Common use of Right of cancellation in relation to a Defaulting Lender Clause in Contracts

Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Obligors’ Agent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 15 Business Days’ notice of cancellation of the Available Commitment of that Lender. (b) On the date (the “cancellation date”) on which the cancellation of the Available Commitment of any Defaulting Lender pursuant to paragraph (a) takes effect: (i) the Commitment of that Defaulting Lender for the Specified Period (the “Initial Defaulting Lender Specified Period”) in which the cancellation date occurs shall be reduced by an amount equal to the Available Commitment so cancelled; and (ii) that Defaulting Lender’s Commitment for each subsequent Specified Period shall be reduced by the same proportion by which its Commitment for the Initial Defaulting Lender Specified Period is reduced pursuant to paragraph 8.5(b)(i). (c) The Agent shall, as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.

Right of cancellation in relation to a Defaulting Lender. (a) 9.7.1 If any Lender becomes a Defaulting Lender, the Obligors’ Agent Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 15 10 Business Days’ ' notice of cancellation of the Available Commitment of that Lender. (b) 9.7.2 On the date (the “"cancellation date”") on which the cancellation of the Available Commitment of any Defaulting Lender pursuant to paragraph (a) Clause 9.7.1 takes effect: (iA) the Commitment of that Defaulting Lender for the Specified Period (the “Initial Defaulting Lender "initial Specified Period”") in which the cancellation date occurs shall be reduced by an amount equal to the Available Commitment so cancelled; and (iiB) that Defaulting Lender’s 's Commitment for each subsequent Specified Period shall be reduced by the same proportion by which its Commitment for the Initial Defaulting Lender initial Specified Period is reduced pursuant to paragraph 8.5(b)(iClause 9.7.2(A). (c) 9.7.3 The Facility Agent shall, shall as soon as practicable after receipt of a notice referred to in paragraph (a) aboveClause 9.7.1, notify all the Lenders.