Common use of Mandatory cancellation Clause in Contracts

Mandatory cancellation. (a) On each date on which a mandatory repayment of principal and, if applicable, concurrent cancellation of commitments (the amount of any such repayment and cancellation being a "NEW FACILITY REPAYMENT AMOUNT") is required under and in respect of any New Facility (a "MANDATORY CANCELLATION DATE"), the Commitments will be cancelled by the Euro Equivalent of an amount equal to the then applicable Cancellation Amount. "CANCELLATION AMOUNT" means, at any time, an amount equal to (i) the product of (A) the Commitments then in effect and (B) the applicable New Facility Repayment Amount divided by (ii) the commitments then in effect under that New Facility.

Mandatory cancellation. (a) On each date on which a mandatory repayment of principal and, if applicable, concurrent cancellation of commitments (the amount of any such repayment and cancellation being a "NEW FACILITY REPAYMENT AMOUNTNew Facility Repayment Amount") is required under and in respect of any New Facility (a "MANDATORY CANCELLATION DATEMandatory Cancellation Date"), the Commitments will be cancelled by the Euro Equivalent of an amount equal to the then applicable Cancellation Amount. "CANCELLATION AMOUNTCancellation Amount" means, at any time, an amount equal to (i) the product of (A) the Commitments then in effect and (B) the applicable New Facility Repayment Amount divided by (ii) the commitments then in effect under that New Facility.