Common use of Demand Basis Clause in Contracts

Demand Basis. If, pursuant to clause 14.2(b), the Agent declares the Loan to be due and payable on demand then the Agent may (and, if so instructed by the Majority Banks, shall) at any time by written notice to the Borrower (a) call for repayment of the Advances and Utilisations on such date as may be specified in such notice whereupon the Advances and Utilisations shall become due and payable on the date so specified together with all interest and commitment commission accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.

Appears in 1 contract

Sources: Loan Agreement (United International Holdings Inc)

Demand Basis. If, pursuant to under clause 14.2(b)10.2.2, the Agent declares has declared the Loan and the Revolving Loan to be due and payable on demand then demand, at any time thereafter the Agent may (and, and if so instructed by the Majority Banks, Lenders shall) at any time by written notice to the Borrower (a) call for demand repayment of the Advances Loan and Utilisations the Revolving Loan on such date as may be specified in such notice whereupon whereupon, regardless of any other provision of this Agreement, the Advances Loan and Utilisations the Revolving Loan shall become due and payable on the date so specified together with all interest and commitment commission accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such notice.

Appears in 1 contract

Sources: Facility Agreement (Navios Maritime Holdings Inc.)