Common use of Advances as an alternative Clause in Contracts

Advances as an alternative. (a) If it is unlawful, impracticable or contrary to the Bank of England's limits on the discounting of Bills applicable to any Bank for a Bank to accept any Bills, or if a Bank's acceptances are ineligible for discounting at the Bank of England, then it may notify the Agent accordingly by no later than 4.00 p.m. on the Business Day before the proposed Utilisation Date.