Declined Payment. Notwithstanding anything in this Section 3.03 to the contrary, any Lender may elect, by notice to the Administrative Agent prior to 12:00 p.m. (Eastern Time) at least one (1) Business Day prior to the required prepayment date, to decline all or any portion of any mandatory prepayment of its Loans pursuant to this Section 3.03, in which case the aggregate amount of the prepayment that would have been applied to prepay Loans but was so declined may be retained by the Borrower and used for any purpose not prohibited by this Agreement.
Appears in 3 contracts
Sources: Credit Agreement (scPharmaceuticals Inc.), Credit Agreement (Seres Therapeutics, Inc.), Credit Agreement (scPharmaceuticals Inc.)
Declined Payment. Notwithstanding anything in this Section 3.03 3.03(b) to the contrary, any Lender may elect, by notice to the Administrative Agent prior to 12:00 p.m. (Eastern Time) at least one (1) Business Day prior to the required prepayment date, to decline all or any portion of any mandatory prepayment of its Loans pursuant to this Section 3.033.03(b), in which case the aggregate amount of the prepayment that would have been applied to prepay Loans but was so declined may be retained by the Borrower and used for any purpose not prohibited by this Agreement.
Appears in 2 contracts
Sources: Super Priority Senior Secured Priming Debtor in Possession Credit Agreement (Tpi Composites, Inc), Credit Agreement (Tpi Composites, Inc)
Declined Payment. Notwithstanding anything in this Section 3.03 to the contrary, any Lender may elect, by notice to the Administrative Agent prior to 12:00 p.m. (Eastern Time) at least one (1) Business Day prior to the required prepayment date, to decline all or any portion of any mandatory prepayment of its Loans pursuant to this Section 3.03, in which case the aggregate amount of the prepayment that would have been applied to prepay Loans but was so declined may be retained by the Borrower and used for any purpose not prohibited by this Agreement.
Appears in 1 contract