Common use of Effect of notice of cancellation Clause in Contracts

Effect of notice of cancellation. The service of a cancellation notice under Clause 7.9(b) shall cause the amount of the Commitment specified in the notice to be permanently cancelled and the Commitment figures set out in Schedule 5 shall be reduced by an amount corresponding to the amount of such cancellation.

Effect of notice of cancellation. The service of a cancellation notice given under Clause 7.9(b8.13(b) shall cause the amount of the Commitment Total Commitments specified in the notice to be permanently cancelled and cancelled, following which: (a) in the case of a permanent cancellation of part of the Total Commitments the Commitment figures set out in Schedule 5 of each Lender shall be permanently reduced pro rata; and (b) the amounts by which the Total Commitments shall be periodically reduced pursuant to Clause 8.16(a) shall be reduced pro rata by an amount corresponding to the amount of such cancellationby which the Total Commitments has been permanently cancelled.