Repayment and Prepayment Clause Samples
The 'Repayment and Prepayment' clause defines the borrower's obligations regarding the timing and manner of repaying the principal and interest on a loan, as well as the conditions under which early repayment (prepayment) is permitted. Typically, this clause outlines the repayment schedule, acceptable payment methods, and any requirements or penalties associated with making payments ahead of schedule. Its core function is to provide clear guidelines for both parties on how and when the loan must be repaid, thereby reducing the risk of misunderstandings or disputes over payment terms.
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Repayment and Prepayment. 5.1 The Borrower shall repay the Loan Amount together with all interest accrued thereon and all other amounts due from the Borrower hereunder on the Final Repayment Date, whereupon this Agreement shall be terminated.
5.2 On any Interest Payment Date, and with at least three business day’s prior written notice, the Borrower shall be entitled to prepay any amount of the loan outstanding, provided such payment is not less than $1,000,000 and, provided further, the Borrower shall pay a prepayment charge equal to the present value of the difference between (i) the interest payable provided in this loan agreement and (ii) the interest payable at the prevailing interest rate at the time of prepayment, for the period from the date of prepayment through the Maturity Date, which difference, if negative, shall be deemed to be zero. The present value will be determined using the prevailing interest rate at the time of the prepayment as the discount rate.
5.3 A certificate from the Lender as to the amount due at any time from the Borrower to the Lender under this Agreement shall, in the absence of manifest error, be conclusive.
Repayment and Prepayment. 6.01 The Borrower shall, and it is expressly hereby undertaken by it to repay the Loan on a quarterly basis by twelve (12) equal consecutive Repayment Instalments of three hundred fifteen thousand Dollars ($315,000) each, plus a balloon payment of one million twenty thousand Dollars ($1,020,000) (the “Balloon”) payable together with the last, i.e. twelfth (12th) Repayment Instalment on the Final Maturity Date. The First Repayment Instalment will be payable on a Repayment Date falling on a Banking Day three (3) months after the Drawdown Date of Advance B and subsequent Repayment Instalments shall be repaid at quarterly intervals thereafter with the last of such Repayment Instalments falling due for payment on the Final Maturity Date, Provided that (a) if the last Repayment Date would otherwise fall after the Final Maturity Date, the last Repayment Date shall be the Final Maturity Date, (b) in the event that the Commitment is not drawn down in full, the amount of each of the Repayment Instalments and the Balloon shall be proportionally reduced, (c) there shall be no Repayment Date after the Final Maturity Date and (d) on the Final Maturity Date, the Borrower shall also pay to the Bank any and all other moneys then due and payable under this Agreement and the Security Documents, and Provided further that each Repayment Date of the Loan should be a date falling three (3) months after the preceding Repayment Date corresponding numerically with the preceding Repayment Date. However if such date is not a Banking Day such Repayment Date shall be extended to the next succeeding Banking Day unless such Banking Day falls in the next calendar month in which event such due date shall be the immediately preceding Banking Day.
6.02 On giving at least five (5) Banking Days’ prior written notice to the Bank, the Borrower may, subject to a prepayment fee of one percent (1%) of any amount prepaid, payable only in the event that such prepayment is effected by refinance through another credit or financial institution, prepay voluntarily the whole or any part of the Loan in each case together with all unpaid interest accrued thereon (but if in part, in amounts equal to one Repayment Instalment or an integral multiple thereof) on the last day of an Interest Period or on any other Banking Day subject to terms of Clause 6.03.
6.03 No prepayment under Clause 6.02 shall be permitted except on the expiry of an Interest Period, save with the prior written consent of the Bank and only ...
Repayment and Prepayment. (a) The Borrower shall repay ADB the principal amount of the Loan withdrawn from the Loan Account in accordance with Schedule 3 to this Loan Agreement.
(b) After giving not less than 45 days’ written notice to ADB, the Borrower shall have the right to repay in advance of maturity, as of a date acceptable to ADB (provided, that the Borrower shall have paid all amounts due under this Loan Agreement as such date):
(i) all of the principal amount of the Loan then outstanding; or (ii) all of the principal amount of any one or more maturities of the Loan.
(c) If ADB shall at any time receive from the Borrower an amount which is less than the full amount then due and payable to ADB under this Loan Agreement, ADB shall have the right to allocate and apply the amount so received in any manner and for such purposes under this Loan Agreement as ADB shall in its sole discretion determine.
Repayment and Prepayment. 6.1 Subject to the terms of this Agreement the Loans shall be repaid in full on the Final Repayment Date.
6.2 The Borrower may without penalty at any time, upon giving not less than 30 days’ prior written notice to the Scottish Ministers (which shall be irrevocable and shall oblige the Borrower to prepay the relevant amount on the date specified) prepay the Loans in whole or in part provided that such prepayment is in whole multiples of £100,000 and in a minimum amount of £100,000.
6.3 If it becomes unlawful for the Scottish Ministers to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan then upon the Scottish Ministers notifying the Borrower, the Available Facility will be immediately cancelled and the Borrower shall repay the Loans made to it on the last day of the calendar month occurring after the Scottish Ministers have so notified the Borrower or, if earlier, the date specified by the Scottish Ministers in a notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law).
