Voluntary prepayment of Loans Clause Samples
The Voluntary Prepayment of Loans clause allows a borrower to repay all or part of their loan before the scheduled due date without penalty. Typically, this clause outlines the process for notifying the lender of an early payment, any minimum prepayment amounts, and whether accrued interest or fees must also be paid at the time of prepayment. Its core function is to provide borrowers with flexibility to reduce their debt ahead of schedule, potentially saving on interest costs and offering financial freedom, while also clarifying the terms to prevent misunderstandings between the parties.
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Voluntary prepayment of Loans. The Borrower may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the Base Currency Amount of the Loan by a minimum amount of EUR 20,000,000).
Voluntary prepayment of Loans. (a) The Term Facility Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.
(b) The Term Facility Borrower shall notify the Administrative Agent (which notice shall be in writing unless otherwise agreed to by the Administrative Agent) of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., Local Time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities or another transaction, in which case such notice may be revoked by the Term Facility Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such notice is not satisfied. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.10.
Voluntary prepayment of Loans. The Borrower may prepay the whole or any part of any Loan by giving at least two (2) Business Days’ written notice to the Lender.
Voluntary prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Loans in whole or in part on any Business Day, without premium or penalty (but subject to Section 3.06); provided, that: (i) no voluntary prepayment of Eurodollar Loans may be made on a day other than the last day of the Interest Period applicable thereto; (ii) each voluntary prepayment of Term Loans shall be in an amount equal to $1,000,000 or an integral multiple thereof and each voluntary prepayment of WC Loans shall be in an amount equal to $100,000 or an integral multiple thereof or, in each case, the outstanding principal balance of the Loans if less; (iii) no voluntary prepayment of Eurodollar Term Loans may be made that would result in the aggregate outstanding principal amount of Loans as to which a particular Interest Period is in effect being less than $1,000,000; and (iv) the Borrower shall have given the Administrative Agent written notice of such prepayment in accordance with paragraph (b) of this Section. Voluntary prepayments shall be accompanied by accrued interest to the extent required by Section 3.01. Each voluntary prepayment of Term Loans shall be applied to installments of principal in inverse order of maturity. Term Loans which are prepaid or repaid, in whole or in part, may not be reborrowed.
(b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any voluntary prepayment hereunder (i) in the case of prepayment of Eurodollar Loans, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of Federal Funds Loans, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of Loans to be prepaid; provided, that, if a notice of prepayment is given in connection with a conditional notice of termination of the WC Commitment as contemplated by Section 2.05, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.05. Promptly following receipt of any such prepayment notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof.
Voluntary prepayment of Loans. (a) The Borrower may, if it gives the Lender not less than five (5) Business Days’ (or such shorter period as the Lender may agree) prior notice, prepay the Loan (in full, not in part).
(b) A Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which the Available Facility is zero).
Voluntary prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time prior to 4:00 P.M., New York City Time, on any Business Day, to prepay any Borrowing without penalty or premium of any kind, in whole or in part, upon irrevocable notice (subject to clause (b) below) delivered to the Administrative Agent no later than 1:00 P.M., New York City time, on the date of such prepayment, which notice shall specify the date and amount of prepayment and whether the prepayment is of Tranche A Loans, Tranche B Loans or Tranche C Loans. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein. Partial prepayments of Revolving Loans shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Interest will accrue on such amount being prepaid until the next business day if such payment is received after 4:00 p.m., New York City time.
(b) Each notice of prepayment shall be irrevocable; provided that a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon the consummation of an acquisition or sale transaction or upon the effectiveness of other credit facilities or the receipt of proceeds from the issuance of other indebtedness or any other specified event, 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 not satisfied. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing; provided that any outstanding Swingline Loans shall be repaid prior to the prepayment of any Revolving Loans. Prepayments shall be accompanied by the payment of accrued and unpaid interest.
Voluntary prepayment of Loans. The Borrower to which a Loan has been made may, if it gives the Lender not less than three Business Days’ (or such shorter period as the Lender may agree) prior notice, prepay the whole or any part of a Loan.
Voluntary prepayment of Loans. The Borrower may, if it gives the Lender not less than seven days' (or such shorter period as the Lender may agree) and not more than thirty days' prior notice, prepay the whole or any part of any Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of £250,000).
Voluntary prepayment of Loans. A Borrower may, if it or the Company gives the Facility Agent not less than three Business Days’ (or such shorter period as agreed by the Company and the Facility Agent) prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the Amount of the Loan by a minimum amount of €1,000,000).Any voluntary prepayment made under this paragraph will be applied against the Facilities in such proportion and manner as may be specified by the Company, acting in its sole discretion, in the notice of prepayment.
Voluntary prepayment of Loans. 7.9.1 The Borrower may, if it gives the Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or any part of any Loan (but, if in part, being an amount that reduces the amount of that Loan by a minimum amount of USD10,000,000 and, if more, in multiples of USD1,000,000).
7.9.2 A Loan may only be prepaid after the first day on which the Available Facility is zero.
7.9.3 Any prepayment under this Clause 7.9 shall satisfy the obligations under Clause 6.1 (Repayment of Loans) in inverse order of maturity.