Manner of Prepayment Clause Samples
The "Manner of Prepayment" clause defines the procedures and requirements a borrower must follow when repaying a loan before its scheduled maturity date. Typically, this clause outlines how advance notice should be given to the lender, the acceptable methods of payment, and any conditions or restrictions on partial or full prepayments. For example, it may specify that prepayments must be made in minimum increments or only on certain dates. The core function of this clause is to ensure both parties understand the process for early repayment, thereby preventing disputes and facilitating smooth financial transactions.
Manner of Prepayment. Except as otherwise set forth in the Loan Agreement Supplement with regard to any Component, the Borrowers may voluntarily prepay the Loan in whole or in part on any date upon payment of the applicable Yield Maintenance, including to satisfy the DSCR requirements set forth in the Release or Substitution Conditions in connection with Sections 11.4(A), 11.4(B), 11.5 or 11.6; provided that no Yield Maintenance shall be payable in connection with (i) prepayments of a Component during the Refinancing Window related to such Component, (ii) in respect of any Component corresponding to Risk Retention Securities, (iii) prepayments made to cure a breach of a representation, warranty or other default as set forth in Section 11.4(B), (iv) prepayments of proceeds received as a result of any casualty or condemnation of a Site as set forth in Section 5.5(C) or prepayments as a result of a Title Defect Cash Flow Event or (v) prepayments made during an Amortization Period. Together with such prepayment the Borrowers also will pay (i) any and all outstanding Advance Interest and Additional Trust Fund Expenses, (ii) all accrued and unpaid interest on the principal amount of the Loan being prepaid through the date of such prepayment and (iii) all other Obligations, in each case, then due and owing. For the Component corresponding to the Series 2013-2A Securities only, if any prepayment (whether in whole or in part) occurs, the Borrowers are also required to pay the amount of interest that would have accrued on the principal amount prepaid from and including the date of such prepayment to the end of the Interest Accrual Period during which such prepayment occurs.
Manner of Prepayment. The Borrowers may prepay the Loan in whole or in part on any date upon payment of the applicable Yield Maintenance, and no Yield Maintenance is payable in connection with any prepayment of a Component of the Loan that occurs (i) (A) in the case of the 2010-2C Component, less than nine months prior to the Anticipated Repayment Date for such Component, (B) in the case of the 2013-2C Component and the 2014-2C Component, less than eighteen months prior to the Anticipated Repayment Date for such Component, (C) in the case of each other Existing Component and the 2014-1C Component, less than twelve months prior to the Anticipated Repayment Date for such Component or (D) in the case of any Additional Component, the number of months prior to the Anticipated Repayment Date for such Component set forth in the Loan Agreement Supplement relating to such Additional Component, (ii) with Loss Proceeds received as a result of any condemnation or casualty of a Site, (iii) during an Amortization Period or (iv) on or after the Second Amendment Effective Date, to cure a breach of a representation and warranty or other default herein. Together with such prepayment the Borrowers also shall pay (i) all accrued and unpaid interest on the principal amount of the Loan being prepaid through the date of such prepayment and (ii) all other Obligations, in each case, then due and owing. If any prepayment (whether in whole or in part) occurs, then together therewith the Borrowers also are required to pay to Lender the amount of interest that would have accrued on the principal amount being prepaid from and including the date of such prepayment to the end of the Interest Accrual Period during which such prepayment occurs. Except during the continuation of an Event of Default or an Amortization Period that commenced as the result of the occurrence of an event described in clause (i) of the definition thereof, prepayments will be applied, at the option of the Borrowers, either (x) to the payment of the principal of the Components of the Loan sequentially in order of the alphabetical designation of each such Component, and pro rata among any such Components of the same alphabetical designation, based on the Component Principal Balance of each such Component, in each case, in the amount up to the Component Principal Balance of each such Component, or (y) to the payment in full of the Component Principal Balances of the Components having the same numerical designation or (z) on and after the 2...
