Capacity Development. This FFA does not constitute a legal obligation on the part of ADB to commit any financing. ADB has the right to deny any financing request made by India on behalf of the State and ASEB, cancel the uncommitted portion of the Facility, and withdraw the right to request any financing tranche under the Facility. Financing tranches may be made available by ADB provided matters continue to be in accordance with the general understandings and expectations on which the Facility is based and which are laid out in this FFA. This FFA does not constitute a legal obligation on the part of India to request any financing. India has the right not to request any financing under the Facility. India also has the right at any time to cancel any uncommitted portion of the Facility. India and ADB may exercise their respective rights to cancel the Facility or any uncommitted portion thereof, and ADB may exercise its right to refuse a financing request, by giving written notice to such effect to the other parties. The written notice will provide an explanation for the cancellation or refusal and, in the case of a cancellation, specify the date on which the cancellation takes effect.
Appears in 2 contracts
Sources: Framework Financing Agreement, Framework Financing Agreement