Mandatory cancellation Clause Samples
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.
POPULAR SAMPLE Copied 1 times
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. 7.5.1 Without prejudice to any other provision of this Agreement, any Available Facility on the day falling immediately after the Utilisation Date shall thereupon be automatically cancelled and no Loan may then be made under any of the Facilities.
7.5.2 The Facilities shall only be utilised in one amount on the proposed Utilisation Date. If the Utilisation Date has not occurred on or before the earlier of (i) the last day of the Availability Period and (ii) the date on which the Acquisition Agreement is terminated, the Facilities shall be immediately 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. (1) 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.
(2) If the Company owns less than 100 per cent. of the Target Shares, and any prepayment of the 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 7.2(B)(2) shall reduce ratably the Commitments of the Lenders.
Mandatory cancellation. The Company shall cancel Facility A and, following the cancellation in full of Facility A, Facility B in an amount equal to the Net Financing Proceeds and/or Net Disposal Proceeds received by any member of the Group from a Specified Disposal referred to paragraph (i) to (iv) of that definition, in each case no later than on the date of delivery of the first Utilisation Request to fund the acquisition of Target Shares pursuant to the Offer or the Scheme (which shall be delivered no earlier than 3 Business Days prior to the relevant Utilisation Date), promptly following receipt thereof, provided that prior to the end of the Certain Funds Period such cancellation notice shall only be effective if it is countersigned by the Financial Advisor and provided further that should the countersignature by the Financial Advisor not be obtained the prepayment requirement under Clause 12.3 (Net Disposal Proceeds and Net Financing Proceeds) shall apply provided that the payment obligation shall be deferred (gestundet) until the day which is ten Business Days after the last day of the Certain Funds Period. Any cancellation under this Clause 12.5 shall reduce the Commitments of the Lenders under the Facility or Facilities rateably.
Mandatory cancellation. (a) On any date on which the Euro Notes, the USD Notes or the MTN Programme (or any amount thereunder or in respect thereof) is repaid or refinanced, in whole or in part, the Company shall notify the Facility Agent, the Facility shall immediately cease to be available in an aggregate amount equal to the aggregate amount of any such repayment or refinancing, and the Facility shall be immediately cancelled (and any outstanding Loans shall be immediately repaid) in an aggregate amount equal to the aggregate amount of any such repayment or refinancing. Provided that this paragraph (a) shall not apply in respect of (i) any repayment or refinancing of Financial Indebtedness existing on the Signing Date under the Euro Notes or the USD Notes which is funded from the proceeds of debt capital markets issues by a member of the Group (other than the Company) in a maximum aggregate amount (taken together with any other such repayment or refinancing since the Signing Date) not exceeding USD 500,000,000 or (ii) any repayment of the Euro Notes or the USD Notes funded from the proceeds of a Loan.
(b) Any cancellation under this Clause 7.8 shall reduce the Commitments of the Lenders rateably.
(c) The Company shall promptly notify the Finance Parties upon the occurrence of any of the events or circumstances to which this Clause 7.8 relates.
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. The Contribution Amount of the Law Change Affected Lender will be cancelled pursuant to Article 11 of this Agreement.