Effect of cancellation and prepayment on scheduled repayments and reductions Clause Samples
This clause defines how the cancellation or prepayment of a loan affects the borrower's future scheduled repayments and any planned reductions of the loan facility. In practice, if a borrower pays off part or all of the loan early, or cancels a portion of the undrawn facility, the amounts and timing of future payments or reductions are adjusted accordingly—such as reducing the number of remaining payments or the size of each installment. The core function of this clause is to ensure that the loan repayment schedule accurately reflects any changes due to early payments or cancellations, thereby maintaining clarity and fairness for both lender and borrower.
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Effect of cancellation and prepayment on scheduled repayments and reductions. If the Borrower cancels the whole or any part of the Commitments in accordance with Clause 7.2 (Voluntary cancellation) or Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or if the Commitment of any Lender is reduced under Clause 7.1 (Illegality) or if any of the Loans are prepaid in accordance with this Agreement, then the amount of the Repayment Instalment for each Repayment Date falling after that cancellation or prepayment (as applicable) will reduce in inverse chronological order by the amount cancelled or the amount of the Loan prepaid (as applicable).
Effect of cancellation and prepayment on scheduled repayments and reductions. If any of the Exposures of Participating Creditors under the Facilities are prepaid in accordance with Clause 12.2 (Voluntary prepayment of Exposures), or Clause 13.1 (Disposal, Permitted Fundraising and Permitted Securitisation Proceeds and Excess Cashflow) then such prepayment will be deemed to have been applied in reduction of the amount of the Repayment Instalment for the Repayment Dates falling after that prepayment in the following order:
(a) first, in reduction of the Repayment Instalments falling due on or before 31 December 2011, in the order of those Repayment Instalments; and
(b) secondly, following the prepayment in full of all Repayment Instalments falling due on or before 31 December 2011, in pro rata reduction of all remaining Repayment Instalments.
Effect of cancellation and prepayment on scheduled repayments and reductions. (a) If the Company cancels the whole or any part of any Available Commitment in accordance with Clause 7.8 (Right of cancellation and repayment in relation to a single Lender) or Clause 7.10 (Right of cancellation in relation to a Defaulting Lender) or if the Available Commitment of any Lender is cancelled under Clause 7.1 (Mandatory prepayment - Illegality), Clause 7.2 (Mandatory prepayment – Change of Control), Clause 7.3 (Mandatory prepayment- Material Subsidiary Event of Default) or Clause 7.4 (Mandatory prepayment – Sanctions Etc.), then (other than, in any relevant case, to the extent that any part of the relevant Available Commitment(s) so cancelled is subsequently increased pursuant to Clause 2.2 (Increase)) the amount of the Repayment Instalment for each Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(b) If the Company cancels the whole or any part of any Available Commitment in accordance with Clause 7.6 (Voluntary cancellation) or if the whole or part of any Commitment is cancelled pursuant to Clause 7.8 (Automatic Cancellation) or Clause 7.5 (Mandatory Prepayment and Cancellation –Takeout Financing), then the amount of the Repayment Instalment for each Repayment Date falling after that cancellation will reduce in chronological order by the amount cancelled.
(c) If any Loan is repaid or prepaid in accordance with Clause 7.8 (Right of cancellation and repayment in relation to a single Lender), Clause 7.1 (Mandatory prepayment - Illegality), Clause 7.2 (Mandatory prepayment – Change of Control), Clause 7.3 (Mandatory prepayment- Material Subsidiary Event of Default) or Clause 7.4 (Mandatory prepayment – Sanctions Etc.), then (other than to the extent that any part of the relevant Commitment is subsequently increased pursuant to Clause 2.2 (Increase)) the amount of the Repayment Instalments for the Facility for each Repayment Date falling after that repayment or prepayment will reduce pro rata by the amount of the Loan repaid or prepaid.
