Acceptance Obligation Sample Clauses
The Acceptance Obligation clause requires one party to formally acknowledge and approve the goods, services, or deliverables provided by the other party under a contract. Typically, this clause outlines the process and timeframe for inspection, testing, and notification of acceptance or rejection, such as requiring written confirmation within a specified number of days after delivery. Its core practical function is to ensure that both parties have a clear, agreed-upon process for confirming satisfactory performance, thereby reducing disputes over whether contractual obligations have been met.
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Acceptance Obligation. SACOFA must use its reasonable efforts to accept and fulfill Orders from the Access Seeker for Facilities and/or Services which comply with a Forecast accepted by SACOFA pursuant to Section II.
Acceptance Obligation. Each Canadian Borrower is obligated, and hereby unconditionally agrees, to pay to each Canadian Bank the face amount of each Acceptance created by such Canadian Bank in accordance with a Notice of Drawing pursuant to paragraph (d) of this Annex on the maturity date thereof, or on such earlier date as may be required pursuant to provisions of this Agreement. With respect to each Acceptance which is outstanding hereunder, the applicable Canadian Borrower shall notify the Canadian Sub-Agent prior to 11:00 a.m. (Toronto time) three Business Days prior to the maturity date of such Acceptance (which notice shall be irrevocable) of such Canadian Borrower's intention to issue Acceptances on such maturity date to provide for the payment of such maturing Acceptance and shall deliver a Notice of Drawing to the Canadian Sub-Agent. Any repayment of an Acceptance must be made at or before 2:00 p.m. (Toronto time) on the maturity date of such Acceptance, it being understood that payments by any Canadian Borrowers and fundings by any Canadian Banks in respect of each maturing Acceptance and each new Acceptance shall be made on a net basis reflecting the difference between the face amount of the maturing Acceptance and the BA Discount Proceeds of the new Acceptance, less the applicable Acceptance Fee. If the applicable Canadian Borrower fails to give the foregoing notice, and if the subject Acceptance Obligation is not paid when due, the applicable Canadian Borrower shall irrevocably be deemed to have requested and to have been advanced a Canadian Prime Rate Contract Advance in the face amount of such maturing Acceptance on the maturity date of such Acceptance from the Canadian Bank which accepted such maturing Acceptance, which Canadian Prime Rate Contract Advance Acceptance shall bear interest, payable on demand, at a rate per annum equal to the Canadian Prime Rate in effect from time to time, from the due date thereof to the date of payment thereof. Each Canadian Borrower waives presentment for payment and any other defense to payment of any amounts due to a Canadian Bank in respect of any Acceptances accepted by such Canadian Bank under this Agreement which might exist solely by reason of those Acceptances being held, at the maturity thereof, by that Canadian Bank in its own right and each Canadian Borrower agrees not to claim any days of grace if that Canadian Bank, as holder, sues such Canadian Borrower on those Acceptances for payment of the amounts payable by such ...
Acceptance Obligation. The Borrower is obligated, and hereby unconditionally agrees, to pay in immediately available funds, to the Bank, the face amount of each Acceptance created by the Bank hereunder not later than 3:00 p.m. (Houston time) on the maturity date of such Acceptance (the obligation of tile Borrower under this Section 4.7 with respect to any Acceptance being the 'Acceptance Obligation' with respect to such Acceptance).
Acceptance Obligation. 14 2.7 Notices..................................................... 14 2.8
Acceptance Obligation. The Company hereby unconditionally agrees ---------------------- to pay each Bank in immediately available funds the face amount of each Acceptance created by such Bank on the maturity date thereof or on such earlier date as may be required pursuant to the other provisions of this Agreement.
Acceptance Obligation. A&P Canada is obligated, and hereby unconditionally agrees, to pay to each Canadian Bank the face amount of each Acceptance created by such Bank in accordance with a Notice of Drawing pursuant to paragraph (c) on the maturity date thereof, or on such earlier date as may be required pursuant to provisions of this Agreement. With respect to each Acceptance which is outstanding hereunder, A&P Canada shall notify the Canadian Agent prior to 11:00 a.m. three Canadian Business Days prior to the maturity date of such Acceptance (which notice shall be irrevocable) of A&P Canada's intention to issue Acceptances on such maturity date to provide for the payment of such maturing Acceptance and shall deliver a Notice of Drawing to the Canadian Agent. Any repayment of an Acceptance must be made at or before 2:00 p.m. (Toronto time) on the maturity date of such Acceptance. If any Acceptance Obligation is not paid when due, it shall bear interest, payable on demand, at a rate per annum equal to 2% over the Canadian Prime Rate in effect from time to time, from the due date thereof to the date of payment thereof. A&P Canada waives presentment for payment and any other defense to payment of any amounts due to a Canadian Bank in respect of any Acceptances accepted by such Canadian Bank under this Agreement which might exist solely by reason of those Acceptances being held, at the maturity thereof, by that Canadian Bank in its own right and A&P Canada agrees not to claim any days of grace if that Canadian Bank, as holder, sues A&P Canada on those Acceptances for payment of the amounts payable by A&P Canada thereunder.
Acceptance Obligation. 14 2.7 Notices..................................................... 14 2.8