Voluntary Prepayment. (a) The Company shall have the right at any time and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00. (b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00. (c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00. (d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity.
Appears in 1 contract
Sources: Loan Agreement (PDK Labs Inc)
Voluntary Prepayment. (a) The Company BorrowerBorrowers shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days Days’ prior irrevocable written or fax notice in the case of Eurodollar Loans, or written or fax notice at least one (1) Business Day prior to the Bankdate of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $1,000,000 and (ii) at the Administrative Borrower’s election in connection with any prepayment of Revolving Loans pursuant to this Section 2.12(a), such prepayment shall not, so long as no Event of Default then exists, be applied to any Revolving Loan of a Defaulting Lender. Prepayments of Term Loans made pursuant to this Section 2.12(a) shall be applied to the remaining scheduled amortization payments relating to such Term Loans as elected by the Administrative Borrower.
(db) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company BorrowerBorrowers to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such notices states that the prepayment is contingent upon the successful issuance or incurrence of Indebtedness permitted by Section 6.01 to be issued or incurred or any other specified event (including, but not limited to, the occurrence of any Asset Sale or Change of Control), then the Administrative Borrower may, if the specified condition is not satisfied, (x) revoke such notice and/or (y) extend the prepayment date by not more than five (5) Business Days (in the case of each of clauses (x) and (y), by providing notice to the Administrative Agent on or prior to the specified date); provided further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Section 2.16. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. The Borrowers shall have the right, to prepay, part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrowers to the Lender hereunder or pursuant to the other Finance Documents and all interest accrued thereon, provided that:
(a) The Company the Lender shall have received from the right at any time Borrowers not less than five (5) days’ prior notice in writing (which shall be irrevocable) of their intention to make such prepayment and from time specify the account and the date on which such prepayment is to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty be made;
(b) such prepayment may take place only on the same last day on which telephonic notice is given of an Interest Period relating to the Bank whole of the Loan;
(immediately confirmed in writingc) of such prepayment provided, however, that each such prepayment shall be on equal to One hundred thousand Dollars ($100,000) or a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral whole multiple of $25,000.00.
(b) The Company shall have thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.;
(d) The any prepayment of less than the whole of the Loan will be applied in or towards pro-rata satisfaction of the outstanding Repayment Installments and the Balloon Installment;
(e) every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt by the prepayment date and the principal amount of the Loan being prepaid and Lender, shall be irrevocable and shall commit oblige the Company Borrowers to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on specified;
(f) the principal amount being prepaid Borrowers have provided evidence satisfactory to the date Lender that any consent required by the Borrowers (or any of prepayment. Each them) or any Security Party in connection with the prepayment under has been obtained and remains in force, and that any regulation relevant to this Section 2B.8 shall Agreement which affects the Borrowers (or any of them) or any Security Party has been complied with;
(g) no amount prepaid may be applied first towards unpaid interest re-borrowed; and
(h) the Borrowers may not prepay the Loan or any part thereof save as expressly provided in this Agreement; Provided always that, if the Borrowers shall, subject always to Clause 4.2(a), make a prepayment on a Business Day other than the last day of an Interest Period in respect of the whole of the Loan, it shall, in addition to the amount being prepaid and then towards accrued interest, pay to the principal in whole or partial prepayment of Loans Lender any amount which the Lender may certify is necessary to compensate the Lender for any Break Costs incurred by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order Lender as a result of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments making of the Term Loan II shall be applied to installments of principal prepayment in the inverse order of maturityquestion.
Appears in 1 contract
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than five (5) Banking Days’ notice in writing, to prepay, without penalty or prepayment fee, part or all of the Loan, in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided, that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day on which telephonic notice is given to of an Interest Period in respect of the Bank (immediately confirmed in writing) of such prepayment Loan provided, however, that if the Borrower shall request consent to make such prepayment on another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(c) each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral of One hundred thousand Dollars ($100,000) or a whole multiple of $25,000.00.
(b) The Company shall have thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period Loan and each partial will be applied by the Bank in or towards prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(e) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(f) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than five (5) Banking Days’ notice in writing, to prepay part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day of an Interest Period in respect of the Loan provided however, that if the Borrower shall request consent to make such prepayment on which telephonic notice is given another day and the Bank shall accede to such request (it being in the reasonable discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(immediately confirmed in writingc) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be equal to $900,000 (Nine hundred thousand Dollars) or the equivalent thereof in an aggregate principal amount the Optional Currency at which the Loan is an integral at the time denominated or a whole multiple of $25,000.00.
(b) The Company shall have thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.;
(d) The notice any prepayment of prepayment under this Section 2B.8 shall set forth less than the prepayment date and the principal amount whole of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall will be applied towards satisfaction first towards unpaid interest on of the amount being prepaid Balloon Instalment and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal Repayment Instalments in the inverse order of maturity;
(e) every notice of prepayment shall be effective only on actual receipt (including by fax) by the Bank, shall be irrevocable and shall oblige the Borrower to make such prepayment on the date specified;
(f) no amount prepaid may be re-borrowed; and
(g) the Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each to the extent any such prepayments, including any prepayments made pursuant to Section 2.23 made on or prior to the second anniversary of the Closing Date exceed $33,000,000 in the aggregate, Borrower shall pay to the Administrative Agent for the ratable account of the applicable Lenders a prepayment premium in an amount equal to the then present value of the required interest payments not yet made (assuming for this purpose an interest rate equal to the Adjusted LIBO Rate for a Eurodollar Borrowing with a one month Interest Period made on the date of such prepayment shall be or assignment plus the Applicable Margin with respect thereto) on the principal amount of the Term Loan so prepaid that but for such prepayment would have been payable through the Term Loan Maturity Date, calculated using a Business Day and discount rate equal to the Treasury Rate as of the date of such prepayment or assignment plus 50 basis points; provided, further that each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.00100,000 and not less than $500,000.
(b) The Company Voluntary prepayments of Term Loans shall have be applied against the right at any time and from time to time, subject to the provisions hereof and remaining scheduled installments of Section 2B.9, to prepay any Eurodollar Loan, principal due in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day respect of the applicable Interest Period and each partial prepayment Term Loans under Section 2.11 as directed by the Borrower. Voluntary prepayments of Other Term Loans shall be applied against the remaining scheduled installments of principal due in an aggregate principal amount which is an integral multiple respect of $25,000.00such Other Term Loans as set forth in the applicable Incremental Term Loan Assumption Agreement or, if the applicable Incremental Term Loan Assumption Agreement does not provide for the manner of such application, such prepayments shall be applied as directed by the Borrower.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the Borrower may, by written notice to the Administrative Agent prior to 1:00 p.m. New York City time on the prepayment date, revoke such notice and/or extend the prepayment date by not more than five Business Days; provided further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Section 2.16 but shall, except as otherwise set forth above in clause (a) of this Section 2.12, otherwise be without premium or penalty. All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. The Borrower may prepay the Loan in whole or part (on any Interest Payment Date without premium or penalty), Provided that:
(a) The Company the Bank shall have received from the right at any time Borrower not less than five (5) Banking Days’ prior notice (which shall be irrevocable) of its intention to make such prepayment and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on specifying the same day amount and date on which telephonic notice such prepayment is given to be made, and the Bank (immediately confirmed in writing) of will notify the Bank promptly upon receiving any such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.notice;
(b) The Company shall have the right at any time Advance or part thereof which is prepaid (and from time to time, not cancelled) may be re-borrowed subject to the provisions hereof re-borrowing not resulting in the aggregate amount of the Advances (including the Advance to be re-borrowed) exceeding the amount of the Facility at the relevant time or such lower amount as a result of any cancellation of the Facility pursuant to this;
(c) each prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and all other sums payable thereon under the terms of Section 2B.9this Agreement and, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that if such prepayment may only be is not made on the last day of the applicable an Interest Period relating to the amount prepaid, together with any sums payable pursuant to Clause 10 but without premium or penalty;
(d) if any consent and authorisations are required in connection with any prepayment under this Agreement, the Borrower shall obtain any consents and authorisations which are required in relation thereto;
(e) each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject equal to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of a Reduction/Repayment Instalment or a whole multiple thereof or the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order balance of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity.Loan;
Appears in 1 contract
Voluntary Prepayment. On or about the Second Amendment Effective Date, Borrower made a prepayment to Bank in an amount equal to Twenty Million Dollars (a$20,000,000) The Company of the outstanding principal balance of the Term Loan Advance as of such date. On or about April 1, 2022, ▇▇▇▇▇▇▇▇ made a prepayment to Bank in an amount equal to Two Million Dollars ($2,000,000) of the outstanding principal balance of the Term Loan Advance on such date. On or about the Third Amendment Effective Date, Borrower prepaid an additional One Million Dollars ($1,000,000) of the outstanding principal balance of the Term Loan Advance as of such date (the “Third Amendment Prepayment”); provided that, for the avoidance of doubt, no Prepayment Fee was applied to the Third Amendment Prepayment. On or prior to September 30, 2022, Borrower shall prepay an additional Two Million Dollars ($2,000,000) of the outstanding principal balance of the Term Loan Advance as of such date (the “2022 Prepayment”); provided that, for the avoidance of doubt, no Prepayment Fee shall apply to the 2022 Prepayment. On or prior to the Fall 2022 Prepayment Date, Borrower shall prepay an additional Two Million Dollars ($2,000,000) of the outstanding principal balance of the Term Loan Advance as of such date (the “Fall 2022 Prepayment”); provided that, for the avoidance of doubt, no Prepayment Fee shall apply to the Fall 2022 Prepayment. At any time, Borrower shall have the right at any time and from time to time option to prepay any Prime Rate Loanall, in whole or in partbut not less than all, without premium or penalty on of the same day on which telephonic remaining outstanding principal balance of the Term Loan Advance, provided Borrower (A) delivers written notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, its election to prepay any Eurodollar Loan, in whole or in part, on three the remaining outstanding principal balance of the Term Loan Advance at least five (35) Business Days prior irrevocable written notice to the Banksuch prepayment, providedand (B) pays, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first prepayment (w) all remaining outstanding principal due hereunder with respect to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II Advance, plus accrued and unpaid interest thereon, (x) the Prepayment Fee, if applicable, (y) the Final Payment, and (z) all other sums, if any, that shall be applied have become due and payable hereunder with respect to installments of principal in the inverse order of maturityTerm Loan Advance, including interest at the Default Rate with respect to any past due amounts.”
Appears in 1 contract
Voluntary Prepayment. (a) The Company Co-Borrowers shall have the right at any time and from time to time be permitted to prepay all or any Prime Rate Loanportion of the Advances, in whole or in parteach case, without premium or penalty (except with respect to the calculation of the applicable Redemption Price and for prepayments made pursuant to Section 2.1.3(b) which are made in connection with a Change of Control), in an amount not less than the lesser of (i) the total amount of Advances outstanding under this Agreement or (ii) $1,000,000, in each case, so long as (1) such Co-Borrower delivers written notice to each Lender of its election to prepay the Advances (or any portion thereof) at least five (5) Business Days (or such lesser amount permitted by the Required Lenders in their reasonable discretion) prior to such prepayment and (2) such Co-Borrowers pay, on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) date of such prepayment (x) the Redemption Price for the principal amount to be prepaid, plus accrued and unpaid interest on such principal amount to be prepaid, and (y) all other sums, if any, that shall have become due and payable hereunder in connection with such principal amount to be repaid; provided that a notice of the prepayment delivered by any Co-Borrower may state that such notice of prepayment is conditioned upon the occurrence of other events, in which case such notice may be revoked by such Co-Borrower (by notice to each Lender on or prior to the specified effective date of such event) if such condition is not satisfied; provided, howeverfurther that with respect to any prepayments made pursuant to Section 2.1.3(b) which are made in connection with a Change of Control, the Co-Borrowers shall pay to the Lenders, without duplication, an amount equal to the sum of (x) all outstanding principal due in connection with the Advances (or portion thereof) to be prepaid, plus accrued and unpaid interest thereon plus (y) all other sums, if any, that each shall have become due and payable hereunder in connection with such prepayment shall be on a Business Day and each partial prepayment shall be in Advances (or portion thereof) plus (z) an amount equal to 1% of the aggregate principal amount which is an integral multiple of $25,000.00such Advances (or portion thereof).”
2.3 Section 2.1.4(a) (bInterest Rate). Section 2.1.4(a) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid Agreement is hereby amended and shall be irrevocable and shall commit the Company restated it in its entirety to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity.read as follows:
Appears in 1 contract
Sources: Loan and Security Agreement (BlackSky Technology Inc.)
Voluntary Prepayment. (a) The Company shall have the right at any time Subject to clause (b) below and Section 2.8.3 hereof, Borrower may, from time to time on at least five (5) Business Days’ written notice or telephonic notice (followed on the same Business Day by written confirmation thereof) to Agent (which shall promptly advise each Lender thereof) not later than 12:00 noon Dallas time on such day, prepay any Prime Rate Loan, the Term Loan and all related Obligations in whole or in part, without premium or penalty on the same day on which telephonic notice is given part at any time prior to the Bank (immediately confirmed in writing) of such prepayment Term Loan Maturity Date; provided, howeverthat, that each (i) such prepayment partial prepayment(s) shall be on a Business Day and each limited to $11,000,000, in the aggregate, in either case from the Subsequent Term Loan B Advance Date until the two (2) year anniversary of the Subsequent Term Loan B Advance Date, (iii) any such partial prepayment prepayments shall be applied (A) first to the outstanding principal balance of the Closing Date Term Loan, (B) second to the then outstanding principal balance of the Subsequent Term Loan A and (C) third otherwise in an aggregate principal amount which is an integral multiple accordance with Section 2.9.1(b) or Section 2.10.2 (as applicable) and (iv) shall not otherwise reduce any subsequent amortization requirements of $25,000.00Borrower that would otherwise be due and owing on subsequent Payment Dates.
(b) The Company If Borrower makes a prepayment in full (but not in part) of the Term Loan under Section 2.8.2(a) prior to the two (2) year anniversary of the Subsequent Term Loan B Advance Date, it shall have pay to Agent, for the right at benefit of Lenders and in addition to any such prepayment in full of the Term Loan and related Obligations, a prepayment fee on the date of such prepayment calculated as follows (the “Subsequent Term Loan B Prepayment Fee”): the additional amount that would be needed to be paid such that the sum of:
(i) such Subsequent Term Loan B Prepayment Fee, plus
(ii) the aggregate payments actually made in cash to all Lenders on or prior to such date in respect of the principal amount of the Subsequent Term Loan B (excluding, in each case, any amounts paid in respect of costs, indemnifications or reimbursements, any amounts realized by Agent and Lenders in connection with any warrants issued to Agent and Lenders in connection with the Term Loan from time to time and/or any fees paid to Agent and Lenders in connection with any amendments to this Agreement entered into from time to time), subject plus
(iii) the Exit Fee allocable to the provisions hereof Subsequent Term Loan B and the origination fee paid to Agent and Lenders in the amount of Section 2B.9$385,425 (or deducted from the Subsequent Term Loan B proceeds, as the case may be) in connection with the Subsequent Term Loan B), plus
(iv) the aggregate interest payments actually made in cash to prepay any Eurodollar Loan, in whole all Lenders on or in part, on three (3) Business Days prior irrevocable written notice to such date allocable to the BankSubsequent Term Loan B (excluding, providedfor the avoidance of doubt, howeverany interest accrued at the Default Rate), that which results in, as it relates to any such prepayment may only be made prior to the two (2) year anniversary of the Subsequent Term Loan B Advance Date, the amount that results in an internal rate of return of eighteen percent (18.0%) on the last day original principal amount of the applicable Interest Period Subsequent Term Loan B. For the avoidance of doubt, no prepayment fee shall otherwise be due and each partial owing in connection with a prepayment shall be in an aggregate principal amount which is an integral multiple full of $25,000.00the Term Loan on or after the two (2) year anniversary of the Subsequent Term Loan B Advance Date.
