Optional facility cancellation. The Borrower shall be entitled, upon giving to the Agent not less than 5 Business Days' prior written notice (the "Cancellation Notice"), which notice shall be irrevocable, to cancel, in whole or in part, and, if in part, by an amount not less than $500,000 or a higher multiple thereof (or such other amount acceptable to the Agent acting on the instructions of the Majority Lenders), the undrawn balance of the Total Commitments. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the Total Commitments to which such Cancellation Notice relates shall terminate.
Optional facility cancellation. The Borrower shall be entitled, upon giving to the Agent not less than 5 Business Days’ prior written notice, to cancel, in whole or in part, and, if in part, by an aggregate amount not less than an amount equal to $5,000,000 or a higher integral multiple thereof (or such other amount acceptable to the Agent in its sole discretion), the undrawn balance of the Total Commitments (the “Cancellation Notice”) which notice shall be irrevocable and shall, at the option of the Borrower, specify whether such cancellation will be applied against a specific Advance, in which case the Borrower will specify the Advance against which that cancellation should be applied. A failure by the Borrower to make such a designation, in circumstances where no Advance has been made, shall result in the cancellation being applied against all Advances proportionately. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the Total Commitments to which such Cancellation Notice relates shall terminate.
Optional facility cancellation. The Borrower shall be entitled, upon giving to the Agent not less than 3 Business Days prior written notice (which notice shall be irrevocable), to cancel, in whole or in part, and, if in part, by an amount not less than $1,000,000 or a higher multiple of $1,000,000, the undrawn balance of the Revolving Facility. Upon such cancellation taking effect on expiry of such notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the Total Commitments to which such notice relates shall terminate and the commitment fee referred to in Clause 20.1(a)) on such portion shall cease to accrue.
Optional facility cancellation. The Borrowers shall be entitled upon giving to the Agent not less than 5 Business Days prior written notice (the “Cancellation Notice”), which notice shall be irrevocable and shall, at the option of the Borrowers, specify whether such cancellation will apply to a specific Advance, in which case the Borrowers will specify that Advance. A failure by the Borrowers to make such a designation shall result in the cancelled amount being applied proportionately between the undrawn Advance), to cancel, in whole or in part, and, if in part, by an amount not less than $500,000 (or such other amount acceptable to the Agent) or a higher multiple thereof, the undrawn balance of the Total Commitments. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the Total Commitments to which such Cancellation Notice relates shall terminate.
Optional facility cancellation. The Borrowers shall be entitled upon giving to the Agent not less than 5 Business Days prior written notice (the “Cancellation Notice”), which notice shall be irrevocable and shall, at the option of the Borrowers, specify whether such cancellation will apply to a specific Tranche, in which case the Borrowers will specify that Tranche. A failure by the Borrowers to make such a designation shall result in the cancelled amount being applied proportionately between the undrawn Tranches), to cancel, in whole or in part, and, if in part, by an amount not less than $500,000 or a higher multiple thereof, the undrawn balance of the Total Commitments. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the Total Commitments to which such Cancellation Notice relates shall terminate. No reborrowing No amount prepaid or cancelled may be reborrowed. CONDITIONS PRECEDENT Documents, fees and no default Each Lender’s obligation to contribute to a Tranche is subject to the following conditions precedent: that, on or before the date of this Agreement, the Agent receives:
Optional facility cancellation. The Borrower shall be entitled, upon giving to the Agent not less than 14 Business Days (or such shorter notice as the Lenders may agree) prior written notice (which notice shall be irrevocable), to cancel, in whole or in part, and, if in part, by an amount not less than $1,000,000 or a higher integral multiple of $1,000,000, the undrawn balance of Tranche A Advance 1, Tranche A Advance 2, Tranche A Advance 3, Tranche A Advance 4 or all Advance(s) in respect of an Approved Ship. Upon such cancellation taking effect on expiry of such notice Clause 9.1(f) shall apply, the commitment fee referred to in Clause 21.1(c)) on such portion shall cease to accrue and the amounts by which the relevant maximum aggregate amount outstanding shall periodically reduce pursuant to Clause 9.1 shall be reduced pro rata or (at the Borrower’s option if notified to the Agent) in order of maturity by the amount of such cancellation.
