Common use of Advances Due on Demand Clause in Contracts

Advances Due on Demand. If, pursuant to Clause 15.13 (Acceleration and Cancellation), the Agent declares all or any part of any Advance to be due and payable on demand of the Agent, then, and at any time thereafter, the Agent may (and, if so instructed by the Bank, shall) by notice to the Borrower: 15.14.1 require repayment of all or any part of any Advance on such date as it may specify in such notice (whereupon the same shall become due and payable on the date specified together with accrued interest thereon and any other sums then owed by the Borrower under the Loan Agreement) or withdraw its declaration with effect from such date as it may specify; and/or 15.14.2 select as the duration of any Interest Period which begins whilst such declaration remains in effect a period of six months or less.