Optional Prepayments and Commitment Reductions Sample Clauses
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Optional Prepayments and Commitment Reductions. (a) The Borrowers may, on the last day of any Interest Period with respect thereto, in the case of Eurodollar Loans, or at any time and from time to time, in the case of ABR Loans, prepay the Loans, in whole or in part, without premium or penalty, upon at least one Business Day’s irrevocable notice to the Administrative Agent in the case of ABR Loans, and upon at least three Business Days’ irrevocable notice to the Administrative Agent in the case of Eurodollar Loans, in each case specifying the date and amount of prepayment and whether the prepayment is of Eurodollar Loans, ABR Loans or a combination thereof, and, in each case if of a combination thereof, the amount allocable to each. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with any amounts payable pursuant to subsection 4.14. Partial prepayments of Eurodollar Loans shall be in an aggregate principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.
(b) Subject to subsection 4.5(c), the Borrowers shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount of the Commitments. Any such reduction shall be in an amount equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and shall reduce permanently the Commitments then in effect. Termination of the Commitments shall also terminate the obligation of the Issuing Lender to issue Letters of Credit.
(c) In the event of the termination by the Borrowers of all Commitments, the Borrowers shall on the date of such termination repay or prepay all of its outstanding Loans (together with accrued and unpaid interest on the Loans and any amounts payable pursuant to subsection 4.14 and any other amounts payable hereunder), reduce the Letter of Credit Outstandings to zero and cause all Letters of Credit to be canceled and returned to the Issuing Lender (or shall cash collateralize the Letter of Credit Outstandings (or provide supporting letters of credit from an institution reasonably acceptable to the Administrative Agent) on terms and pursuant to documentation reasonably satisfactory to the Issuing Lender and the Administrative Agent). In the event of any partial reduction of the Commitments, then (i) at or prior to the effective date...
Optional Prepayments and Commitment Reductions. At any time, and from time to time, the Borrower may, on any Business Day, make a voluntary prepayment or permanent commitment reduction, in whole or in part, of the outstanding principal amount of the Loans or the Commitments; provided, however, that:
(a) any such prepayment or commitment reduction shall be applied pro rata among the Lenders in accordance with the respective unpaid principal amounts of the Loans and Commitments held by them; provided, that the Commitments shall not be reduced to an amount that is less than the aggregate Credit Exposure then in effect;
(b) any such prepayment or commitment reduction made shall be applied pro rata among Loans and Commitments, if applicable, having the same Interest Period;
(c) any such prepayment of any LIBO Rate Loan made on any day other than the last day of the Interest Period for such Loan shall be subject to the provisions of Section 4.5;
(d) any such prepayment of LIBO Rate Loans shall require at least two (2) Business Days' prior written notice to the Administrative Agent and any such prepayment of Base Rate Loans may be made on same day's written notice to the Administrative Agent; and
(e) any such partial prepayment of Loans shall be in an aggregate minimum amount of $5,000,000 and an integral multiple of $1,000,000 in excess thereof.
Optional Prepayments and Commitment Reductions. Loans may be prepaid and commitments may be reduced by the Borrower in a minimum amount of $500,000 or integral multiples of $100,000. Optional prepayments of the term loans will be applied, first, to prepay the Tranche A loans and, to the extent the Tranche B Lenders and Tranche C Lenders so elect, the Tranche B loans and the Tranche C loans, and, second, to prepay any remaining Tranche B loans or Tranche C loans (once all Tranche A loans have been paid in full). Optional prepayments of term loans of any tranche held by any Lender will be applied to subsequent scheduled amortization on a pro-rata basis.
Optional Prepayments and Commitment Reductions. (i) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, without premium or penalty subject to the requirements of this Section 2.10; provided, that each partial prepayment shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000.
(ii) The Borrower shall have the right (at its sole discretion) at any time and from time to time to notify the Administrative Agent that it elects to withdraw one or more Vessels from the existing pool of Collateral Vessels (such election, a “Collateral Vessel Release Election” and each Collateral Vessel subject to such Collateral Vessel Release Election, a “Withdrawn Vessel”); provided, that, subject to Section 2.10(h), to the extent the Borrower makes a Collateral Vessel Release Election, the Total Revolving Commitments shall be automatically and permanently reduced by an aggregate principal amount equal to the Collateral Disposition Reduction Amount for such Withdrawn Vessel.
Optional Prepayments and Commitment Reductions. Loans under the Senior Credit Facilities may be prepaid and unused commitments under the Revolving Credit Facility may be reduced at any time, in whole or in part, at the option of the Borrower, upon notice and in minimum principal amounts and in multiples to be agreed upon, without premium or penalty (except Term SOFR breakage costs). Any optional prepayment of the Term A Facility will be applied as directed by the Borrower to the remaining scheduled amortization payments (and absent such direction, in direct order of maturity thereof).
Optional Prepayments and Commitment Reductions. (a) The Borrower may, at any time and from time to time, prepay the Loans, in whole or in part, without premium or penalty, upon at least one Business Day's irrevocable notice to the Administrative Agent in the case of ABR Loans, and upon at least three Business Day's irrevocable notice to the Administrative Agent in the case of Eurodollar Loans, in each case specifying the date and amount of prepayment and whether the prepayment is of Eurodollar Loans, ABR Loans or a combination thereof, and, in each case if of a combination thereof, the amount allocable to each; provided that any prepayment of a Eurodollar Loan is subject to the terms of subsection 4.14 hereof. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with any amounts payable
Optional Prepayments and Commitment Reductions. The Bridge Facility may be prepaid at any time in whole or in part without premium or penalty, upon written notice, at the option of the Borrower, except that any prepayment of LIBOR advances other than at the end of the applicable interest periods therefor shall be made with reimbursement for any funding losses and redeployment costs of the Lenders resulting therefrom. The commitment under the Bridge Facility may be reduced permanently or terminated by the Borrower at any time without penalty. Optional prepayments may be allocated between the Capital Markets Bridge Tranche and the Cash Bridge Tranche as determined by the Borrower.
Optional Prepayments and Commitment Reductions. The Facilities may be prepaid at any time in whole or in part without premium or penalty, upon written notice, at the option of the Borrower Representative, together with accrued and unpaid interest thereon, to the date of prepayment, except (x) that any prepayment of LIBOR advances other than at the end of the applicable interest periods therefor shall be made with reimbursement for any funding losses and redeployment costs of the Lenders resulting therefrom and (y) as set forth in “Repayment Premium” below. Each optional prepayment of the Term Facility shall be applied as directed by the Borrower Representative. The unutilized portion of any commitment under the Revolving Credit Facilities may be reduced permanently or terminated by the Borrower Representative at any time without penalty.
Optional Prepayments and Commitment Reductions. The Borrower may prepay the Credit Facilities in whole or in part at any time without penalty (except as agreed to in Addendum 1), subject to reimbursement of the lenders' breakage and redeployment costs in the case of prepayment of LIBOR borrowings.
Optional Prepayments and Commitment Reductions. Loans may be prepaid (without penalty or premium) and commitments may be permanently reduced by NII in minimum amounts to be agreed upon; provided that NII shall pay any funding breakage costs due to prepayment/cancellation. Any amounts prepaid or otherwise canceled cannot be reborrowed by NII.