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. The Available Facility shall automatically be cancelled to zero on the last day of the Availability Period.
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(ii) the Offer is withdrawn or terminates, all the Commitments will be immediately and automatically cancelled.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. If, prior to a Delivery:
(a) the Building Contract is for any reason and by any method cancelled, terminated or rescinded; or
(b) a competent court or arbitration panel decides that the Building Contract has been validly cancelled, terminated or rescinded; or
(c) the Borrower disposes of its rights under the Building Contract (whether this be by way of assignment, novation or otherwise) or the Borrower wrongfully cancels, terminates or rescinds the Building Contract, then the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower with effect from the date ten Business Days after the giving of such notice (or such later date as may be approved in advance by the Majority Lenders) cancel the Total Commitments and the Total Commitments shall then be reduced to zero.
Mandatory cancellation. The Contribution Amount of the Law Change Affected Lender will be cancelled pursuant to Article 11 of this Agreement.
Mandatory cancellation. The undrawn Interim Commitments of the Interim Lenders will be automatically cancelled (on a US Dollar for US Dollar basis) on each date on which Term A Facility is utilised in US Dollars, in each case by an amount equal to the aggregate principal amount of Term A Facility utilised on such utilisation date. Any cancellation shall reduce the Interim Commitments of the Interim Lenders rateably under the Interim Facility.
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.