Common use of Immediate demand Clause in Contracts

Immediate demand. The Bank may make such demand immediately without prior notice (mise en demeure préalable) or any judicial or extra judicial step: if the Borrower does not pay on the due date any amount payable pursuant to this Contract at the place and in the currency in which it is expressed to be payable, unless: its failure to pay is caused by an administrative or technical error or a Disruption Event and payment is made within 3 (three) Business Days of its due date; if any information or document given to the Bank by or on behalf of the Borrower or any representation, warranty or statement made or deemed to be made by the Borrower in or pursuant to this Contract or in connection with the performance of this Contract is or proves to have been incorrect, incomplete or misleading in any material respect; if, following any default of the Borrower in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan: the Borrower is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or any financial commitment for such other loan or obligation is cancelled or suspended; if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors; if an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority any property forming part of the Project; if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank; if the Borrower defaults in the performance of any obligation in respect of any other loan made to it from the resources of the Bank or the European Union; if any expropriation, attachment, arrestment, distress, execution, sequestration or other process is levied or enforced upon the property of the Borrower or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; if a Material Adverse Change occurs, as compared with the Borrower’s condition at the date of this Contract; or if it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or this Contract is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms. The Bank may also make such demand without prior notice (mise en demeure préalable) or any judicial or extra judicial step (without prejudice to any notice referred to below): if the Borrower fails to comply with any provision of this Contract other than those referred to in or Article 10.1.A; or if any fact related to the Borrower or the Project stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower or adversely affects the implementation or operation of the Project, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period of time specified in a notice served by the Bank on the Borrower. Article 10.1 shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding.

Immediate demand. The Bank may make such demand immediately without prior notice (mise en demeure préalable) or any judicial or extra judicial step: if the Borrower does not pay on the due date any amount payable pursuant to this Contract at the place and in the currency in which it is expressed to be payable, unless: its failure to pay is caused by an administrative or technical error or a Disruption Event and payment is made within 3 (three) Business Days of its due date; if any information or document given to the Bank by or on behalf of the Borrower or any representation, warranty or statement made or deemed to be made by the Borrower in or pursuant to or for the purposes of entering into this Contract or in connection with the negotiation or performance of this Contract is or proves to have been incorrect, incomplete or misleading in any material respect; if, following any default of the Borrower in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan: the Borrower is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or any financial commitment for such other loan or obligation is cancelled or suspended; if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors; if an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority any property forming part of the Project; if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank (including, but not limited to, under the Original Contract) or financial instrument entered into with the Bank; if the Borrower defaults in the performance of any obligation in respect , or of any other loan or financial instrument made to it from the resources of the Bank or the European Union; if any expropriation, attachment, arrestment, distress, execution, sequestration or other process is levied or enforced upon the property of the Borrower or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; if a Material Adverse Change occurs, as compared with the Borrower’s condition at the date of this Contract; or if it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or this Contract is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms. Demand after notice to remedy The Bank may also make such demand without prior notice (mise en demeure préalable) or any judicial or extra judicial step (without prejudice to any notice referred to below): if the Borrower fails to comply with any provision of this Contract other than those referred to in or Article 10.1.A; or if any fact related to the Borrower or the Project stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower or adversely affects the implementation or operation of the Project, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period of time specified in a notice served by the Bank on the Borrower. Article 10.1 shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding.

Immediate demand. The Bank may make such demand immediately without prior notice (mise en demeure préalable) or any judicial or extra judicial step: if the Borrower does not pay on the due date any amount payable pursuant to this Contract at the place and in the currency in which it is expressed to be payable, unless: its failure to pay is caused by an administrative or technical error or a Disruption Event Event; and payment is made within 3 (three) Business Days of its due date; if any information or document given to the Bank by or on behalf of the Borrower and/or the Promoter (as applicable) or any representation, warranty or statement made or deemed to be made by the Borrower in or and/or the Promoter (as applicable) in, pursuant to or for the purposes of entering into this Contract or the Technical Side Letter or in connection with the negotiation or performance of this Contract or the Technical Side Letter is or proves to have been incorrect, incomplete or misleading in any material respect; if, following any default of the Borrower in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan: the Borrower is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or any financial commitment for such other loan or obligation is cancelled or suspended; if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors; if an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority any property forming part of the Project; if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank; if the Borrower defaults in the performance of any obligation in respect of any other loan made to it from the resources of the Bank or the European Union; if any expropriation, attachment, arrestment, distress, execution, sequestration or other process is levied or enforced upon the property of the Borrower or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; if a Material Adverse Change occurs, as compared with the Borrower’s and/or Promoter’s condition at the date of this ContractContract or the Technical Side Letter (as applicable); or if it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or for the Promoter to perform any of its obligations under the Technical Side Letter or this Contract or the Technical Side Letter is not effective in accordance with its terms or is alleged by the Borrower and/or the Promoter (as applicable) to be ineffective in accordance with its terms. The Bank may also make such demand without prior notice (mise en demeure préalable) or any judicial or extra judicial step (without prejudice to any notice referred to below): if the Borrower fails to comply with any provision of this Contract or the Technical Side Letter other than those referred to in or Article 10.1.A; or if any fact related to the Borrower or the Project stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower or adversely affects the implementation or operation of the Project, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period of time specified in a notice served by the Bank on the Borrower. Article 10.1 shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding.

