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

Right of repayment and cancellation 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 12.2 (Tax gross-up); or (ii) any Lender claims indemnification from the Borrowers under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers may whilst, in the case of paragraph (i) and (ii) above the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) below. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s participation in the Loan.

Appears in 2 contracts

Sources: Term Loan Facility (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an a Transaction Obligor is required to be increased under paragraph (c) of Clause 12.2 11.2 (Tax gross-up)) or under that clause as incorporated by reference or in full in any other Finance Document; or (ii) any Lender claims indemnification from the Borrowers a Borrower under Clause 12.3 11.3 (Tax indemnity) or Clause 13.1 12.1 (Increased costs), the Borrowers may whilst, in the case of paragraph (i) and (ii) above whilst the circumstance giving rise to the requirement for that increase or indemnification continues, continues give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s participation in the Loan.

Appears in 2 contracts

Sources: Term Loan Facility (Global Ship Lease, Inc.), Term Loan Facility (Global Ship Lease, Inc.)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an a Transaction Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up)) or under that clause as incorporated by reference or in full in any other Finance Document; or (ii) any Lender claims indemnification from the Borrowers a Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), ; or the Borrowers may whilstmay, in the case of paragraph (i) and (ii) above whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s ▇▇▇▇▇▇'s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s ▇▇▇▇▇▇'s participation in the Loan.

Appears in 1 contract

Sources: Term Loan Facility Agreement (Navios Maritime Partners L.P.)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an a Transaction Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up)) or under that clause as incorporated by reference or in full in any other Finance Document; or (ii) any Lender claims indemnification from the Borrowers a Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers may whilst, in the case of paragraph (i) and (ii) above whilst the circumstance giving rise to the requirement for that increase or indemnification continues, continues give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s L▇▇▇▇▇'s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s L▇▇▇▇▇'s participation in the Loan.

Appears in 1 contract

Sources: Facility Agreement (Globus Maritime LTD)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an a Transaction Obligor is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up)) or under that clause as incorporated by reference or in full in any other Finance Document; or (ii) any Lender claims indemnification from the Borrowers Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers Borrower may whilst, in the case of paragraph (i) and (ii) above whilst the circumstance giving rise to the requirement for that increase or indemnification continues, continues give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender▇▇▇▇▇▇’s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have Borrower has given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender▇▇▇▇▇▇’s participation in the Loan.

Appears in 1 contract

Sources: Term Loan Facility Agreement (Okeanis Eco Tankers Corp.)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor a Borrower is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up)22.2 or under that clause as incorporated by reference or in full in any other Finance Document; or (ii) any Lender claims indemnification from the Borrowers a Borrower under Clause 12.3 (Tax indemnity) 22.3 or Clause 13.1 (Increased costs)24, the Borrowers may whilst, whilst in the case of paragraph sub-paragraphs (i) and (ii) above the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s participation in the Loan. (d) Any partial prepayment under this Clause 8.16 shall reduce pro rata the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.

Appears in 1 contract

Sources: Loan Agreement (Capital Product Partners L.P.)

Right of repayment and cancellation 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 12.2 (Tax gross-up); or; (ii) any Lender claims indemnification from the Borrowers Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs), the Borrowers may whilstBorrower may, whilst (in the case of paragraph paragraphs (i) and (ii) above above) the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan Loans or give the Facility Agent notice replace such Lender by requiring such Lender to (and such Lender shall promptly) transfer all of its intention rights and obligations under the Finance Documents at par (together with any accrued but unpaid interest and fees due to replace that Lender in accordance with paragraph (cit) belowto any person selected by the Borrower willing to take such transfer. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have Borrower has given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s participation in the that Loan.

Appears in 1 contract

Sources: Facility Agreement (Aluminum Corp of China)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor a Borrower is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up)22.2 or under that clause as incorporated by reference or in full in any other Finance Document; or (ii) any Lender claims indemnification from the Borrowers a Borrower under Clause 12.3 (Tax indemnity) 22.3 or Clause 13.1 (Increased costs)24, the Borrowers may whilst, whilst in the case of paragraph sub-paragraphs (i) and (ii) above the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoan. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s participation in the Loan. (d) Any partial prepayment under this Clause 8.16 shall reduce pro rata the amount of each Instalment falling after that prepayment by the amount prepaid.

Appears in 1 contract

Sources: Loan Agreement (Capital Product Partners L.P.)

Right of repayment and cancellation in relation to a single Lender. (a) If: (i) any sum payable to any Lender by an Obligor the Company is required to be increased under paragraph (c) of Clause 12.2 (Tax gross-up); or; (ii) any Lender claims indemnification from the Borrowers Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 13 (Increased costs); or (iii) any Lender notifies the Agent of its Additional Cost Rate under paragraph 2 of Schedule 3 (Mandatory Cost Formula), the Borrowers may whilstBorrower may, in the case of paragraph (i) and (ii) above whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s 's participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (c) belowLoans. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have Borrower has given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s 's participation in the that Loan.

Appears in 1 contract

Sources: Facility Agreement (Nordic Telephone CO ApS)

Right of repayment and cancellation 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 12.2 (Tax gross-up); or; (ii) any Lender claims indemnification from the Borrowers Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 13 (Increased costs), the Borrowers may whilstBorrower may, whilst (in the case of paragraph paragraphs (i) and (ii) above above) the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan Loans or give the Facility Agent notice replace such Lender by requiring such Lender to (and such Lender shall promptly) transfer all of its intention rights and obligations under the Finance Documents at par (together with any accrued but unpaid interest and fees due to replace that Lender in accordance with paragraph (cit) belowto any person selected by the Borrower willing to take such transfer. (b) On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero. (c) On the last day of each Interest Period which ends after the Borrowers have Borrower has given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s participation in the that Loan.

Appears in 1 contract

Sources: Senior Secured Facility Agreement (Aluminum Corp of China)