Voluntary cancellation Clause Samples
The Voluntary Cancellation clause allows one or both parties to terminate an agreement before its scheduled end date by their own choice, rather than due to breach or external factors. Typically, this clause outlines the process for providing notice, any required advance warning period, and potential fees or penalties associated with early termination. Its core function is to provide flexibility, enabling parties to exit the contract without cause while establishing clear procedures to minimize disputes and ensure predictability.
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Voluntary cancellation. The Borrower may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of £1,000,000) of an Available Facility. Any cancellation under this Clause 7.2 shall reduce the Commitments of the Lenders rateably under that Facility.
Voluntary cancellation. The Company may, if it gives the Agent not less than 10 Business Days’ (or such shorter period as the Majority Facility B Lenders or Majority Facility C Lenders may agree) prior notice, cancel the whole or any part (being in the case of Facility B a minimum amount of €5,000,000 and in integral multiples of €500,000 and in the case of Facility C, USD5,000,000 and integral multiples of USD500,000) of an Available Facility. Any cancellation under this Clause 9.9 shall reduce the Commitments of the Lenders rateably under that Facility.
Voluntary cancellation. A participant in this network marketing plan has a right to cancel at any time, regardless of reason. Cancellation must be submitted in writing to the Company at its principal business address. The written notice must include the Distributor’s signature, printed name, address, and Distributor I.D.
Voluntary cancellation. (a) At any time prior to the tenth (10th) Business Day before the Scheduled Delivery Date, subject to the Borrower paying any due and unpaid fees (including, for the avoidance of doubt, the Finance Parties’ legal fees required hereunder, the Commitment Fee and any fees under the Fee Letters), and provided that the Borrower provides evidence satisfactory to the Facility Agent and the Funding Entity that it has the adequate financial resources available to it to pay all sums contractually due to the Builder at the delivery of the Purchased Vessel, the Borrower may, without liability for any Funding Losses, premium or penalties, provide written notice to the Facility Agent (of which the Facility Agent shall notify BpiFAE and the Funding Entity) that the Borrower elects to cancel all or part of the available Facility, and such cancellation shall become effective on the earlier of the tenth (10th) Business Day after such notice has been provided to the Facility Agent and the Scheduled Delivery Date.
(b) Any cancellation under this Clause 2.4 (Voluntary Cancellation) shall (i) reduce the Commitments of the Lenders ratably (provided that, if the Borrower cancels up to twenty per cent. (20%) of the Facility in accordance with paragraph (a) above within four (4) months of the date of this Agreement (or such longer period as the Facility Agent, acting on the instructions of the Mandated Lead Arrangers, acting reasonably, may agree prior to the expiration of such four (4) month period) for purposes of creating a separate USD facility to be used for purposes of financing the acquisition of the Purchased Vessel, then Natixis shall maintain its participation percentage in the Loan as originally transferred or assigned to it pursuant to Clause 13.11(a)(iv)) and (ii) be irrevocable.
(c) The Borrower shall notify the Facility Agent in writing of any cancellation of the available USD Facility and shall not cancel all or part of the available USD Facility without providing evidence satisfactory to the Facility Agent and the Funding Entity that it has the adequate financial resources available to it to pay all sums contractually due to the Builder at the delivery of the Purchased Vessel.
Voluntary cancellation. (a) The Company may, by giving not less than five Business Days’ prior notice to the Facility Agent, cancel the unutilised amount of the Total Commitments in whole or in part.
(b) Partial cancellation of the Total Commitments must be in a minimum amount of US$10,000,000 and an integral multiple of US$1,000,000.
(c) Any cancellation in part of a Facility will be applied against the Commitment of each Lender under that Facility pro rata.
Voluntary cancellation. During the Availability Period, the Parent may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of ten million dollars ($10,000,000)) of the Available Facility. Any cancellation under this Clause 7.3 shall reduce the Commitments of the Lenders rateably.
Voluntary cancellation. The Company may, if it gives the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, reduce the Available Facility to zero or by such amount (being a minimum amount of US$5,000,000) as the Company may specify in such notice. Any such reduction under this Clause 7.2 shall reduce the Commitments of the Lenders rateably.
Voluntary cancellation. Except as specifically provided elsewhere in Section 5 below, NO cancellations will be accepted.
Voluntary cancellation. The Borrower may, if it gives the Lender not less than five (5) Business Days’ prior notice, cancel the whole or any part (being a minimum amount of US$10,000,000) of the Total Commitment.
Voluntary cancellation. 7.1.1 The Borrower may cancel the unutilised and undrawn amount of the Senior Facility H Commitments in accordance with the requirements (and subject to the terms) of clause 7 (Prepayment and Cancellation) of the Common Terms Agreement.
7.1.2 No amount of the Senior Facility H Commitments cancelled pursuant to this Clause may be reinstated.