Voluntary and Mandatory Prepayments Clause Samples
The 'Voluntary and Mandatory Prepayments' clause defines the circumstances under which a borrower can or must repay a loan before its scheduled maturity. Voluntary prepayments allow the borrower to pay down the loan early, often with certain notice requirements or potential fees, while mandatory prepayments are triggered by specific events such as asset sales or excess cash flow, requiring the borrower to use those proceeds to reduce the outstanding debt. This clause ensures both parties understand when and how early repayments can occur, providing flexibility for the borrower and protection for the lender against credit risk.
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Voluntary and Mandatory Prepayments. Scheduled installments of principal of the Series [ ] New Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Series [ ] New Term Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement respectively.
Voluntary and Mandatory Prepayments. Scheduled installments of principal of the Tranche B-1 Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Tranche B-1 Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement respectively.
Voluntary and Mandatory Prepayments. (a) The Borrower may at any time, by notice to Administrative Agent, voluntarily prepay the Loan in whole or in part; provided that (i) such notice must be received by Administrative Agent not later than 10:00 a.m. (Central time) five (5) Business Days prior to the prepayment date; and (ii) any prepayment shall be in a principal amount of $250,000 or a whole multiple of $250,000 in excess thereof; or if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the prepayment amount specified in such notice shall be due and payable on the date specified therein.
(b) Upon the occurrence of a Borrowing Base Deficiency, no later than 9:00 a.m. (Central time), on (i) the 5th Business Day following the occurrence of such Borrowing Base Deficiency to the extent funds are available in a Collateral Account in an amount sufficient to cure such Borrowing Base Deficiency or (ii) otherwise, the 30th day following the occurrence of such Borrowing Base Deficiency, the Borrower shall either (A) prepay the Loan, such that, after giving effect to such prepayment, the Borrowing Base is greater than or equal to the Outstanding Amount, or (B) subject to the approval of such Eligible Investments by Administrative Agent and the Lenders, each in their sole discretion (provided, that a then-existing Eligible Investment shall be deemed approved to the extent no Exclusion Event then applies with respect to such Eligible Investment), deliver additional Eligible Investments to Administrative Agent to the extent necessary to cure any such Borrowing Base Deficiency, such that, after giving effect to such cure, the Borrowing Base is greater than or equal to the Outstanding Amount.
(c) Any prepayment of a Loan in full made pursuant to this Section 2.05(a) must be accompanied by (i) all accrued interest thereon, and (ii) the Exit Fee.
Voluntary and Mandatory Prepayments. Scheduled installments of principal of the Incremental Term Loans and Incremental Term C Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Incremental Term Loans and Incremental Term C Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement respectively.
Voluntary and Mandatory Prepayments. Scheduled installments of principal of the [Series [ ]] incremental Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the [Series [ ]] Incremental Term Loans in accordance with Sections 2.13, 2.14 and 2.15 of the Credit Agreement; provided further, that the [Series [ ]] Incremental Term Loans and all other amounts under the Credit Agreement with respect to the [Series [ ]] Incremental Term Loans shall be paid in full no later than the Incremental Term Loan Maturity Date.
Voluntary and Mandatory Prepayments. Scheduled installments of principal of the Tranche B-13 Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Tranche B-13 Term Loans in accordance with Sections 5.1 or 5.2 of the Credit Agreement, respectively.
Voluntary and Mandatory Prepayments. The 2017 Incremental Term Loans shall be subject to the same terms and conditions regarding voluntary and mandatory prepayments as set forth in the Amended Credit Agreement for the initial Term Loans.
Voluntary and Mandatory Prepayments. Scheduled installments of principal of the New Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the New Term Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement respectively. In the event that, on or prior to the date that is six months after the Funding Date, the Borrower (i) makes any prepayment of Initial Term Loans (including the New Term Loans) in connection with any Repricing Transaction the primary purpose of which is to decrease the Effective Yield on such Initial Term Loans (including the New Term Loans) or (ii) effects any amendment of the Credit Agreement resulting in a Repricing Transaction the primary purpose of which is to decrease the Effective Yield on the Initial Term Loans (including the New Term Loans), the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders, (x) in the case of clause (i), a prepayment premium of 1.00% of the principal amount of the Initial Term Loans (including the New Term Loans) being prepaid in connection with such Repricing Transaction and (y) in the case of clause (ii), an amount equal to 1.00% of the aggregate amount of the applicable Initial Term Loans (including the New Term Loans) outstanding immediately prior to such amendment that are subject to an effective pricing reduction pursuant to such Repricing Transaction.
Voluntary and Mandatory Prepayments. Scheduled installments of principal of the [Series [ ]] New Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the [Series [ ]] New Term Loans in accordance with Sections 2.12, 2.13 and 2.14 of the Credit Agreement respectively; and provided further, the final installment payable by Borrower in respect of the [Series[ ]] New Term Loans on such date shall be in an amount, if such amount is different from the amount specified above, sufficient to repay all amounts owing by Borrower under the Credit Agreement with respect to the [Series [ ]] New Term Loans.
Voluntary and Mandatory Prepayments. (a) Borrowers may prepay the Revolving Loans at any time in whole or in part. Borrowers may permanently reduce the Revolving Commitments (with a corresponding reduction in the Maximum Revolving Advance Amount) at any time; provided, that (i) Borrowing Agent shall provide at least three (3) Business Days prior written notice of such reduction, (ii) such reduction shall be in increments of $10,000,000, (iii) such reduction shall be permanent and pro rata among the Lenders, and (iv) in no event shall the Revolving Commitments be reduced below $150,000,000.