Common use of Prepayment Event Clause in Contracts

Prepayment Event. (a) The Company will notify the Intercreditor Agent promptly upon the occurrence of a Prepayment Event. Upon being notified by the Company of a Prepayment Event, the Intercreditor Agent shall promptly inform each Lender. (b) Upon and at any time after having received notice of a Prepayment Event from the Intercreditor Agent, each Lender, acting through the Intercreditor Agent, may serve a notice of mandatory prepayment and cancellation on the Company in respect of its Facility and: (i) on the date of the notice the commitment of such Lender under its Facility shall be cancelled; and (ii) on the date falling 30 Business Days after the date of service of such notice the Company shall prepay all participations of such Lender in the Facility made to it in full through the Intercreditor Agent together with any other amounts then due in connection with such participations. (c) The Company and each Lender party to any Derivatives Instruments or letter of credit facilities, confirmation facilities, bond facilities and guarantee facilities will negotiate in good faith with a view to providing to any such Lender the economic benefit of the provisions of this Clause 7 if such Lender serves a notice on the Company for such purpose. (d) If the Company seeks the consent of the Lenders to a proposed Permitted Reorganisation, no Lender will unreasonably delay in informing the Intercreditor Agent whether it consents to such proposed Permitted Reorganisation.