Common use of Prepayment; termination of Commitment Clause in Contracts

Prepayment; termination of Commitment. A notice under Clause 22.5 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Relevant Lender of the Borrowers’ notice of intended prepayment; and: (a) on the date on which the Agent serves that notice, the Commitment of the Relevant Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or penalty) the Relevant Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin

Appears in 1 contract

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

Prepayment; termination of Commitment. A notice under Clause 22.5 21.8 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Relevant Tax Lender of the Borrowers’ notice of intended prepayment; and: (a) on the date on which the Agent serves that notice, the Commitment of the Relevant Tax Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or penalty) the Relevant Tax Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin.

Appears in 1 contract

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

Prepayment; termination of Commitment. A notice under Clause 22.5 (Notice of prepayment) 25.5 shall be irrevocable; the Agent shall promptly notify the Relevant Notifying Lender of the Borrowers’ Borrower’s notice of intended prepayment; and: (a) on the date on which the Agent serves that notice, the Commitment of the Relevant Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers Borrower shall prepay (without premium or penaltypenalty but subject to any applicable prepayment fee under Clause 8.9(c)) the Relevant Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin.

Appears in 1 contract

Sources: Loan Agreement (Pangaea Logistics Solutions Ltd.)

Prepayment; termination of Commitment. A notice under Clause 22.5 24.4 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Relevant Notifying Lender of the Borrowers’ notice of intended prepayment; and: (a) on the date on which the Agent serves that notice, the Commitment of the Relevant Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or penalty) the Relevant Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin.

Appears in 1 contract

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

Prepayment; termination of Commitment. A notice under Clause 22.5 (Notice of prepayment) 25.5 shall be irrevocable; the Agent shall promptly notify the Relevant Notifying Lender of the Borrowers’ Borrower’s notice of intended prepayment; and: (a) on the date on which the Agent serves that notice, the Commitment of the Relevant Notifying Lender shall be cancelled; and (b) on the date specified in its notice of intended prepayment, the Borrowers Borrower shall prepay (without premium or penaltypenalty but subject to any applicable prepayment fee under Clause 8.8(c)) the Relevant Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the relevant Margin.

Appears in 1 contract

Sources: Loan Agreement (Eagle Bulk Shipping Inc.)