Prepayment Facility Sample Clauses
A Prepayment Facility clause allows a borrower to repay part or all of a loan before its scheduled maturity date. Typically, this clause outlines the conditions under which prepayment is permitted, such as whether notice must be given to the lender, if any fees or penalties apply, and how prepayments affect future interest or principal payments. The core function of this clause is to provide flexibility for the borrower to reduce debt early, while protecting the lender from potential financial disadvantages caused by early repayment.
POPULAR SAMPLE Copied 2 times
Prepayment Facility. 2.1 Subject to the terms of this Agreement, Buyer agrees to pre-pay part of the Purchase Price for Crude to be supplied by Seller under the Crude Supply Contract by way of Prepayment(s), each in an aggregate amount not less than one million US Dollars (USD1,000,000) and not exceeding in aggregate the Prepayment Limit. Subject to Clause 4.2 (Completion of the Prepayment Request), the Prepayments shall be used by Seller to expand production of the Cakran, Gorisht, Ballsh and Delvina Field projects and for no other purpose save with the prior written consent of Buyer.
2.2 Buyer shall be under no obligation to monitor or verify how Seller uses the Prepayments.
Prepayment Facility. Without limiting the rights of the parties under the PPA and all other agreements between TRQ and a member of the Rio Tinto Group, the terms and conditions of any prepayment facility or similar arrangement to be entered into at OT LLC by TRQ or any of its subsidiaries shall require the approval of Rio Tinto, TRQ and OT LLC.
Prepayment Facility. Each of the Borrowing Companies may cancel the Loan or prepay it, in whole or in part, at the end of any current drawing period, provided that it gives the Bank at least 30 (thirty) days' notice by registered letter with postal acknowledgment of receipt of its irrevocable intention to terminate or to repay the loan, in whole or in part. Any termination or prepayment shall be final for the relevant Borrowing Company. The commitment fee shall cease to be due on that part of the loan in respect of which the Borrower shall have given such notice as from the end of the half-yearly commitment fee period during which the cancellation shall have taken effect.