Clean Advances Sample Clauses

Clean Advances. If the Application requests inclusion in the Credit of any provision for clean advances to the Beneficiary, Banc of America may place in the Credit such a provision in that respect as Banc of America may deem appropriate, under which any bank entitled to negotiate drafts under the Credit, acting in its discretion in each instance and upon the receipt of a request in writing from the Beneficiary, may make one or more clean advances at any time on or prior to the date by which drafts are to be negotiated under the Credit. The aggregate of such advances shall in no event be more than the amount specified in the Application for clean advances, and whether or not specified therein in no event shall any such advance exceed the amount remaining available under the Credit at the time of the advance. While it is expected by Applicant that each such advance will be repaid by the Beneficiary to the bank that made the advance from the proceeds of any drafts drawn under the Credit, should any such advance not be thus repaid, Applicant will on demand pay Banc of America the amount thereof as if such advance was evidenced by drafts drawn under the Credit. It is understood that neither Banc of America nor any bank which may make such advances shall be obligated to inquire into the use that may be made thereof by the Beneficiary and that Banc of America and each such bank shall be without liability for any wrongful use that may be made by the Beneficiary of any funds so advanced.
Clean Advances