Mandatory cancellation Sample Clauses
A Mandatory Cancellation clause requires the automatic termination or cancellation of a contract or specific obligations under certain predefined circumstances. Typically, this clause applies when external events occur, such as changes in law, regulatory actions, or insolvency, which make it impossible or illegal for one or both parties to continue performing under the agreement. By specifying these triggers, the clause ensures that both parties are released from their obligations without penalty when continuation is no longer feasible, thereby managing risk and providing clarity in situations beyond the parties' control.
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Mandatory cancellation. Any part of the Facility which remains undrawn at the end of the Availability Period shall be automatically and immediately cancelled and each Lender's undrawn Commitment shall at that time be reduced to zero.
Mandatory cancellation. If:
(a) the Offer is withdrawn or lapses; or
(b) the first settlement date in respect of the Offer has not occurred by 31 May 2006, all the Commitments will be immediately and automatically cancelled.
Mandatory cancellation. Will cancel the Deferred Compensation Election of an Eligible Employee who experiences a Disability as defined in subparagraph 3.5(b).
Mandatory cancellation. All Available Commitments under a Facility shall automatically be cancelled at the end of the Availability Period in respect of that Facility.
Mandatory cancellation. (a) On each date on which a mandatory repayment of principal and, if applicable, concurrent cancellation of commitments (the amount of any such repayment and cancellation being a "NEW FACILITY REPAYMENT AMOUNT") is required under and in respect of any New Facility (a "MANDATORY CANCELLATION DATE"), the Commitments will be cancelled by the Euro Equivalent of an amount equal to the then applicable Cancellation Amount. "CANCELLATION AMOUNT" means, at any time, an amount equal to (i) the product of (A) the Commitments then in effect and (B) the applicable New Facility Repayment Amount divided by (ii) the commitments then in effect under that New Facility.
Mandatory cancellation. (a) If:
(i) it is not possible to complete the Offer prior to the end of the Availability Period; or
(ii) the Offer is withdrawn or terminates. all the Commitments will be immediately and automatically cancelled.
(b) If the Borrower owns less than 100 per cent. of the Target Shares, and any prepayment of the Initial Loans is made during the Availability Period, then the undrawn Commitments will be immediately and automatically cancelled in an amount equal to the amount of such prepayment multiplied by 100/A where “A” is the percentage of Target Shares owned by Bidco (or, if less, the aggregate amount of undrawn Commitments at such time). Any cancellation under this Clause 7.3(b) shall reduce ratably the Commitments of the Lenders.
Mandatory cancellation. Any Commitment which is not utilised on the earlier of:
(i) the final day of the Availability Period;
(ii) the close of business on the date of the first Utilisation; will be immediately and automatically cancelled.
Mandatory cancellation. The Available Facility shall be cancelled and reduced to zero in the event that the Scheme lapses or is withdrawn (including if there is an announcement by or on behalf of the Borrower or a member of the Group that it is withdrawn) or if the Scheme is not approved by the members entitled to vote on the Scheme or is rejected or not sanctioned by the relevant courts.
Mandatory cancellation. Following the occurrence of a Full Collateralisation Event, the Agent shall, by written notice to the Account Party, declare the Commitment of each Bank, and the unutilised portion of the Facility, to be cancelled, whereupon the Commitment of such Bank and the unutilised portion of the Facility shall be cancelled and the Issuing Bank shall be under no further obligation to issue, and each Bank shall be under no further obligation to participate in the issuance of, any Letter of Credit, and any outstanding Application shall be automatically cancelled.
Mandatory cancellation. The Available Facility shall automatically be cancelled to zero on the last day of the Availability Period.