Common use of Cancellation of the Discounting Facility Limit Clause in Contracts

Cancellation of the Discounting Facility Limit. On and at any time after the occurrence of any Event of Default, the Bank may, at its discretion, by notice to the Borrower: (a) cancel the Available Facility Limit (if the case), at which time such shall be immediately cancelled and no time Negotiable Instrument or Letter of Credit shall be subsequently acquired by the Bank; and/or; (b) return to the Borrower any discounted and unpaid Negotiable Instrument or Letter of Credit, in consideration for a price to be paid by the Borrower to the Bank, representing the face value of the relevant Negotiable Instrument or Letter of Credit (except for the case when the Event of Default consists in the Bank’s failure to collect the equivalent value of the Negotiable Instrument or Letter of Credit on the due date, in non-recourse discounting operations).

Cancellation of the Discounting Facility Limit. On and at any time after the occurrence of any Event of Default, the Bank may, at its discretion, by notice to the Borrower: (a) cancel the Available Facility Limit (if the case), at which time such shall be immediately cancelled and no time Negotiable Instrument or Letter of Credit shall be subsequently acquired by the Bank; and/or; (b) return to the Borrower any discounted and unpaid Negotiable Instrument or Letter of Credit, in consideration for a price to be paid by the Borrower to the Bank, representing the face value of the relevant Negotiable Instrument or Letter of Credit (except for the case when the Event of Default consists in the Bank’s 's failure to collect the equivalent value of the Negotiable Instrument or Letter of Credit on the due date, in non-recourse discounting operations).