Voluntary prepayment and cancellation. (a) Subject to the proviso below, the Borrower may, if it gives the Facility Agent not less than ten (10) Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, prepay and/or cancel the whole or any part of the Term Facilities, the Loans under the Term Facilities or the Available Commitments for the Term Facilities (but if in part, being an amount that reduces the amount of the Term Facilities in aggregate by a minimum amount of five million dollars ($5,000,000) or in full, provided that, (unless it is a cancellation in respect of the Mooring Tranche after the date of the Mooring Declaration (as defined in the Charter)) or in respect of the K-sure Facility after the Borrower has been notified that any of the events in clause 9.10 (K-Sure Policy) apply) if there are any Loans or Letter of Credit outstanding and Final Acceptance has not occurred, before the Borrower may cancel any part of the Available Commitments of the Term Facilities, it is required to demonstrate to the satisfaction of the Majority Lenders (acting on the advice of the Technical Adviser) that, after such cancellation, it has sufficient funds available to cover all projected Project Costs to achieve Final Acceptance by the earlier of (i) the Cancellation Date and (ii) 18 March 2015. (b) The Borrower may at any time, if it gives the Facility Agent not less than ten (10) Business Days prior written notice (except for any prepayment pursuant to clause 28.8(a)(viii) for which no prior notice shall be required), prepay and/or cancel the LC Loans or the Available Commitments for the LC Facility or the LC Facility in full provided that: (i) in the case of a cancellation of the LC Facility in full, no Letter of Credit is outstanding; and (ii) in the case of any cancellation, if the Borrower is then (or may at any later time be in accordance with the terms of the Charter) required to provide a letter of credit under the Charter and the Issuing Bank meets the requirements under the Charter for the issue of the relevant letter of credit under the Charter, the Borrower providing evidence satisfactory to the Facility Agent that a replacement letter of credit has been, or will be, issued in accordance with clause 27.1 of the Charter or the Borrower has provided equivalent security (including but not limited to cash collateral) to the Charterer in place of such letter of credit. In such event, the Borrower shall not be required to prepay and/or cancel any other Facility under this Agreement.
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Sources: Facility Agreement, Facility Agreement (Hoegh LNG Partners LP)
Voluntary prepayment and cancellation. (a) Subject to the proviso below, the Borrower may, if it gives the Facility Agent not less than ten (10) Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, prepay and/or cancel the whole or any part of the Term Facilities, the Loans under the Term Facilities or the Available Commitments for the Term Facilities (but if in part, being an amount that reduces the amount of the Term Facilities in aggregate by a minimum amount of five million dollars ($5,000,000) or in full, provided that, (unless it is a cancellation in respect of the Mooring Tranche after the date of the Mooring Declaration (as defined in the Charter)) or in respect of the K-sure Facility after the Borrower has been notified that any of the events in clause 9.10 (K-Sure Policy) apply) if there are any Loans or Letter of Credit outstanding and Final Acceptance has not occurred, before the Borrower may cancel any part of the Available Commitments of the Term Facilities, it is required to demonstrate to the satisfaction of the Majority Lenders (acting on the advice of the Technical Adviser) that, after such cancellation, it has sufficient funds available to cover all projected Project Costs to achieve Final Acceptance by the earlier of (i) the Cancellation Date and (ii) 18 March 2015.
(b) The Borrower may at any time, if it gives the Facility Agent not less than ten (10) Business Days prior written notice (except for any prepayment pursuant to clause 28.8(a)(viii) for which no prior notice shall be required), prepay and/or cancel the LC Loans or the Available Commitments for the LC Facility or the LC Facility in full provided that:
(i) in the case of a cancellation of the LC Facility in full, no Letter of Credit is outstanding; and
(ii) in the case of any cancellation, if the Borrower is then (or may at any later time be in accordance with the terms of the Charter) required to provide a letter of credit under the Charter and the Issuing Bank meets the requirements under the Charter for the issue of the relevant letter of credit under the Charter, the Borrower providing evidence satisfactory to the Facility Agent that a replacement letter of credit has been, or will be, issued in accordance with clause 27.1 of the Charter or the Borrower has provided equivalent security (including but not limited to cash collateral) to the Charterer in place of such letter of credit. In such event, the Borrower shall not be required to prepay and/or cancel any other Facility under this Agreement.
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