Common use of Prepayment; termination of Commitment Clause in Contracts

Prepayment; termination of Commitment. A notice under Clause 24.5 shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin.

Appears in 2 contracts

Sources: Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.)

Prepayment; termination of Commitment. A notice under Clause 24.5 (Notice of prepayment; cancellation) shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) notice of intended prepaymentprepayment and/or cancellation; and: (a) on the date on which the Facility Agent serves that notice, the Available Commitment of the Notifying Lender shall be cancelled; and; (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin.

Appears in 1 contract

Sources: Term Loan Facility Agreement (Navios Maritime Partners L.P.)

Prepayment; termination of Commitment. A notice under Clause 24.5 25.5 shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) ’s notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) Borrower shall prepay (without premium or penaltypenalty but subject to any applicable prepayment fee under Clause 8.10(c)) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin.

Appears in 1 contract

Sources: Loan Agreement (Scorpio Tankers Inc.)

Prepayment; termination of Commitment. A notice of prepayment under Clause 24.5 (Notice of prepayment) shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the applicable Margin.

Appears in 1 contract

Sources: Loan Agreement (Euronav NV)

Prepayment; termination of Commitment. A notice under Clause 24.5 shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) 's notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelledcancelled (with such cancellation to be applied against the Acquisition Facility and the Working Capital Facility pro rata to their respective amounts); and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) Borrower shall prepay (without premium or penalty) the Notifying Lender’s 's Contribution, together with accrued interest thereon at the applicable rate plus the MarginMargin plus the Mandatory Cost (if any).

Appears in 1 contract

Sources: Loan Agreement (Crude Carriers Corp.)

Prepayment; termination of Commitment. A notice under Clause 24.5 24.6 (Notice of prepayment) shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) ' notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) shall prepay (without premium or penalty) the Notifying Lender’s 's Contribution, together with accrued interest thereon at the applicable rate plus the Applicable Margin.

Appears in 1 contract

Sources: Loan Agreement (Costamare Bulkers Holdings LTD)

Prepayment; termination of Commitment. A notice under Clause 24.5 25.5 shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) shall prepay (without premium or penaltypenalty but subject to any applicable prepayment fee under Clause 8.9(c)) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin.

Appears in 1 contract

Sources: Loan Agreement (Pangaea Logistics Solutions Ltd.)

Prepayment; termination of Commitment. A notice under Clause 24.5 shall be irrevocable; the Facility Agent shall promptly notify the Notifying Lender of the Borrowers’ (or each relevant Affected Borrower’s) ’s notice of intended prepayment; and: (a) on the date on which the Facility Agent serves that notice, the Commitment of the Notifying Lender shall be cancelledcancelled (with such cancellation to be applied against the Acquisition Facility and the Working Capital Facility pro rata to their respective amounts); and (b) on the date specified in its notice of intended prepayment, the Borrowers (or each relevant Affected Borrower) Borrower shall prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the MarginMargin plus the Mandatory Cost (if any).

Appears in 1 contract

Sources: Loan Agreement (Crude Carriers Corp.)