Voluntary and automatic cancellation Clause Samples
The 'Voluntary and automatic cancellation' clause defines the conditions under which a contract or agreement can be terminated either by the parties' choice (voluntarily) or automatically upon the occurrence of specific events. In practice, this clause may allow a party to cancel the agreement by providing written notice, or it may specify that the contract ends automatically if certain triggers occur, such as non-payment or insolvency. Its core function is to provide clear procedures and certainty regarding how and when a contract can be ended, thereby managing risk and expectations for all parties involved.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.
(b) The unutilised Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the Loan is made available.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Lender not less than 7 Business Days' (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $100,000 (or an integral multiple thereof) or such other amount as the Lender may agree) of the Available Facility.
(b) The unutilised Commitment (if any) shall be automatically cancelled at close of business on the earlier of (a) the Utilisation Date and (b) the end of the Availability Period.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Lender not less than five Business Days' (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part of the Available Facility. Any cancellation under this Clause 7.2 (Voluntary and automatic cancellation) shall reduce the amount of each Repayment Instalment and each Balloon Instalment pro rata.
(b) The unutilised Commitment (if any) shall be automatically cancelled at close of business on the date on which the Advance under Tranche B is made available.
Voluntary and automatic cancellation. The Borrowers may, if they give the Facility Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders and the Facility Agent may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of the Available Facility. Any cancellation under this Clause 8.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised pro rata and, in 57 EUROPE/73091764v9 the case of each Tranche, pro rata against each Instalment and the Balloon Instalment for that Tranche.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of the Available Facilities. Any cancellation under this Clause 8.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably and, if that cancellation is effective before the first Utilisation Date, shall reduce the Commitments of the Lenders under each of the Facilities rateably.
(b) The unutilised Accordion Facility Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the Accordion Facility is made available.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 10 days' (or such shorter period as the Majority Lenders may agree) prior irrevocable written notice, cancel the whole or any part (being a minimum amount of $500,000 or a multiple of that amount) of the Available Facility. Any cancellation under this Clause 7.2 (Voluntary and automatic cancellation) shall be applied in inverse order of maturity against the Repayment Instalments, including any balloon instalment, and pro rata between the Tranches.
(b) Any unutilised Commitment shall be automatically cancelled at close of business on the last date of the Availability Period.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Lender not less than 10 Business Days' (or such shorter period as the Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of the Available
Voluntary and automatic cancellation. The Borrower may, if it gives the Facility Agent not less than three Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of an Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably under that Facility or Tranche.
Voluntary and automatic cancellation. (a) The Borrower may, if it gives the Facility Agent not less than five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount which is equal to one Repayment Instalment of a K-SURE Covered Loan) of an Available Facility under a K-SURE Covered Tranche. Any cancellation under this Clause 8.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably under that K-SURE Covered Tranche.
(b) The unutilised Commitment (if any) of each Lender under a K-SURE Covered Tranche shall be automatically cancelled at close of business on the date on which the Advance under that K-SURE Covered Tranche is made available.
(c) The Facility Agent shall notify the K-SURE Agent of any notice received by the Borrower pursuant to paragraph 8.3(a) above.
Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than five Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000 or a multiple of that amount) of the Available Facility. Any cancellation under this Clause shall reduce the Commitments of the Lenders rateably and the amount of the Loan.
(b) The unutilised Commitments (if any) of each Lender shall be automatically cancelled at close of business at the end of the Availability Period. 43 EUROPE/78117511v9