Common use of Cancellation and Prepayment Clause in Contracts

Cancellation and Prepayment. (1) Upon receipt of the Law Change Notice by the Borrower, the Borrower and the Lenders will make efforts to take concerted actions within the time specified in the Law Change Notice so as to make this Agreement legal and valid. If the Borrower and the Lenders fail to take efforts to make this Agreement continue to be legal and valid, the Law Change Affected Lender will notify promptly the Agent Bank (the “Law Change Confirmation Letter”), which will notify the Borrower promptly upon its receipt of such Law Change Confirmation Notice. (2) Upon receipt of the Law Change Confirmation Letter by the Borrower, the Contribution Amount of the Law Change Affected Lender will be entirely and automatically cancelled. (3) Within twenty (20) Business Days upon its receipt of the Law Change Confirmation Letter, the Borrower will prepay any portion of the Loan Fund which is provided by the Law Change Affected Lender and any interest accrued thereupon.