Common use of Right of cancellation and prepayment in relation to a single Lender Clause in Contracts

Right of cancellation and prepayment in relation to a single Lender. 7.4.1 If: (a) any sum payable to any Lender by the Borrowers is required to be increased under Clause 12.2.2 (Tax gross-up); or (b) any Lender claims indemnification from the Borrowers under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and their intention to procure the repayment of that Lender's participation in the Loan. 7.4.2 On receipt of a notice referred to in Clause 7.4.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero. 7.4.3 On the last day of the Interest Period in respect of each Tranche which ends after the Borrowers have given notice under Clause 7.4.1 in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender's participation in that Tranche together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and prepayment in relation to a single Lender. 7.4.1 If: (a) any sum payable to any Lender by the Borrowers Borrower is required to be increased under Clause 12.2.2 (Tax gross-up); or (b) any Lender claims indemnification from the Borrowers Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and their its intention to procure the repayment of that Lender's participation in the Loan. 7.4.2 On receipt of a notice referred to in Clause 7.4.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero. 7.4.3 On the last day of the Interest Period in respect of each Tranche which ends after the Borrowers have Borrower has given notice under Clause 7.4.1 in relation to a Lender (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender's participation in that Tranche the Loan together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and prepayment in relation to a single Lender. 7.4.1 7.3.1 If: (a) any sum payable to any Lender by the Borrowers is required to be increased under Clause 12.2.2 (Tax gross-up); or (b) any Lender claims indemnification from the Borrowers under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and their intention to procure the repayment of that Lender's ’s participation in the Loan. 7.4.2 7.3.2 On receipt of a notice referred to in Clause 7.4.1 7.3.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero. 7.4.3 7.3.3 On the last day of the Interest Period in respect of each Tranche Vessel Loan which ends after the Borrowers have given notice under Clause 7.4.1 7.3.1 in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender's ’s participation in that Tranche Vessel Loan together with all interest and other amounts accrued under the Finance Documents.