(c) The Company shall have For the right at any time and from time to timeavoidance of doubt, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment permitted payment under this Section 2B.8 shall 2.8.2 is independent of and in addition to Revenue-Based Payments that are credited toward the principal of the Loans under Section 2.9.1(b). Notwithstanding anything set forth herein or in any other Loan Documents to the contrary, any prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit Loans other than via the Company application of Revenue-Based Payments made pursuant to prepay such Loan by the amount and on the date stated therein. All Section 2.9.1 or Section 2.10.2, as applicable, or prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with Section 2.8.1 or Section 2.8.3 shall be limited and governed by this Section 2.8.2. Notwithstanding anything in this Section 2.8 to the provisions contrary, after the occurrence and during the continuation of paragraph (b) above. All partial prepayments a material default hereunder by a Lender or Agent, Borrower may prepay all or any part of the Term Loan II shall be applied to installments Loans without the payment of principal any such prepayment penalty or premium described in the inverse order of maturitythis Section 2.8.
Appears in 1 contract
Voluntary Prepayment. (aA) The Company shall have Any Borrower (or the right Representative of the Borrowers acting on behalf of all or any of the Borrowers) may at any time and from time prepay to time to prepay any Prime Rate Loanthe Lenders, in whole full or in part, without premium (i) the Outstanding Amount of the Facility for a minimum total amount in principal of one million Euros (EUR 1,000,000) and beyond such amount, in multiples of two hundred thousand Euros (EUR 200,000), or penalty on the same day on which telephonic notice is given any other amount to the Bank extent that such amount corresponds to the entirety of the Outstanding Amount of the Facility or, as the case may be, (immediately confirmed ii) the Outstanding Amount of the Additional Tranche for a minimum total amount in writingprincipal of one hundred thousand Euros (EUR 100,000) and beyond such amount in multiples of ten thousand Euros (EUR 10,000), or any other amount to the extent that such an amount corresponds to the entirety of the Outstanding Amount of the Additional Tranche. If such repayment does not take place on an Interest Payment Date, the provisions of Clause 19 (Indemnification obligations) shall apply.
(B) Any voluntary prepayment provided, however, pursuant to this Clause must be notified at least ten (10) Business Days in advance to the Agent by the Representative of the Borrowers. The Agent shall promptly inform the Lenders that each it has received such a notice. Any notice sent to the Agent with a view to making a voluntary prepayment shall be on a Business Day definitive and each partial prepayment shall may not be in an aggregate principal amount which is an integral multiple of $25,000.00withdrawn.
(bC) The Company Any voluntary prepayment made by a Borrower shall have be set off against the right at any time Outstanding Amount in principal of its Allocated Share (and from time to timein the case of Borrower III, subject to against the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to Additional Tranche). Any voluntary prepayment made by the Bank, provided, however, that such prepayment may only be made on the last day Representative of the applicable Interest Period and each partial prepayment Borrowers shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have set off, at the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount discretion of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order Representative of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with Borrowers, against the provisions of paragraph (b) above. All partial prepayments Outstanding Amount of the Term Loan II Allocated Share of a Borrower (and, where applicable, should this repayment be set off against the Allocated Share of Borrower III, the Additional Tranche shall be applied to installments take priority) or the Allocated Shares of principal in the inverse order of maturityBorrowers as designated by him.
Appears in 1 contract
Sources: Credit Agreement (American Realty Capital Global Trust II, Inc.)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days Days’ prior irrevocable written or fax notice in the case of Eurodollar Loans, or written or fax notice at least one (1) Business Day prior to the Bankdate of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $1,000,000 and (ii) at the Borrower’s election in connection with any prepayment of Revolving Loans pursuant to this Section 2.12(a), such prepayment shall not, so long as no Event of Default then exists, be applied to any Revolving Loan of a Defaulting Lender. Prepayments of Term Loans made pursuant to this Section 2.12(a) shall be applied to the remaining scheduled amortization payments relating to such Term Loans as elected by the Borrower.
(db) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such notices states that the prepayment is contingent upon the successful issuance or incurrence of Indebtedness permitted by Section 6.01 to be issued or incurred or any other specified event (including, but not limited to, the occurrence of any Asset Sale or Change of Control), then the Borrower may, if the specified condition is not satisfied, (x) revoke such notice and/or (y) extend the prepayment date by not more than five (5) Business Days (in the case of each of clauses (x) and (y), by providing notice to the Administrative Agent on or prior to the specified date); provided further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Section 2.16. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have Borrower may voluntarily prepay all or any part of the right Term Principal Amount at any time time, and from time each such voluntary prepayment is subject to time to prepay any Prime Rate Loan, in whole the following conditions:
(i) Lender must receive Borrower’s written or in part, without premium or penalty telephonic prepayment notice by 10:00 a.m. on the same day prepayment date;
(ii) The prepayment notice shall (A) specify the prepayment date, (B) specify the amount of the Term Loan to be prepaid, and (C) constitute an irrevocable and binding obligation of Borrower to make a prepayment in such amount on which telephonic notice is given to the Bank designated prepayment date;
(immediately confirmed iii) each partial prepayment must be in writinga minimum amount of not less than (A) $50,000 or a greater integral multiple of such $10,000 or (B) if less than the requested minimum amount, the outstanding balance of the Term Principal Amount; and
(iv) all accrued and unpaid interest on the portion of the Term Principal Amount being prepaid must also be paid in full on the prepayment provided, however, that each such prepayment shall be on a Business Day date and each partial prepayment shall be applied to the scheduled principal payments in an aggregate principal amount which is an integral multiple the inverse order of $25,000.00.their maturity;
(b) The Company shall have Notwithstanding the right at any time foregoing, pursuant to Landlord’s election to do so pursuant to Section 10.10 of the Leasehold Deed of Trust, Assignment of Leases and Rents, Security Agreement and UCC Financing Statement for Fixture Filing dated as of the Closing Date (as amended, restated, supplemented or otherwise modified from time to time) executed by Borrower, subject as grantor, to the provisions hereof and trustee named therein for the benefit of Section 2B.9Lender, to Landlord may voluntarily prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day all of the applicable Interest Period Term Principal Amount in full, together with all accrued and each partial prepayment shall be unpaid interest in an aggregate principal amount which is an integral multiple of $25,000.00respect thereof, at any time.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment All prepayments under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and 2.3 shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole without premium or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypenalty.
Appears in 1 contract
Sources: Credit Agreement (iBio, Inc.)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $5,000,000.
(b) The Company Except as may otherwise be set forth in any Extension Offer, any Refinancing Amendment or any Incremental Amendment, voluntary prepayments of Term Loans pursuant to this Section 2.12 (i) shall have be applied ratably to each Class of Term Loans then outstanding and (ii) with respect to each Class of Term Loans, shall be applied against the right at any time and from time to timeremaining scheduled installments of principal due in respect thereof (in the case of the Initial Term Loans, subject to as set forth in Section 2.11) as directed by the provisions hereof and of Section 2B.9Borrower (or, to prepay any Eurodollar Loanabsent such direction, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day forward order of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00maturity).
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is in connection with a refinancing, then the Borrower may condition such notice on the effectiveness of such refinancing (provided, that the provisions of Section 3.05 shall apply to any prepayment that is not made as a result of the failure of such condition). All prepayments under this Section 2.12 shall be subject to Section 2.12(d) (to the extent applicable) and Section 3.05 but otherwise without premium or penalty. All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. payment.
(d) In the absence event that, on or prior to the first anniversary of such specificationthe Restatement Effective Date, amounts being prepaid shall be applied first to the Borrower (x) prepays, refinances, substitutes or replaces any Prime Rate Loan then outstanding and then to Match Rate Initial Term Loans in connection with a Repricing Transaction (including, for avoidance of doubt, any prepayment made pursuant to Section 2.13(a)(iv) that constitutes a Repricing Transaction), or (y) effects any amendment of this Agreement resulting in a Repricing Transaction, the order Borrower shall pay to the Administrative Agent, for the ratable account of each of the expiration applicable Lenders, (I) in the case of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with clause (x), a prepayment premium of 1.00% of the provisions of paragraph (b) above. All partial prepayments aggregate principal amount of the Term Loan II Loans so prepaid, refinanced, substituted or replaced and (II) in the case of clause (y), a fee equal to 1.00% of the aggregate principal amount of the applicable Term Loans outstanding immediately prior to such amendment. Such amounts shall be applied to installments due and payable on the date of principal in the inverse order effectiveness of maturitysuch Repricing Transaction.
Appears in 1 contract
Sources: Credit Agreement (Gym-Card, LLC)
Voluntary Prepayment. (a) The Company Each Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing incurred by such Borrower, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurocurrency Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000, C$1,000,000, €1,000,000 or £1,000,000, as applicable, and not less than $5,000,000, C$5,000,000, €5,000,000 or £2,000,000, as applicable.
(b) The Company Voluntary prepayments of Loans shall have be applied at the right at any time and from time to timeLead Borrower’s direction (x) among each Class of Term Loans, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in partextent required by the documentation governing such Class only, on three a pro rata basis, or otherwise as the Lead Borrower directs and (3y) Business Days prior irrevocable written notice to the Bankoutstanding principal amounts due on a Canadian Term Loan Repayment Date, provideda Tranche A Term Loan Repayment Date, howevera Tranche C Term Loan Repayment Date or a Euro Term Loan Repayment Date, that as applicable, of each such prepayment may only be made on the last day Class of Term Loans as directed by the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00Borrower.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company applicable Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein. All prepayments shall ; provided, however, that if such prepayment is for all of the then outstanding Class of Term Loans, then the applicable Borrower may state that it is conditioned upon the occurrence or non-occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice may be accompanied revoked by accrued interest on the principal amount being prepaid applicable Borrower (by written notice to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest Administrative Agent on or prior to the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of specified effective date) if such specificationcondition is not satisfied; provided, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with further, however, that the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity.of
Appears in 1 contract
Sources: First Amendment and Restatement Agreement (Spectrum Brands, Inc.)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three Business Days’ prior written or fax notice (3or telephone notice promptly confirmed by written or fax notice) in the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written or fax notice) at least one Business Days Day prior irrevocable written notice to the Bankdate of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment (but not a prepayment in full) shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $5,000,000.
(db) The Voluntary prepayments of Term Loans shall be allocated pro rata to the First Out Term Loans then outstanding and the Last Out Term Loans then outstanding; provided that (i) voluntary prepayments of First Out Term Loans shall be applied pro rata to all Classes of First Out Term Loans then outstanding, and (b) voluntary prepayments of Last Out Term Loans shall be applied pro rata to all Classes of Last Out Term Loans then outstanding; provided, further, that any such prepayments shall be applied to each such Class of First Out Term Loans or Last Out Term Loans, as the case may be, as directed by the Borrower against the remaining scheduled installments of principal due in respect of each such Class, so long as the Borrower directs such prepayments to be applied to each Class in the same manner (by way of illustration, if such prepayments are applied pro rata to the remaining amortization payments of the First Out Term Loans, they shall also be applied pro rata to the remaining amortization payments of the Last Out Term Loans).
(c) Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the Borrower may revoke such notice and/or extend the prepayment date by not more than five Business Days; provided further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Sections 2.16 and 2.25 but shall otherwise be without premium or penalty. All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Sources: Credit Agreement (Sportsman's Warehouse Holdings, Inc.)
Voluntary Prepayment. The Borrowers shall have the right, to prepay part or the entire Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrowers to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided, that:
(a) The Company the Bank shall have received from the right at any time Borrowers not less than ten (10) Banking Days’ prior notice (which shall be irrevocable) of their intention to make such prepayment and from time to time to prepay any Prime Rate Loanspecifying the account, in whole or in part, without premium or penalty on the same day date on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall is to be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.made;
(b) The Company shall have such prepayment may take place only on the right at any time and from time to time, subject last day of an Interest Period relating to the provisions hereof and part of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the BankLoan prepaid, provided, however, that if the Borrowers shall request consent to make such prepayment may only be made on another day and the last day Bank shall accede to such request (it being in the sole discretion of the applicable Interest Period and each partial prepayment shall Bank to decide whether or not to do so) the Borrowers will pay in addition to the amount to be in an aggregate principal amount which is an integral multiple of $25,000.00.prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal equal to the amount which is an integral multiple of $25,000.00.2,000,000 or a whole multiple thereof or the balance of the Loan;
(d) The any prepayment of less than the whole of the Loan will be applied, towards satisfaction of the Repayment Instalments (including any Balloon Instalment referred to in clause 4.1) in order of maturity or in such other manner as the Borrowers may request;
(e) every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrowers to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(f) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(g) the Borrowers may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (Costamare Inc.)
Voluntary Prepayment. (a) The Company shall have Subject to the right limitations in the following sentences, Borrower may wholly prepay any Base Rate Loan, or Eurodollar Loan that is included in the Aggregate Revolving Loan or the Aggregate Term Loan at any time and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on may make a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and thereon from time to time, without penalty or premium, but only if (i) Borrower gives Administrative Agent written notice (which may be mailed, personally delivered or telecopied as provided in Section 19.1) or telephonic notice (promptly confirmed in writing in the manner provided in Section 19.1) of Borrower's intention to make such prepayment at least one Business Day prior to tendering such prepayment, (ii) the total amount of such prepayment is a whole multiple of $500,000, and (iii) Borrower pays any amount that is due under Section 17.4 as a consequence of the prepayment. Unless there is an Existing Default, all payments on the Revolving Loan shall be made first to the outstanding balance of the Swingline Loan, if any, and then to the remaining amount of the Aggregate Revolving Loan. All such voluntary prepayments, unless otherwise expressly stated in writing by Borrower to Administrative Agent prior to the making of such prepayment, and subject to the terms and provisions hereof and of Section 2B.9this Agreement, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only will be deemed made on the last day Swingline Loan, if any, until it is reduced to zero, and thereafter to Base Rate Loans included in the Aggregate Revolving Loan until they are reduced to zero and then to Eurodollar Loans included in the Aggregate Revolving Loan (and all penalties and premiums due hereunder in connection therewith) until they are reduced to zero, and will be applied by Lenders to reduce the Revolving Loans in accordance with their respective pro-rata shares of the applicable Interest Period Aggregate Revolving Loan Commitment. Thereafter, unless otherwise expressly stated in writing by Borrower to Administrative Agent, prior to the making such pre-payment, and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the other terms and provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay Agreement, all such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest deemed made on Base Rate Loans included in the principal amount being prepaid Aggregate Term Loan until they are reduced to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specificationzero, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Eurodollar Loans included in the order Aggregate Term Loan (and all penalties and premiums due hereunder in connection therewith) until they are reduced to zero, and will be applied by Lenders to reduce their pro-rata shares, and consequently the aggregate amounts, of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to calendar quarterly repayment installments of principal required under Section 6.2 in the inverse order of maturitytheir due dates.
