Subject to the Bank's satisfaction of Clause 2.1, the Bank may make a loan facility
under this Agreement to the Borrower if on the date of the Utilisation Request and on
the utilisation date of the loan facility made under this Agreement (the " Utilisation
Date"):
2.2.1 no default is continuing or would result from the proposed loan; and
2.2.2 the Repeating Representations to be made by the Borrower are true in all material respects.
In this Agreement "Repeating Representations" means each representation set out in Clause 13 (Representations).