Common use of Right of repayment and cancellation Clause in Contracts

Right of repayment and cancellation. in relation to a single Lender (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Borrower under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs), the 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 of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower to which a Loan has been made shall repay that Lender’s participation in the Loan.

Right of repayment and cancellation. in relation to a single Single Lender (a) If: (i) any sum payable to any Lender by an Obligor the Borrower is required to be increased under paragraph (c) of Clause 13.2 13.1 (Tax gross-upGross‑up); or (ii) any Lender claims indemnification from the Borrower under Clause 13.3 13.2 (Tax indemnityIndemnity) or Clause 14.1 (Increased costsCosts), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the LoanLoans. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zerozero (0). (c) On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower to which a Loan has been made shall repay that Lender’s participation in the that Loan.

Right of repayment and cancellation. in relation to a single Single Lender (a) If: (i) any sum payable to any Lender by an Obligor the Borrower is required to be increased under paragraph (c) of Clause 13.2 13.1 (Tax grossGross-up); or (ii) any Lender claims indemnification from the Borrower under Clause 13.3 13.2 (Tax indemnityIndemnity) or Clause 14.1 (Increased costsCosts), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the LoanLoans. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zerozero (0). (c) On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower to which a Loan has been made shall repay that Lender’s participation in the that Loan.

Right of repayment and cancellation. in relation to a single Lender (a) If: (i) any sum payable to any the Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up); or (ii) any the Lender claims indemnification from the Original Borrower under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs), the Original Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent Lender notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the LoanLoans. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Original Borrower has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by the Original Borrower in that notice), the each Borrower to which a Loan has been made is outstanding shall repay that Lender’s participation in the Loan.