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

Right of repayment and cancellation in relation to a single Lender. 7.5.1 Subject to the provisions of Clause 7.9.10, if: 7.5.1.1 any sum payable to any Lender by the Borrower is required to be increased under Clause 12.2.3 (Tax gross-up); or 7.5.1.2 any Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs); the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Loan. 7.5.2 On receipt of a notice referred to in Clause 7.5.1 above, the Commitment of that Lender shall immediately be reduced to zero. 7.5.3 On the last day of the next succeeding Interest Period which ends after the Borrower has given notice under Clause 7.5.1 above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation in the Loan, together with accrued interest and all other Secured Liabilities payable to that Lender.

Appears in 2 contracts

Samples: Credit Agreement (Corporate Property Associates 16 Global Inc), Credit Agreement (Corporate Property Associates 16 Global Inc)

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Right of repayment and cancellation in relation to a single Lender. 7.5.1 Subject to the provisions of Clause 7.9.10, if7.7.1. If: 7.5.1.1 7.7.1.1. any sum payable to any Lender by the a Borrower is required to be increased under Clause 12.2.3 (Tax gross-up)12.2.3; or 7.5.1.2 7.7.1.2. any Lender claims indemnification from the a Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 13 (Increased costsCosts); , AMENDED & RESTATED TERM & REVOLVING CREDIT FACILITY AGREEMENT_EXECUTION the Original Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's ’s participation in the LoanLoans. 7.5.2 7.7.2. On receipt of a notice of cancellation referred to in Clause 7.5.1 above7.7.1, the Commitment of that Lender shall immediately be reduced to zero. 7.5.3 7.7.3. On the last day of the next succeeding each Interest Period in relation to a Loan which ends after the Original Borrower has given notice of cancellation under Clause 7.5.1 above 7.7.1 (or, if earlier, the date specified by the Borrower in that notice), the each Borrower to which a Loan is outstanding shall repay that Lender's ’s participation in the Loan, that Loan together with accrued interest and all other Secured Liabilities payable to that Lenderamounts accrued under the Finance Documents.

Appears in 1 contract

Samples: Term and Revolving Credit Facilities Agreement (Sibanye Gold LTD)

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Right of repayment and cancellation in relation to a single Lender. 7.5.1 Subject 7.6.1 Without prejudice and subject to the applicable provisions of Clause 7.9.1035.3 below, if: 7.5.1.1 (i) any sum payable to any Lender by the Borrower an Obligor is required to be increased under Clause 12.2.3 12.2 (Tax gross-gross up); or 7.5.1.2 (ii) any Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs); , the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues continues, give the Agent 5 Business Days prior notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's ’s participation in the LoanLoans. 7.5.2 On 7.6.2 Following the lapse of the 5 Business Days period from receipt of a notice referred to in Clause 7.5.1 paragraph 7.6.1 above, the Commitment of that Lender shall immediately be reduced to zero. 7.5.3 7.6.3 On the last day of the next succeeding each Interest Period which ends after the Borrower has given notice under Clause 7.5.1 paragraph 7.6.1 above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay at cash and at par that Lender's ’s participation in the Loan, that Loan together with all accrued interest interest, Break Costs, if any, and all other Secured Liabilities amounts payable to that Lenderin relation thereto under the Finance Documents.

Appears in 1 contract

Samples: Term Facility Agreement (Luxottica Group Spa)

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