Demand for repayment Sample Clauses
A Demand for Repayment clause gives a lender or creditor the right to formally request that a borrower repay an outstanding debt, either in full or in part, under specified circumstances. This clause typically outlines the conditions under which such a demand can be made, such as default, breach of agreement, or at the lender's discretion, and may set out the required notice period and method of communication. Its core practical function is to provide a clear mechanism for creditors to recover funds efficiently and to protect their interests if the borrower's financial situation changes or if the terms of the agreement are not met.
Demand for repayment. 1. Should the programme authorities in accordance with the provisions of the subsidy contract demand repayment of all or part of the subsidy already transferred, each partner concerned is obliged to reimburse its share of the subsidy amount unduly received to the lead partner.
2. The lead partner shall, without delay, inform the concerned partner about any ERDF/Norwegian fund amount unduly paid due to an irregularity as soon as it is informed by the Managing Authority/Joint Secretariat. It shall also forward, without delay, the letter by which the managing authority has asserted the recovery order and notify each partner of the amount to be repaid. This amount is due by the deadline indicated by the lead partner in accordance with the recovery procedure described in the programme manual. In case the amount to be recovered shall be subject to interest, the interest rate will be determined in accordance with the provisions of the subsidy contract (Article 14.3) and would be applied to each concerned partner.
3. According to article 122.2 of Regulation (EU) 1303/2013 and article 27.3 of Regulation (EU) 1299/2013, if the Lead Partner does not succeed in securing repayment from other Project Partners or if the Managing Authority does not succeed in securing repayment from the Lead Partner after having used all reasonable endeavours in accordance with point 5.4 of the Cooperation Programme and the Procedure for the recovery of irregularities, the EU Member State or third country on whose territory the beneficiary concerned is located shall reimburse the Managing Authority any amounts unduly paid to that beneficiary. The EU Member State or third country (Norway) on whose territory the concerned beneficiary is located shall be entitled to undertake any legal action that it may deem necessary towards the concerned beneficiary in order to recover the unduly paid amount, based on national jurisdiction rules and in accordance with any agreement the EU Member State or third country (Norway) may have entered into with the beneficiary. In that case, the Lead Partner shall have the right to transfer its rights and obligations under this agreement to the EU Member State or third country (Norway) on whose territory the concerned beneficiary is located provided that the EU Member State or third country (Norway) agree to this transfer.
Demand for repayment. Upon the earliest to occur of (i) DEMAND by ▇▇▇▇▇▇ for repayment of the Revolving Note and (ii) such other date as may be required by the terms of this Agreement (the “Revolving Repayment Date”), the Borrower shall pay to Lender the entire then unpaid balance of principal, interest, and other charges due under the Revolving Note. Notwithstanding the foregoing, the Borrower shall promptly make the aforementioned payment to the Lender, but in any event no later than five (5) days after the Revolving Repayment Date.
Demand for repayment. The Lender shall have the right to serve a written notice to the Borrower to demand full repayment of the then outstanding amount of the Loan immediately after the Repayment Date or the occurrence of any Event of Default (whichever is earlier). Upon receipt of the demand notice from the Lender, the Loan shall become immediately due and the Borrower shall forthwith (or within such longer period as the Lender may agree in writing) repay the same amount to the Lender.