Common use of REPAYMENT/CANCELLATION Clause in Contracts

REPAYMENT/CANCELLATION. 4.1 A Tranche shall be repaid on the last day of each Interest Period relevant thereto (the “Repayment Date”). Amounts repaid shall be available for re-borrowing subject to the provisions of this Agreement. All Tranches and other amounts outstanding hereunder shall be repaid in full on the first to occur of: (i) 5 Business Days after the date on which the Borrower completes the sale of a major asset (it being agreed that a “major asset” shall mean a vessel or contract relating to the Newbuilding Programme, or the shares of a subsidiary holding such vessel or contract); (ii) 5 Business Days after the date on which the Borrower agrees to purchase a major asset; and