditors submitted (or are deemed to have submitted) their acknowledgements in relation to all Initial Requirements in accordance with Clause 4.1.4. 4.1.6 The Credit Manager shall be under no obligation to independently check whether the Initial Requirements are complied with and shall not be liable to other Parties for compliance or non-compliance with the Initial Requirements, and for the content of the relevant documents. The acknowledgement under Clause 4.1.5 shall be made by the Credit Manager on the basis that the Creditors submitted (or are deemed to have submitted) the relevant acknowledgements.