Optional Prepayment in Cash Clause Samples

The "Optional Prepayment in Cash" clause allows a borrower to repay part or all of a loan before its scheduled maturity date using cash. Typically, this clause outlines the conditions under which prepayment is permitted, such as required notice periods or potential fees, and may specify whether partial or full prepayments are allowed. Its core function is to provide flexibility for the borrower to reduce debt early, potentially saving on interest costs, while also clarifying the lender's rights and any associated procedures or penalties.
Optional Prepayment in Cash. (a) Subject to Section 2.4(b) hereof, the Borrower will have the option of prepaying this Note in full ("OPTIONAL PREPAYMENT") by paying to the Holder a sum of money equal to one hundred percent (100%) of the then outstanding principal amount of this Note together with accrued but unpaid interest thereon and any and all other sums due, accrued or payable to the Holder arising under this Note, (the "PREPAYMENT AMOUNT"). The Borrower may exercise its prepayment right by delivery of written notice (the "Notice of Prepayment") to the Holder and otherwise complying with the provisions of this Section 2.4. (b) Any Notice of Prepayment delivered pursuant to this Section 2.4 shall specify the date for such Optional Prepayment (the "PREPAYMENT PAYMENT DATE") which date shall be seven (7) days after the date of the Notice of Prepayment (the "PREPAYMENT PERIOD"). A Notice of Prepayment shall not be effective with respect to any portion of this Note for which the Holder has previously delivered a Notice of Conversion (defined below) pursuant to Section 2.1, or for conversions made by the Holder pursuant to Section 2.1 during the Prepayment Period of all or any portion of the then outstanding debt under this Note. Subject to Conversion by Holder as herein provided, on the Prepayment Payment Date, the Prepayment Amount shall be determined as of such Holder's conversion elections had been completed immediately prior t▇ ▇▇▇ date of the notice of Prepayment. On the Prepayment Payment Date, the Prepayment Amount (plus any additional interest and fees accruing on this Note during the Prepayment Period) must be irrevocably paid in full in immediately available funds to the Holder. In the event the Borrower fails to pay the Prepayment Amount on the Prepayment Payment Date, then such Prepayment Notice will be null and void. If Holder effects a conversion of all of the outstanding indebtness of this Note during the Prepayment Period, this Note shall be deemed fully paid and terminated upon such conversion without any further obligation of Borrower hereunder.
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Optional Prepayment in Cash. The Borrower may prepay this Note at any time without penalty. The Borrower shall provide the Holder with ten (10) days’ prior written notice of its intention to prepay this Note, and the Holder shall have such ten (10) day period in which to exercise its right to convert this Note pursuant to Section 3 hereof. In the event the Holder does not convert this Note within such ten (10) day period, then the Borrower shall have the option of prepaying any Outstanding Principal and Outstanding Interest, without premium or penalty.
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Optional Prepayment in Cash. The Borrower will have the option of prepaying this Note in full or in part at any time in an amount equal to 103% of the amount being prepaid subject to the prepayment fees under Section 16 of the Security Agreement in the event this Note is paid in full.
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Optional Prepayment in Cash. The Borrower shall have the option of prepaying any outstanding principal and interest on this Note, without premium or penalty. Except as part of the Permissible Debt Repayment, prepayment hereunder shall not be made before NJEDA has been repaid all debt owed to it by Borrower or unless NJEDA in its sole discretion has otherwise provided prior written approval of such prepayment.
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Optional Prepayment in Cash. The Company shall have the option of prepaying this Note in full or in part in cash at any time without premium or penalty.
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Optional Prepayment in Cash. The Borrower will have the option of prepaying this Note in full (“Optional Redemption”) by paying to the Holder a sum of money equal to one hundred ten percent (110%) of the principal amount of this Note together with accrued but unpaid interest thereon and any and all other sums due, accrued or payable to the Holder arising under this Note or the Purchase Agreement or any Related Document (as defined in the Purchase Agreement) (the “Redemption Amount”) outstanding on the day written notice of redemption (the “Notice of Redemption”) is given to the Holder, which Notice of Redemption shall specify the date for such Optional Redemption (the “Redemption Payment Date”). A Notice of Redemption shall not be effective with respect to any portion of this Note for which the Holder has a pending election to convert pursuant to Section 3.1 and the Redemption Amount shall be determined as if such election to convert had been completed immediately prior to the date of the Notice of Redemption. The Redemption Payment Date shall be not earlier than the day after the date of the Notice of Redemption and not later than seven (7) days after the date of the Notice of Redemption. On the Redemption Payment Date, the Redemption Amount must be paid in good funds to the Holder. In the event the Borrower fails to pay the Redemption Amount by the Redemption Payment Date, then such Redemption Notice will be null and void.
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Optional Prepayment in Cash. The Borrower will have the option of prepaying this Note in full or in part at any time without penalty or premium .
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Related to Optional Prepayment in Cash

