Common use of Repayment on Demand Clause in Contracts

Repayment on Demand. If, pursuant to paragraph (a) of Clause 28.16 (Acceleration), the Agent declares all or any part of the Outstandings to be due and payable on demand of the Agent, then, and at any time thereafter, the Agent may (and, if so instructed by an Instructing Group, shall) by written notice to the Parent: (a) require repayment of all or the relevant part of the Advances on such date as it may specify in such notice (whereupon the same shall become due and payable on such date together with accrued interest thereon and any other sums then owed by any Obligor under the Finance Documents) or withdraw its declaration with effect from such date as it may specify in such notice; and/or (b) select as the duration of any Interest Period or Term which begins whilst such declaration remains in effect a period of 3 months or less.