Appears in 1 contract
Sources: Loan Agreement (Angelica Corp /New/)
Voluntary Prepayment. The Borrowers shall have the right, upon giving the Bank not less than five (5) Banking Days’ notice in writing, to prepay part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrowers to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrowers will irrevocably commit the Borrowers to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day of an Interest Period in respect of the Loan provided however, that if the Borrowers shall request consent to make such prepayment on which telephonic notice is given another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrowers will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(immediately confirmed in writingc) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have no less than the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day amount of the applicable Interest Period Repayment Instalment due and each partial payable at that time or a whole multiple thereof or the balance of the Loan and will be applied by the Bank in or towards the pro-rata prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time Balloon Installment and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.Repayment Instalments;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrowers to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(e) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(f) the Borrowers may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (FreeSeas Inc.)
Voluntary Prepayment. Without prejudice to Section 2.11 (Increased Costs), Section 2.15 (Taxes), Section 2.17 (Illegality of Participation) and Section 5.05 (Insurance Covenants):
(a) The Company shall have the right at Borrower may prepay all or any time and from time to time to prepay any Prime Rate part of the Loan, in whole or in parton not less than thirty (30) days' prior notice to IFC, without premium or penalty but only if:
(i) the Borrower simultaneously pays all accrued interest and Increased Costs (if any) on the same day amount of the Loan to be prepaid, together with the prepayment premium specified in Section 2.07A (b) (Voluntary Prepayment) and all other amounts then due and payable under this Agreement, including the amount payable under Section 2.12 (Unwinding Costs), if the prepayment is not made on which telephonic notice an Interest Payment Date;
(ii) for a partial prepayment, that prepayment is given an amount not less than two million Dollars ($2,000,000); and
(iii) if requested by IFC, the Borrower delivers to IFC, prior to the Bank (immediately confirmed date of prepayment, evidence satisfactory to IFC that all necessary Authorizations with respect to the prepayment have been obtained and are in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00effect.
(b) The Company On the date of any prepayment of the Loan in accordance with Section 2.07A (a) (Voluntary Prepayment), the Borrower shall have the right at any time and from time to time, subject pay a prepayment premium consisting of an amount in Dollars equal to the provisions hereof relevant percentage of the amount to be prepaid, such percentage being determined as follows: (i) on or prior to June 15, 2012, two per cent (2%); and (ii) thereafter, one per cent (1%). The determination by IFC of Section 2B.9the prepayment premium shall be final and conclusive and bind the Borrower (unless the Borrower shows, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, howeversatisfaction of IFC, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00determination involved manifest error).
(c) The Company Amounts of principal prepaid under this Section shall have the right at any time and from time to time, subject be applied by IFC to the provisions hereof and then outstanding installments of Section 2B.9, to prepay any Match Rate Loan, principal of the Loan in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple inverse order of $25,000.00maturity.
(d) The Upon delivery of a notice of prepayment under this in accordance with Section 2B.8 2.07A (a) (Voluntary Prepayment), the Borrower shall set forth make the prepayment date and in accordance with the terms of that notice.
(e) Any principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall 2.07A (Voluntary Prepayment) may not be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityre-borrowed.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Any voluntary prepayment of the Loan hereunder shall have be made subject to the right at any time and following conditions unless otherwise agreed in writing by the Lender:
(i) the Lender shall receive a notice from time the Borrower no less than five (5) Business Days prior to time the related Interest Payment Date that indicates the Borrower’s request to prepay any Prime Rate Loan, in whole or in part, without premium or penalty make such prepayment on such Interest Payment Date;
(ii) on the same day date of such prepayment, the Borrower shall pay all interest accrued on which telephonic notice is given the amount of principal so prepaid up to and including the Bank (immediately confirmed in writing) date of such prepayment provided, however, that each such prepayment shall be on a Business Day and each any other amounts payable hereunder in respect thereof; and
(iii) the amount of any partial prepayment shall be at least US$1,000,000 and in an aggregate principal amount which is an integral multiple of $25,000.00US$1,000,000.
(b) The Company In the event of such prepayment, the Borrower shall have pay the right following prepayment premiums together with such prepayment:
(i) in the case where the Borrower prepays on an Interest Payment Date, an amount (disregarding amounts less than US$0.01) equal to two percent (2%) of the amount of principal so prepaid, together with any applicable consumption tax, value added tax and other similar taxes on such amount ; provided that no such amount shall be due under this Section 4.2(b)(i) in connection with a prepayment of all of the outstanding principal amount of the Loan and accrued interest thereon (1) on or about the time the Borrower enters into an amendment, waiver or other concession or agreement under the Credit Agreement if the Lender has not agreed in writing to a similar amendment, waiver or other concession or agreement under this Agreement, to the extent applicable and requested by the Borrower, (2) within 30 days of the date the Borrower receives a notice pursuant to Section 7.1(c) below or (3) at any time after the assessment of any Taxes reimbursable by the Borrower pursuant to Article 12.1 below; or
(ii) in the case where the Borrower prepays on a day which is not an Interest Payment Date:
(A) an amount (disregarding amounts less than US$0.01) equal to two percent (2%) of the amount of principal so prepaid, together with any applicable consumption tax, value added tax and from other similar taxes on such amount; provided that no such amount shall be due under this Section 4.2(b)(ii)(A) in connection with a prepayment of all of the outstanding principal amount of the Loan and accrued interest thereon (1) on or about the time the Borrower enters into an amendment, waiver or other concession or agreement under the Credit Agreement if the Lender has not agreed in writing to timea similar amendment, subject waiver or other concession or agreement under this Agreement, to the provisions hereof extent applicable and requested by the Borrower, (2) within 30 days of the date the Borrower receives a notice pursuant to Section 2B.9, to prepay any Eurodollar Loan, in whole 7.1(c) below or in part, on three (3) Business Days prior irrevocable written notice at any time after the assessment of any Taxes reimbursable by the Borrower pursuant to Article 12.1 below; plus
(B) the difference between (x) the amount of interest that would have accrued on the principal amount so prepaid at the Floating Rate plus the Margin for the period from the date of prepayment to the Bank, provided, however, immediately succeeding Interest Payment Date and (y) the amount of interest assuming that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment principal amount so prepaid were reinvested at an interbank market rate which shall be determined by the Lender for the same period. For the avoidance of doubt, if the amount (x) above is less than the amount (y) above, the difference shall be zero and the amount to be calculated under this item (B) shall in an aggregate principal amount which is an integral multiple of $25,000.00no event be less than zero.
(c) The Company Lender may, at its sole discretion, apply and appropriate any and all prepayments made under this Article 4.2 towards the satisfaction of all or any part of the Loan and/or all or any interest accrued thereon. The Borrower shall be deemed to have the waived any right at any time and from time to time, subject it had with regard to the provisions hereof and appropriation of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00prepayments.
(d) The Any notice of prepayment under to prepay given by the Borrower pursuant to this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and Article 4.2 shall be irrevocable and shall commit the Company constitute an irrevocable obligation to prepay such Loan by the amount and on amount. Once the date stated therein. All prepayments for any prepayment has been fixed, such date shall be accompanied by accrued interest on deemed as the due date for the principal amount being prepaid (and interest thereon) to be paid and should the date of prepayment. Each prepayment under this Section 2B.8 Borrower fail to pay any such principal and/or interest due and payable on such date, the Borrower shall be applied first towards unpaid pay the Delinquency Interest on such overdue principal and/or interest on the amount being prepaid due and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only payable in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityArticle 5.2 below.
Appears in 1 contract
Sources: Loan Agreement (Aar Corp)
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than ten (10) Banking Days’ notice in writing, to prepay part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day of an Interest Period in respect of the Loan provided however, that if the Borrower shall request consent to make such prepayment on which telephonic notice is given another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(immediately confirmed in writingc) of such prepayment provided, however, that each such prepayment shall be on equal to $1,000,000 (One million Dollars) or a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral whole multiple thereof or the balance of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, provided however, that if the balance of the Loan after such prepayment may only is to be made on less than $1,000,000 then the last day of the applicable Interest Period and each partial prepayment Borrower shall be obliged to repay the Loan in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.full;
(d) The any prepayment of less than the whole of the Loan will be applied towards payment of the outstanding Repayment Instalments in inverse order of their due dates of payment;
(e) every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(f) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(g) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Voluntary Prepayment. The Borrower:
(a) The Company shall have the right at any time and may, from time to time to prepay on any Prime Rate LoanBusiness Day, make a voluntary prepayment, in whole or in part, without premium of the outstanding principal amount of the Loan; provided that:
(i) all such voluntary prepayments shall require (x) for prepayments on or penalty after the Disbursement Date made prior to the Actual Delivery Date in respect of the advance made on the same day on which telephonic Disbursement Date, at least two (2) Business Days' prior written notice is given to the Bank Facility Agent, and (immediately confirmed y) for all other prepayments, at least thirty (30) calendar days' prior written notice (or such shorter period as the Majority Lenders may agree), if all or any portion of the prepayment is to be applied in writingprepayment of the FEC Tranche A Loan, or otherwise at least five (5) of Business Days' (or, if such prepayment providedis to be made on the last day of an Interest Period for the Loan, howeverfour (4) Business Days') prior written notice, that in each case to the Facility Agent; and
(ii) all such prepayment shall be on a Business Day and each voluntary partial prepayment prepayments shall be in an aggregate principal minimum amount which is an integral of $10,000,000 and a multiple of $25,000.00.
1,000,000 (b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in partthe remaining amount of the Loan) and shall be applied in forward order of maturity, on three (3) Business Days prior irrevocable written notice to inverse order of maturity or ratably at the Bank, Borrower's option against the remaining instalments; provided, however, that such prepayment shall be applied between the FEC Tranche A Loan and the FEC Tranche B Loan as the Borrower may only direct, provided that in the event the Borrower directs a partial prepayment to be made on applied against the last day of the applicable Interest Period and each FEC Tranche B Loan such partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
applied pro rata against (cA) The Company shall have the right at any time FEC Tranche B Loan (excluding the Seventh Amendment Upsize Commitment and from time to timethe Former Hermes Commitment), subject to (B) the provisions hereof Seventh Amendment Upsize Commitment and of Section 2B.9(C) the Former Hermes Commitment, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each with such prepayment shall be on a Business Day and then being applied pro rata to each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00FEC Lender's respective FEC Tranche B Commitment thereunder.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity.
Appears in 1 contract
Sources: Amendment No. 7 in Connection With the Credit Agreement (Royal Caribbean Cruises LTD)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time right, upon giving the Bank not less than ten (10) Banking Days' prior notice in writing, to prepay part or all of the Loan in each case together with all unpaid interest accrued thereon, plus any Prime Rate LoanBreak Costs, in whole or in part, without premium or penalty on plus all other sums of money whatsoever due and owing from the same day on which telephonic notice is given Borrower to the Bank (immediately confirmed in writing) hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
5.02.01. the giving of such prepayment provided, however, that each notice by the Borrower will irrevocably commit the Borrower to prepay such amount as stated in such notice;
5.02.02. such prepayment shall be may take place only on a Business Day and each partial prepayment shall be in the last day of an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject Interest Period relating to the provisions hereof and part of Section 2B.9, the Loan to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bankbe prepaid, provided, however, that if the Borrower shall request consent to make such prepayment may only be made on another day and the last day Bank shall accede to such request (it being in the sole discretion of the applicable Interest Period Bank to decide whether or not so to do) the Borrower will pay in addition to the amount to be prepaid as per this Clause 5.02, any sum as may be payable to the Bank pursuant to Clause 14;
5.02.03. the Borrower shall in addition pay to the Bank a Prepayment Fee of one point fifty per cent (1.50%) of the amount prepaid (the "Prepayment Fee"). The Borrower shall not pay the Prepayment Fee if prepayment is effected after the first twenty four (24) months from the second day prior to the Drawdown Date , or in the event of a Total Loss of the Vessel, or if the Vessel is sold to a member of the Group, and each the purchase is financed by the Bank;
5.02.04. any partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject equal to the provisions hereof and of Section 2B.9Repayment Installment next due, to prepay any Match Rate Loan, in whole or in part multiples thereof;
5.02.05. any prepayment of less than the whole of the Loan will be applied first towards reduction of the Balloon Installment and upon at least three (3) Business Days prior irrevocable written notice such Balloon Installment being reduced to zero, towards reduction of the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.remaining Repayment Installments pro rata;
(d) The notice of prepayment under this Section 2B.8 shall set forth 5.02.06. In case the Borrower requests the prepayment date and of the principal full amount of the Loan being prepaid and at the relevant time there are any Transaction(s) outstanding under the ISDA Agreement, the Borrower shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid pay in addition to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid above any and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, all amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans under such Transactions, including without limitation, in case of outstanding Designated Transactions the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitySwap Exposure.
Appears in 1 contract
Sources: Loan Agreement (Diana Shipping Inc.)
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than five (5) Banking Days’ notice in writing, to prepay, without penalty or prepayment fee, part or all of the Loan, in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided, that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day on which telephonic notice is given to of an Interest Period in respect of the Bank (immediately confirmed in writing) of such prepayment Loan provided, however, that if the Borrower shall request consent to make such prepayment on another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(c) each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral of a Repayment Instalment or a whole multiple of $25,000.00.
(b) The Company shall have thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period Loan and each partial will be applied by the Bank in or towards prepayment shall be first of the Balloon Instalment and then of the remaining Repayment Instalments in an aggregate principal amount which is an integral multiple the inverse order of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.their maturity;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(e) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(f) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Each Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing of such Borrower, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $5,000,000.
(b) The Company Voluntary prepayments of Term Loans shall have be applied against the right at any time and from time to timeremaining scheduled installments of principal due in respect of the Term Loans under Section 2.11 as directed by the Lead Borrower (or, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loanabsent such directions, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day direct order of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00maturity).
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company applicable Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the applicable Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied; provided further, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Sections 2.12(d) and 2.16 but otherwise without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each payment.
(d) Upon any voluntary prepayment under of Term Loans pursuant to this Section 2B.8 2.12 in connection with a Repricing Transaction on or prior to the first anniversary of the Closing Date, the Borrowers shall be applied first towards unpaid interest on the amount being prepaid and then towards pay a prepayment fee of one percent (1.0%) of the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments amount of the Term Loan II shall be applied Loans so prepaid or subject to installments of principal in the inverse order of maturitysuch Repricing Transaction, as applicable.
