Common use of Demand Basis Clause in Contracts

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, under pursuant to clause 10.2.214.2(b), the Agent has declared declares the Loan and the Revolving Loan to be due and payable on demand, at any time thereafter demand then the Agent may (and and, if so instructed by the Majority Lenders Banks, shall) at any time by written notice to the Borrower (a) demand call for repayment of the Loan Advances and the Revolving Loan Utilisations on such date as may be specified whereupon, regardless of any other provision of this Agreement, in such notice whereupon the Loan Advances and the Revolving Loan Utilisations 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.