Discretion Of Bank On Disbursement Sample Clauses

Discretion Of Bank On Disbursement. The Bank has the absolute right by notice in writing to the Borrower to rescind the Facilities, or to refuse to pay out the Facilities if the principal sum or any part thereof or any interest thereon are in arrears or shall become immediately repayable under the provisions of the Security Documents or any of them. Upon giving of such notice, any part of the Facilities not therefore disbursed shall be cancelled, and any part of the Facilities already disbursed shall become due and immediately repayable on demand notwithstanding anything contained herein to the contrary.
Sample 1
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Discretion Of Bank On Disbursement. The Bank has the absolute right by notice in writing to the Borrower to determine this Agreement and to rescind the Facility, or to refuse to pay out the Facility or any part thereof if the principal sum or any part thereof or any interest thereon are in arrears or shall become immediately repayable hereunder and under the provisions of the Security Documents or any of them. Upon giving of such notice, (a) any part of the Non-Revolving Loan not thereto disbursed shall be cancelled, and any part of the Non-Revolving Loan already disbursed shall become due and immediately repayable on demand notwithstanding anything contained herein to the contrary and (b) all unutilised portion of the Operating Overdraft Facility and/or the Revolving Term Loan shall be cancelled and all utilised portion of the Operating Overdraft Facility and/or the Revolving Term Loan shall become due and immediately repayable on demand notwithstanding anything contained herein to the contrary.
Sample 1
Discretion Of Bank On Disbursement. The Bank has the absolute right by notice in writing to the Borrower to determine this Agreement and to rescind the Facility, or to refuse to pay out the Facility or any part thereof if the principal sum or any part thereof or any interest thereon are in arrears or shall become immediately repayable hereunder and under the provisions of the Security Documents or any of them. Upon giving of such notice, (a) any part of the Non-Revolving Loan not thereto disbursed shall be cancelled, and any part of the Non-Revolving Loan already disbursed shall become due and immediately repayable on demand notwithstanding anything contained herein to the contrary and
Sample 1

Related to Discretion Of Bank On Disbursement

  • Discretion of Bank as to Manner of Funding Notwithstanding any other provision of this Agreement, each Bank shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder shall be made as if each Bank had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the eurodollar interbank market having a maturity corresponding to such Loan’s Interest Period and bearing an interest rate equal to LIBOR for such Interest Period.

  • Sole Discretion of Lender Wherever pursuant to this Agreement (a) Lender exercises any right given to it to approve or disapprove, (b) any arrangement or term is to be satisfactory to Lender, or (c) any other decision or determination is to be made by Lender, the decision to approve or disapprove all decisions that arrangements or terms are satisfactory or not satisfactory, and all other decisions and determinations made by Lender, shall be in the sole discretion of Lender, except as may be otherwise expressly and specifically provided herein.

  • Limitation of responsibility of Existing Lender (a) Unless expressly agreed to the contrary, an Existing Lender is not responsible to a New Lender for the legality, validity, adequacy, accuracy, completeness or performance of:

  • Discretion of Lender as to Manner of Funding Notwithstanding any other provision of this Agreement, each Lender shall be entitled to fund and maintain its funding of all or any part of its Loans in any manner it sees fit, it being understood, however, that for the purposes of this Agreement all determinations hereunder with respect to Eurodollar Loans shall be made as if each Lender had actually funded and maintained each Eurodollar Loan through the purchase of deposits in the interbank eurodollar market having a maturity corresponding to such Loan’s Interest Period, and bearing an interest rate equal to LIBOR for such Interest Period.

  • Interest for Account of Swing Line Lender The Swing Line Lender shall be responsible for invoicing the Borrower for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender.

  • Limitation of responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  • Interest for Account of Swingline Lender The Swingline Lender shall be responsible for invoicing the Borrower for interest on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section to refinance such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable Revolving Percentage shall be solely for the account of the Swingline Lender.

  • Payments Directly to Swing Line Lender The Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

  • Replacement of Banks In the event that (a) any Bank makes a demand for payment under Section 2.07(b) or Section 2.12, (b) the Borrower is required to make any payment in respect of Taxes or Other Taxes pursuant to Section 2.15 or (c) any Bank becomes a Defaulting Bank, the Borrower may within ninety (90) days of the applicable event, if no Default then exists, replace such Bank with another commercial bank, financial institution or other Person in accordance with all of the provisions of Section 10.06(a) (including execution of an appropriate Assignment), provided that (i) all obligations of such Bank to lend hereunder shall be terminated and the Advances payable to such Bank and all other obligations owed to such Bank hereunder shall be purchased in full without recourse at par plus accrued interest at or prior to such replacement, (ii) such replacement shall be reasonably satisfactory to the Administrative Agent, (iii) if such replacement bank is not already a Bank hereunder, the Borrower (and, for avoidance of doubt, not the replacement bank) shall pay to the Administrative Agent an assignment fee of $3,500 in connection with such replacement, (iv) such replacement shall, from and after such replacement, be deemed for all purposes to be a “Bank” hereunder with a Commitment in the amount of the respective Commitment of the assigning Bank immediately prior to such replacement (plus, if such replacement bank is already a Bank prior to such replacement, the respective Commitment of such Bank prior to such replacement), as such amount may be changed from time to time pursuant hereto, and shall have all of the rights, duties and obligations hereunder of the Bank being replaced, and (v) such other actions shall be taken by the Borrower, such Bank and such replacement bank as may be appropriate to effect the replacement of such Bank with such replacement bank on terms such that such replacement bank has the same rights, duties and obligations hereunder as such Bank (including, without limitation, execution and delivery of new Notes to such replacement bank if such replacement bank shall so request, redelivery to the Borrower in due course of any Notes payable to such Bank and specification of the information contemplated by Schedule I as to such replacement bank).

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