Common use of Payments Prepayments Clause in Contracts

Payments Prepayments. Any payment or prepayment of the outstanding principal amount of, or accrued interest on, the Revolving Note shall be paid at the office of the Bank designated in the Revolving Note (or at such other place or to such account as the Bank may from time to time designate in writing to the Borrower). The Borrower shall be entitled to repay and/or prepay the outstanding principal balance of, and accrued interest on, the Revolving Note from time to time and at any time, in whole or in part, without notice or penalty of any kind, except as otherwise set forth in the Revolving Note. The Borrower may re-borrow all or any portion of the principal amount of the Line of Credit so repaid or prepaid subject to the terms and conditions the Revolving Note and this Agreement (including, without limitation, Section 5(a) hereof). All payments and prepayments on the Revolving Note shall be applied first to accrued interest and then to principal in the order of maturity. No prepayment shall relieve the Borrower of the obligation to pay the principal and interest on the Revolving Note until such time as all obligations are paid in full.