Common use of Advances Due on Demand Clause in Contracts

Advances Due on Demand. If, pursuant to Clause 23.2.1(a), the Agent declares all or any part of the Advances to be due and payable on demand of the Agent, then, and at any time thereafter within a period of three months, the Agent may by notice to the Borrower: (a) require repayment of all or such part of the Advances on such date as it may specify in such notice (whereupon the same will become due and payable on the date specified together with accrued interest thereon and any other sums then owed by the Borrower under the Financing Documents); and/or (b) select as the duration of any Interest Period which begins whilst such declaration remains in effect a period of six months or less.

Advances Due on Demand. If, pursuant to Clause 23.2.1(a20.2.2(a), the Agent declares all or any part of the Advances to be due and payable on demand of the Agent, then, and at any time thereafter within a period of three months, the Agent may by notice to the Borrower: (a) require repayment of all or such part of the Advances on such date as it may specify in such notice (whereupon the same will become due and payable on the date specified together with accrued interest thereon and any other sums then owed by the Borrower under the Financing Documents); and/or (b) select as the duration of any Interest Period which begins whilst such declaration remains in effect a period of six months or less.