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 Repayment Each Drawing shall be repaid by the Borrower to the Agent on behalf of the Banks on the last day of its Interest Period unless the Borrower selects a further Interest Period for that Drawing in accordance with Clause 6, provided that the Borrower 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 Borrower shall on the Termination Date repay to the Agent as agent for the Banks all Facility Outstandings. The Borrower will cause the aggregate outstanding principal balance of Distribution Drawings to be zero for a period of at least fifteen (15) consecutive Business Days during any twelve (12) month period. \P1\3522333.10
5.2 Prepayment The Borrower may prepay the Facility Outstandings in whole or in part in integral multiples of one million Dollars ($1,000,000) (or as otherwise may be agreed by the Agent), each such prepayment to be of a minimum amount of five million Dollars ($5,000,000) on the last day of an Interest Period, provided that it has first given to the Agent not fewer than five (5) days prior written notice expiring on the last day of an Interest Period of its intention to do so. Any notice pursuant to this Clause 5.2 once given shall be irrevocable and shall oblige the Borrower to make the prepayment referred to in the notice on the last day of the Interest Period specified in the notice, together with all interest accrued on the amount prepaid up to and including that last day of the Interest Period in question.
Repayment and Prepayment. Each Borrower (jointly and severally) hereby promises to pay to Administrative Agent (for the benefit of Lenders) the aggregate indebtedness under the Term Loan Facility (and other Loan Documents) in accordance with the following provisions:
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 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. 8.1 Credit A The credit amounts disbursed under Credit A are to be repaid in 17 equal and consecutive semi-annual repayment instalments; the first of which will be due on the earlier of (i) the date falling 6 months after the date of the mean-weighted acceptance of equipment and software to be evidenced concurrently to the Borrower and the Lenders (by delivery as specified in Clause 16.1 hereunder) by a certificate in accordance with Annex 3a hereof; and (ii) 30 September 2006. Credit amounts disbursed after the first Repayment Date under Credit A shall be repaid in equal amounts on the remaining Repayment Dates; the repayment instalments which then have not yet become due will be increased accordingly and the Facility Agent shall promptly, upon its drawing up thereof however, at the latest 20 Business Days prior to the next Repayment Date, deliver an updated repayment schedule to the Borrower showing the amounts of repayment instalments due on each subsequent Repayment Date, provided that no failure by the Facility Agent to so advise the Borrower shall relieve the Borrower from its payment obligations under this Credit Agreement. Credit B If applicable, the credit amounts disbursed under Credit B will be repaid in 17 equal and consecutive semi-annual repayment instalments; the first of which will, depending on the respective Hermes approval, either be due on the earlier of (i) the date falling 6 months after the date of the mean-weighted acceptance of equipment and software relating to the deliveries made/services rendered under the Additional Export Contract, to be evidenced by a certificate in accordance with Annex 3b hereof, or (ii) a certain latest date still to be agreed upon prior to the first disbursement under Credit B, subject to Hermes approval, in each such case as advised to the Borrower by the Facility Agent. Credit amounts disbursed after the first Additional Repayment Date under Credit B shall be repaid in equal amounts on the remaining Additional Repayment Dates; the repayment instalments which then have not yet become due will be increased accordingly and the Facility Agent shall promptly, upon its drawing up thereof, however, at the latest 20 Business Days prior to the next Repayment Date, deliver an updated repayment schedule to the Borrower showing the amounts of repayment due on each subsequent Additional Repayment Date, provided that no failure by the Facility Agent to so advise the Borrower shall relieve the Borrower from its paymen...
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.