Mandatory Prepayment and Cancellation Sample Clauses

Mandatory Prepayment and Cancellation. 7.8.1 In the event that either or both of the conditions set out in clause 3.6 are not satisfied in accordance with such clause (i) the Borrowers shall within a period of 3 months (the "GRACE PERIOD") from the expiry of the six month or nine month period (as applicable) either ensure that the relevant outstanding conditions are satisfied or prepay or repay all outstanding Advances and procure the irrevocable discharge and return to the Working Capital Bank of any Bank Guarantees and (ii) on the expiry of the Grace Period, unless the relevant outstanding conditions have been satisfied, the Total Commitments shall be reduced to zero and pending such satisfaction (a) no further Bank Guarantees may be issued hereunder and (b) no Advances may be drawn hereunder under the Revolving Credit Facility or the Working Capital Facility (as the case may be) if following the making of any such Advance under such Facility the aggregate Dollar Amount of Advances would exceed the aggregate Dollar Amount of Advances outstanding under such Facility prior to the making of such Advance (after taking account of any Advance due under the relevant Facility to be made or repaid on the Utilisation Date of such Advance). 7.8.2 In the event that any person acquires or persons acting in concert acquire control of the Ultimate Shareholder, unless such person is a recognised and experienced international telecommunications operator the credit rating of whose long term debt is rated at least "A3" by Moodx'x and "A-" by Standard and Poor's, the Borrowers shall immediately prepay or repay all outstanding Advances and procure the irrevocable discharge and return to the Working Capital Bank of any Bank Guarantee and the Total Commitments shall be reduced to zero. For the purposes of this clause 7.8.2 "acting in concert" shall have the meaning given to such expression in the City Code on Takeovers and Mergers and "control" means (i) the beneficial ownership, directly or indirectly, of shares of corporate stock or other equity participations with

Mandatory Prepayment and Cancellation. (A) For the purpose of this Clause 7.4:

Mandatory Prepayment and Cancellation. Total Loss or sale

Mandatory Prepayment and Cancellation. (a) Upon the occurrence of: (i) a Change of Control; or (ii) other than the Merger, the sale of all or substantially all of the assets of the Group or the Target Group whether in a single transaction or a series of related transactions (for the avoidance of doubt, (i) the disposal of Posterscope (Hong Kong) Ltd. and (ii) the disposal and/or restructuring of Nanning Jetlong and its subsidiaries shall not require any mandatory prepayment pursuant to this Clause 7.8), the Borrower shall promptly upon becoming aware of its occurrence notify the Lender and the Lender may, by three (3) Business Days’ (or such other period as agreed by the Lender and the Borrower) prior written notice to the Borrower, cancel the Facility whereupon the Facility shall immediately be cancelled and/or declare all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents to be immediately due and payable, whereupon they shall become immediately due and payable.

Mandatory Prepayment and Cancellation. (a) The Company shall notify the Facility Agent in writing promptly upon receipt by a member of the Group of any Equity or Debt Proceeds or any Disposal Proceeds, giving details of the recipient and the amount of the relevant Equity or Debt Proceeds or Disposal Proceeds. (b) If a member of the Group receives any Equity or Debt Proceeds, where such Equity or Debt Proceeds (when aggregated with any other Equity or Debt Proceeds received by any member of the Group) exceed EUR 50,000,000 or its equivalent in any other currencies (any such excess, the "Relevant Equity or Debt Proceeds") and the Senior Leverage Ratio was greater than 3.5:1.0 in respect of the most recent Relevant Period in relation to which a Compliance Certificate has been delivered by the Company to the Facility Agent, then (i) on the date on which such Equity or Debt Proceeds are received (or, in relation to any Equity or Debt Proceeds where convertible bonds are issued, on the date which is the later of (A) the settlement date in relation to such convertible bonds and (B) the date on which the Equity or Debt Proceeds in relation to such convertible bonds are received) the Facility shall be reduced and cancelled by an amount equal to the Senior Leverage Ratio Adjustment Amount and (ii) (subject to the following provisions of this Clause 8.3) within 10 Business Days of receipt the Borrowers shall, to the extent necessary, prepay Loans such that (after such prepayment) the aggregate amount of all outstanding Loans does not exceed the Facility (after its reduction pursuant to (i) above).

Mandatory Prepayment and Cancellation. Exit (a) For the purpose of this clause 13.1:

Mandatory Prepayment and Cancellation. Upon a Change of Control, Sale or Flotation: 3.7.1 the Borrower will prepay all amounts outstanding under the Revolving Credit (together with accrued interest); and 3.7.2 the undrawn Revolving Credit will be automatically cancelled.

Mandatory Prepayment and Cancellation. Total Loss or sale If a Drillship is sold or otherwise is disposed of in whole or in part (except in relation to a sale in accordance with clause 27.2 (Accession by an Acceding Borrower and Guarantor), or suffers a Total Loss, the relevant Tranches pertaining to that Drillship shall be cancelled and any amount outstanding under such Tranches shall, in the case of a Total Loss, be prepaid in accordance with Clause 24.12 (Total Loss), or in the case of a sale or disposal, on the date upon which the sale or disposal of such Drillship is completed.

Mandatory Prepayment and Cancellation repayment of Parent Company Loan

Mandatory Prepayment and Cancellation. (a) Upon and at any time after the occurrence of a Prepayment Event, the Agent, acting on the instructions of the Majority Banks, may serve a notice of mandatory prepayment and cancellation on the Obligors' Agent and: (i) on the date of the notice the Total Commitments shall be cancelled; and (ii) on the date which is the early of the next Maturity Date and,the date falling six months after the date of service of such notice the Borrowers shall prepay the Loans made in full together with any other amounts then due in connection with such Loans. (b) In this Clause 7.3, "Prepayment Event" shall mean any of the following: