Common use of Cancellation / Retirement of Loans Clause in Contracts

Cancellation / Retirement of Loans. Upon any contribution of Loans to the Borrower and upon any purchase of Loans by the Borrower or any Subsidiary, (i) the aggregate principal amount (calculated on the face amount thereof) of such Loans shall automatically be cancelled and retired by the Borrower on the date of such contribution or purchase (and, if requested by the Administrative Agent, with respect to a contribution of Loans, any applicable contributing Lender shall execute and deliver to the Administrative Agent an Assignment and Assumption, or such other form as may be reasonably requested by the Administrative Agent, in respect thereof pursuant to which the respective Lender assigns its interest in such Loans to the Borrower for immediate cancellation) and (ii) the Administrative Agent shall record such cancellation or retirement in the Register.