Immediate demand. The Bank may make such demand immediately without prior notice (mise en demeure préalable) or any judicial or extra judicial stepimmediately: if the Borrower does not pay fails on the due date to repay any amount payable pursuant part of the Loan, to pay interest thereon or to make any other payment to the Bank as provided in this Contract at the place and in the currency in which it is expressed to be payableContract, unless: unless (i) its failure to pay is caused by an administrative or technical error or a Disruption Event and (ii) payment is made within 3 (three) Business Days of its due date; if any information or document given to the Bank by or on behalf of the Borrower or any representation, warranty or statement made or deemed to be made by the Borrower in or pursuant to this Contract or in connection with the negotiation or performance of this Contract is or proves to have been incorrect, incomplete or misleading in any material respect; if, following any default of the Borrower in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan: the Borrower is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; or any financial commitment for such other loan or obligation is cancelled or suspended; if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or or, without prior notice to the Bank, makes or seeks to make a composition with its creditors; if an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority any property forming part of the Project; if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank; if the Borrower defaults in the performance of any obligation in respect of any other loan made to it from the resources of the Bank or the European Union; if any expropriation, attachment, arrestment, distress, execution, sequestration or other process is levied or enforced upon the property of the Borrower or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; if a Material Adverse Change occurs, as compared with the Borrower’s condition at the date of this Contract; or if it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or this Contract is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms. Demand after notice to remedy The Bank may also make such demand without prior notice (mise en demeure préalable) or any judicial or extra judicial step (without prejudice to any notice referred to below): demand: if the Borrower fails to comply with any provision of obligation under this Contract other than those referred to not being an obligation mentioned in or Article 10.1.A; or if any fact related to the Borrower or the Project stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower or adversely affects the implementation or operation of the Project, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period of time specified in a notice served by the Bank on the Borrower. Other rights at law Article 10.1 shall not restrict any other right of the Bank at law to require prepayment of the Loan OutstandingLoan.

Immediate demand. The Bank may make such demand immediately without prior notice (mise en demeure préalable) or any judicial or extra judicial stepimmediately: if the Borrower does not pay on the due date any amount payable pursuant to this Contract at the place and in the currency in which it is expressed to be payable, unless: unless (i) its failure to pay is caused by an administrative or technical error or a Disruption Event and (ii) payment is made within 3 (three) Business Days of its due date; if any information or document given to the Bank by or on behalf of the Borrower or any representation, warranty or statement made or deemed to be made by the Borrower in or pursuant to this Contract or in connection with the negotiation or performance of this Contract is or proves to have been incorrect, incomplete or misleading in any material respect; if, following any default of the Borrower in relation to any loan, or any obligation arising out of any financial transaction, other than the Loan: , the Borrower is required or is capable of being required or will, following expiry of any applicable contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan or obligation; obligation or any financial commitment for such other loan or obligation is cancelled or suspended; if the Borrower is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make a composition with its creditors; if an encumbrancer takes possession ofcreditors including a moratorium, or commences negotiations with one or more of its creditors with a receiver, liquidator, administrator, administrative receiver view to rescheduling any of its financial indebtedness (or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority any property forming part of the Projectanalogous proceedings); if the Borrower defaults in the performance of any obligation in respect of any other loan granted by the Bank or financial instrument entered into with the Bank; if the Borrower defaults in the performance of any obligation in respect of any other loan made to it from the resources of the Bank or the European Union; if any expropriation, attachment, arrestment, distress, execution, sequestration or other process is levied or enforced upon the property of the Borrower or any property forming part of the Project and is not discharged or stayed within 14 (fourteen) days; if a Material Adverse Change occurs, as compared with the Borrower’s condition at the date of this Contract; or if it is or becomes unlawful for the Borrower to perform any of its obligations under this Contract or this Contract is not effective in accordance with its terms or is alleged by the Borrower to be ineffective in accordance with its terms. Demand after notice to remedy The Bank may also make such demand without prior notice (mise en demeure préalable) or any judicial or extra judicial step (without prejudice to any notice referred to below): demand: if the Borrower fails to comply with any provision of obligation under this Contract other than those referred to not being an obligation mentioned in or Article 10.1.A; or if any fact related to the Borrower or the Project stated in the Recitals materially alters and is not materially restored and if the alteration either prejudices the interests of the Bank as lender to the Borrower or adversely affects the implementation or operation of the Project, unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within a reasonable period of time specified in a notice served by the Bank on the Borrower. Article 10.1 shall not restrict any other right of the Bank at law to require prepayment of the Loan OutstandingLoan.