Common use of Voluntary and automatic cancellation Clause in Contracts

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 3 contracts

Samples: Assignment Agreement (Ardmore Shipping Corp), Assignment Agreement (Ardmore Shipping Corp), Assignment Agreement (Ardmore Shipping Corp)

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Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 five Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000 or an integral multiple of that amount or such lesser amount as may be acceptable to the Majority Lenders) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably and the amount of each Tranche then unutilised rateablythe relevant Tranche(s).

Appears in 2 contracts

Samples: Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 7.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 2 contracts

Samples: Assignment Agreement (Ardmore Shipping Corp), Humber Shipco LLC (Ardmore Shipping Corp)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 ten Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably and the amount of each Tranche then unutilised rateablythe relevant Tranche(s).

Appears in 2 contracts

Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)

Voluntary and automatic cancellation. (a) The Borrowers Borrower may, if they give it gives the Facility Agent not less than 15 10 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Assignment Agreement (Pyxis Tankers Inc.)

Voluntary and automatic cancellation. (a) The Borrowers Borrower may, if they give it gives the Facility Agent not less than 15 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility300,000). Any cancellation under this Clause 7.3 7.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Assignment Agreement (Euroseas Ltd.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 five Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000 per Tranche outstanding) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably and the amount of each Tranche then unutilised rateablythe relevant Tranche(s).

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Partners L.P.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) 1,000,000 of the Available FacilityLoan. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) 8.4 shall reduce the Commitments of the Lenders rateably and the amount of each Tranche then unutilised rateablythe relevant Tranche(s).

Appears in 1 contract

Samples: Agreement (Scorpio Tankers Inc.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 ten Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000) of the Available Facility. Any cancellation under this Clause 7.3 7.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders rateably and the amount of each Tranche then unutilised rateablythe relevant Tranche(s).

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Partners L.P.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 five Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000500,000 or a multiple of that amount) of the Available Facility. Any cancellation under this Clause 7.3 7.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche the Advances then unutilised drawn rateably.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Holdings Inc.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000) of the Available FacilityFacilities. Any cancellation under this Clause 7.3 8.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and rateably and, if that cancellation is effective before the amount first Utilisation Date, shall reduce the Commitments of the Lenders under each Tranche then unutilised of the Facilities rateably.

Appears in 1 contract

Samples: And Restatement Agreement (Ardmore Shipping Corp)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Assignment Agreement (Ardmore Shipping Corp)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 Business Days’ 10 days' (or such shorter period as the Majority Lenders may agree) prior irrevocable written notice, cancel the whole or any part (being a minimum amount of $500,000500,000 or a multiple of that amount) of the Available Facility. Any cancellation under this Clause 7.3 7.2 (Voluntary and automatic cancellation) shall reduce be applied in inverse order of maturity against the Commitments of Repayment Instalments, including any balloon instalment, and pro rata between the Lenders and the amount of each Tranche then unutilised rateablyTranches.

Appears in 1 contract

Samples: Agreement (Global Ship Lease, Inc.)

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Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 Business Days’ five RFR Banking Days (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Partners L.P.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 10 Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Assignment Agreement (Castor Maritime Inc.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent Lender not less than 15 ten (10) Business Days' (or such shorter period as the Majority Lenders Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments amount of the Lenders and the amount of each relevant Tranche then unutilised rateably.

Appears in 1 contract

Samples: Facility Agreement (Seanergy Maritime Holdings Corp.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 three Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) 1,000,000 of the Available FacilityLoan). Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) 8.4 shall reduce the Commitments of the Lenders rateably and the amount of each Tranche then unutilised rateablythe relevant Tranche(s).

Appears in 1 contract

Samples: Agreement (Scorpio Bulkers Inc.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 10 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part of the unutilised Commitments (but, if in part, being an amount that reduces the Commitments by a minimum amount of $500,000) 500,000 or a multiple of the Available Facilitythat amount). Any cancellation under this Clause 7.3 7.2 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Agreement (Okeanis Eco Tankers Corp.)

Voluntary and automatic cancellation. (a) The Borrowers Borrower may, if they give it gives the Facility Agent not less than 15 three Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,0001,000,000) of the an Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateablyrateably under that Facility or Tranche.

Appears in 1 contract

Samples: Euronav NV

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent Lender not less than 15 ten (10) Business Days’ (or such shorter period as the Majority Lenders Lender may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments amount of the Lenders and the amount of each relevant Tranche then unutilised rateably.

Appears in 1 contract

Samples: Facility Agreement (Seanergy Maritime Holdings Corp.)

Voluntary and automatic cancellation. (a) The Borrowers may, if they give the Facility Agent not less than 15 10 Business Days' (or such shorter period as the Majority Lenders may agree) prior noticenotice and subject to compliance with Clause 11.3 (Prepayment or cancellation fee), cancel the whole or any part (being a minimum amount of $500,000500,000 or any multiple thereof) of the Available Facility. Any cancellation under this Clause 7.3 (Voluntary and automatic cancellation) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised rateably.

Appears in 1 contract

Samples: Assignment Agreement (Star Bulk Carriers Corp.)

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