Common use of Right of cancellation in relation to a Defaulting Lender Clause in Contracts

Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 5 Business Days’ notice of cancellation of each undrawn Commitment of that Lender. (b) On receipt of a notice referred to in paragraph (a) above, each undrawn Commitment of the Defaulting Lender will immediately be reduced to zero. (c) The Facility Agent must as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. (d) Notwithstanding any other provision in this Agreement, any Commitments cancelled under this Subclause may be reinstated in accordance with Subclause 31.5 (Increase).

Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 5 Business Days’ notice of cancellation of each undrawn Commitment of that Lender. (b) On receipt of a notice referred to in paragraph (a) above, each undrawn Commitment of the Defaulting Lender will immediately be reduced to zero. (c) The Facility Agent must as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. (d) Notwithstanding any other provision in this Agreement, any Commitments cancelled under this Subclause may be reinstated in accordance with Subclause 31.5 29.5 (Increase).

Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent no less than 5 Business Days’ Days notice of cancellation of each undrawn Commitment of that Lender. (b) On receipt of a the notice referred to in paragraph (a) aboveabove becoming effective, each undrawn Commitment of the Defaulting Lender will immediately be reduced to zero. (c) The Facility Agent must as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. (d) Notwithstanding any other provision in this Agreement, any Commitments cancelled under this Subclause may be reinstated in accordance with Subclause 31.5 28.4 (Increase).