Prepayments; Application Sample Clauses
The "Prepayments; Application" clause defines how any early payments made by a borrower—beyond scheduled amounts—are handled under a contract or loan agreement. It typically specifies whether prepayments are allowed, if any penalties or conditions apply, and the order in which such payments are applied (for example, first to interest, then to principal, or to specific tranches of debt). This clause ensures clarity for both parties by outlining the process and consequences of making prepayments, thereby preventing disputes and allowing borrowers to manage their debt obligations more flexibly.
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Prepayments; Application. Borrower shall prepay the Loans (or the respective portion thereof) offered by Lenders at the Acceptable Borrower Buyback Prices specified by each such Lender that are equal to or less than the Applicable Borrower Buyback Price (“Qualifying Loans”) at the Applicable Borrower Buyback Price; provided that if the aggregate proceeds required to prepay Qualifying Loans (disregarding any interest payable under this clause (j)) would exceed the Borrower Buyback Amount for such Borrower Buyback, Borrower shall prepay such Qualifying Loans at the Applicable Borrower Buyback Price ratably based on the respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Requisite Lenders). The portion of the Loans prepaid by Borrower pursuant to this clause (j) shall be accompanied by payment of accrued and unpaid interest on the par principal amount so prepaid to, but not including, the date of prepayment. The par principal amount of the Loans prepaid pursuant to this clause (j) shall be applied to reduce the remaining installments of the Loans owing to the applicable Lenders who have participated in the debt buyback as determined by Borrower (without affecting the amount of the installment payments owing to the Lenders not prepaid pursuant to this clause (j)). The par principal amount of the Loans prepaid pursuant to this clause (j) shall be deemed immediately cancelled upon payment of the Applicable Borrower Buyback Price.
Prepayments; Application. This Note may be prepaid in whole or in ------------------------ part any time without penalty or premium.
Prepayments; Application. The Borrower shall prepay the Term Loans (or the respective portion thereof) offered by the Lenders at the Acceptable Discount Prices specified by each such Lender that are equal to or less than the Applicable Discount Price (“Qualifying Term Loans”) at the Applicable Discount Price; provided, that if the aggregate proceeds required to prepay Qualifying Term Loans (disregarding any interest payable under this Section 2.23) would exceed the Discounted Prepayment Amount for such Discounted Prepayment, the Borrower shall prepay such Qualifying Term Loans at the Applicable Discount Price ratably based on the respective principal amounts of such Qualifying Term Loans (subject to rounding requirements specified by the Administrative Agent). The portion of the Term Loans prepaid by the Borrower pursuant to this Section 2.23 shall be accompanied by payment of accrued and unpaid interest on the par principal amount so prepaid to, but not including, the date of prepayment. The par principal amount of the Term Loans prepaid pursuant to this Section 2.23 shall be applied to reduce the remaining installments of the respective Term Loans owing to the Lenders so prepaid pro rata against all such scheduled installments based upon the respective amounts thereof (without affecting the amount of the installment payments owing to the Lenders not prepaid pursuant to this Section 2.23).
Prepayments; Application