Advances as an alternative. (a) If it is unlawful, impracticable or contrary to the Bank of England's limits on the discounting of Bills applicable to any Bank for a Bank to accept any Bills, or if a Bank's acceptances are ineligible for discounting at the Bank of England, then it may notify the Agent accordingly by no later than 4.00 p.m. on the Business Day before the proposed Utilisation Date. (b) If a Bank notifies the Agent in accordance with paragraph (a) above, then, subject to the terms of this Agreement, the Bank shall instead make an Advance in accordance with Clause 5 (Advance Facilities) in Sterling on the relevant Utilisation Date in a principal amount equal to the aggregate principal amount of the Bills which it would otherwise have been obliged to accept pursuant to this Clause 6 (Xxxx Facility) and for a Term equal to the Term of those Bills.
Appears in 5 contracts
Samples: Syndicated Credit Facility (Gec Acquisition Corp), Syndicated Credit Facility Agreement (Gec Acquisition Corp), Syndicated Credit Facility Agreement (Gec Acquisition Corp)
