The following additional conditions precedent apply in relation to any Utilisation (including the initial Utilisation):

Conditions of utilisation

The Lender is only obligated to advance a Utilisation if on the date a Utilisation is requested by the Borrower and on the proposed Utilisation Date no Default or Event of Default has occurred, or is continuing, or would result from the proposed Utilisation.

24 SECTION 3 UTILISATION

Initial conditions precedent

Usage of common facility within the approved parameters including usage of water, electricity, discharge of sewage

The Lenders will only be obliged to make the Loan if, on the date of the Utilization Request and on the proposed Utilization Date:

Initial conditions precedent

Initial conditions precedent

The Borrower shall pay quarterly in arrears on the last Business Day of each quarter (and on the date of any cancellation or prepayment pursuant to clause 2.7 or 2.8, in relation to the amount of any Advances under the Revolving Credit Facility thereby cancelled or prepaid) a non-utilisation fee of sixty seven and a half per cent (67.5%) of the Margin on undrawn amounts of the Revolving Credit Facility for the period commencing on the date of this letter and ending on Maturity Date, which shall be debited to the nominated account of the Borrower with the Lender.