Demand Basis Sample Clauses
A 'Demand basis' clause defines the conditions under which a party can request payment or performance simply by making a formal demand, without needing to prove a breach or provide additional justification. In practice, this often applies to financial instruments like demand guarantees or letters of credit, where the beneficiary can claim funds by presenting a written demand that meets specified requirements. The core function of this clause is to provide swift and straightforward access to payment or performance, reducing delays and disputes by eliminating the need for extensive evidence or litigation.
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Demand Basis. If, pursuant to Clause 9.2(b), the Lender declares the Loan to be due and payable on demand, the Lender may by written notice to the Borrower (a) call for repayment of the Loan on such date as may be specified whereupon the Loan shall become due and payable on the date so specified together with all interest accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.
Demand Basis. If, under clause 10.2.2, the Bank has declared the Loan to be due and payable on demand, at any time thereafter the Bank may by further notice to the Borrowers demand repayment of the Loan on such date as may be specified whereupon the Loan shall become due and payable accordingly with all interest and commitment commission accrued and all other sums payable under this Agreement.
Demand Basis. If, under clause 10.2.2, the Agent has declared the Loan to be due and payable on demand, at any time thereafter the Agent may (and if so instructed by the Majority Lenders shall) by written notice to the Borrowers (a) demand repayment of the Loan on such date as may be specified whereupon, regardless of any other provision of this Agreement, the Loan shall become due and payable on the date so specified together with all interest accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.
Demand Basis. If, pursuant to clause 14.2.2, the Agent declares the outstanding principal amount of all or any of the Advances to be due and payable on demand then the Agent may (and, if so instructed by the Majority Banks, shall) at any time by written notice to the Original Borrower (a) call for repayment of the outstanding principal amount of all or any of the Advances on such date as may be specified in such notice whereupon the Advances shall become due and payable on the date so specified together with all interest and commitment commission accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.
Demand Basis. If, pursuant to Clause 19.2(A) and/or (E), the Agent declares all outstanding Advances and/or amounts outstanding under the Standby Facility to be due and payable on demand, the Agent may (and, if so instructed by the Majority Banks, shall) by written notice to the Borrowers (i) call for repayment of the Advances and/or amounts outstanding under the Standby Facility on such date as may be specified whereupon the Advances and/or all amounts outstanding under the Standby Facility shall become due and payable on the date so specified together with all interest and any commitment commission accrued and all other sums payable under this Agreement or (ii) withdraw such declaration with effect from the date specified in such notice.
Demand Basis. If, under clause 10.2.2, the Agent has declared the Loan and the Revolving Loan to be due and payable on demand, at any time thereafter the Agent may (and if so instructed by the Majority Lenders shall) by written notice to the Borrower (a) demand repayment of the Loan and the Revolving Loan on such date as may be specified whereupon, regardless of any other provision of this Agreement, the Loan and the Revolving Loan shall become due and payable on the date so specified together with all interest accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.
Demand Basis. If, pursuant to clause 22.2 (Acceleration), the Agent declares all outstanding Utilisations to be due and payable on demand then, at any time thereafter, the Agent may (and, if so instructed by the Majority Lenders, shall) by written notice to the Borrower (i) call for repayment of the Loans and the discharge of the LC Liabilities on such date as may be specified in such notice (provided that any such date so specified shall not be a date earlier than the date of such notice) whereupon the Loans and the LC Liabilities shall become due and payable (and/or as appropriate, due for discharge) on the date so specified together with all interest and commitment commission accrued and all other sums payable under the Finance Documents or (ii) withdraw such declaration with effect from the date specified in such notice.
Demand Basis. If all Advances have become due and payable on demand pursuant to clause 11.2(b), the Agent, if so instructed by the Majority Banks, shall by written notice to the Borrower call for repayment of the Advances on such date as may be specified in such notice whereupon the Advances shall become due and payable on the date so specified together with all interest, fees and commitment commission accrued and all other sums payable under the Finance Documents.
Demand Basis. If all or part of the Loans and/or the Bank Guarantees have become due and payable on demand pursuant to clause 25.19 (Acceleration), the Agent, if so instructed by the Majority Lenders, shall by notice to the Borrower call for repayment and discharge of all or such part of the Loans and/or the Bank Guarantees on such date as may be specified in such notice whereupon all or such part of the Loans and/or the Bank Guarantees shall become due and payable and/or, as appropriate, due for discharge on the date so specified together with all interest, ancillary and other fees and commitment commission accrued and all other sums payable under the Finance Documents.
Demand Basis. If all Advances and/or the Ancillary Facilities Liabilities have become due and payable on demand and/or the Letters of Credit due for immediate discharge on demand in each case pursuant to clause 12.2(c), the Agent, if so instructed by the Majority Banks, shall by written notice to Newco 2 call for repayment of the Advances and/or the Ancillary Facilities Liabilities and/or discharge of the Letter of Credit on such date as may be specified in such notice whereupon the Advances and/or the Ancillary Facilities Liabilities and/or the Letters of Credit shall become due and payable (and/or, as appropriate, due for discharge) on the date so specified together with all interest, fees and commitment commission accrued and all other sums payable under the Finance Documents.