Appears in 1 contract
Sources: Credit Agreement (Wca Waste Corp)
Voluntary Prepayment. (a) The Company Subject to payment of any applicable premium as set forth in paragraph (e) below, the Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurocurrency Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) one Business Day prior to the Bank date of prepayment before 12:00 (immediately confirmed noon), New York City time, in writing) the case of such prepayment ABR Loans, to the Administrative Agent; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.00500,000 and not less than $1,000,000.
(b) The Company Voluntary prepayments of Loans shall have be applied against the right at any time and from time to time, subject to the provisions hereof and remaining scheduled installments of Section 2B.9, to prepay any Eurodollar Loan, principal due in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day respect of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00Loans under Section 2.11 as directed by the Borrower.
(c) Notwithstanding anything to the contrary contained in this Section 2.12 or any other provision of this Agreement and without otherwise limiting the rights in respect of prepayments of the Loans or repurchases of Loans permitted by any other provision of this Agreement (including, without limitation, Section 9.04(l)), so long as no Default or Event of Default has occurred and is continuing, Parent, the Borrower, Affiliates of the Borrower or any Affiliated Lender (excluding Debt Fund Affiliates) (each, a “Repurchaser”) may repurchase outstanding Loans pursuant to this Section 2.12(c) on the following basis:
(i) The Company Repurchaser may conduct one or more auctions (each, an “Auction”) to repurchase all or any portion of the Loans of any Class by providing written notice to the Administrative Agent (for distribution to the Lenders of the related Class) of the Loans that will be the subject of the Auction (an “Auction Notice”). Each Auction Notice shall be in a form reasonably acceptable to the Administrative Agent and shall contain (x) the total cash value of the bid, in a minimum amount of $5,000,000 with minimum increments of $1,000,000 (the “Auction Amount”) and (y) the discount to par, which shall be a range (the “Discount Range”) of percentages of the par principal amount of the Loans at issue that represents the range of purchase prices that could be paid in the Auction;
(ii) In connection with any Auction, each Lender of the related Class may, in its sole discretion, participate in such Auction and may provide the Administrative Agent with a notice of participation (the “Return Bid”) which shall be in a form reasonably acceptable to the Administrative Agent and shall specify (x) a price discounted to par that must be expressed as a price (the “Reply Discount”), which must be within the Discount Range, and (y) a principal amount of Loans which must be in increments of $1,000,000 or in an amount equal to the Lender’s entire remaining amount of such Loans (the “Reply Amount”). Lenders may only submit one Return Bid per Auction. In addition to the Return Bid, the participating Lender must execute and deliver, to be held in escrow by the Administrative Agent, an assignment agreement substantially in the form of Exhibit B-2 (an “Affiliated Lender Assignment and Acceptance”) in lieu of an Assignment and Acceptance;
(iii) Based on the Reply Discounts and Reply Amounts received by the Administrative Agent, the Administrative Agent, in consultation with the Repurchaser, will determine the applicable discount (the “Applicable Discount”) for the Auction, which will be the lowest Reply Discount for which the Repurchaser can complete the Auction at the Auction Amount; provided that, in the event that the Reply Amounts are insufficient to allow the Repurchaser to complete a purchase of the entire Auction Amount (any such Auction, a “Failed Auction”), the Repurchaser shall either, at its election, (x) withdraw the Auction or (y) complete the Auction at an Applicable Discount equal to the highest Reply Discount. The Repurchaser shall purchase Loans (or the respective portions thereof) from each Lender with a Reply Discount reflecting a discount from par that is equal to or greater than that of the Applicable Discount (“Qualifying Bids”) at the Applicable Discount; provided, further, that if the aggregate proceeds required to purchase all Loans subject to Qualifying Bids would exceed the Auction Amount for such Auction, the Repurchaser shall purchase such Loans at the Applicable Discount ratably based on the principal amounts of such Qualifying Bids (subject to rounding requirements specified by the Administrative Agent). Each participating Lender will receive notice of a Qualifying Bid as soon as reasonably practicable but in no case later than five Business Days from the date the Return Bid was due;
(iv) Once initiated by an Auction Notice, the Repurchaser may not withdraw an Auction other than a Failed Auction or as specified in the Auction Notice. Furthermore, in connection with any Auction, upon submission by a Lender of a Qualifying Bid, such Lender (each, a “Qualifying Lender”) will be obligated to sell the entirety or its allocable portion of the Reply Amount, as the case may be, at the Applicable Discount;
(v) With respect to all repurchases made by Parent, the Borrower or a Restricted Subsidiary pursuant to this Section 2.12(c) or pursuant to Section 9.04(l), such repurchases shall be deemed to be voluntary prepayments pursuant to this Section 2.12(c) in an amount equal to the aggregate principal amount of such Loans; provided that such repurchases shall not be subject to the provisions of Section 2.12(a), Section 2.17 or Section 2.18; and
(vi) repurchases by the Repurchaser of Loans pursuant to this Section 2.12(c) shall be subject to the following conditions: (1) the Auction is open to all Lenders of the applicable Class on a pro rata basis, (2) no proceeds of Revolving Facility Loans may be used to effect such repurchase (3) none of the Borrower, the Sponsor nor any Affiliated Lender shall be required to make a representation that it is not in possession of any MNPI, (4) any Loans purchased by Parent or any of its Restricted Subsidiaries pursuant to this Section 2.12(c) shall be automatically and permanently canceled upon acquisition thereof by the Repurchaser, (5) by acquiring a Term Loan pursuant to this Section 2.12(c), the Repurchaser shall be deemed to have waived its right to receive information prepared by the Administrative Agent or any Lender (or any advisor, agent or counsel thereof) under or in connection with the Loan Documents (in each case to the extent not provided to the Loan Parties) and attend any meeting or conference call with the Administrative Agent or any Lender where the Loan Parties or Affiliated Party has not been invited, (6) notwithstanding anything to the contrary in the definition of “Required Lenders”, or in Section 9.08(b), no Affiliated Lender shall be entitled to vote any Term Loans in any “Required Lender” vote pursuant to the terms of this Agreement or any other Loan Document (it being understood that the holder of such Term Loans shall have the right to consent to votes requiring the consent of “each Lender” or “each Lender directly adversely affected thereby” pursuant to Section 9.08(b) or otherwise), and for purposes of any such vote such Term Loans shall be deemed to have been voted in proportion to the votes of the other Lenders and (7) the aggregate principal amount of Term Loans held by the Affiliated Lenders at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loanshall not exceed, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; providedaggregate, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an 25% of the aggregate outstanding principal amount which is an integral multiple of $25,000.00the Term Loans.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that such notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent not later than 12:00 (noon), New York City time, on or prior to the specified effective date) if such condition is not satisfied; provided further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Section 2.16 and shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of payment.
(e) If, on or prior to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on that is six months after the amount being prepaid and then towards the principal in whole Closing Date, (i) all or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments portion of the Term Loan II shall be applied Loans is prepaid under Section 2.12(a) out of the proceeds of a substantially concurrent incurrence of long-term secured term loan financing that is marketed or syndicated to installments banks and other institutional investors and the effective yield (as determined by the Administrative Agent consistent with generally accepted financial practice and, in any event, excluding the effect of principal any arrangement, structuring, syndication, commitment or other fees in connection therewith that are not shared with all providers of such financing, and without taking into account any fluctuations in the inverse order Adjusted LIBO Rate) of maturitysuch secured term loan financing is less than the yield (as determined by the Administrative Agent on the same basis) of the Term Loans or (ii) a Lender must assign its Term Loans pursuant to Section 2.21 as a result of its failure to consent to an amendment that would reduce any of the interest rate margins (or other pricing-related terms) then in effect with respect to such Term Loans, then in each case the aggregate principal amount so prepaid or assigned will be subject to a fee payable by the Borrower equal to 1.00% of the principal amount of Term Loans so prepaid or assigned, as the case may be, on the date of such prepayment or assignment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have may, on any Interest Payment Date, prepay all or any part of the right at IFC Loans then outstanding, on not less than thirty (30) days' written notice to IFC, but only if:
(i) the Company simultaneously pays the prepayment premium specified in Section 3.8 hereof (x) in respect of any time and from time to time to prepay any Prime Rate outstanding balance of the A Loan, in whole or in part, without premium or penalty with respect to the portion of the A Loan so prepaid;
(ii) the Company simultaneously pays (x) all accrued interest on the same day on which telephonic notice is given amount of the IFC Loans to the Bank be prepaid, and (immediately confirmed in writingy) of all other amounts then payable under this Agreement;
(iii) for a partial prepayment, such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be is in an aggregate amount of not less than six million Dollars ($6,000,000);
(iv) the Company simultaneously prepays, pro rata, the outstanding principal amount which is of the DEG Loan (or portions thereof, as applicable), together with all accrued interest on the principal amounts of the Loans (or portions thereof, as applicable), the Maintenance Amount (if any) on the Loans (or portions thereof, as applicable) and all other amounts then due hereunder or under any of the Loan Documents; and
(v) if IFC so requires, the Company delivers to IFC, prior to the date of prepayment, evidence satisfactory to IFC that all Governmental Approvals necessary in respect of the prepayment have been obtained or an integral multiple opinion of $25,000.00counsel, in form and substance reasonably satisfactory to IFC, that none are required.
(b) The Company Amounts prepaid under this Section:
(i) shall have be allocated by IFC pro rata between the right at A Loan and the B Loan in proportion to their respective principal amounts outstanding on the date of any time and from time to time, subject such prepayment; and
(ii) shall then be applied by IFC to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day respective outstanding repayment installments of the applicable Interest Period A Loan and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00the B Loan on a pro rata basis.
(c) The Upon delivery of a notice in accordance with subsection (a) above, the Company shall have make the right at any time and from time to time, subject to prepayment in accordance with the provisions hereof and terms of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00notice.
(d) The notice Company may not request Disbursement of prepayment amounts prepaid under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityAgreement.
Appears in 1 contract
Voluntary Prepayment. (ai) The Company shall have Provided no Event of Default has occurred and is continuing, the right at any time Borrower may upon not less than three (3) Business Days’ prior written notice (which may be conditional until the actual prepayment of the Loans) to the relevant Facility Agent and from time to time to the Security Trustee, voluntarily prepay any Prime Rate Loan, the Loans in whole or in partpart (but if in part in an amount not less than $1,000,000 or such lesser amount as shall equal the entire outstanding principal amount of the Notes); provided, without premium or penalty on that for so long as such prepayment notice remains conditional, the same day on which telephonic notice is given to Lenders shall not break their funding in respect of the Bank (immediately confirmed in writing) relevant Loans until the actual prepayment of such Loans. Any prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
under this paragraph (b) The Company shall have the right at any time and from time to time, subject be made by paying to the provisions hereof Security Trustee for the benefit of the relevant Lender Group, an amount equal to the sum of (i) the outstanding principal amount of the Loan designated in such notice, (ii) all interest accrued and unpaid on the amount specified in clause (i), (iii) Prepayment Fee, if any, (iv) Breakage Costs, if any (net of Section 2B.9Swap Breakage Gain, if any), and (v) all other amounts, if any, then due and payable to prepay the Lenders under the Basic Agreements or under the applicable Notes as of the date of prepayment but otherwise without any Eurodollar Liquidity Breakage or prepayment penalty. In the event that a prepayment notice remains conditional on the date that the Lenders would have otherwise broken their funding for the relevant Loan, the Lenders shall provide Borrower with an estimate of their Breakage Costs based on the proposed date of prepayment, which amount shall be deposited by the Borrower with the Security Trustee on behalf of the relevant Lender Group on or prior to the date of prepayment, with any shortfall or excess (including any differential resulting from the breaking of funds on or about the date of prepayment instead of any earlier period required by the Swap Form or LIBOR market practice) to be paid by Borrower (in whole the case of a shortfall) or by the applicable Lenders (in part, on the case of any excess) no later than three (3) Business Days prior irrevocable written notice following the prepayment date. Any partial prepayment pursuant to the Bank, provided, however, that such prepayment may only this paragraph 1000301987v14 Exhibit 10.1
(b) shall be made on the last day applied to remaining repayment installments of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the outstanding principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity. For the avoidance of doubt, any amounts voluntarily prepaid by the Borrower pursuant to this Section 2.4(b)(i) will not be available for re-drawing by the Borrower.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have BORROWER may, when not in default hereunder, prepay the right at any time and principal indebtedness of the BORROWER hereunder, in whole or from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank provided that:
(immediately confirmed in writinga) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall will be in an aggregate amount not less than the amount of one installment of principal amount which is an integral payable pursuant to Section 4.01 or a whole multiple of $25,000.00.thereof,
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only will be made only on the last day of the applicable Interest Period FIRST REPAYMENT DATE and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.any INTEREST PAYMENT DATE thereafter,
(c) The Company shall have the right at BORROWER gives notice to EDC of its intention to make any time such prepayment not less than ninety (90) days prior to such prepayment, which notice will be irrevocable and from time to time, subject to will constitute the provisions hereof and of Section 2B.9, BORROWER's undertaking to prepay any Match Rate Loanaccordingly or in lieu of giving ninety (90) days notice of prepayment, the BORROWER may pay to EDC, in whole or in part upon at least three addition to any other amounts payable under this Section 4.09, an additional amount equal to ninety (390) Business Days prior irrevocable written notice to days interest on the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.being prepaid calculated at the rate per annum set out in Sections 4.02(a) and (b) hereof;
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay BORROWER pays interest accrued on such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest as well as all other amounts due and payable on the date of prepayment in respect of such principal amount being prepaid; and
(e) amounts prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall will be applied to installments of principal payable in the inverse order of maturitymaturity and will not be re-ADVANCED.
Appears in 1 contract
Sources: Loan Agreement (Royal Oak Mines Inc)
Voluntary Prepayment. The Borrower may, without bonus or penalty (but subject to the provisions hereof) upon prior notice to the Agent specifying the proposed date and aggregate principal amount of the prepayment, and the Advance or Advances on account of which such prepayment is to be applied, prepay the specified amount of Outstanding Principal Obligations together with all accrued interest thereon to the date of such prepayment and any other amounts payable to the Lender by the Borrower hereunder in respect thereof including pursuant to Section 12.6. Subject to the following sentence, any Outstanding Principal Obligations under any Credit Facility so prepaid other than under the Revolving Facility (including the NBC Facility) may not be reborrowed and the applicable Aggregate Commitments shall be correspondingly permanently reduced by the amount of any such principal prepayment. Each such notice of prepayment shall be given at or before 11:00 a.m. not less than four Business Days prior to the proposed date of prepayment and, once given, any such notice shall be irrevocable and binding upon the Borrower. Notwithstanding the foregoing, (a) The Company the Borrower shall have the right at not be entitled to give any time and from time such notice or to time to prepay make any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and unless each partial prepayment shall be is in an aggregate principal amount which of not less than the lesser of (i) $5,000,000 or U.S.$5,000,000, as the case may be, and if in excess thereof is in an integral multiple of $25,000.00.
