Acceptance Notes Clause Samples
The Acceptance Notes clause defines the process and criteria by which a party formally acknowledges that goods, services, or deliverables meet the agreed-upon specifications. Typically, this involves the recipient reviewing the deliverables and providing written confirmation—often in the form of a signed document or electronic notice—once they are satisfied that all requirements have been met. This clause ensures that both parties have a clear, documented record of acceptance, which helps prevent disputes about whether obligations have been fulfilled and marks the official transition of responsibility or ownership.
Acceptance Notes. (i) It is understood that from time to time certain Schedule II Banks and Schedule III Banks may not be authorized to or may, as a matter of general corporate policy, elect not to accept Bankers’ Acceptances (each, an “Acceptance Note Lender”); accordingly, any Acceptance Note Lender may instead purchase Acceptance Notes of the Borrower in accordance with the provisions of Section 2.12(b) in lieu of accepting and purchasing Bankers’ Acceptances for its account.
(ii) In connection with any request by the Borrower for the creation of Bankers’ Acceptances, the Borrower shall deliver to each Acceptance Note Lender non-interest bearing promissory notes (each, an “Acceptance Note”) of the Borrower, substantially in the form of Exhibit G, having the same maturity as the Bankers’ Acceptances to be created and in an aggregate principal amount equal to the face amount of the Bankers’ Acceptances that would otherwise have been required to be accepted by such Acceptance Note Lender. Each Acceptance Note Lender hereby agrees to purchase Acceptance Notes from the Borrower at the Applicable BA Discount Rate which would have been applicable if a Bankers’ Acceptance had been accepted by it, and such Acceptance Notes shall be governed by the provisions of this Section 2.12 as if they were Bankers’ Acceptances.
Acceptance Notes. It is understood that from time to time certain Lenders that are not Schedule I Lenders may not be authorized to or may, as a matter of general corporate policy, elect not to accept Drafts (each, an “Acceptance Note Lender”); accordingly, any such Lender may instead purchase Acceptance Notes of the Borrower in accordance with the provisions of Section 3.4(2) in lieu of creating Bankers’ Acceptances for its account.