Common use of 02B Clause in Contracts

02B. If the Bank cancels a Notified Tranche upon an Event of Default, the Borrower shall indemnify the Bank under Article 10.03. Save in the circumstances listed in paragraphs (b) and (c) above, no indemnity is payable upon cancellation of a Tranche by the Bank. The indemnity shall be calculated on the basis that the cancelled amount is deemed to have been disbursed and repaid on the Scheduled Disbursement Date or, to the extent that the disbursement of the Tranche is currently deferred or suspended, on the date of the cancellation notice.