Clause 5.1 requires a drawdown notice to be given at a ‘Specified Time’. The precise period of time required for notice of drawdown depends on the currency, and on the market in which the loan is being funded, and is set out in a schedule. The drawdown must be made within the Availability Period. This prevents an open-ended commitment arising.
KeywordsExchange Rate Credit Risk Base Currency Exchange Rate Risk Credit Facility
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