Finance Deals & Syndicated Lending · glossary
A utilisation request is the notice a borrower sends the agent to draw money under a facility agreement. It says which facility, how much, the date of the loan and its first interest period. It must arrive a set number of business days before, and once sent it cannot be withdrawn. Many people call it a drawdown notice.
The notice by which the borrower asks for a loan: which facility, what date, how much and the first interest period. It must reach the Agent three Business Days ahead and cannot be withdrawn. It also confirms that the conditions to lending are met. Schedule 3 · Chapter 7
Explained in Chapter 7, Utilisation and Repayment, of Finance Deals & Syndicated Lending.
Signing the Sunrise agreement gave Atlas Commitments, the lenders' binding promises to lend. It did not give Atlas any money. To get money, the borrower sends the agent a Utilisation Request, a one-page notice asking for a Loan. The market calls this a drawdown.Read Chapter 7, Utilisation and Repayment →
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The facility agreement's name for a drawdown notice. By sending it, the borrower also repeats its representations and confirms no default is continuing. If either is untrue, the lenders may refuse to lend.
Yes. Utilisation request is the name used in the standard London loan documents. Drawdown notice is the everyday name. The American spelling, utilization, means the same thing.
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