Effect of the Terms Clause Samples

Effect of the Terms and Conditions of the Agreement on the Beneficiary 12.1. If the Beneficiary of a Stand-by Letter of Credit is more than one person and the Stand-by Letter of Credit Agreement and/or Stand-by Letter of Credit Order does not provide otherwise: 12.1.1. The Bank is entitled to fulfill the obligation (payment of Stand-by Letter of Credit) in full or in part to any Beneficiary; 12.1.2. If the Bank receives the claim for reimbursement of the Stand-by Letter of Credit Amount from two or more Beneficiaries at the same time (During the 1 (one) Banking Day): (a) each such (claiming) Beneficiary will be reimbursed with the Stand-by Letter of Credit Amount upon request; or (b) the Beneficiary’s claim will be satisfied from the Stand-by Letter of Credit Amount, in proportion to the amount claimed if the Stand-by Letter of Credit Amount is less than the amount of the claim. However, the said reservation does not deprive the Bank from the right to determine at its sole discretion, the amount payable to the relevant Beneficiary; 12.1.3. If any Beneficiary requests reduction of the Stand-by Letter of Credit Amount, for the purposes of this Subparagraph that Beneficiary shall be considered as the owner of an equal share of the claim to the Bank together with the other Beneficiaries and the Stand-by Letter of Credit Amount shall be reduced in accordance with such Beneficiary’s request, up to the maximum of his share of the claim. 12.2. Any notice sent by the Bank to one of the Beneficiaries shall be deemed to have been sent to all Beneficiaries, and receipt of the notice by one of the Beneficiaries shall have deemed to have been received by all Beneficiaries. 12.3. Fulfillment of all or part of the obligation to one of the Beneficiaries by the Bank relieves the Bank from fulfillment of the same obligation to another Beneficiary.
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Related to Effect of the Terms

  • Effect of the Agreement Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect. Except as expressly set forth herein, this Agreement shall not be deemed (a) to be a waiver of, or consent to, a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any other right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other Person with respect to any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other agreement by and among the Borrower, on the one hand, and the Administrative Agent or any other Lender, on the other hand. References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”, and “hereof”) and in any Loan Document to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

  • Effect of Consent (a) After an amendment, supplement or waiver becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. (b) If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an appropriate notation on any Note thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or exchange Notes in this fashion.

  • Effect of Agreement Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

  • Effect of the Plan This Award is subject to all of the provisions of the Plan and this Agreement, together with all of the rules and determinations from time to time issued by the Committee and/or the Board pursuant to the Plan, including the restrictions in the Plan on the transferability of awards. In the event of a conflict between any provision of the Plan and this Agreement, the provisions of this Agreement shall control but only to the extent such conflict is permitted under the Plan. By accepting this Award, the Participant acknowledges that he or she has received a copy of the Plan and agrees that the Participant will enter into such written representations, warranties and agreements and execute such documents as the Company may reasonably request in order to comply with applicable securities and other applicable laws, rules or regulations, or with this document or the terms of the Plan.

  • Effect of Consents After an amendment, supplement, waiver or other action becomes effective as to any series of Securities, a consent to it by a Holder of such series of Securities is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Securities or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.