SANCTION LETTER Sample Clauses
A Sanction Letter clause outlines the formal approval or authorization granted by a lender to a borrower, typically detailing the terms and conditions under which a loan or credit facility is offered. In practice, this clause specifies the sanctioned loan amount, interest rate, repayment schedule, and any special covenants or requirements the borrower must meet. Its core function is to provide clear, binding documentation of the lender’s offer, ensuring both parties understand their obligations and reducing the risk of disputes regarding the loan terms.
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SANCTION LETTER. The Sanction letter allowing the facility shall be read in conjunction with the provisions of this Agreement and in the event of any inconsistency in the terms of the aforesaid sanction letter vis-à-vis the credit facility agreement, the terms mentioned in the sanction letter will prevail for all intents and purposes.
SANCTION LETTER. The Borrower agrees and confirms the terms and conditions of the Sanction Letter of the Bank should be in addition and be read in conjunction with this Agreement.
SANCTION LETTER. Notwithstanding anything contained herein, the sanction letter dated [●] attached as Schedule II hereto, as amended from time to time ("Sanction Letter") shall form an integral part of this Agreement as if it were set out expressly herein and shall be read in conjunction with the terms of this Agreement and in the event of express conflict between the contents of the Sanction Letter with the contents herein, the contents of the former shall prevail to the extent of the said conflict. For sake of clarity, the Company acknowledges, agrees and confirms that any breach of terms and conditions of the Sanction Letter shall be construed as a breach of this Agreement.
SANCTION LETTER. The Borrower(s) hereby agree and confirm that they have read and understood the terms and conditions of the Sanction Letter and undertake to comply with each and every term, condition, covenants and stipulation contained in the Sanction Letter. The Sanction Letter annexed herewith as Annexure A, forms an integral part of this Agreement and unless the contrary intention appears, any reference to this “Agreement” shall include the Sanction Letter.
SANCTION LETTER. The Sanction Letter (SL) by the bank on its Letter Head specifying the Financial Facilities sanctioned to the CLIENT. It contains the type of facility, limits sanctioned to the Borrower w.r.t. Inventory Funding, CC, OD, TL, BG, LC etc, Rate of Interest, mode of repayment , penalties, processing fees, Security etc. • The SL must be duly signed and accepted by the Authorised Signatory of the Borrower. All the pages of the SL to be signed and rubber stamped accordingly (wherever applicable) by the Borrower. The date of acceptance of the sanction letter to be filled in by the Borrower.