Common use of CANCELLATION OF FACILITIES Clause in Contracts

CANCELLATION OF FACILITIES. In the ev ent that the Client has obtained one or more facilities from the Bank, other than temporarily, for an indefinite period, it shall always be possible for the Bank, at any time, to reduce or withdraw such facilities. Said decision must be notified by the Bank to the Client by registered letter with advice of receipt subject to granting it a notice period of 60 days. The notice period shall take ef f ect from the date of receipt by the Client of the aforementioned letter. During said period, the relationship between the parties shall continue as usual, with the Bank nonetheless retaining the possibility of selecting the transactions that are of f ered to it. It is stipulated in particular that the Bank may, on a discounting or Dailly law basis, ref use bills and/or receivables with a term subsequent to that of the notice, for facilities maintained during said period. The same shall apply for signature commitments. As an exception to the f oregoing, and pursuant to Article L.313-12 of the French Monetary and Financial Code, the Bank shall be exempted f rom any such notice, whether the f acilities are f or a specified or unspecified period, in case of seriously reprehensible behaviour by the Client, or in the event that the Client’s status should be irretriev ably compromised. Unless otherwise decided, on expiry of the notice period, the account shall be closed as of right.

CANCELLATION OF FACILITIES. In the ev ent event that the Client has obtained one or more facilities from the Bank, other than temporarily, for an indefinite period, it shall always be possible for the Bank, at any time, to reduce or withdraw such facilities. Said decision must be notified by the Bank to the Client by registered letter with advice of receipt subject to granting it a notice period of 60 days. The notice period shall take ef f ect effect from the date of receipt by the Client of the aforementioned letter. During said period, the relationship between the parties shall continue as usual, with the Bank nonetheless retaining the possibility of selecting the transactions that are of f ered offered to it. It is stipulated in particular that the Bank may, on a discounting or Dailly law basis, ref use refuse bills and/or receivables with a term subsequent to that of the notice, for facilities maintained during said period. The same shall apply for signature commitments. As an exception to the f oregoingforegoing, and pursuant to Article L.313article L. 313-12 of the French Monetary and Financial Code, the Bank shall be exempted f rom from any such notice, whether the f acilities facilities are f or for a specified or unspecified period, in case of seriously reprehensible behaviour by the Client, Client or in the event that the Client’s status should be irretriev ably irretrievably compromised. Unless otherwise decided, on expiry of the notice period, the account shall be closed as of right.

CANCELLATION OF FACILITIES. In the ev ent event that the Client has obtained one or more facilities from the Bank, other than temporarily, for an indefinite period, it shall always be possible for the Bank, at any time, to reduce or withdraw such facilities. Said decision must be notified by the Bank to the Client by registered letter with advice of receipt subject to granting it a notice period of 60 days. The notice period shall take ef f ect effect from the date of receipt by the Client of the aforementioned letter. During said period, the relationship between the parties shall continue as usual, with the Bank nonetheless retaining the possibility of selecting the transactions that are of f ered offered to it. It is stipulated in particular that the Bank may, on a discounting or Dailly law basis, ref use refuse bills and/or receivables with a term subsequent to that of the notice, for facilities maintained during said period. The same shall apply for signature commitments. As an exception to the f oregoingforegoing, and pursuant to Article L.313L. 313-12 of the French Monetary and Financial Code, the Bank shall be exempted f rom from any such notice, whether the f acilities facilities are f or for a specified or unspecified period, in case of seriously reprehensible behaviour by the Client, Client or in the event that the Client’s status should be irretriev ably irretrievably compromised. Unless otherwise decided, on expiry of the notice period, the account shall be closed as of right.