1,000,000 or U.S.$1,000,000, as the case may be, (ii) the full Outstanding Principal Obligations in respect of such Credit Facility, and (b) The Company no BA Instrument, no Letter of Credit and no LIBOR Loan shall have be terminated prior to its maturity date, provided that the right at Borrower may defease any time and from time outstanding BA Instrument or satisfy its obligations in relation to time, subject any outstanding Letter of Credit by paying to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice Agent an amount equal to the Bank, provided, however, that Face Amount of such prepayment may only be made BA Instrument or Letter of Credit on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence maturity of such specificationBA Instrument or on drawdown under such Letter of Credit, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in as the order of the expiration of their respective Interest Periods. Eurodollar Loans case may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitybe.
Appears in 1 contract
Sources: Credit Agreement
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than five (5) Banking Days' notice in writing, to prepay part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day of an Interest Period in respect of the Loan provided however, that if the Borrower shall request consent to make such prepayment on which telephonic notice is given another day and the Bank shall accede to such request (it being in the reasonable discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(immediately confirmed in writingc) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral equal to Dollars one million ($1,000,000) or a whole multiple of $25,000.00.
(b) The Company shall have thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.;
(d) The any prepayment of less than the whole of the Loan will be applied towards pro rata satisfaction of the Balloon Instalment and the outstanding Repayment Instalments;
(e) every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(f) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(g) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (Top Ships Inc.)
Voluntary Prepayment. Except for required principal amortization pursuant to Section 2.5, Borrower may not prepay all or any part of the principal balance of the Loan until January 1, 2002; provided, that prior to January 1, 2002 the entire then-remaining balance of the Loan may be prepaid in whole, but not in part, upon not less than ten (a10) The Company shall have days prior notice in the right at any time event, but only in the event, that substantially all of the assets of, or stock and from time partnership interests in, Holdings and (directly, or indirectly through the transfer of ownership of Holdings) Borrower are sold to time to prepay any Prime Rate a Person (or affiliated group of Persons) not currently affiliated with Holdings and Borrower in a single, bona fide, arms-length transaction, provided that such prepayment is accompanied by the payment of (1) all interest accrued but unpaid on the Loan, (2) all Breakage Costs, if any, with respect to such prepayment, as determined by Lender, (3) the Additional Fee and all other sums due hereunder or under the other Loan Documents through the date of such prepayment, and (4) an additional yield maintenance payment in an amount equal to the interest which would have accrued and become payable on the Loan (had the Loan not been prepaid) covering the period commencing on the date of such prepayment through January 1, 2002 (assuming all Monthly Amortization Amounts had been paid when due during the course of such period, but assuming no other prepayments of the Loan occurred) at a rate of interest equal to the weighted average Applicable Interest Rate from the initial funding of the Loan to the date of such prepayment. On or after January 1, 2002, provided no Event of Default exists, the principal balance of the Note may be prepaid in whole or in part, without premium or penalty on the same day on which telephonic provided that (i) written irrevocable notice is given to the Bank (immediately confirmed in writing) of such prepayment providedspecifying the intended date of prepayment is received by Lender not more than sixty (60) days and not less than ten (10) days prior to the date of such prepayment, however, that each (ii) such prepayment shall must be accompanied by all interest accrued but unpaid on a Business Day the Loan, (iii) such prepayment must also be accompanied by all Breakage Costs, if any, with respect to such prepayment, as determined by Lender, and each partial (iv) such prepayment shall must also be in an aggregate principal amount which is an integral multiple accompanied by the Additional Fee and all other sums due hereunder or under the other Loan Documents through the date of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject such prepayment. Notwithstanding anything to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole contrary herein or in partthe Note, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under pursuant to this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and 2.7(a) shall be irrevocable and the principal balance of the Note specified for prepayment in such notice shall commit the Company to prepay such Loan by the amount be absolutely and unconditionally due and payable on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid specified in such notice, unless (i) Borrower revokes such notice of prepayment in writing at least five (5) days prior to the date designated as the prepayment date in such notice of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid , and then towards the principal in whole or partial prepayment (ii) pays all of Loans by the Company. In the absence of Lender's costs and expenses incurred related to such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityprospective prepayment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrower may voluntarily prepay, in whole or in part, without premium or penalty on all outstanding Loans, provided that:
(a) the same day on which telephonic Borrower has sent a written notice is given to the Bank Administrative Agent (immediately confirmed in writingfor prompt delivery to the Lenders) at least 5 (five) Business Days prior to the intended prepayment date to inform the Administrative Agent of its intention to prepay all or any portion of the Loans, specifying the amount of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall (which must be in an aggregate principal amount of at least R$10,000,000.00 (ten million Reais)) and the relevant prepayment date; provided such notice shall be irrevocable except to the extent conditioned on the consummation of an acquisition, investment, change of control, debt or equity offering, or debt financing, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is an integral multiple of $25,000.00.not satisfied;
(b) The Company on the relevant prepayment date, the Borrower shall pay:
(i) the relevant Principal amount of such prepayment of the CCBs;
(ii) the accrued Interest to the date of such prepayment; and
(iii) the Prepayment Cost, provided that the Prepayment Cost will not be due if (1) cumulatively, (A) on or before the date corresponding to the 180th (one hundred eightieth) day after the Borrowing Date, Vrio has not consummated the Parent IPO; (B) the prepayment occurs on or before date corresponding to the 210th (two hundred tenth) day after the Borrowing Date; and (C) the Termination Date shall have occurred in connection with such prepayment; or (2) the right at any time and from time to time, subject prepayment occurs on or after the date corresponding to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three 4th (3fourth) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day anniversary of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.Borrowing Date (inclusive);
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such voluntary prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple applied to prepay the remaining installments of $25,000.00.all Loans as directed by the Borrower;
(d) The notice of any voluntary prepayment under this Section 2B.8 shall set forth be made for the prepayment date and the principal amount account of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only Lenders pro rata in accordance with the provisions of paragraph (b) above. All partial prepayments respective unpaid Principal amounts of the Term Loans then due and payable to them; and
(e) amounts that are prepaid may not be reborrowed by the Borrower under the Loan II shall be applied to installments of principal in the inverse order of maturityDocuments.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have has notified the right at Lenders that it may wish to make further voluntary prepayments of the Term Loans (each, a “Second Voluntary Prepayment”) during the period commencing on the date hereof and ending on December 31st , 2008 (the “Prepayment Period”) pursuant to the procedures described in this Section 3.1 (the transactions described in this Section 3.1, collectively, the “Second Voluntary Prepayment Transaction”). In connection with any time and from time to time Second Voluntary Prepayment, the Company will notify the Lenders of Term Loans (the “Prepayment Notice”) that the Company desires to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be Term Loans with proceeds in an aggregate amount specified by the Company (which amount shall be not less than $10,000,000 in each of the Second Voluntary Prepayments (or such lesser amount as remains in the case of the last Second Voluntary Prepayment under clause (i) in the proviso hereof)) (each, a “Prepayment Amount”) at a discount (which is expected to be within a range to be specified by the Company with respect to each Second Voluntary Prepayment; the “Discount”) equal to a percentage of par of the principal amount which is an integral multiple of Term Loans; provided that (i) the aggregate Prepayment Amounts for all Second Voluntary Prepayments undertaken by the Company during the Prepayment Period shall not exceed $25,000.00200,000,000 less the aggregate Prepayment Amount for all Voluntary Prepayments made under the First Amendment and (ii) no proceeds of Revolving Credit Loans shall be used to finance a Second Voluntary Prepayment.
(b) In connection with a Second Voluntary Prepayment, the Company will allow each Lender of Term Loans to specify a discount to par (the “Acceptable Discount”) for a principal amount (subject to rounding requirements specified by the Administrative Agent) of Term Loans at which such Lender is willing to permit such Second Voluntary Prepayment. Based on the Acceptable Discounts and principal amounts of Term Loans specified by Lenders, the Administrative Agent, in consultation with the Company, will determine the applicable discount (the “Applicable Discount”) for the Second Voluntary Prepayment which will be the lower of (i) the lowest Acceptable Discount at which the Company can complete the Second Voluntary Prepayment for the Prepayment Amount and (ii) the highest Acceptable Discount specified by the Lenders that is within the range for the Discount specified by the Company. The Company shall have prepay Term Loans (or the right respective portions thereof) offered by Lenders at the Acceptable Discounts specified by each such Lender that are equal to or less than the Applicable Discount (“Qualifying Term Loans”) at the Applicable Discount; provided that if the aggregate proceeds required to prepay Qualifying Term Loans (disregarding any time and from time to timeinterest payable under Section 3.1(c)) would exceed the Prepayment Amount for such Second Voluntary Prepayment, the Company shall prepay such Qualifying Term Loans at the Applicable Discount ratably based on the respective principal amounts of such Qualifying Term Loans (subject to rounding requirements specified by the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00Administrative Agent).
(c) The All Term Loans prepaid by the Company shall have the right at any time and from time pursuant to time, subject to the provisions hereof and of this Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment 3.1 shall be accompanied by payment of accrued and unpaid interest on a Business Day and each partial prepayment shall be in an aggregate the par principal amount which is an integral multiple so prepaid to, but not including, the date of $25,000.00prepayment.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the par principal amount of the Loan being Term Loans prepaid and pursuant to this Section 3.1 shall be irrevocable applied to reduce the remaining installments of the respective Term Loans in indirect order of maturity.
(e) Each Second Voluntary Prepayment shall be consummated pursuant to procedures (including as to timing, rounding and minimum amounts, Type and Interest Periods of accepted Loans, irrevocability of Prepayment Notice and other notices by the Company and Lenders and determination of Applicable Discount) established by the Administrative Agent acting in its sole discretion.
(f) The Lenders hereby consent to the transactions described in this Section 3.1 and waive the requirements of any provision of the Credit Agreement (including, without limitation, Sections 8.5, 8.18 and 16.7) that might otherwise result in a Default or Event of Default as a result of the Second Voluntary Prepayment Transaction. The Lenders further acknowledge that following a Second Voluntary Prepayment, principal, interest and any related payments in respect of the applicable Term Loans may be made on a non-pro rata basis among the applicable Lenders to reflect subsequent amortization of the then outstanding Term Loans.
(g) This Amendment shall commit neither (i) require the Company to prepay such Loan by undertake any Second Voluntary Prepayment during the amount and on Prepayment Period nor (ii) limit or restrict the date stated therein. All Company from making voluntary prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph the Credit Agreement as in effect prior to the Amendment Effective Date (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityas defined below).
Appears in 1 contract
Voluntary Prepayment. The Borrower may prepay all or any part of the Loan Balance at any time, provided that:
(a) The Company shall have the right at any time and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall only be made on a Business Day an Interest Payment Date;
(b) the Lender has received no less than thirty (30) days’ irrevocable written notice from the Borrower of the proposed date and each amount of the prepayment;
(c) any partial prepayment shall be is in an aggregate principal a minimum amount which is of Five Million United States Dollars ($5,000,000) and, if greater, an integral multiple of Five Million United States Dollars ($25,000.00.5,000,000);
(bd) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made if paid other than on the last day of any Interest Period, the applicable Interest Period Borrower indemnifies the Lender under clause 18.2 (General Indemnity);
(e) such prepayment shall only be made together with payment of (i) interest accrued on the Loan Balance to such prepayment date, and each (ii) all other sums which shall have become due on or prior to the date of such prepayment pursuant to this Agreement;
(f) the Borrower shall also pay all costs incurred by the Lender in respect of such prepayment which shall include the costs of discharging and releasing the Vessel Mortgage and other security (if any) granted for the Loan, if the Vessel Mortgage and security shall be, upon the prepayment of all of the Loan Balance, discharged and released pursuant to the terms thereof;
(g) once such notice is given by the Borrower to the Lender, such notice shall constitute the irrevocable agreement of the Borrower to prepay the amount in such notice as far as the description of the above items is accurate;
(h) the amount so prepaid shall not be available for re-borrowing under this Agreement; and
(i) any partial prepayment shall be applied against the Instalments in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of their maturity.
Appears in 1 contract
Voluntary Prepayment. The Borrower shall have the right, upon giving the Lender not less than five (5) Banking Days’ notice in writing, to prepay, without penalty or prepayment fee, part or all of the Loan, in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Lender hereunder or pursuant to the other Finance Documents and all interest accrued thereon, provided, that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loansuch amount as stated in such notice;
(b) if the Borrower shall request consent to make such prepayment on a day other than the last day of an Interest Period the Borrower will pay, in whole or in part, without premium or penalty on the same day on which telephonic notice is given addition to the Bank amount to be prepaid, any such sum as may be payable to the Lender pursuant to Clause 10.1 (immediately confirmed in writingIndemnity);
(c) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have 100,000 or a whole multiple thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period Loan and each partial will be applied by the Lender in or towards prepayment shall be of the Balloon Instalment and then the remaining Repayment Instalments in an aggregate principal amount which is an integral multiple the inverse chronological order of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.maturity;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Lender, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on specified;
(e) the principal amount being prepaid Borrower has provided evidence satisfactory to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans Lender that any consent required by the Company. In Borrower or any Security Party in connection with the absence of such specificationprepayment has been obtained and remains in force, amounts being and that any regulation relevant to this Agreement which affects the Borrower or any Security Party has been complied with;
(f) no amount prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(g) the Borrower may not prepay the Loan or any part thereof, save as expressly provided in accordance with this Agreement or as otherwise agreed by the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityLender.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Borrower shall have the right to prepay the Loans in its discretion at any time and or from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic upon at least one (1) Business Day prior written notice is given to the Bank (immediately confirmed in writing) of such prepayment providedAdministrative Agent before 1:00 p.m., howeverNew York time, that each such which prepayment shall be made at par, without the payment of any penalty or premium, for any prepayment (x) in whole (whether the full initial amount of the Loan or the remaining outstanding portion after giving effect to other payments and other adjustments), (y) in part on one (1) occasion prior to the Maturity Date in an amount that is not less than $250,000,000 or (z) in connection with the incurrence of Indebtedness by the Borrower under Section 6.04(d), made to the extent necessary (and only to the extent necessary) to ensure compliance with such Section 6.04(d) (in which case, the Borrower shall have delivered to the Administrative Agent a Business Day certificate executed by an Authorized Officer demonstrating the foregoing, including a calculation of compliance with such Section 6.04(d) before and each partial after giving effect to the incurrence of such Indebtedness); provided that any prepayment in circumstances not described in this Section 2.10(a) shall be in an aggregate principal amount which is an integral multiple of $25,000.00subject to the Make Whole Premium.
(b) The Company Voluntary prepayments of Loans shall have be applied against the right at any time and from time to time, subject to the provisions hereof and remaining scheduled installments of Section 2B.9, to prepay any Eurodollar Loan, principal due in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day respect of the applicable Interest Period and each partial prepayment shall be Loans under Section 2.09(a) in an aggregate principal amount which is an integral multiple the direct order of $25,000.00maturity.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid Loans (or portion thereof) and the accrued and unpaid interest on such principal amount of the Loans to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan by the Loans in the amount and stated therein on the date stated therein. ; provided that the Borrower may provide that such notice is conditioned upon the occurrence of one (1) or more other transactions, in which case, such notice may be revoked or extended if such transactions are not consummated or are delayed.
