Availability of the Facility Sample Clauses
The 'Availability of the Facility' clause defines when and under what conditions a borrower can access funds or services provided under a financial agreement. Typically, this clause outlines prerequisites such as the satisfaction of certain conditions precedent, submission of required documentation, or compliance with covenants before the facility becomes available for drawdown. Its core function is to ensure that both parties clearly understand the timing and requirements for accessing the facility, thereby reducing the risk of disputes and ensuring orderly disbursement of funds.
Availability of the Facility. 5.1 Upon completion of this Agreement not more than three business days after receipt of a Notice of Drawdown from the Borrower, the Lender will, subject to clause 4, remit to the Designated Account an Advance in the sum of GBP1,540,000 (one million five hundred and forty thousand pounds sterling).
5.2 The Lender will, subject to Clause 4, remit to the Designated Account on the 23rd day of March 2000 and thereafter on the 23rd day of the last month in each quarter (or if such day is not a business day, on the next following business day) the amount (as rounded up to the nearest GBP100,000) of negative cash flow set against the following quarter in the Business Plan, provided that no remittance may be made under Clause 5 which would cause the amount drawn under Clause 5 to exceed the Available Facility.
5.3 Save as otherwise provided herein, an Advance will be made by the Lender to the Borrower in respect of amounts in excess of those provided for in Clause 5.2 if:
(i) not less than three business days before the proposed date for the making of such Advance, the Lender has received from the Borrower a Notice of Drawdown therefor, receipt of which shall oblige the Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained herein;
(ii) the proposed date for the making of such Advance is a business day;
(iii) the proposed date for the making of such Advance is not less than five business days after the date upon which the previous Advance (if any) was made hereunder;
(iv) the proposed amount of such Advance is no greater than GBP50,000 in any month and shall not cause the aggregate of Advances under Clause 5.2 made in any consecutive period of twelve months to exceed GBP250,000 provided that if such amount is greater than the Available Facility, the amount of the Advance shall be limited to the Available Facility; and
(v) either:
(a) no Event of Default or Potential Event of Default has occurred; and
(b) the representations set out in Clause 14 are in all material respects true on and as of the proposed date for the making of such Advance.
Availability of the Facility. The Facility will be made available by the Bank to the Customer in the manner set out in this Agreement upon the perfection of the Letter of Offer, the Asset Sale Agreement (where applicable), this Agreement and any other Security Documents or such other agreement as may be made between the Bank and the Customer and upon the observance and performance of the covenants contained in this Agreement. NOTWITHSTANDING THAT, the parties expressly agree that the availability of the Facility is subject to availability of funds to the Bank. Nothing in this Agreement shall be deemed to impose on the Bank any duty either at law or equity to make or to continue to make available the Facility. Subject to Shariah, the Bank reserves the right to terminate or cancel the Facility in the manner as determined by the Bank PROVIDED ALWAYS that the Bank should not be obliged to render any reason for such termination or cancellation of the Facility AND PROVIDED ALWAYS that such termination or cancellation may be exercised by the Bank irrespective of whether or not the Customer has breached any of the terms and conditions of this Agreement or of any other documents in relation to the Facility and without any obligations whatsoever to render any reason for such termination or cancellation.
Availability of the Facility. The Lender will, subject to Clause 4, remit the Facility to the Borrower no later than seven days from the Closing (or if such day is not a business day, on the next following business day).
