Right of Cancellation Sample Clauses
The Right of Cancellation clause grants one or both parties the ability to terminate an agreement within a specified period or under certain conditions. Typically, this clause outlines the process for providing notice of cancellation, any deadlines that must be met, and whether any penalties or refunds apply. Its core practical function is to provide flexibility and protection, allowing parties to withdraw from a contract without penalty if circumstances change or if they reconsider their commitment, thereby reducing risk and ensuring fairness.
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Right of Cancellation. The right of cancellation applies only in cases when the contract is concluded as a distance contract or off-premises contract, cf. Section 1 of the Cancellation Act. In such cases, the cancellation form is attached to the booking confirmation.
Right of Cancellation and repayment in relation to a single Lender
(a) If:
(i) any sum payable to any Lender by the Borrower is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or
(ii) any Lender claims indemnification from the Borrower under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan.
(b) On the date falling five Business Days after receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of the Interest Period for the Loan which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender’s participation in the Loan together with all interest and other amounts accrued in relation to such repaid amount under the Finance Documents.
Right of Cancellation and repayment in relation to a single Lender or Issuing Bank
(a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 17.2 (Tax gross-up);
(ii) any Lender or Issuing Bank claims indemnification from the Parent or an Obligor under Clause 17.3 (Tax indemnity) or Clause 18.1 (Increased costs), the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice:
(i) (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations; or
(iii) (if such circumstances relate to the Issuing Bank) of repayment of any outstanding Letter of Credit issued by it and cancellation of its appointment as an Issuing Bank under this Agreement in relation to any Letters of Credit to be issued in the future.
(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.
Right of Cancellation and repayment in relation to a single Lender or Issuing Bank
(a) If:
(i) any sum payable to any Finance Party by an Obligor is required to be increased under paragraph (d) of Clause 18.2 (Tax gross-up) or paragraph 3 of Schedule 4 (Mandatory Cost Formula); or
(ii) any Finance Party claims indemnification from the Parent or an Obligor under Clause 18.3 (Tax indemnity) or Clause 19.1 (Increased costs),
(iii) any Lender invokes Clause 16.2 (Market disruption), then, subject to paragraph (c) below:
(A) if the circumstance relates to a Lender, the Parent may:
1. require the transfer or assignment in accordance with this Agreement of all or any part (but at par only) of that Lender’s Commitments and participations in the Utilisations to a person nominated by the Parent willing to accept that transfer or assignment; or
2. give the Agent notice of cancellation of all or any part of that Lender’s Commitments and the Parent’s intention to procure the repayment of all or any part of that Lender’s participations in the Utilisations, whereupon the relevant part of the Commitments of that Lender shall immediately be reduced to zero;
(B) if the circumstance relates to an Ancillary Lender, the Parent may give the Agent notice of cancellation of all or any part of that person’s Ancillary Commitment and the Parent’s intention to procure the repayment of all or any part of the utilisations of any Ancillary Facility granted by that person, whereupon the relevant part of that Ancillary Commitment of that person shall immediately be reduced to zero; and
(C) if the circumstance relates to an Issuing Bank:
1. the Parent may give the Agent notice of cancellation of the appointment as Issuing Bank under this Agreement in relation to any Letters of Credit to be issued in the future and the Parent’s intention to procure either the reduction to zero of that Issuing Bank’s contingent liability under any Letter of Credit or the provision of full cash cover in respect of the Issuing Bank’s maximum contingent liability under each outstanding Letter of Credit or to otherwise repay in full each Letter of Credit issued by that Issuing Bank; and
2. if the Parent gives notice under paragraph (C)1 above, the Revolving Facility shall cease to be available for the issue of Letters of Credit by the relevant Issuing Bank.
(b) On the last day of each Interest Period which ends after the Parent has given notice under paragraph (a)(A)2, (a)(B) or (a)(C)1 above (or, if earlier, the date specified by th...
Right of Cancellation. Change of Subscriber’s Name 4.1 Notification of Change of Subscriber’s Name 4.2 Assignment or Transfer of Agreement
Right of Cancellation. (a) If the Subscriber is a consumer (i.e. a natural person acting for purposes outside of his/her trade or profession), the Subscriber may cancel an order for 14 days following receipt of order confirmation from SORACOM. The right of cancellation is invoked by sending an e-mail with "Cancellation" stated in the subject line to SORACOM within the period of 14 days. If the Subscriber intends to make use of the right of cancellation under this section, the Subscriber is also free to use the template in Schedule 2.
(b) Notwithstanding section 3.6 (a), the Subscriber is obligated to pay the fees, including – but not limited to – user fees and subscription fees, for the days the subscription has been operating and active, if the Subscriber has requested and is granted access to the SORACOM Air Global Service or other services of SORACOM during the 14 days period under section 3.6 (a) above.
Right of Cancellation. Any principal instructing you to cancel this escrow shall file notice of cancellation in your office in writing. You shall, within two (2) working days thereafter, deliver one copy of such notice to each of the other principals at the addresses stated in this escrow. UNLESS WRITTEN OBJECTION TO CANCELLATION IS FILED IN YOUR OFFICE BY A PRINCIPAL WITHIN TEN (10) DAYS AFTER DATE OF SUCH MAILING, YOU ARE AUTHORIZED TO COMPLY WITH SUCH NOTICE AND DEMAND PAYMENT OF YOUR CANCELLATION CHARGES. If written objection is filed, you are authorized to hold all money and instruments in this escrow and take no further action until otherwise directed, either by the principals' mutual written instructions, or by final order of a court of competent jurisdiction.
Right of Cancellation and repayment in relation to a single Lender
(a) If:
(i) any sum payable to any Lender by an Obligor is required to be increased under Clause 16.2(c) (Tax gross-up); or
(ii) any Lender claims indemnification from the Company or an Obligor under Clause 16.3 (Tax indemnity) or Clause 17.1 (Increased costs), the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations.
(b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero.
(c) On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.
Right of Cancellation. Either party shall have the right to cancel this Agreement if Force Majeure suspends performance of scheduled tasks by one or more parties for a period of one hundred twenty (120) or more days from the scheduled date of the task. If a cancellation due to a Force Majeure occurs before title passes to the District, the Contractor may keep any parts of the System(s) as it can salvage but must remove same at its own expense and shall return all sums received from the District. If cancellation occurs due to a Force Majeure after title passes to the District, the System(s) shall remain with the District and the Contractor shall be entitled to any such payments as have accrued according to the payment schedule.
Right of Cancellation. The Client enjoys the right of cancellation. It may exercise this right, without having to justify its reasons nor pay any penalties other than any return fees, within a period of fourteen (14) days from the day after the Order. The cancellation right shall be exercised before the expiry date aforementioned via the form available for such purpose in the Management Interface, whether by filling the following cancellation form and addressing it to OVH par registered letter with acknowledgement, or by any other declaration clearly expressing its wish to exercise this right.