Manner of Prepayment. The Borrowers may prepay the Loan in whole or in part on any date upon payment of the applicable Yield Maintenance, and no Yield Maintenance is payable in connection with any prepayment of a Component of the Loan that occurs (i) (A) in the case of the 2010-2C Component, less than nine months prior to the Anticipated Repayment Date for such Component, (B) in the case of the 2013-2C Component and the 2014-2C Component, less than eighteen months prior to the Anticipated Repayment Date for such Component, (C) in the case of each other Existing Component and the 2014-1C Component, less than twelve months prior to the Anticipated Repayment Date for such Component or (D) in the case of any Additional Component, the number of months prior to the Anticipated Repayment Date for such Component set forth in the Loan Agreement Supplement relating to such Additional Component, (ii) with Loss Proceeds received as a result of any condemnation or casualty of a Site, (iii) during an Amortization Period or (iv) on or after the Second Amendment Effective Date, to cure a breach of a representation and warranty or other default herein. Together with such prepayment the Borrowers also shall pay (i) all accrued and unpaid interest on the principal amount of the Loan being prepaid through the date of such prepayment and (ii) all other Obligations, in each case, then due and owing. If any prepayment (whether in whole or in part) occurs, then together therewith the Borrowers also are required to pay to Lender the amount of interest that would have accrued on the principal amount being prepaid from and including the date of such prepayment to the end of the Interest Accrual Period during which such prepayment occurs. Except during the continuation of an Event of Default or an Amortization Period that commenced as the result of the occurrence of an event described in clause (i) of the definition thereof, prepayments will be applied, at the option of the Borrowers, either (x) to the payment of the principal of the Components of the Loan sequentially in order of the alphabetical designation of each such Component, and pro rata among any such Components of the same alphabetical designation, based on the Component Principal Balance of each such Component, in each case, in the amount up to the Component Principal Balance of each such Component or (y) to the payment in full of the Component Principal Balances of the Components having the same numerical designation. Prepayments during the co...
Manner of Prepayment. The Borrower shall notify the Administrative Agent by telecopy or e-mail of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 12:00 noon, Chicago time (or, in the case of a Borrowing denominated in a Foreign Currency, London time), three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, Chicago time, on 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, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09 or the date of prepayment under such notice may be extended if the effective date of such termination is extended in accordance with Section 2.09 (provided such extension shall be limited as set forth in Section 2.09). 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, except as necessary to apply fully the required amount of a mandatory prepayment. 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 2.13.
Manner of Prepayment. The Company may prepay its Allocated Certificate Amount in whole on any date (i) upon written notice to the Paying Agent and the Holders, which notice shall be given at least five (5) Business Days prior to the proposed date of such prepayment, (ii) subject to the priority of payments set forth in Section 2.5(B) and (iii) upon payment of the applicable Yield Maintenance, if any. No Yield Maintenance is payable in connection with any prepayment that occurs in connection with Early Termination Fees; Loss Proceeds received as a result of any condemnation or casualty of a Site, an Amortization Event or any other Mandatory Prepayment. Together with such prepayment the Company also shall pay (x) all accrued and unpaid interest on the Allocated Certificate Amount being prepaid through the date of such prepayment and (y) all other Obligations of the Company, in each case, then due and owing.
Manner of Prepayment. 68 SECTION 12.02.
Manner of Prepayment. The prepayment price and the terms, place and manner of prepayment of the Notes shall be governed by this Article Twelve, except as may otherwise be provided for the prepayment of Notes in Section 3.01, Section 6.04 or Section 6.05 hereof, with respect to the Series A Notes, and in any supplemental indenture creating any other series of Notes, with respect to such other series, and in any agreement filed with the Trustee in accordance with the provisions of Section 5.01.
Manner of Prepayment. The Borrower shall notify the Administrative Agent by telecopy or e-mail of any prepayment hereunder not later than 12:00 noon, New York time, three (3) Business Days 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. 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, except as necessary to apply fully the required amount of a mandatory prepayment. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13. Notwithstanding the foregoing, including, without limitation, Section 2.16, any notice of prepayment delivered in connection with any refinancing of the Loans with the proceeds of such refinancing or of any other incurrence of Indebtedness or the occurrence of some other identifiable event or condition, may be, if expressly so stated to be, contingent upon the consummation of such refinancing or incurrence or occurrence of such other identifiable event or condition and may be revoked by the Borrower in the event such contingency is not met.
Manner of Prepayment. The Borrower may prepay its Allocated Loan Amount in whole on any date (i) upon written notice to the Paying Agent and the Lenders, which notice shall be given at least two (2) Business Days prior to the proposed date of such prepayment, (ii) subject to the priority of payments set forth in Section 2.5(B) and (iii) upon payment of the applicable Yield Maintenance, if any; provided that in connection with a refinancing, this provision does not restrict a prepayment by the Borrower to less than all the Lenders. No Yield Maintenance is payable in connection with any prepayment that occurs in connection with Early Termination Fees; Loss Proceeds received as a result of any condemnation or casualty of a Site, an Amortization Event or any other Mandatory Prepayment. Together with such prepayment the Borrower also shall pay (x) all accrued and unpaid interest on the Allocated Loan Amount being prepaid through the date of such prepayment and (y) all other Obligations of the Borrower, in each case, then due and owing.
Manner of Prepayment. The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telecopy or e-mail of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 12:00 noon, Chicago time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing (including any Swingline Loan), not later than 12:00 noon, Chicago time, on 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, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09 or the date of prepayment under such notice may be extended if the effective date of such termination is extended in accordance with Section 2.09 (provided such extension shall be limited as set forth in Section 2.09). 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, except as necessary to apply fully the required amount of a mandatory prepayment. 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 2.13.