Common use of Voluntary cancellation following imposition of Substitute Basis Clause in Contracts

Voluntary cancellation following imposition of Substitute Basis. The Borrower may notify the Agent within ten (10) Business Days of the receipt of a certificate from the Agent of a Substitute Basis under Clause 6.3 whether or not it wishes to cancel a Tranche or the relevant part thereof, in which event the Borrower shall forthwith cancel the Tranche or such relevant part thereof and prepay such amount of the outstanding Drawings as will ensure that immediately thereafter the aggregate of the amount of the Drawings will not exceed the Commitments to the Tranche or relevant part thereof as so reduced by virtue of the Borrower’s cancellation.

Voluntary cancellation following imposition of Substitute Basis. The Borrower may notify the Agent within ten (10) Business Days of the receipt of a certificate from the Agent of a Substitute Basis under Clause 6.3 whether or not it wishes to cancel a Tranche the Facility or the relevant part thereof, in which event the Borrower shall forthwith cancel the Tranche Facility or such relevant part thereof and prepay such amount of the outstanding Drawings as will ensure that immediately thereafter the aggregate of the amount of the Drawings will not exceed the Commitments to the Tranche Facility or relevant part thereof as so reduced by virtue of the Borrower’s cancellation.