Common use of Right of cancellation and repayment in relation to a single Lender Clause in Contracts

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Borrower Company or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), the Borrower Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continuesindemnification, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment Commitment(s) of that Lender and its intention to procure the repayment of that Lender’s 's participation in the Utilisations. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment Commitment(s) of that the relevant Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower Company has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Company in that notice), the each Borrower to which a Utilisation is outstanding shall repay that the relevant Lender’s 's participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents. (i) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent three Business Days' notice of cancellation of each Available Commitment of that Lender; (ii) On the notice referred to in paragraph (i) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero. (iii) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (i) above, notify all the Lenders.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax grossGross-up)Up) or under an equivalent provision of any Finance Document; or (ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnityIndemnity) or Clause 15.1 (Increased costsCosts), the Borrower Obligors’ Agent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment Commitment(s) of that Lender for each Specified Period and its intention to procure the repayment of that Lender▇▇▇▇▇▇’s participation in the UtilisationsLoans provided that the most recent VAALCO Energy Group Liquidity Forecast (adjusted to reflect such cancellation and repayment) does not demonstrate a Funding Shortfall. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment Available Commitment(s) of that Lender for each Specified Period shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower Obligors’ Agent has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Obligors’ Agent in that notice), the each Borrower to which a Loan is outstanding shall repay that Lender▇▇▇▇▇▇’s participation in that Utilisation Loan together with all interest interest, Break Costs and other amounts accrued under the Finance Documents.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 16.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 16.3 (Tax indemnity) or Clause 15.1 17.1 (Increased costsCosts), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment Commitment(s) of that Lender ▇▇▇▇▇▇ and its intention to procure the repayment of that Lender’s ▇▇▇▇▇▇'s participation in the UtilisationsLoans. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lenderabove, the Commitment Available Commitment(s) of that the relevant Lender shall be immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that the relevant Lender’s 's participation in that Utilisation Loan together with all interest and other amounts accrued under the Finance DocumentsDocuments and that ▇▇▇▇▇▇'s corresponding Commitment(s) shall be immediately cancelled in the amount of the participations repaid.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax grossGross-upUp); or; (ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnityIndemnity) or Clause 15.1 (Increased costsCosts); or (iii) any Lender becomes a Non-Consenting Lender, the Borrower Holdco may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment Commitment(s) ​ of that Lender and its intention to procure the repayment of that Lender▇▇▇▇▇▇’s participation in the UtilisationsLoans. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment Commitment(s) of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower ▇▇▇▇▇▇ has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Holdco in that notice), the each Borrower to which a Loan is outstanding shall repay that Lender▇▇▇▇▇▇’s participation in that Utilisation Loan together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax grossGross-upUp); or; (ii) any Lender claims indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnityIndemnity) or Clause 15.1 (Increased costsCosts); or (iii) any Lender becomes a Non-Consenting Lender, the Borrower Holdco may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment Commitment(s) of that Lender and its intention to procure the repayment of that Lender▇▇▇▇▇▇’s participation in the UtilisationsLoans. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment Commitment(s) of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower ▇▇▇▇▇▇ has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Holdco in that notice), the each Borrower to which a Loan is outstanding shall repay that Lender▇▇▇▇▇▇’s participation in that Utilisation Loan together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Borrower Company or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs), (any such Lender, an “Affected Lender”) the Borrower may, Company may whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower Company has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Company in that notice), the each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or; (ii) any Lender claims indemnification from the Borrower Obligors’ Agent or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs); or (iii) any Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of Schedule 4 (Mandatory Cost Formulae), the Borrower Obligors’ Agent may, whilst (in the case of paragraphs (i) and (ii) above) the circumstance giving rise to the requirement for that increase or indemnification continuescontinues or (in the case of paragraph (iii) above) that Additional Cost Rate is greater than zero, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the UtilisationsLoans. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower Obligors’ Agent has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Obligors’ Agent in that notice), the each Borrower to which a Loan is outstanding shall repay that Lender’s participation in that Utilisation Loan together with all interest and other amounts accrued under the Finance Documents.

Right of cancellation and repayment in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or; (ii) any Lender claims indemnification from the Borrower Obligors’ Agent or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15.1 (Increased costs); or (iii) any Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of Schedule 4 (Mandatory Cost formulae), the Borrower Obligors’ Agent may, whilst (in the case of paragraphs (i) and (ii) above) the circumstance giving rise to the requirement for that increase or indemnification continuescontinues or (in the case of paragraph (iii) above) that Additional Cost Rate is greater than zero, give the COFACE Agent notice (if such circumstances relate to a Lender) of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the UtilisationsLoans. (b) On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrower Obligors’ Agent has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower Obligors’ Agent in that notice), the each Borrower to which a Loan is outstanding shall repay that Lender’s participation in that Utilisation Loan together with all interest and other amounts accrued under the Finance Documents.