Common use of Voluntary cancellation of Commitments to a Tranche Clause in Contracts

Voluntary cancellation of Commitments to a Tranche. The Borrower may at any time during an Availability Period by notice to the Agent (effective only on actual receipt) cancel with effect from a date not less than five (5) Business Days after the receipt by the Agent of such notice the whole or any part (being a minimum amount of ten million euro (EUR10,000,000) or ten million Dollars (USD10,000,000) (as the case may be) or a whole multiple thereof but not more than the Available Commitments of all of the Lenders to the relevant Tranche as at such date) of the total of the Available Commitments to the relevant Tranche as at such date of all the Lenders. Any such notice of cancellation, once given, shall be irrevocable and upon such cancellation taking effect the Commitment of each of the Lenders to the relevant Tranche shall be permanently reduced proportionately and the Borrower shall on the date designated in its notice prepay such amount of the outstanding Drawings as will ensure that immediately thereafter the aggregate amount of the Drawings will not exceed the Commitments to the relevant Tranche as so reduced by virtue of the Borrower’s cancellation.