  • Optional Prepayment (a) Subject to payment of any applicable premium as set forth in paragraph (b) below, the Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days’ prior written or fax notice (or 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 Day prior to the date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each partial prepayment shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. (b) Each prepayment of Loans made pursuant to Section 2.11(a) shall be made together with a prepayment premium in an amount equal to (i) if such prepayment is made prior to the first anniversary of the Closing Date, 2.00%, and (ii) if such prepayment is made on or after the first anniversary of the Closing Date but prior to the second anniversary of the Closing Date, 1.00%, in each case of the aggregate principal amount of Loans being prepaid. (c) Each notice of prepayment shall specify the prepayment date, the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable (unless such notice is expressly conditioned upon a refinancing of the Credit Facility, in which case such notice may be rescinded if such refinancing shall not be consummated or shall otherwise be delayed) and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein. All prepayments under this Section 2.11 shall be subject to paragraph (b) above (if applicable) and to Section 2.15 but otherwise without premium or penalty. All prepayments under this Section 2.11 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.

  • Optional Prepayments The 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 Section 3.04(b).

  • Optional Prepayment of Loans (a) The Borrower shall have the right to prepay the Loans on not less than three (3) Business Days’ prior written notice to the Senior Facility Agent. (b) Any partial prepayment of the Loans under this Section 4.04 shall be in an amount that is not less than twenty million Dollars ($20,000,000). (c) All prepayments under this Section 4.04 shall be made by the Borrower to the Senior Facility Agent for the account of the Senior Lenders and shall be applied by the Senior Facility Agent in accordance with Section 4.04(d). Each notice of optional prepayment shall indicate whether the Loan being prepaid (i) was used for Gas Working Capital Purposes, General Working Capital Purposes or DSR Purposes and (ii) was a Working Capital Loan, Swing Line Loan or an LC Loan. Each notice of optional prepayment will be irrevocable, except that such notice given by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities and/or the issuance of other debt, in which case such notice may be revoked by the Borrower (by notice to the Senior Facility Agent on or prior to the specified effective date) if such condition is not satisfied. The Borrower shall pay any Break Costs incurred by any Senior Secured Party as a result of such notice and revocation. (d) With respect to each prepayment to be made pursuant to this Section 4.04, on the date specified in the notice of prepayment delivered pursuant to Section 4.04(a), the Borrower shall pay to the Senior Facility Agent the sum of the following amounts: (i) the principal of, and accrued but unpaid interest on, the Loans to be prepaid; (ii) any additional amounts required to be paid under Section 5.05 (Funding Losses); and (iii) any other Obligations due to the respective Senior Lenders in connection with any prepayment under the Financing Documents.

  • Optional Prepayments of Loans The Borrower may prepay Loans, (i) upon at least two Business Days’ notice, in the case of Eurodollar Rate Revolving Loans, and (ii) upon notice not later than 12:00 noon (New York City Time) on the date of prepayment, in the case of Base Rate Revolving Loans, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and, if such notice is given, the Borrower shall prepay the outstanding principal amount of the Loans comprising part of the same Borrowing in whole or ratably in part, without penalty, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $100,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Loan, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Optional Prepayments of Advances The Borrower may, upon at least two Business Days’ notice, in the case of Eurodollar Rate Advances, and upon notice not later than 11:00 A.M. (New York City time) on the date of prepayment, in the case of Base Rate Advances, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and, if such notice is given, the Borrower shall prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in a minimum amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).