(d) All prepayments under this Section 2.10 shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal payment, payable in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitycash.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have Without prejudice to Section 2.11 (Increased Costs), Section 2.15 (Taxes), Section 2.17 (Illegality) and Section 5.04(d) (Insurance; Application of Proceeds) and subject to the right at terms of this Agreement and the Senior Loan Agreements, the Borrower may prepay on any time Interest Payment Date occurring after the Project Completion Date all or any part of the Senior Loans, on not less than thirty (30) days’ prior notice to the Senior Lenders, but only if:
(i) the Borrower simultaneously pays all accrued interest, fees and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty Increased Costs (if any) on the same day amount of the Senior Loans to be prepaid, including any Fixed Rate Prepayment Fee, breakage and redeployment costs incurred under each Senior Loan so prepaid and determined in accordance with the relevant Senior Loan Agreement, the prepayment premium specified in Section 2.06(b), and all other amounts then due and payable under this Agreement and the Senior Loan Agreements, including the amount payable under Section 2.12 (Unwinding Costs), if the prepayment is not made on which telephonic notice an Interest Payment Date;
(ii) the Required Hedge does not exceed one hundred percent (100%) of the then outstanding principal amount of each the IFC A Loan and the MCPP Loan after taking into account such prepayment;
(iii) for a partial prepayment, the prepayment of any Senior Loan is given in an amount not less than five million Dollars ($5,000,000) or, if in excess of such amount, a whole multiple of one million Dollars ($1,000,000) in excess thereof; and
(iv) if reasonably requested by any Senior Lender, the Borrower delivers to such Senior Lender, prior to the Bank (immediately confirmed in writing) date of prepayment, evidence satisfactory to such Senior Lender that all necessary Authorizations with respect to the prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00have been obtained.
(b) The Company On the date of any prepayment of the Senior Loans in accordance with this Section 2.06, other than in respect of a prepayment by the Borrower pursuant to Section 2.11(b) (Increased Costs), the Borrower shall have pay a prepayment premium, in respect of each of the right Senior Loans prepaid, consisting of an amount in Dollars for the relevant Senior Lender equal to the relevant percentage of the amount to be prepaid, such percentage being determined as follows:
(i) one percent (1.00%) of the amount prepaid, if the prepayment is made at any time after the Project Completion Date and from time to until (and including) the second anniversary of the First Repayment Date;
(ii) one half of one percent (0.50%) of the amount prepaid, if the prepayment is made at any time, subject after the second anniversary of the First Repayment Date and until (and including) the third anniversary of the First Repayment Date; and
(iii) no prepayment premium thereafter. The determination by any Senior Lender of the prepayment premium applicable to its Senior Loan shall be final and conclusive and bind the Borrower (unless the Borrower shows, to the provisions hereof and satisfaction of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, howeversuch Senior Lender, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00determination involved manifest error).
(c) The Company Amounts of principal prepaid under this Section shall:
(i) first, be allocated and paid by the Borrower pro rata among the IFC Loan and the IDB Group Loan in proportion to their respective principal amounts outstanding, provided that, in the case of any prepayment when an Inconvertibility Event is continuing (and without prejudice to Section 2.18(e)(ii) (Application of Payments; Sharing)), the amount of the Senior Loan outstanding to an Affected Senior Lender shall have be reduced by its pro rata share of the right at any time and from time funds held in an escrow account in accordance with Section 2.18(c) (Application of Payments; Sharing) in respect of the principal of its Senior Loan calculated based on the proportion which the amounts owed to time, subject such Affected Senior Lender bears to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice aggregate amount owed to the BankAffected Senior Lenders; providedand
(ii) second, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be applied by the Senior Lenders to all respective outstanding installments of principal of its Senior Loan in an aggregate principal amount which is an integral multiple inverse order of $25,000.00maturity.
(d) The Upon delivery of a notice of prepayment under this in accordance with Section 2B.8 2.06(a) above, the Borrower shall set forth make the prepayment date and in accordance with the terms of that notice.
(e) Any principal amount of the Loan being Senior Loans prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 Agreement may not be re-borrowed.
(f) The Borrower shall be applied first towards unpaid interest not prepay or purchase all or any part of any Senior Loan unless the Borrower simultaneously prepays all other Senior Loans on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only a pro rata basis in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Section 2.06.
Appears in 1 contract
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than Ten (10) Banking Days’ notice in writing, to prepay, without any penalty or fee, part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day on which telephonic notice is given of an Interest Period relating to the Bank (immediately confirmed in writing) whole of such prepayment the Loan provided, however, that each if the Borrower shall request consent to make such prepayment on another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be on a Business Day and prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(c) each partial prepayment shall be in an aggregate principal equal to the amount which is an integral multiple of $25,000.00.
(b) The Company shall have 800,000 or a whole multiple thereof or the right at any time balance of the Loan and from time to time, subject to will be applied by the provisions hereof Bank in or towards first the Balloon Instalment and of Section 2B.9, to prepay any Eurodollar Loanthen the Repayment Instalments, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day inverse order of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple their due dates of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.payment;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(e) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(f) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (StealthGas Inc.)
Voluntary Prepayment. Provided no Event of Default has occurred and is continuing, the Borrower may upon not less than three (a3) The Company shall have Business Days’ prior written notice (which may be conditional until the right at any time actual prepayment of the Loans) to the Facility Agent and from time to time to the Security Trustee, voluntarily prepay any Prime Rate Loan, the Loans in whole or in partpart (but if in part in an amount not less than $1,000,000 or such lesser amount as shall equal the entire outstanding principal amount of the Notes); provided, without premium or penalty on that for so long as such prepayment notice remains conditional, the same day on which telephonic notice is given to Lenders shall not break their funding in respect of the Bank (immediately confirmed in writing) relevant Loans until the actual prepayment of such Loans. Any prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
under this paragraph (b) The Company shall have the right at any time and from time to time, subject be made by paying to the provisions hereof Security Trustee for the benefit of the Lender Group, an amount equal to the sum of (i) the outstanding principal amount of the Loan designated in such notice, (ii) all interest accrued and unpaid on the amount specified in clause (i), (iii) Prepayment Fee, if any, (iv) Breakage Costs, if any (net of Section 2B.9Swap Breakage Gain, if any), and (v) all other amounts, if any, then due and payable to prepay the Lenders under the Basic Agreements or under the applicable Notes as of the date of prepayment but otherwise without any Eurodollar prepayment penalty. In the event that a prepayment notice remains conditional on the date that the Lenders would have otherwise broken their funding for the relevant Loan, the Lenders shall provide Borrower with an estimate of their Breakage Costs based on the proposed date of prepayment, which amount shall be deposited by the Borrower with the Security Trustee on behalf of the Lender Group on or prior to the date of prepayment, with any shortfall or excess (including any differential resulting from the breaking of funds on or about the date of prepayment instead of any earlier period required by the Swap Form or LIBOR market practice) to be paid by Borrower (in whole the case of a shortfall) or by the applicable Lenders (in part, on the case of any excess) no later than three (3) Business Days prior irrevocable written notice following the prepayment date. Any partial prepayment pursuant to the Bank, provided, however, that such prepayment may only this paragraph (b) shall be made on the last day applied to remaining repayment installments of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the outstanding principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity. For the avoidance of doubt, any amounts voluntarily prepaid by the Borrower pursuant to this Section 2.4(b)(i) will not be available for re-drawing by the Borrower.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment shall be in an aggregate principal amount which that is (x) in the case of Eurodollar Loans, an integral multiple of $25,000.00500,000 and not less than $1,000,000, and (y) in the case of ABR Loans, an integral multiple of $500,000 and not less than $1,000,000 and (ii) at the Borrower’s election in connection with any prepayment of Revolving Loans pursuant to this Section 2.12(a), such prepayment shall not, so long as no Default or Event of Default then exists, be applied to any Revolving Loan of a Defaulting Lender.
(b) The Company Voluntary prepayments of Term Loans shall have be allocated pro rata between the right at any time Term Loans and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Other Term Loan, if any (based on their respective outstanding principal amounts) and shall be applied against the scheduled installments of principal due in whole or in partrespect of the Term Loans and Other Term Loans under Sections 2.11(a)(i) and (ii), on three (3) Business Days prior irrevocable written notice to respectively, following the Bank, provided, however, that date of such prepayment may only be made on as directed by the last day Borrower in the notice described in clause (a) above or, in the absence of the applicable Interest Period and each partial prepayment shall be any such direction, in an aggregate principal amount which is an integral multiple direct order of $25,000.00maturity.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the Borrower may revoke such notice and/or extend the prepayment date by not more than five Business Days. All prepayments under this Section 2.12 shall be subject to Sections 2.05(e) (to the extent applicable) and 2.16, but otherwise may be made without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrower may voluntarily prepay, in whole or in part, without premium or penalty on all outstanding Loans, provided that:
I. the same day on which telephonic Borrower has sent a written notice is given to the Bank Administrative Agent (immediately confirmed in writingfor prompt delivery to the Lenders) at least 5 (five) Business Days prior to the intended prepayment date to inform the Administrative Agent of its intention to prepay all or any portion of the Loans, specifying the amount of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall (which must be in an aggregate principal amount of at least R$10,000,000.00 (ten million Reais)) and the relevant prepayment date; provided such notice shall be irrevocable except to the extent conditioned on the consummation of an acquisition, investment, change of control, debt or equity offering, or debt financing, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified prepayment date) if such condition is an integral multiple not satisfied;
II. on the relevant prepayment date, the Borrower shall pay:
(a) the relevant Principal amount of $25,000.00.such prepayment of the CCBs;
(b) The Company shall have the right at any time and from time to time, subject accrued Interest to the provisions hereof and date of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.prepayment; and
(c) The Company the Prepayment Cost, provided that the Prepayment Cost will not be due if (i) cumulatively, (A) on or before October 11, 2018, Vrio has not consummated the Parent IPO; (B) the prepayment occurs on or before November 11, 2018; and (C) the Termination Date shall have occurred in connection with such prepayment; or (ii) the right at prepayment occurs on or after April 11, 2022 (inclusive); 35 Applicable to Santander. 36 Applicable to Votorantim. Continuation of “Bank Credit Note No. [•]”.
III. any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such voluntary prepayment shall be on a Business Day and each partial applied to prepay the remaining installments of all Loans as directed by the Borrower;
IV. any voluntary prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth made for the prepayment date and the principal amount account of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only Lenders pro rata in accordance with the provisions of paragraph (b) above. All partial prepayments respective unpaid Principal amounts of the Term Loans then due and payable to them; and
V. amounts that are prepaid may not be reborrowed by the Borrower under the Loan II shall be applied to installments of principal in the inverse order of maturityDocuments.
Appears in 1 contract
Sources: Bank Credit Note (Vrio Corp.)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment of a Borrowing denominated in Dollars shall be in an aggregate principal amount which that is an integral multiple of $25,000.00500,000 and not less than £1,000,000, each partial prepayment of a Borrowing denominated in EUR shall be in an amount that is an integral multiple of €500,000 and not less than €1,000,000 and each partial payment of a Borrowing denominated in Sterling shall be in an amount that is an integral multiple of £500,000 and not less than £1,000,000 and (ii) at the Borrower’s election, such prepayment shall not, so long as no Event of Default then exists, be applied to any Loan of a Defaulting Lender.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable (provided that such notice may be conditioned on receiving the proceeds of any refinancing or other transaction) and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the Borrower may revoke such notice and/or extend the prepayment date by not more than five Business Days; provided further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Section 2.16 but shall otherwise be without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Loans that are not made in connection with the termination or permanent reduction of the Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of EurodollarSOFR Loans or RFR Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment of a Borrowing denominated in Dollars shall be in an aggregate principal amount which that is an integral multiple of $25,000.00500,000 and not less than £1,000,000, each partial prepayment of a Borrowing denominated in EUR shall be in an amount that is an integral multiple of €500,000 and not less than €1,000,000 and each partial payment of a Borrowing denominated in Sterling shall be in an amount that is an integral multiple of £500,000 and not less than £1,000,000 and (ii) at the Borrower’s election, such prepayment shall not, so long as no Event of Default then exists, be applied to any Loan of a Defaulting Lender.
(b) The Company Each notice of prepayment shall have specify the right prepayment date, the Tranche being prepaid (which at the discretion of the Borrower may be Initial Revolving Loans, 2020 Revolving Loans, Incremental Revolving Loans, Extended Revolving Loans or Specified Refinancing Loans and/or a combination thereof) and the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable (provided that such notice may be conditioned on receiving the proceeds of any time refinancing or other transaction) and from time to time, subject to shall commit the provisions hereof and of Section 2B.9, Borrower to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to such Borrowing by the Bank, provided, however, that such prepayment may only be made amount stated therein on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bankdate stated therein; provided, however, that each that, if such prepayment is for all of the then outstanding Loans, then the Borrower may revoke such notice and/or extend the prepayment date by not more than five Business Days; provided, further, however, that the provisions of Section 2.16 shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple apply with respect to any such revocation or extension of $25,000.00.
(d) The notice of prepayment EURIBO Rate Loans. All prepayments under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and 2.12 shall be irrevocable and subject to Section 2.16 but shall commit the Company to prepay such Loan by the amount and on the date stated thereinotherwise be without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Loans that are not made in connection with the termination or permanent reduction of the Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have Subject as provided in this Clause, any Borrower may, by giving not less than five Business Days’ prior notice to the right Facility Agent, prepay (or procure prepayment of) any Loan at any time and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and A prepayment of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day part of the applicable Interest Period and each partial prepayment shall a Loan must be in an aggregate principal a minimum amount which is of €10,000,000 and an integral multiple of $25,000.00€5,000,000 or such lesser amount as may be outstanding or such other amount as may be agreed by the Facility Agent (acting on the instructions of the Majority Lenders).
(c) The Company shall have the right KDG or KDVS may make any Junior Debt Payment:
(i) at any time and from time to time, subject prior to the provisions hereof first Utilisation Date (provided that such Junior Debt Payment is also a KDHoldco Notes Payment (and provided further that the proceeds of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3subsequent transaction involving the KDHoldco Notes the subject of such KDHoldco Notes Payment are received by KDVS and/or KDG) Business Days prior irrevocable written notice and the aggregate of the amount of all such KDHoldco Notes Payments are limited to the Banklower of (A) the amounts of such Junior Debt Payment permitted by the Existing Facility as at the date of this Agreement or (B) euro 35,000,000); providedor
(ii) at any time thereafter, howeverso long as (after giving effect to such payment) the ratio of the aggregate amount of all Junior Debt Payments made pursuant to this Clause 8.5(c)(ii) since the first Utilisation Date to the aggregate amount of Relevant Senior Debt Payments made since the first Utilisation Date does not exceed the Permitted Ratio (calculated at the time of such payment) and provided further that the proceeds of any subsequent transaction involving the High Yield Notes or, as the case may be, the KDHoldco Notes the subject of such Junior Debt Payment are received by KDVS and/or KDG. The Junior Debt Payments permitted under this Clause 8.5(c)(ii) that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple are made after the first Utilisation Date must not exceed €200,000,000 over the life of $25,000.00the Facilities.