(d) If any Loan is prepaid in accordance with Clause 7.7 (Voluntary prepayment) or with Clause 7.5 (Mandatory Prepayment and Cancellation –Takeout Financing), then the amount of the Repayment Instalment for each Repayment Date falling after that prepayment will reduce in chronological order by the amount of the Loan prepaid.
Effect of cancellation and prepayment on scheduled repayments and reductions. If any Loans under an amortising Uncommitted Accordion Term Facility are prepaid in accordance with clause 10.1 (Illegality), clause 10.6 (Right of cancellation and repayment in relation to a single Lender) or clause 11.2 (Disposal and Insurance), then the amount of the Repayment Instalment for each Repayment Date falling after that prepayment will reduce pro rata by the amount of the Uncommitted Accordion Term Facility Loan prepaid unless otherwise agreed in the relevant Uncommitted Accordion Facility Commitment Notice.
Effect of cancellation and prepayment on scheduled repayments and reductions. (a) If the Borrower cancels the whole or any part of any Available Commitment in accordance with Clause 7.9 (Right of replacement or repayment and cancellation in relation to a single Lender) or if an Available Commitment of any Lender is cancelled under Clause 7.1 (Illegality) then: (i) in the case of the Term Commitments, the Repayment Instalments falling after that cancellation will reduce pro rata by the amount of the Term Commitments so cancelled; and (ii) in the case of the Revolving Commitments, the amount of the Reduction Instalment for each Reduction Date falling after that cancellation will reduce pro rata by the amount of the Revolving Commitments so cancelled.
Effect of cancellation and prepayment on scheduled repayments and reductions. (a) If the Borrower cancels the whole or any part of the Commitments in accordance with Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or if the Commitment of any Lender is reduced under Clause 7.1 (Illegality) then the amount of the Repayment Instalment for each Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(b) If the Borrower cancels the whole or any part of the Commitments in accordance with Clause 7.2 (Voluntary cancellation) then the amount of the Repayment Instalment for each Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(c) If any of the Loans are prepaid in accordance with Clause 7.1 (Illegality), Clause 7.3 (Voluntary prepayment of Loans) or Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or then the amount of the Repayment Instalment for each Repayment Date falling after that prepayment will reduce pro rata by the amount of the Loan prepaid.
Effect of cancellation and prepayment on scheduled repayments and reductions. (a) If the Parent cancels the whole or any part of the Facility A Commitments in accordance with Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or if the Facility A Commitment of any Lender is reduced under Clause 7.1 (Illegality) then the amount of the Facility A Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(b) If any of the Facility A Loans are prepaid in accordance with Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or Clause 7.1 (Illegality) then the amount of the Facility A Repayment Instalment for each Facility A Repayment Date falling after that prepayment will reduce pro rata by the amount of the Facility A Loan.
Effect of cancellation and prepayment on scheduled repayments and reductions. (a) If the Company cancels the whole or any part of the Facility A Commitments in accordance with Clause 12.3 (Voluntary cancellation) then the amount of the Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(b) If any of the Facility A Loans are prepaid in accordance with Clause 12.1 (Illegality) or Clause 12.7 (
Effect of cancellation and prepayment on scheduled repayments and reductions. (a) If the Borrower cancels the whole or any part of the Commitments in accordance with Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or if the Commitment of any Lender is reduced under Clause 7.1 (Illegality) then the amount of the Repayment Instalment for each Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(b) If the Borrower cancels the whole or any part of the Commitments in accordance with Clause 7.2 (Voluntary cancellation) then the amount of the Repayment Instalment for each Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.
(c) If any of the Loans are prepaid in accordance with Clause 7.1 (Illegality), Clause 7.3 (Voluntary prepayment of Loans) or Clause 7.4 (Right of cancellation and repayment in relation to a single Lender) or then the amount of the Repayment Instalment for each Repayment Date falling after that prepayment will reduce pro rata by the amount of the Loan prepaid.