Automatic cancellation Clause Samples
The "Automatic cancellation" clause defines the conditions under which an agreement or contract is terminated automatically without the need for further action by either party. Typically, this clause specifies certain events—such as non-payment, failure to meet deadlines, or the occurrence of a specified event—that will trigger the immediate cancellation of the agreement. Its core practical function is to provide certainty and efficiency by ensuring that the contract ends promptly when predefined conditions are met, thereby reducing the need for disputes or additional administrative steps.
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Automatic cancellation. At the close of business on the last day of the Availability Period in respect of each Facility, the Available Commitment of each Lender under such Facility shall be (if it has not already been) cancelled and reduced to zero.
Automatic cancellation. The Commitment of each Lender will be automatically cancelled at the close of business on the last day of the Availability Period.
Automatic cancellation. (a) The Commitments of each Lender will be automatically cancelled at the close of business on the last day of the Availability Period.
(b) Once the Loan under Facility B has been made, any unutilised Commitment under Facility B will be automatically cancelled at the close of business on the last day of the Availability Period.
Automatic cancellation. Any part of an Available Facility which is undrawn by the Borrower at the close of business in Singapore on the last day of the applicable Availability Period shall be automatically cancelled.
Automatic cancellation. The Commitment of each Bank shall be automatically cancelled at the close of business in London on the Final Maturity Date.
Automatic cancellation. The Commitments of each Lender under a Senior Facility which, at that time, are unutilised, shall automatically be cancelled immediately at 11h00 on the last day of the Availability Period for the relevant Senior Facility.
Automatic cancellation. If the first Utilisation Date has not occurred by the date falling one Month after the date of this Agreement, the Facility will be automatically cancelled in full.
Automatic cancellation. At the close of business in London on the last Business Day of the Availability Period for the Facility, the undrawn Commitment of each Lender under the Facility at that time shall be automatically cancelled.
Automatic cancellation. Any part of the Total Commitments which has not become available by the Last Availability Date shall be automatically cancelled at close of business in London on the Last Availability Date.
Automatic cancellation. (a) If, prior to receipt by the Facility Agent of the Drawing Notice, it becomes illegal for the Funding Entity to perform its obligations under the Funding Agreement in respect of any Lender, then the Available Commitments of that Lender shall be automatically cancelled without liability for the Borrower for any Funding Losses, premium or penalties.
(b) Notwithstanding anything to the contrary herein, all Available Commitments shall be automatically cancelled and terminated on the Commitments Termination Date. So long as the Borrower has either not served a Drawing Request or has borrowed the full amount requested in its Drawing Request, any such cancellation and termination of the Available Commitments shall not itself result in liability for the Borrower for any Funding Losses, premium or penalties.