Common use of Voluntary Prepayment; No Re-borrowing Clause in Contracts

Voluntary Prepayment; No Re-borrowing. The Borrower may prepay, upon five (5) Banking Days written notice, which notice shall be irrevocable, the Facility or any portion thereof, without penalty, provided that if such prepayment is made on a day other than a Payment Date, such prepayment shall be made together with the costs and expenses provided for in Section 5.5. Each prepayment shall be in a minimum amount of Five Million United States Dollars (US$5,000,000), plus any One Million United States Dollar (US$1,000,000) multiple thereof, or the full amount of the Facility then outstanding. Notwithstanding the provisions of Section 5.5(b), so long as no Default or Event of Default has occurred or is continuing, amounts prepaid under this Section 5.2 shall be applied against the Tranches pro-rata. No part of the Facility once repaid or prepaid will be available for re-borrowing.

Appears in 2 contracts

Samples: Senior Secured Loan Facility Agreement (International Shipholding Corp), Senior Secured Loan Facility Agreement (International Shipholding Corp)

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Voluntary Prepayment; No Re-borrowing. The Borrower Borrowers may prepay, upon five (5) Banking Days written notice, which notice shall be irrevocable, the Facility or any portion thereof, without penalty, provided that if such prepayment is made on a day other than a Payment Date, such prepayment shall be made together with the costs and expenses provided for in Section 5.5. Each prepayment shall be in a minimum amount of Five Million United States Dollars (US$5,000,000), plus any One Million United States Dollar (US$1,000,000) multiple thereof, or the full amount of the Facility then outstanding. Notwithstanding the provisions of Section 5.5(b), so long as no Default or Event of Default has occurred or is continuing, amounts prepaid under this Section 5.2 shall be applied against the Tranches pro-rataat the Borrowers’ option. No part of the Facility once repaid or prepaid will be available for re-borrowing.

Appears in 1 contract

Samples: Senior Secured Term Loan Facility Agreement (International Shipholding Corp)

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Voluntary Prepayment; No Re-borrowing. The Borrower Borrowers may prepay, upon five (5) Banking Days written notice, which notice shall be irrevocable, the Facility or any portion thereof, without penalty, provided that if such prepayment is made on a day other than a Payment Date, such prepayment shall be made together with the costs and expenses provided for in Section 5.5. Each prepayment shall be in a minimum amount of Five Million United States Dollars (US$5,000,000), plus any One Million United States Dollar (US$1,000,000) multiple thereof, or the full amount of the Facility then outstanding. Notwithstanding the provisions of Section 5.5(b5.4(b), so long as no Default or Event of Default has occurred or is continuing, amounts prepaid under this Section 5.2 shall be applied against the Tranches pro-pro rata. No part of the Facility once repaid or prepaid will be available for re-borrowing.

Appears in 1 contract

Samples: Agreement (International Shipholding Corp)

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