Prepayment and Cancellation of Individual Lenders Sample Clauses
The "Prepayment and Cancellation of Individual Lenders" clause allows a borrower to repay amounts owed to specific lenders ahead of schedule and, if necessary, cancel their commitments under a loan agreement. In practice, this means that if a particular lender triggers certain events—such as increased costs, tax issues, or regulatory changes—the borrower can choose to pay back that lender's portion of the loan early and reduce the overall facility by the same amount. This clause provides flexibility for the borrower to manage relationships with individual lenders and helps address situations where continuing with a particular lender becomes impractical or more expensive, thereby ensuring the smooth operation of the loan facility.
Prepayment and Cancellation of Individual Lenders. If:
(a) any sum payable to any Lender by the Company is required to be increased under Clause 11.2 (Tax gross-up); and/or
(b) any Lender claims indemnification from the Company under Clause 11.3 (Tax Indemnity) or Clause 12 (Increased costs); and/or
(c) a Market Disruption Event occurs in relation to any Advance for any Interest Period pursuant to Clause 10.2 (Market disruption); and/or
(d) any Lender withholds its consent to the incurrence of any Financial Indebtedness by the Company such that the Intercreditor Agent is unable to approve the incurrence of additional Financial Indebtedness in accordance with paragraph 2.1(h) of Part B of Schedule 5 (Covenants) or the amendment or waiver of paragraph 2.1 of Part B of Schedule 5 (Covenants), then, the Company may, subject to the other provisions hereof and, in the case of paragraph (d) above, whilst the circumstances described therein continue, and on giving at least fifteen days’ prior irrevocable written notice to the Intercreditor Agent:
(i) prepay that Lender’s participation in the Advances outstanding under the relevant Facility Agreement on the Interest Payment Date which immediately ends after the Company’s notice; and/or
(ii) cancel that Lender’s undrawn and uncancelled Available Commitments under the relevant Facility Agreement.
Prepayment and Cancellation of Individual Lenders. If a Borrower becomes obliged to pay an increased amount pursuant to clauses 10.1 or 11.1 or any Lender claims indemnification from Ideal under clause 10.2 or clause 11.1 and the Agent receives from Ideal at least fifteen days' prior notice of the intention of the Borrowers to prepay such Lender's Outstandings, such Lender shall, upon receipt by the Agent of such notice, cease to be obliged to participate in any further Loans, its Commitment shall be permanently cancelled and reduced to zero and each Borrower shall on the last day of each of the then current Interest Periods or earlier, if the Agent or such Lender so requires, prepay such Lender's portion of the Loan to which such Interest Period relates together with any applicable break costs payable under clause 19.2 but otherwise without premium or penalty.
Prepayment and Cancellation of Individual Lenders. If a Borrower becomes obliged to pay an increased amount pursuant to Clauses 10.1 (Requirement to Gross-up) or 11.1 (Increased Costs and Reduction of Return) or any Lender claims indemnification from BMUK under Clause 10.2 (Indemnity) or Clause 11.1 (Increased Costs and Reduction of Return) and the Agent receives from BMUK at least fifteen days’ prior notice of the intention of the Borrowers to prepay such Lender’s Outstandings, such Lender shall, upon receipt by the Agent of such notice, cease to be obliged to participate in any further Loans, its Commitment shall be permanently cancelled and reduced to zero and each Borrower shall on the last day of each of the then current Interest Periods or earlier, if the Agent or such Lender so requires, prepay such Lender’s portion of the Loan to which such Interest Period relates together with any applicable break costs payable under Clause 19.2 (Break Costs) but otherwise without premium or penalty.
Prepayment and Cancellation of Individual Lenders. If the Borrower becomes obliged to pay an increased amount pursuant to clauses 3.1 (Requirement to Gross-up) or 4 (Increased Costs) of the Common Terms Deed or any Lender claims indemnification from the Borrower under clause 3.2 (Indemnity) or clause 4.1 (