Cancellation upon Repayment Clause Samples

The 'Cancellation upon Repayment' clause stipulates that a loan or credit facility will be automatically cancelled once the borrower has fully repaid the outstanding amounts owed under the agreement. In practice, this means that after the borrower settles all principal, interest, and any other applicable fees, their right to draw further funds or utilize the facility ends immediately. This clause ensures that the lender is not obligated to provide further credit once the debt is cleared, thereby protecting both parties from misunderstandings about ongoing obligations.
Cancellation upon Repayment. No amount repaid under this Agreement may subsequently be reborrowed other than any amount of a Revolving Facility Advance repaid in accordance with Clause 8.1 (Repayment of Revolving Facility Advances) or any Documentary Credit repaid in accordance with this Agreement on or prior to the Final Maturity Date in respect of the Revolving Facility and upon any repayment (other than in respect of a Revolving Facility Advance, as aforesaid) the availability of the relevant Facility shall be reduced by an amount corresponding to the amount of such repayment and the Available Commitment of each Lender in relation to that Facility shall be cancelled in an amount equal to such Lender’s Proportion of the amount repaid. For the avoidance of doubt, unless expressly agreed to the contrary in the relevant Ancillary Facility Documents, this Clause 11.7 shall not apply to any Ancillary Facility.
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Cancellation upon Repayment. No amount repaid under this Agreement may subsequently be reborrowed other than any amount of a Revolving Facility Advance or, as the case may be, a Swingline Facility Advance repaid in accordance with Clause 9.1 (Repayment of Revolving Facility Advances) and upon any repayment (other than in respect of a Revolving Facility Advance, as aforesaid) the availability of the relevant Facility shall be reduced by an amount corresponding to the amount of such repayment and the Available Commitment of each Lender in relation to that Facility shall be cancelled in an amount equal to such Lender’s Proportion of the amount repaid. In the event the proceeds of any repayment applied in accordance with Clauses 12 (Voluntary Prepayment) and 13 (Mandatory Prepayment) exceeds the amount of Term Facility Outstandings at such time, any such excess shall be applied to permanently reduce the Available Revolving Facility.
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Cancellation upon Repayment. No amount repaid under this Agreement may subsequently be reborrowed other than any amount of a Revolving Facility Advance or Secondary Revolving Facility Advance repaid in accordance with Clause 8.1 (Repayment of Revolving Facility and Secondary Revolving Facility Advances) or any Documentary Credit repaid in accordance with this Agreement on or prior to the Final Maturity Date in respect of the Revolving Facility or Secondary Revolving Facility, as applicable, and upon any repayment (other than in respect of a Revolving Facility Advance or Secondary Revolving Facility Advance, as aforesaid) the availability of the relevant Facility shall be reduced by an amount corresponding to the amount of such repayment and the Available Commitment of each Lender in relation to that Facility shall be cancelled in an amount equal to such Lender’s Proportion of the amount repaid. For the avoidance of doubt, unless expressly agreed to the contrary in the relevant Ancillary Facility Documents, this Clause 11.7 shall not apply to any Ancillary Facility.
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Cancellation upon Repayment. With the exception of the cancellation criteria described in Section 7, the Pledge Agreement shall be cancelled upon full Repayment in accordance with Section 3.4 (i). Promptly after the full Repayment of the funds by Party B, but in no later than ten (10) business day after such Repayment, Party A shall authorize the Depositary Bank to refund to Party B all remaining funds held by the Depositary Bank in the Pledge Account All remaining funds held by the Depositary Bank shall be the property of Party B. (iii) ,
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Cancellation upon Repayment. No amount repaid under this Agreement may subsequently be reborrowed and upon any repayment the availability of the Facility shall be reduced by an amount corresponding to the amount of such repayment and the Available Commitment of each Lender in relation to the Facility shall be cancelled in an amount equal to such Lender’s Proportion of the amount repaid.
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Cancellation upon Repayment. Upon payment in full of all principal, this Amended Note shall be surrendered to Borrowers for cancellation.
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Cancellation upon Repayment. No amount repaid under this Agreement may subsequently be reborrowed.
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Cancellation upon Repayment. No amount repaid under this Agreement may subsequently be reborrowed other than any amount of a Revolving Facility Advance or Additional Facility Advance in relation to a revolving facility repaid in accordance with Clauses 6.1 (Repayment of Revolving Facility Advances) or 9.1(b) (Voluntary Prepayment) on or prior to the Final Maturity Date in respect of the Revolving Facility and upon any repayment (other than in respect of a Revolving Facility Advance or an Additional Facility that is a revolving facility, as aforesaid) the Commitment of each Lender in relation to the relevant Facility shall be cancelled in an amount equal to each Lender’s Proportion of the amount repaid.
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Related to Cancellation upon Repayment

  • Mandatory Prepayment Upon an Acceleration If the Term Loan Advances are accelerated by Bank following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (ii) the Prepayment Fee, (iii) the Final Payment, and (iv) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts.

  • Repayment Prepayment and Cancellation 6 REPAYMENT

  • Termination; Repayment The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable.

  • Redemption; Repayment; Acceleration In the event a Discount Note is redeemed, repaid or accelerated, the amount payable to the Holder of such Discount Note will be equal to the sum of: (A) the Issue Price (increased by any accruals of Discount); and (B) any unpaid interest accrued on such Discount Note to the Maturity Date (“Amortized Face Amount”). Unless otherwise specified on the face hereof, for purposes of determining the amount of Discount that has accrued as of any date on which a redemption, repayment or acceleration of maturity occurs for a Discount Note, a Discount will be accrued using a constant yield method. The constant yield will be calculated using a 30-day month, 360-day year convention, a compounding period that, except for the Initial Period (as defined below), corresponds to the shortest period between Interest Payment Dates for the applicable Discount Note (with ratable accruals within a compounding period), a coupon rate equal to the initial coupon rate applicable to the applicable Discount Note and an assumption that the maturity of such Discount Note will not be accelerated. If the period from the date of issue to the first Interest Payment Date for a Discount Note (the “Initial Period”) is shorter than the compounding period for such Discount Note, a proportionate amount of the yield for an entire compounding period will be accrued. If the Initial Period is longer than the compounding period, then the period will be divided into a regular compounding period and a short period with the short period being treated as provided above.

  • Funding Cancellation As required by Financial Management Circular 2007-1 and IC § 5-22-17-5, when the Director of the State Budget Agency makes a written determination that funds are not appropriated or otherwise available to support continuation of performance of this Contract, this Contract shall be canceled. A determination by the Director of State Budget Agency that funds are not appropriated or otherwise available to support continuation of performance shall be final and conclusive.