6.4 Any notice of cancellation or prepayment given by any Party under this Clause 6 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid. The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Available Facility except at the times and in the manner expressly provided for in this Agreement. No amount of the Available Facility cancelled under this Agreement may be subsequently reinstated. Amounts repaid or prepaid shall not be available for re-borrowing.
Repayment and Prepayment. Each Borrower (jointly and severally) hereby promises to pay Administrative Agent the aggregate indebtedness under the Term Loan Facility (and other Loan Documents) in accordance with the following provisions (and, as applicable, Sections 1.3, 1.5 and 1.7):
Repayment and Prepayment. (a) Unless a prepayment in full under this Section 2.03 or Section 2.07, has occurred, the Borrower shall repay to the Lender the entire outstanding amount of the Loan on the Final Maturity Date.
(b) At any time and from time to time the Borrower may voluntarily prepay any outstanding Loan in whole or in part, but if in part, subject to a minimum prepayment amount of $5,000,000, by sending a notice to the Administrative Agent at least two (2) Business Days prior to the day of such prepayment (an "Early Repayment"), which notice shall state the proposed date and aggregate principal amount of such prepayment.
(c) If a Borrower Change of Control or Guarantor Change of Control has occurred and is continuing, the Lender shall give notice thereof to the Borrower, and the Borrower shall within one (1) Business Day prepay in full the then outstanding and unpaid principal amount of the Loan plus any other amounts owing to the Lender under the Loan Documents.
(d) If the Liens in the Collateral created under the Collateral Documents cease to be enforceable first priority Liens in favor of the Lender (except to the extent expressly permitted thereunder) ("Unenforceability Event"), the Lender shall give notice thereof to the Borrower, and the Borrower shall on the date of receipt of such notice prepay in full the then outstanding and unpaid principal amount of the Loan plus any other amounts owing to the Lender under the Loan Documents.
(e) The Borrower may voluntarily prepay the outstanding Loans in whole at any time without prior notice within thirty (30) days after the occurrence of (i) the Administrative Agent, the Collateral Agent, the Lender or the Custodian failing to maintain its registration in good standing with the New York Department of Financial Services, (ii) the Administrative Agent, the Collateral Agent, the Lender or the Custodian ceasing, or announcing its intention to cease, conducting business in the State of New York or (iii) an Insolvency Event occurs with respect to the Administrative Agent, the Collateral Agent, the Lender or the Custodian.
(f) If at any time (whether or not it is a Business Day or within normal business hours) the Actual LTV Ratio is equal to or in excess of the Liquidation LTV, the Administrative Agent may deliver a LTV Breach Notice to the Borrower (which may be by e-mail), with a copy to each party hereto, and, if the Borrower does not deposit sufficient additional Collateral in the Collateral Account within 24 hours after t...
Repayment and Prepayment. The Obligations under Facility A shall become due and payable on the earlier of (i) the Termination Date; and (ii) the Acceleration Date. The Borrowers are permitted to prepay the whole (but not a part) of the Facilities upon thirty (30) days prior written notice to the Lender provided that such prepayment shall include the then outstanding principal amounts under the Facilities plus the equivalent of one month’s Interest, provided however that such additional Interest shall not be payable hereunder if the Facilities have been outstanding for at least nine (9) months from the Amendment Closing Date.
Repayment and Prepayment. 5.1 Repayment Each Drawing shall be repaid by the Borrowers to the Agent on behalf of the Banks on the last day of its Interest Period unless the Borrowers select a further Interest Period for that Drawing in accordance with Clause 6, provided that the Borrowers shall not be permitted to select such further Interest Period if an Event of Default or Potential Event of Default has occurred and shall then be obliged to repay such Drawing on the last day of its then current Interest Period. The Borrowers shall on the Termination Date repay to the Agent as agent for the Banks all Facility Outstandings.
5.2 Prepayment The Borrowers may prepay the Facility Outstandings in whole or in part in integral multiples of five million Dollars ($5,000,000) (or as otherwise may be agreed by the Agent) provided that they have first given to the Agent not fewer than five (5) Business Days’ prior written notice expiring on a Business Day of their intention to do so. Any notice pursuant to this Clause 5.2 once given shall be irrevocable and shall oblige the Borrowers to make the prepayment referred to in the notice on the Business Day specified in the notice, together with all interest accrued on the amount prepaid up to and including that Business Day.
Repayment and Prepayment. Interest on this Note shall be simple interest from the date of this Note on the unpaid principal balance at a rate equal to the Prime Rate published by the Wall Street Journal on January 1st of the applicable year, computed on the basis of the actual number of days elapsed and a year of 365 days. Accrued interest on this Note shall be payable annually to the Holder in immediately available funds commencing on the first anniversary of the Date of this Note, with the final payment due on the Maturity Date. 4 To be three years from the date the note is executed.
Repayment and Prepayment. Borrower hereby promises to pay to Administrative Agent (for the benefit of Lenders) the aggregate indebtedness under the Line of Credit Facility (and other Loan Documents) in accordance with the following provisions: