Borrowing Notice Irrevocable Sample Clauses
The 'Borrowing Notice Irrevocable' clause establishes that once a borrower submits a notice to the lender indicating their intention to draw down funds under a loan agreement, that notice cannot be withdrawn or amended. In practice, this means that after the borrower delivers the borrowing notice specifying the amount and date of the loan drawdown, they are legally bound to proceed with the borrowing as stated. This clause ensures certainty and reliability for the lender, allowing them to make necessary preparations for funding and manage their liquidity, while preventing the borrower from changing their mind at the last minute.
Borrowing Notice Irrevocable. Each Borrowing Notice shall be irrevocable and binding on the Borrower. The Borrower shall reimburse each Lender for any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or prior to the Borrowing Date specified in such Borrowing Notice the applicable conditions set forth in Article III or any other term or condition described in this Agreement, including any loss, cost or expense incurred by reason of the liquidation or redeployment of funds acquired by such Lender to fund its Loan when the Loan, as a result of such failure, is not made on such date.