Common use of Right of prepayment and cancellation Clause in Contracts

Right of prepayment and cancellation. If any Borrower is required to pay any amount to a Lender under Clauses 13, 14 or 15 the Obligors' Agent may, while the circumstances giving rise to the requirement continue, serve a notice of prepayment and cancellation on that Lender through the Facility Agent. On the date falling ten Business Days after the date of service of the notice: (a) each Borrower shall prepay that Lender's participation in any Utilisation (including any participation or liability through the operation of Clause 5.7) made to it together with all other amounts payable by it to that Lender under this Agreement; and (b) such Lender's Commitments in the relevant Facility shall be cancelled (but without prejudice to such Lender's obligations under Clause 5.7).

Right of prepayment and cancellation. If any Borrower is required to pay any amount to a Lender under Clauses 13, 14 or 15 the Obligors' Agent may, while whilst the circumstances giving rise to the requirement continue, serve a notice of prepayment and cancellation on that Lender through the Facility Agent. On the date falling ten seven Business Days after the date of service of the notice: (a) each Borrower shall prepay that Lender's participation in any Utilisation (including any participation or liability through the operation of Clause 5.7) made to it together with all other amounts payable by it to that Lender under this Agreement; and (b) all such Lender's Commitments in the relevant Facility shall be cancelled (but without prejudice to such Lender's obligations under Clause 5.7).