(d) The notice For the purpose of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturity.Clause 8.5
Appears in 1 contract
Sources: Senior Credit Agreement (Kabel Deutschland Vertrieb Und Service GmbH & Co. KG)
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than five (5) Banking Days’ notice in writing, to prepay part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day of an Interest Period in respect of the Loan provided however, that if the Borrower shall request consent to make such prepayment on which telephonic notice is given another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(immediately confirmed in writingc) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral of no less than Dollars one hundred thousand ($100,000) or a whole multiple of $25,000.00.
(b) The Company shall have thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period Loan and each partial will be applied by the Bank in or towards the pro-rata prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time Balloon Installment and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.Repayment Instalments;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt (including by fax) by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(e) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(f) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (FreeSeas Inc.)
Voluntary Prepayment. (a) The Company Borrower shall have be prohibited from prepaying the right at any time and from time to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty on during the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00Lockout Period.
(b) The Company shall have Provided no Event of Default is then continuing, on any Payment Date after the right at expiration of the Lockout Period, or on any time and from time to time, subject other date but in such case together with the payment of interest to the provisions hereof next Payment Date as provided in Section 1.2(b), and in either event upon the prior notice required by Section 1.2(b), Borrower may prepay the Loan (inclusive of Section 2B.9, to prepay any Eurodollar Loan, other sum due hereunder or under any other Loan Document) in whole or full (but not in part), on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such which prepayment may only must be made on the last day accompanied by payment of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00Yield Maintenance Premium.
(c) The Company shall So long as no Event of Default is then continuing and all amounts then due and owing to the Lender have the right at any time and been paid in full, Borrower may from time to timetime following the Lockout Period obtain the release of one or more of the Properties from the Liens of the Loan G▇▇▇▇▇▇ Sachs Commercial Mortgage Capital, subject to L.P. Loan Agreement Life Time Fitness Portfolio Documents provided that (1) at the provisions hereof and time of Section 2B.9such release, to Borrower shall prepay any Match Rate the Loan, in whole accordance with Section 1.2(b) and this Section 2.4, in an amount equal to the applicable Release Price, (2) DSCR for the Fiscal Quarter then most recently ended, recalculated to include only income and expense attributable to the Properties remaining after the release and to exclude the interest expense and principal payments on the aggregate amount to be prepaid, shall be equal to or in part upon at least three greater than the DSCR for the Fiscal Quarter then most recently ended for all Properties inclusive of the Property to be released, (3) Business Days prior irrevocable written notice Borrower shall reimburse Lender for any actual out-of-pocket costs and expenses incurred by Lender in connection with this Section 2.4 (including the reasonable fees and expenses of legal counsel and the Servicer), (4) the Property or Properties to be released are conveyed, concurrently with the release, to a legal entity other than Borrower, (5) unless the entire Loan is prepaid, there shall be not fewer than four (4) Properties continuing to secure the Loan, and (6) Borrower has delivered to Lender an amendment to the Bank; providedLTF CO Lease deleting the Property to be released from the Liens of the Loan Documents from the premises demised to LTF CO under the LTF CO Lease and reducing the basic rent payable under the LTF CO Lease by $1,978,531.30 per Property released. Upon satisfaction of the requirements set forth in this Section 2.4, howeverLender will execute and deliver to Borrower such instruments, that each such prepayment prepared by Borrower and reasonably approved by Lender, as shall be on a Business Day necessary to release the applicable Property from the Liens of the Loan Documents and each partial prepayment shall be any funds in an aggregate principal amount which is an integral multiple of $25,000.00the Collateral Accounts relating solely to the applicable Property.
(d) The notice of prepayment under this Section 2B.8 shall set forth If the prepayment date and the principal amount Note has been componentized into multiple Note Components, all prepayments of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only made in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II this Section 2.1 shall be applied to installments of the Note Components pro rata in accordance with their then outstanding principal in balances so that the inverse order of maturityblended Interest Rate continues to equal the Initial Interest Rate.
Appears in 1 contract
Voluntary Prepayment. (a) The Company shall have the right at any time and Borrower may from time to time prepay the Term Loans, in whole or ratably in part, at a price equal to prepay 100% of the principal amount of the Term Loans so prepaid, together with all accrued and unpaid interest on the principal amount of the Term Loans so prepaid. Any such partial prepayment shall be in an amount equal to $250,000 or a higher integral multiple of $100,000 (or, if less, the remaining outstanding principal balance thereof). Any portion of the Term Loans which are prepaid shall not be reissued or reborrowed.
(b) Notice of each voluntary prepayment of the Term Loans pursuant to Section 2.10.1(a) (i) shall be given by 12:00 noon New York City time at least three (3) Business Days’ prior to the prepayment date, (ii) shall be irrevocable but may be conditional to the extent specified by the Borrower therein (including, upon the prepayment of indebtedness, the consummation of a specified transaction, or as otherwise specified in such notice) and (iii) specify, (A) the date of prepayment, (B) the aggregate principal amount of the Term Loans to be prepaid on such date and (C) the accrued interest and any Prime Rate LoanMake Whole Amount applicable to such prepayment. The proceeds of any optional prepayment shall be applied in accordance with Section 2.12.2 and subject to the requirements of Section 2.10.1(c).
(c) Upon each optional prepayment of the Term Loans, in whole or in part, without premium or penalty on the same day on which telephonic notice is given Borrower will, unless the conditions to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and therein are not satisfied, pay in cash the principal amount of the Loan being Term Loans to be prepaid as set forth in the notice delivered pursuant to this Section 2.10.1(b), together with unpaid interest in respect thereof accrued to and including the Repayment Date and any applicable Make Whole Amount. On any Repayment Date, the Agent shall be entitled to presume such repayment was made in reliance upon the written notice delivered pursuant to Section 2.10.1(b) and shall be irrevocable and shall commit reflect in the Company to prepay such Loan by Register the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityprepaid, without liability for doing so.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Co-Borrowers shall have the right at any time and from time to time be permitted to prepay all or any Prime Rate Loanportion of the Advances, in whole or in parteach case, without premium or penalty (except for prepayments made pursuant to Section 2.1.3(b) which are made in connection with a Change of Control), in an amount not less than the lesser of (i) the total amount of Advances outstanding under this Agreement or (ii) $1,000,000, in each case, so long as (1) such Co-Borrower delivers written notice to each Lender of its election to prepay the Advances (or any portion thereof) at least five (5) Business Days (or such lesser amount permitted by the Required Lenders in their reasonable discretion) prior to such prepayment and (2) such Co-Borrowers pay, on the same day on which telephonic notice is given to the Bank (immediately confirmed in writing) date of such prepayment (x) all outstanding principal due in connection with the Advances (or portion thereof) to be prepaid, plus accrued and unpaid interest thereon, and (y) all other sums, if any, that shall have become due and payable hereunder in connection with such Advances (or portion thereof); provided that a notice of the prepayment delivered by any Co-Borrower may state that such notice of prepayment is conditioned upon the occurrence of other events, in which case such notice may be revoked by such Co-Borrower (by notice to each Lender on or prior to the specified effective date of such event) if such condition is not satisfied; provided, howeverfurther that with respect to any prepayments made pursuant to Section 2.1.3(b) which are made in connection with a Change of Control, the Co-Borrowers shall pay to the Lenders an amount equal to the sum of (x) all outstanding principal due in connection with the Advances (or portion thereof) to be prepaid, plus accrued and unpaid interest thereon plus (y) all other sums, if any, that each shall have become due and payable hereunder in connection with such prepayment shall be on a Business Day and each partial prepayment shall be in Advances (or portion thereof) plus (z) an amount equal to 1% of the aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph Advances (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityor portion thereof).
Appears in 1 contract
Sources: Intercreditor Agreement (Osprey Technology Acquisition Corp.)
Voluntary Prepayment. Without prejudice to Section 2.11(b) (Increased Costs), Section 2.15 (Taxes), Section 2.17 (Illegality of Participation) and Section 5.05 (Insurance Covenants):
(a) The Company shall have the right at Borrowers may prepay on any time and from time to time to prepay Interest Payment Date all or any Prime Rate part of the Loan, in whole or in parton not less than 30 days prior written notice to IFC, without premium or penalty but only if: (i) the Borrowers simultaneously pay all accrued interest and Increased Costs (if any) on the same day amount of the Loan to be prepaid, together with the prepayment premium specified in Section 2.07A(b), and all other amounts then due and payable under this Agreement, including the amount payable under Section 2.12 (Unwinding Costs), if the prepayment is not made on which telephonic notice an Interest Payment Date; (ii) for a partial prepayment, that prepayment is given an amount not less than $2,000,000; and (iii) if requested by IFC, the Borrowers deliver to IFC, prior to the Bank (immediately confirmed in writing) date of prepayment, evidence satisfactory to IFC that all necessary Authorizations with respect to the prepayment have been obtained and each of such prepayment provided, however, that each such prepayment shall be on a Business Day Authorizations is in full force and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00effect.
(b) The Company On the date of any prepayment of the Loan in accordance with Section 2.07A(a), the Borrowers shall have the right at any time and from time to time, subject pay a prepayment premium consisting of an amount in Dollars equal to the provisions hereof relevant percentage of the amount to be prepaid, such percentage being determined as follows: (i) on or prior to June 15, 2013, two per cent (2%); and (ii) thereafter, one per cent (1%). The determination by IFC of Section 2B.9the prepayment premium shall be final and conclusive and bind the Borrowers (unless the Borrowers show, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, howeversatisfaction of IFC, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00determination involved manifest error).
(c) The Company Amounts of principal prepaid under this Section shall have the right at any time and from time to time, subject be applied by IFC to the provisions hereof and then outstanding installments of Section 2B.9, to prepay any Match Rate Loan, principal of the Loan in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple inverse order of $25,000.00maturity.
(d) The Upon delivery of a notice of prepayment under this in accordance with Section 2B.8 2.07A(a), the Borrowers shall set forth make the prepayment date and in accordance with the terms of that notice.
(e) Any principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall 2.07A may not be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityre-borrowed.
Appears in 1 contract
Voluntary Prepayment. The Borrower shall have the right, upon giving the Bank not less than Ten (10) Banking Days’ notice in writing, to prepay, without any penalty or fee, part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company shall have the right at any time and from time to time giving of such notice by the Borrower will irrevocably commit the Borrower to prepay any Prime Rate Loan, such amount as stated in whole or in part, without premium or penalty such notice;
(b) such prepayment may take place only on the same last day on which telephonic notice is given of an Interest Period relating to the Bank (immediately confirmed in writing) whole of such prepayment the Loan provided, however, that each if the Borrower shall request consent to make such prepayment on another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrower will pay in addition to the amount to be on a Business Day and prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(c) each partial prepayment shall be in an aggregate principal equal to the amount which is an integral multiple of $25,000.00.
1,000,000 (bOne million Dollars) The Company shall have or a whole multiple thereof or the right at any time balance of the Loan and from time to time, subject to will be applied by the provisions hereof Bank in or towards first the Balloon Instalment and of Section 2B.9, to prepay any Eurodollar Loanthen the Repayment Instalments, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day inverse order of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple their due dates of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.payment;
(d) The every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrower to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(e) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(f) the Borrower may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (StealthGas Inc.)
Voluntary Prepayment. (a) The Company shall have may, on any Interest Payment Date, prepay all or any part of the right at DEG Loan then outstanding, on not less than thirty (30) days' written notice to DEG, but only if:
(i) the Company simultaneously pays the prepayment premium specified in Section 3.8 hereof in respect of any time and from time to time to prepay any Prime Rate outstanding balance of the DEG Loan, in whole or in part, without premium or penalty with respect to the portion of the DEG Loan so prepaid;
(ii) the Company simultaneously pays (x) all accrued interest on the same day on which telephonic notice is given amount of the DEG Loan to the Bank be prepaid, and (immediately confirmed in writingy) of all other amounts then payable under this Agreement;
(iii) for a partial prepayment, such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be is in an aggregate amount of not less than One Million Deutsche Marks (DM1,000,000);
(iv) the Company simultaneously prepays, pro rata, the outstanding principal amount which is of the IFC Loans (or portion thereof, as applicable), together with all accrued interest on the principal amounts of the Loans (or portions thereof, as applicable), the Maintenance Amount (if any) on the Loans (or portions thereof, as applicable) and all other amounts then due hereunder or under any of the other Loan Documents; and
(v) if DEG so requires, the Company delivers to DEG, prior to the date of prepayment, evidence satisfactory to DEG that all Governmental Approvals necessary in respect of the prepayment have been obtained or an integral multiple opinion of $25,000.00counsel, in form and substance reasonably satisfactory to DEG, that none are required.
(b) The Company Amounts prepaid under this Section and Section 3.7 shall have the right at any time and from time be applied by DEG to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day all respective outstanding repayment installments of the applicable Interest Period and each partial prepayment shall be DEG Loan in an aggregate principal amount which is an integral multiple inverse order of $25,000.00maturity.
(c) The Upon delivery of a notice in accordance with subsection (a) above, the Company shall have make the right at any time and from time to time, subject to prepayment in accordance with the provisions hereof and terms of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00notice.
(d) The notice Company may not request Disbursement of prepayment amounts prepaid under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityAgreement.
Appears in 1 contract
Sources: Special Conditions Agreement (Panda Global Holdings Inc)
Voluntary Prepayment. (a) The Company Subject to Section 2.11(e), the Borrower shall have the right at any time and from time to time to prepay (or cause to be prepaid) any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice in the same day on which telephonic case of Eurodollar Loans, or upon at least one Business Day’s prior written or fax notice is given in the case of ABR Loans, to the Bank (immediately confirmed in writing) of such prepayment Administrative Agent before 12:00 noon, New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $5,000,000, and (ii) at the applicable Borrower’s election in connection with any prepayment of Revolving Loans pursuant to this Section 2.12(a), such prepayment shall not, so long as no Event of Default then exists, be applied to any Revolving Loan of a Defaulting Lender.
(b) The Company shall have the right at Voluntary prepayments of Term Loans of any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment Class shall be applied as directed by the Borrower in an aggregate principal amount which is an integral multiple the notice described in clause (a) above (and absent such direction, pro rata among Classes in direct order of $25,000.00maturity).
