Common use of Loan Procedure Clause in Contracts

Loan Procedure. (a) The Borrower may request Loans up to the Available Amount of each Tranche during the Availability Period by delivering to IFC, at least ten (10) Business Days prior to the proposed date of a Loan, a Loan request substantially in the form of Schedule 2, and a receipt substantially in the form of Schedule 3. (b) Where any Loan of either Tranche is outstanding on any Scheduled Redetermination Date, the Borrower will be conclusively deemed to have given IFC a duly completed request (and receipt) for a Rollover Loan (of an aggregate amount equal to the outstanding amount of all Loans of that Tranche, including any Rollover Loan, which are scheduled to mature on that Scheduled Redetermination Date) to be applied in refinancing those outstanding Loans in full (and IFC is hereby authorized by the Borrower to apply such Rollover Loan to such refinancing) unless, (i) such Scheduled Redetermination Date is a Reduction Date, in which case the amount of such Rollover Loan shall be reduced by the aggregate principal amount of the Loans of that Tranche that the Borrower is required to repay in accordance with Section 3.05 on such Reduction Date; and/or (ii) IFC at any time notifies the Borrower that all or a portion of any Loan is not eligible to be treated as a Rollover Loan because any other conditions necessary for the making of such Rollover Loan as required pursuant to Section 5.02 and 5.03 hereof are not fulfilled; and/or (iii) not later than thirty (30) days prior to such Scheduled Redetermination Date, the Borrower notifies IFC that it does not wish this provision to apply in respect of all or a portion of any Loan. (c) The Loans (other than the Rollover Loans) shall be requested and made under each Tranche in accordance with the respective Available Amounts thereof; and each Loan (other than a Rollover Loan) shall be made in an amount of not less than five million Dollars ($5,000,000), or, if lower, in an amount that equals the maximum amount drawable of the Available Amount. (d) Each Loan (other than a Rollover Loan) shall be made by IFC at a bank in New York, New York for further credit to the VAALCO Operating Account or any other place acceptable to IFC, all as specified by the Borrower in the relevant Loan request.

Loan Procedure. (a) The Borrower may request Loans up to the Available Amount of each Tranche during the Availability Period by delivering to IFC, at least ten (10) Business Days prior to the proposed date of a Loan, a Loan request substantially in the form of Schedule 2, and a receipt substantially in the form of Schedule 3. (b) Each Loan shall be made by IFC at a bank in New York, New York for further credit to the VAALCO Operating Account or any other place acceptable to IFC, all as specified by the Borrower in the relevant Loan request. (c) Where any Loan of either Tranche is outstanding on any Scheduled Redetermination Interest Payment Date, the Borrower in respect of that Loan will be conclusively deemed to have given IFC a duly completed request (and receipt) for a Rollover Loan (of an aggregate amount equal to the outstanding amount of all Loans of that TrancheLoans, including any Rollover Loan, which are scheduled to mature on that Scheduled Redetermination Interest Payment Date) to be applied in refinancing those the outstanding Loan or Loans in full (and IFC is hereby authorized by the Borrower to apply such Rollover Loan to such refinancing) unless, , (i) not later than thirty (30) days prior to such Scheduled Redetermination Date is a Reduction Interest Payment Date, in which case the amount of such Rollover Loan shall be reduced by the aggregate principal amount of the Loans of that Tranche that the Borrower is required notifies IFC that it does not wish this provision to repay apply in accordance with Section 3.05 on such Reduction Date; and/or respect of all or a portion of any Loan, and/or (ii) IFC at any time notifies the Borrower that all or a portion of any Loan is not eligible to be treated as a Rollover Loan because any other the conditions necessary for the making of such Rollover Loan as required pursuant to Section 5.02 and 5.03 hereof (including that the amount of such Rollover Loan does not exceed the Available Amount) are not fulfilled; and/or (iii) not later than thirty (30) days prior to such Scheduled Redetermination Date, the Borrower notifies IFC that it does not wish this provision to apply in respect of all or a portion of any Loan. (cd) The Loans (other than the Rollover Loans) shall be requested and made under each Tranche in accordance with the respective Available Amounts thereof; and each Each Loan (other than a Rollover Loan) shall be made in an amount of not less than five million Dollars ($5,000,000), or, if lower, in an amount that equals the maximum amount drawable of the Available Amount. (d) Each Loan (other than a Rollover Loan) shall be made by IFC at a bank in New York, New York for further credit to the VAALCO Operating Account or any other place acceptable to IFC, all as specified by the Borrower in the relevant Loan request.