Availability of the Facility. Save as otherwise provided herein, an Advance will be made by the Bank to a Borrower if:
(i) not more than ten nor less than five business days before the proposed date for the making of such Advance, the Bank has received from such Borrower a Notice of Drawdown therefor, receipt of which shall oblige such Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained herein;
(ii) the proposed date for the making of such Advance is a business day which falls one or more months before the Original Repayment Date or, if the Facility has been extended pursuant to Clause 2, the relevant Extended Payment Date;
(iii) the proposed date for the making of such Advance is not less than five business days after the date upon which the previous Advance (if any) was made hereunder;
(iv) the proposed amount of such Advance is (a) an amount of not less than L.600,000 and integral multiple of L.300,000 and which is less than the amount of the Available Facility or (b) equal to the amount of the Available Facility;
(v) the interest rate applicable to such Advance during its first Interest Period would not fail to be determined pursuant to Clause 9.l; and
(vi) either:
(a) no Event of Default or Potential Event of Default has occurred; and
(b) the representations set out in Clause 16 are true on and as of the proposed date for the making of such Advance, or the Bank agrees (notwithstanding any matter mentioned at (a) or (b) above) to make such Advance.
Availability of the Facility.
(a) At the request of the Customer(s), the Bank agrees to make available to the Customer(s) the Facility pursuant to which the parties shall enter into the Tawarruq Transactions, subject to Availability Period and in accordance with the terms of this Agreement.
(b) Upon expiry of the Availability Period, the Bank at its sole discretion may review the Facility and extend the Availability Period or treat the Facility as cancelled unless an extension is granted by the Bank.
(c) If the Bank does not extend the Availability Period, the Bank may treat the Facility as cancelled if the Tawarruq Transactions have not been entered into. However if the Tawarruq Transactions have been entered into, any undisbursed portion of the Customer(s)’ Sale Price after the Availability Period shall be treated as prepayment of the Bank’s Sale Price (Principal portion) and the Profit Portion for the undisbursed portion shall be waived as Ibra’ as stated in Clause 6.2.
Availability of the Facility. 7 6. AVAILABILITY OF THE MULTI-CURRENCY OPTION................................ 9 7.
Availability of the Facility. 1.1 Amount ▇▇▇▇▇▇ agrees, at the request of the Borrower, to make the Advance by payment to the Dealer of the Loan Amount on the Date of Advance.
Availability of the Facility. 3.1 DRAWDOWN CONDITIONS An Advance will be made by the Banks to the Borrower if:
(i) not more than ten nor less than, in the case of the first Advance, two business days, or, in the case of all other Advances, three business days, before the proposed date for the making of such Advance, the Facility Agent has received from the Borrower a Notice of Drawdown therefor, receipt of which shall oblige the Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained herein;
(ii) the proposed date for the making of such Advance is a business day which is or precedes the Termination Date;
(iii) the proposed amount of such Advance is an amount which is not less than US$50,000,000 and which is an integral multiple of US$10,000,000 (or any other amount or multiple to which the Facility Agent has given its prior written approval) and which is less than or equal to the amount of the Available Facility; (iv) the interest rate applicable to such Advance during its first Interest Period would not fall to be determined pursuant to Clause 6.1 (Market Disruption);
Availability of the Facility. 5.1 On the date hereof, subject to the delivery to the Lender of all the documents listed in the First Schedule, the Lender will remit to the Borrower an Advance in the amount of US Dollar equivalent to the Tranche A Commitment to the Designated Account.
5.2 The Lender will, subject to Clause 4, remit by cheque or wire transfer to the Designated Account upon the delivery of the Notice of Drawdown (or if such day is not a business day, on the next following business day), an amount equal to the amount set forth in such Notice of Drawdown, up to the Tranche B Commitment, less all amounts previously paid pursuant to Section 5.3.
5.3 Alternatively, the Lender will, subject to Clause 4, directly pay Borrower obligations upon receipt of invoice or demand (or if such day is not a business day, on the next following business day), an amount equal to the invoiced or demanded amount, up to the Tranche B Commitment, less all amounts previously paid pursuant to Section 5.2.
Availability of the Facility. 5.1 Except as otherwise provided herein, TCN will electronically transfer the Advance to DISX on satisfaction of the condition precedent set out at Clause 4.
5.2 The remainder of the Facility will be electronically transferred on the 1st March 1999 to DISX on satisfaction of the condition precedent set out at Clause 4.