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and Each notice of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day substantially in the form of Exhibit K to this Agreement (or such other form as agreed to by the Administrative Agent) and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and date, the principal amount of the Loan being each Borrowing (or portion thereof) to be prepaid and application of the prepayment to the remaining scheduled amortization payments and may be revoked or extended (provided that the provisions of Section 2.16 shall be irrevocable and shall commit the Company apply with respect to prepay any such Loan by the amount and on the date stated thereinrevocation or extension). All prepayments under this Section 2.12 shall be subject to Sections 2.11(e) and 2.16, but otherwise without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Sources: Credit Agreement (RCS Capital Corp)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written notice (or penalty on telephone notice promptly confirmed by written notice) in the same day on which telephonic case of Eurodollar Loans, or written notice is given (or telephone notice promptly confirmed by written notice) at least one Business Day prior to the Bank (immediately confirmed date of prepayment in writing) the case of such prepayment ABR Loans, to the Administrative Agent before 12:00 p.m., New York City time; provided, however, that each such prepayment shall be on a Business Day and (i) each partial prepayment shall be in an aggregate principal amount which that is (x) in the case of Eurodollar Loans, an integral multiple of $25,000.00100,000 and not less than $500,000, and (y) in the case of ABR Loans, an integral multiple of $100,000 and not less than $500,000 and (ii) at the Borrower’s election in connection with any prepayment of Revolving Loans pursuant to this Section 2.12(a), such prepayment shall not, so long as no Event of Default then exists, be applied to any Revolving Loan of a Defaulting Lender.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and shall each Borrowing (or portion thereof) to be prepaid, shall, unless rescinded as provided below, be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein. Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment under Section 2.12(a) by notice to the Administrative Agent on the date of prepayment if such prepayment would have resulted from an acquisition, an Asset Sale or other disposition of assets or a refinancing of all or any portion of the applicable Class, which acquisition, Asset Sale, disposition or refinancing shall not be consummated or otherwise shall be delayed. All prepayments under this Section 2.12 shall be subject to any payments required to be made by the Borrower pursuant to Section 2.16, but otherwise may be made without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Sources: Credit Agreement (Smart Sand, Inc.)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time to time to prepay any Prime Rate Loantime, in whole or in part, without premium or penalty on the same day on which telephonic not less than 20 Business Days’ prior notice is given to the Bank (immediately confirmed in writing) of such prepayment provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(b) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay on any Eurodollar Loan, in whole Interest Payment Date all or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day any part of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Senior Loans then outstanding; provided that:
(1) the Borrower shall pay to the Bank at the same time all accrued interest and other amounts payable on the principal amount of the Bank Loan being to be prepaid and all other amounts due hereunder in respect of such prepayment, including without limitation any unwinding costs, which may arise as provided under Section 3.15; and
(2) in the case of a partial prepayment:
(i) the USD Equivalent Amount of such prepayment shall be not less than $10,000,000 (and integral multiples of $5,000,000);
(ii) the amount of such prepayment shall be applied and allocated as follows:
(A) first to outstanding repayment instalments of the B Loan, in inverse order of maturity, until such time as the outstanding principal amount of the B Loan is reduced to zero (0), and
(B) second, to the outstanding repayment instalments of the A Loan, the NIB Loan and the EDC Loan, on a pro rata basis in proportion to the respective principal amounts outstanding immediately prior to such prepayments under the A Loan, the NIB Loan and the EDC Loan, in inverse order of maturity, provided that the Bank at its sole discretion upon 10 Business Days’ written notice to the Borrower may require that such prepayment be allocated and applied instead between the A Loan, the B Loan and the Senior Loans provided by any other Senior Lender(s) that delivered a similar notice to the Borrower with a copy to the Bank within such 10 Business Day period, such allocation to be made on a pro rata basis based on the principal amounts outstanding under the A Loan, the B Loan and such other Senior Loans immediately prior to such prepayment, in each case in inverse order of maturity. If the Bank delivers such notice to the Borrower, the prepayment charge payable pursuant to Section 3.11(b) in respect of such prepayment shall be payable at the rate identified in Section 3.11(b)(ii).
(3) Any such notice of prepayment by the Borrower shall be irrevocable and binding on the Borrower and, upon delivery of such notice, the Borrower shall commit the Company be obligated to prepay such the Bank Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions terms thereof.
(i) The Borrower shall pay to the Bank on the date of paragraph (b) above. All partial prepayments prepayment of the Term A Loan II under this Section 3.11 an administration charge equal to,
(A) one per cent (1.0%) of the principal amount of the A Loan to be prepaid, if the prepayment occurs on or before 31 December 2004, or
(B) one half of one percent (0.5%) of the principal amount of the A Loan to be prepaid, if the prepayment occurs after 31 December 2004 but on or before 31 December 2005; or
(C) one eighth of one percent (0.125%) of the principal amount of the A Loan to be prepaid if the prepayment occurs at any time after 31 December 2005.
(ii) The Borrower shall pay to the Bank on the date of prepayment of the B Loan under this Section 3.11 (and in case the proviso to Section 3.11(a)(2)(ii) is applicable, on the date of prepayment of the Bank Loan) an administration charge equal to, (A) one quarter of one percent (0.25%) of the principal amount of the B Loan, or, in case the proviso to Section 3.11(a)(2)(ii) is applicable, the Bank Loan, to be applied to installments of principal in the inverse order of maturity.prepaid, if prepayment occurs on or before 31 December 2004, or
Appears in 1 contract
Sources: Loan Agreement (Clearwave N V)
Voluntary Prepayment. The Borrowers shall have the right, to prepay, part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrowers to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(a) The Company the Bank shall have received from the right at any time Borrowers not less than five (5) Banking Day’s prior notice (which shall be irrevocable) of their intention to make such prepayment and from time specify the account and the date on which such prepayment is to time to prepay any Prime Rate Loan, in whole or in part, without premium or penalty be made;
(b) such prepayment may take place only on the same last day on which telephonic notice is given of an Interest Period relating to the Bank (immediately confirmed in writing) whole of such prepayment the Loan provided, however, that if the Borrowers shall request consent to make such prepayment on another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrowers will pay in addition to the amount to be prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(c) each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal equal to the amount which is an integral multiple of $25,000.00.
(b) The Company shall have 500,000 or a whole multiple thereof or the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day balance of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.;
(d) The any prepayment of less than the whole of the Loan will be applied towards pro-rata reduction of the Repayment Instalments then outstanding or in such other manner as may be agreed between the Bank and the Borrowers;
(e) every notice of prepayment under this Section 2B.8 shall set forth be effective only on actual receipt by the prepayment date and the principal amount of the Loan being prepaid and Bank, shall be irrevocable and shall commit oblige the Company Borrowers to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(f) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(g) the Borrowers may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (Poseidon Containers Holdings Corp.)
Voluntary Prepayment. (a) The Company Borrower shall have the right at any time and from time time, on not less than 20 Business Days’ prior notice to time EDC to prepay on any Prime Rate Loan, in whole Interest Payment Date all or in part, without premium or penalty any part of the principal amount of the Senior Loans then outstanding; provided that:
(1) the Borrower shall pay to EDC at the same time all accrued interest and other amounts payable on the same day on which telephonic notice is given principal amount of the EDC Loan to the Bank (immediately confirmed be prepaid and all other amounts due hereunder in writing) respect of such prepayment providedprepayment, howeverincluding without limitation any unwinding costs, that each which may arise as provided under Section 3.14; and
(2) in the case of a partial prepayment:
(i) the USD Equivalent Amount of such prepayment shall be on a Business Day not less than $10,000,000 (and each partial integral multiples of $5,000,000);
(ii) the amount of such prepayment shall be applied and allocated as follows:
(A) first to outstanding repayment instalments of the EBRD B Loan, in an aggregate inverse order of maturity, until such time as the outstanding principal amount which of the EBRD B Loan is an integral multiple reduced to zero (0), and
(B) second, to the outstanding repayment instalments of $25,000.00the EBRD A Loan, EDC Loan and the NIB Loan on a pro rata basis in proportion to the respective principal amounts outstanding immediately prior to such prepayments under the EBRD A Loan, the EDC Loan and the NIB Loan, in inverse order of maturity, provided that EDC at its sole discretion upon 10 Business Days’ written notice to the Borrower may require that such prepayment be allocated and applied instead between the EDC Loan and the Senior Loans provided by any other Senior Lender(s) that delivered a similar notice to the Borrower with a copy to EDC within such 10 Business Day period, such allocation to be made on a pro rata basis based on the principal amounts outstanding under the EDC Loan and such other Senior Loans immediately prior to such prepayment, in each case in inverse order of maturity. If EDC delivers such notice to the Borrower, the prepayment charge payable pursuant to Section 3.10(b) in respect of such prepayment shall be payable at the rate identified in Section 3.10(b)(ii) of the EBRD Loan Agreement.
(3) Any such notice of prepayment by the Borrower shall be irrevocable and binding on the Borrower and, upon delivery of such notice, the Borrower shall be obligated to prepay the EDC Loan in accordance with the terms thereof.
(b) The Company Borrower shall have pay to EDC on the right date of prepayment of the EDC Loan under this Section 3.10 an administration charge equal to,
(A) one per cent (1.0%) of the principal amount of the EDC Loan to be prepaid, if the prepayment occurs on or before 31 December 2004, or
(B) one half of one percent (0.5%) of the principal amount of the EDC Loan to be prepaid, if the prepayment occurs after 31 December 2004 but on or before 31 December 2005; or
(C) one eighth of one percent (0.125%) of the principal amount of the EDC Loan to be prepaid if the prepayment occurs at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00after 31 December 2005.
(c) The Company Borrower shall have not prepay all or any part of the right EDC Loan except at any time the times and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, manner expressly provided for in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00this Agreement.
(d) The notice Amounts of the EDC Loan prepaid by the Borrower under this Section 3.10 may not be reborrowed and the commitment of EDC to make the EDC Loan available hereunder shall be permanently reduced by such prepaid amounts.
(e) Any prepayment under this Section 2B.8 3.10 shall set forth be made on a pro rata basis between the prepayment date Tranche I EDC Loan and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit the Company to prepay such Loan by the amount and on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan Tranche II shall be applied to installments of principal in the inverse order of maturityEDC Loan.
Appears in 1 contract
Sources: Loan Agreement (Clearwave N V)
Voluntary Prepayment. (a) The Company Borrowers shall have the right at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $1,000,000.
(b) The Company Voluntary prepayments of Loans shall have the right at any time and from time to time, subject be applied to the provisions hereof Class of Term Loans selected by the Borrowers (it being understood that in the case of a prepayment of any Term B-1 Loans, such prepayments shall be applied on a pro rata basis to all Term B-1 Loans (including the Add-on Term B-1 Loans, on a pro rata basis) and to the outstanding principal amounts due on a Term Loan Repayment Date of Section 2B.9, to prepay any Eurodollar Loaneach such Class of Term Loans as directed by the Borrowers (or in the absence of direction, in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day direct order of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00maturity).
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company applicable Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the applicable Borrower may revoke such notice and/or extend the prepayment date by not more than five Business Days; provided, further, however, that the provisions of Section 2.16 shall apply with respect to any such revocation or extension. All prepayments under this Section 2.12 shall be subject to Section 2.05(b) and Section 2.16 but otherwise without premium or penalty. All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitypayment.
Appears in 1 contract
Voluntary Prepayment. (a) The Company Borrowers shall have the right at any time and from time right, upon giving the Bank not less than ten (10) Banking Days' notice in writing, to time to prepay any Prime Rate Loan, in whole or in partprepay, without premium any penalty or penalty on fee, part or all of the same day on which telephonic notice is given Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrowers to the Bank hereunder or pursuant to the other Security Documents and all interest accrued thereon, provided that:
(immediately confirmed in writingA) the giving of such prepayment provided, however, that each notice by the Borrowers will irrevocably commit the Borrowers to prepay such amount as stated in such notice;
(B) such prepayment may take place only on the last day of an Interest Period relating to the whole of the Loan, provided however that if the Borrowers shall request consent to make such prepayment on another day and the Bank shall accede to such request (it being in the sole discretion of the Bank to decide whether or not to do so) the Borrowers will pay in addition to the amount to be on a Business Day and prepaid, any such sum as may be payable to the Bank pursuant to Clause 10.1;
(C) each partial prepayment shall be in an aggregate principal equal to the amount which is an integral multiple of $25,000.00.400,000 (four hundred thousand Dollars) or a whole multiple thereof or the balance of the Loan and will be applied by the Bank in or towards satisfaction of the Repayment Instalments in inverse order of their maturity;
(bD) The Company every notice of prepayment shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Eurodollar Loan, in whole or in part, be effective only on three (3) Business Days prior irrevocable written notice to actual receipt by the Bank, provided, however, that such prepayment may only be made on the last day of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The notice of prepayment under this Section 2B.8 shall set forth the prepayment date and the principal amount of the Loan being prepaid and shall be irrevocable and shall commit oblige the Company Borrowers to prepay make such Loan by the amount and prepayment on the date stated therein. All prepayments shall be accompanied by accrued interest on the principal specified;
(E) no amount being prepaid to the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only re-borrowed; and
(F) the Borrowers may not prepay the Loan or any part thereof save as expressly provided in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturitythis Agreement.
Appears in 1 contract
Sources: Loan Agreement (Euroseas Ltd.)
Voluntary Prepayment. (a) The Company shall have Subject to the right concurrent payment of the Applicable Premium, the Borrower may at any time and from time to time to prepay any Prime Rate LoanBorrowing, in whole or in part, without premium upon at least three Business Days’ prior written or penalty on fax notice (or telephone notice promptly confirmed by written or fax notice) in the same day on which telephonic case of Eurodollar Loans, or written or fax notice is given (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the Bank date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (immediately confirmed in writing) of such prepayment noon), New York City time; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which that is an integral multiple of $25,000.001,000,000 and not less than $5,000,000.
(b) The Company Voluntary prepayments of Loans under Section 2.12(a) shall have be applied in direct order of maturity against the right at any time and from time to time, subject to the provisions hereof and remaining scheduled installments of Section 2B.9, to prepay any Eurodollar Loan, principal due in whole or in part, on three (3) Business Days prior irrevocable written notice to the Bank, provided, however, that such prepayment may only be made on the last day respect of the applicable Interest Period and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00Loans under Section 2.11.
(c) The Company shall have the right at any time and from time to time, subject to the provisions hereof and of Section 2B.9, to prepay any Match Rate Loan, in whole or in part upon at least three (3) Business Days prior irrevocable written notice to the Bank; provided, however, that each such prepayment shall be on a Business Day and each partial prepayment shall be in an aggregate principal amount which is an integral multiple of $25,000.00.
(d) The Each notice of prepayment under this Section 2B.8 2.12(a) shall set forth specify the prepayment date and the principal amount of the Loan being prepaid and each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Company Borrower to prepay such Loan Borrowing by the amount and stated therein on the date stated therein; provided, however, that if such prepayment is for all of the then outstanding Loans, then the Borrower may revoke such notice by written notice to the Administrative Agent no later than 12:00 (noon), New York City time, on the date of prepayment and/or extend the prepayment date by not more than five Business Days; provided further, that a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other incurrences or issuance of Indebtedness, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to 12:00 (noon), New York City time, on the specified effective date) if such condition is not satisfied. All prepayments under this Section 2.12 (including with respect to any revocation or extension) shall be subject to Section 2.16. All prepayments under this Section 2.12 shall be accompanied by (i) the concurrent payment of the accrued and unpaid interest on the principal amount being to be prepaid to but excluding the date of prepayment. Each prepayment under this Section 2B.8 shall be applied first towards unpaid interest on payment and (ii) the amount being prepaid and then towards the principal in whole or partial prepayment of Loans by the Company. In the absence of such specification, amounts being prepaid shall be applied first to any Prime Rate Loan then outstanding and then to Match Rate Loans in the order of the expiration of their respective Interest Periods. Eurodollar Loans may be prepaid only in accordance with the provisions of paragraph (b) above. All partial prepayments of the Term Loan II shall be applied to installments of principal in the inverse order of maturityApplicable Premium.
Appears in 1 contract