Acceptances. The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to this Agreement includes the Schedules.
Acceptances. Each Acceptance shall be created upon a Request by the Bank's acceptance of a draft in form and substance satisfactory to the Bank (each a "Draft"). Each Draft shall: (i) be drawn on the Bank by or on behalf or for the account of the Borrowers in accordance with the provisions hereof; (ii) have a minimum face amount of $100,000 ; (iii) be for the purpose of financing only those transactions permitted by paragraph 7 of Section 13 of the Federal Reserve Act, as amended from time to time; and (iv) mature not more than 180 days after the date thereof (provided that, if such date is not a Business Day, the maturity shall be extended to the next succeeding Business Day). However, no Draft shall mature more than 90 days after the Expiration Date. Each Borrower hereby warrants that any Acceptances relating to the importation or exportation of goods or relating to the domestic shipment of goods shall: (i) not have a term in excess of the period of time which is usual and reasonably necessary to finance transactions of the character of the underlying import or export transaction or the underlying domestic shipment; (ii) not, together with all other Acceptances relating to any such shipment, have an aggregate face amount exceeding the CIF value of such shipment; and (iii) not be created more than 30 days after the date of shipment of goods to which such Acceptance relates. Acceptances relating to the storage of goods shall be subject to the further conditions that: (i) at the time such Acceptance is created, the goods being stored are covered by a warehouse receipt issued by a bonded warehouse independent of the Borrower and acceptable to the Bank; (ii) the goods covered by the warehouse receipt are readily marketable staples (as such term is defined in Section 13 of the Federal Reserve Act by the Board of Governors of the Federal Reserve System or by Federal Reserve Bulletins) held pending a reasonably immediate sale, distribution or shipment; and (iii) the face amount of the Acceptance relating to such goods does not exceed the fair market value of the goods.
Acceptances. The above terms and conditions are considered to be fair and reasonable. In the event of any term found by a Court of Law to be unreasonable then the clause shall be removed but the agreement shall remain in full force and effect.
Acceptances. In lieu of a Fronting Bank honoring its Disbursement obligation under a Letter of Credit issued by that Fronting Bank, the U.S. Borrower, the Warnaco Sub Borrowers and the Sub Borrower hereby irrevocably authorize and direct each Fronting Bank to create Acceptances upon the presentation of drafts to such Fronting Bank for acceptance by such Fronting Bank as Acceptances pursuant to this Agreement, provided that such Acceptances shall, in the opinion of such Fronting Bank, be properly executed and drawn by the U.S. Borrower, any Warnaco Sub Borrower or the Sub Borrower, as applicable (each such party referred to as a "Drawer"). To facilitate the acceptance of Acceptances drawn by the U.S. Borrower, the Warnaco Sub Borrowers or the Sub Borrower, each of the U.S. Borrower, the Warnaco Sub Borrowers and the Sub Borrower shall from time to time as required by either Fronting Bank provide to such Fronting Bank an appropriate number of executed drafts drawn in blank by such Borrower in the form prescribed by such Fronting Bank. The U.S. Borrower, the Warnaco Sub Borrowers or the Sub Borrower may, at their option, execute any draft so presented by the facsimile signature or signatures of any one or more designated signing officers of such Borrower. In any event, each Fronting Bank is hereby authorized to accept or pay, as the case may be, any draft of a Drawer which purports to bear its facsimile signature or signatures notwithstanding that any such individual has ceased to be a designated signing officer of such Drawer and any such draft or Acceptance shall be as valid as if such individual were a designated signing officer of such Drawer at the date of issue of such Acceptance. Each draft or Acceptance not originally executed by a Drawer (but instead executed by facsimile, stamp or otherwise) may be dealt with by a Fronting Bank for all intents and purposes and shall bind each Borrower as if duly originally executed by the applicable Drawer's authorized officer (or other person with authority to bind such Drawer) and issued by such Borrower. Without limiting the effect of the indemnity provided under Section 11.4 but in addition to such provision, each of the U.S. Borrower, the Sub Borrower and each Warnaco Sub Borrower will and hereby does undertake to hold each Fronting Bank harmless against, and to indemnify, and each such Borrower hereby does agree to indemnify, each Fronting Bank from, all losses, costs, damages and expenses arising out of the payment or neg...
Acceptances. No acceptances other than an acceptance of a Draft by a Lender hereunder have been or shall be outstanding with respect to the goods covered by or relating to such Draft.
Acceptances. Require the Borrower to pay immediately to the Bank, for application against outstanding Acceptances, the outstanding principal amount of any such Acceptances which have not matured. Any portion of the amount so paid to the Bank which is not applied to repayments on any such matured Acceptances or any other obligations of the Borrower to the Bank shall be repaid to the Borrower.
Acceptances. Subject to the terms and conditions set forth in this Agreement, each Issuing Bank hereby severally agrees to extend credit to the Borrowers, during the period from the Closing Date to the Acceptance Termination Date, by creating acceptances ("Acceptances") for the account of the Borrowers from time to time up to an aggregate amount at any one time outstanding for all Borrowers equal to $10,000,000, subject to the following provisions:
Acceptances. The undersigned representative of Client has the authority to enter into this Agreement on behalf of Client. Client agrees to cooperate and to provide Contractor with everything needed to complete the Services as, when and in the format requested by Contractor. Contractor has the experience and ability to do everything Contractor agreed to for Client and will do it all in a professional and timely manner. Contractor will endeavor to meet every deadline that’s set and to meet the expectation for Services to the best of its abilities.
Acceptances. This line of credit up to a maximum face value outstanding of Fifteen Million and 00/100 Dollars ($15,000,000.00) may be used for financing acceptance transactions for a maximum tenor of one hundred eighty (180) days but not to extend beyond the Facility No. 1
Acceptances. 1. After completion of a given stage of works making up the Subject matter of the Agreement, the Contractor shall submit it for Partial Acceptance.
2. Along with the submission of the Subject matter of the Agreement for Acceptance, the Contractor shall provide the Ordering Party with, respectively:
a) For Stage 1 - protocol of delivery of sensors and cables to the shipyard.
b) For Stage 2 - a protocol of tank tightness tests together with confirmation of the acceptance of installation works by the shipyard and a protocol of test readings from sensors.
c) For Stage 3 - confirmation of the execution of measurements.
3. The Contracting authority, subject to sec. 4 of this paragraph, proceeds to the acceptance no later than 24 hours from the receipt of the complete notification and completes the acceptance or submits comments within 48 hours from the date of acceptance. The acknowledgment of the acceptance referred to in this section is the signing of the Partial Acceptance Protocol by both Parties (separately for each stage).
4. If the works presented for final acceptance have defects or are incomplete, the Ordering Party:
a) refuses to accept it in whole or in part, if the defects are significant, i.e. they prevent or seriously impede the use of the Subject matter of the Agreement or its elements in accordance with its intended purpose,
b) accepts, if the defects are insignificant, at the same time the Ordering Party may, at its own discretion: demand removal of insignificant defects during the warranty period for defects or at a different date or unilaterally reduce the Contractor's remuneration by the amount corresponding to the value of the works with defects to the same value of works without defects.
