Optional Prepayments and Commitment Sample Clauses
Optional Prepayments and Commitment. REDUCTIONS: The Senior Credit Facility may be prepaid in whole or in part at any time without premium or penalty, subject to reimbursement of the Lenders’ breakage and redeployment costs in the case of prepayment of LIBOR borrowings. The unutilized portion of the commitments under the Senior Credit Facility may be irrevocably reduced or terminated by the Borrower at any time without penalty.
Optional Prepayments and Commitment. Reductions Loans may be prepaid and Revolving Credit Commitments may be reduced without premium or penalty (other than LIBOR breakage costs) in minimum amounts to be agreed upon and substantially consistent with the Existing Credit Agreement.
Optional Prepayments and Commitment. Reductions The Borrower may prepay amounts outstanding under the Credit Facilities in whole or in part from time to time without premium or penalty except as provided in the next succeeding paragraph. Each such voluntary prepayment of the Term Loan Facility shall be applied to the principal installments thereof as the Borrower shall direct. The aggregate principal amount of any optional prepayment or mandatory prepayment under clause (ii) of this Section entitled “Mandatory Prepayments and Commitment Reductions”, in each case, whether before or after the occurrence of an event of default, an acceleration of the Loans or the commencement of any bankruptcy or insolvency proceedings, that is made prior to the date that is (i) one (1) year after the Closing Date or (ii) on or after the one (1) year anniversary of the Closing Date and prior to the two (2) year anniversary of the Closing Date, will be subject to a 2.00% or 1.00%, respectively, prepayment premium; provided, that notwithstanding the foregoing, in no event shall there be any prepayment fee for any prepayment or repayment or amendment (or assignment) effected in connection with a transaction that would, if consummated, constitute a Transformative Event (as defined below) so long as (i) the Lenders have been offered the opportunity to participate in any new financing arrangement put into place in connection with such Transformative Event (if any) at least ten (10) Business Days prior to the consummation of such new financing arrangement in connection with such Transformative Event (for the avoidance of doubt, such requirement shall be deemed immediately and automatically satisfied with respect to each Lender if such Lender declines to participate or does not respond within five (5) Business Days of written notice of such offer), (ii) the initial “all-in yield” (as defined herein) on the new financing offered to the Lenders in connection with such Transformative Event is within 125 basis points of the “all-in yield” on the initial Term Loan Facility, and (iii) the new financing offered to the Lenders in connection with such Transformative Event is not covenant lite.