Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or in Section 5.5 [Additional Compensation in Certain Circumstances]): (i) at any time with respect to any Loan to which the Base Rate Option applies, (ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies, (iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies. Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of Loans setting forth the following information: (a) the date, which shall be a Business Day, on which the proposed prepayment is to be made; and (b) the total principal amount of such prepayment, which shall not be less than $1,000,000. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [Agent’s and Lender’s rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity].
Appears in 2 contracts
Sources: Credit Agreement (Rhino Resource Partners LP), Senior Secured Revolving Credit Facility (Rhino Resource Partners, L.P.)
Right to Prepay. The Borrower Borrowers shall have the right at its their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 4.5 and Section 4.7). Except as provided in Section 5.5 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on Sweep Rider, whenever the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies. Whenever the Borrower Borrowers desires to prepay any part of the Loans, it they shall provide a prepayment notice to the Agent Bank by 1:00 p.m. Pacific Time (i) at least one three (13) Business Day Days prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (ii) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Alternative Currencies that bear interest at the Eurocurrency Rate Option; or (iii) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Alternative Currencies that bear interest at the Term RFR Option, in each case of the foregoing option in this Section 4.2(a), setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment among Loans to which the Term SOFR Rate Option applies, the Eurocurrency Rate Option applies; and the Term RFR Option applies; and
(biii) the Currency of such Loan and total principal amount of such prepayment, which shall not be less than the lesser of (A) the Revolving Facility Usage or (B) $1,000,000500,000.00 for any Revolving Credit Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [Agent’s and Lender’s rights]3.4(c), if the Borrower prepays Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is Borrowers are prepaying, the prepayment shall be applied first to Term Rate Loans to which the Base Rate Option appliesdenominated in Dollars, then to Term RFR Loans and then to which the Euro-Eurocurrency Rate Option appliesLoans. Any prepayment hereunder shall be subject to the Borrower’s Borrowers’ Obligation to indemnify the Lenders Bank under Section 5.5.2 [Indemnity]4.7.
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or in Section 5.5 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate UnascertainableSections 11.3, Etc.] with respect to any Loan to which a Euro-Rate Option applies3.1 and 3.5). Whenever the Borrower desires to prepay any part of the Loans (other than Swing Line Loans), it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) Business Days prior to the date of prepayment of LIBOR Rate Loans, or (B) one (1) Business Day prior to the date of prepayment of Loans Base Rate Loans, in each case, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment among Class of Loan and Borrowings; and
(biii) the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to any Class of Loan: (A) the then outstanding principal amount of such Class of Loan, or (B) $1,000,0001,000,000 (provided, that the amount of any prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of $500,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except So long as provided no Event of Default has occurred and is continuing, (x) all Revolving Loan prepayments permitted pursuant to this Section 2.12 shall be applied to the unpaid principal of the Revolving Loans as the Borrower may direct and (y) all Term Loan and Incremental Term Loan prepayments permitted pursuant to this Section 2.12 shall be applied pro rata to the unpaid installments of principal of the Term Loans and Incremental Term Loans in Section 4.4.3 [Agent’s the inverse order of scheduled maturities (for the avoidance of doubt, including pro rata application to any balloon payment due and Lender’s rights], if payable on the Maturity Date). If the Borrower prepays a Loan but fails to specify the applicable Class and/or Borrowing Tranche which that the Borrower intends to prepay or if an Event of Default has occurred and is prepayingcontinuing, the then such prepayment shall be applied first first, ratably to all outstanding Revolving Loans to which the that are Base Rate Option appliesLoans, then second, ratably to all outstanding Revolving Loans that are LIBOR Rate Loans, third, ratably to which the Euro-all outstanding Term Loans and Incremental Term Loans that are Base Rate Option appliesLoans, and fourth, ratably to all outstanding Term Loans and Incremental Term Loans that are LIBOR Rate Loans. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]3.5. Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Credit Facilities may be, if expressly so stated in the applicable prepayment notice, contingent upon the consummation of such refinancing, and (x) the repayment date therefor may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (y) such prepayment notice may be revoked by the Borrower in the event such refinancing is not consummated (provided that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 3.5).
Appears in 1 contract
Sources: Credit Agreement (Alaska Communications Systems Group Inc)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8.1 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option applies; and
(biv) the total principal amount of such prepayment, which shall not be less than the lesser of (i) (ii) $1,000,000100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity].
Appears in 1 contract
Sources: Credit Agreement (Gentex Corp)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 4.6(b) [Replacement of a Lender] below, in Section 5.5 4.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 4.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or no later than 12:00 p.m., Philadelphia time, on the date of prepayment of Swing Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans; and
(biii) the total principal amount of such prepayment, which shall not be less than $1,000,000100,000.00 for any Swing Loan or $250,000.00 for any Revolving Credit Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 3.4(c) [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 4.10 [Indemnity].
Appears in 1 contract
Sources: Credit Agreement (Gsi Commerce Inc)
Right to Prepay. The Borrower shall have the right at its option at any time and from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 4.4.2 [Replacement of a Bank] below or in Section 5.5 [4.6 (Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies)). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Agent by 1:00 p.m. no later than (A) 11:00 a.m., Eastern time, at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans to which the LIBO-Rate Option applies, (B) 11:00 a.m., Eastern time, on the date of prepayment of Revolving Credit Loans to which the Base Rate Option applies or (C) 2:00 p.m., Eastern time, on the date of prepayment of Swing Loans, setting forth the following information:
: (ax) the date, which shall be a Business Day, on which the proposed prepayment is to be made; and
(by) a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans; and (z) the total principal amount of such prepayment, which shall not be less than (i) $1,000,000100,000 and in increments of $100,000 for any Swing Loans, (ii) $500,000 and in increments of $100,000 for any Revolving Credit Loan to which the Base Rate Option applies or (iii) $2,500,000 and in increments of $500,000 for any Revolving Credit Loan to which the LIBO-Rate Option applies. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [3.4.3 (Agent’s 's and Lender’s rights]Bank's Rights), if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Swing Loans, then to Loans to which the Base Rate Option applies, and then to Loans to which the EuroLIBO-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders Banks under Section 5.5.2 [4.6.2 (Indemnity]).
Appears in 1 contract
Sources: Revolving Credit Facility (Hovnanian Enterprises Inc)
Right to Prepay. (i) The Borrower shall have the right at its option any time or from time to time to prepay prepay, on a pro rata basis for all of the appropriate Lenders, all or any part of the principal amount of the Loans in whole or part then outstanding without premium or penalty (except as provided set forth in Sections 2.8(a)(iv) and 3.3 below), as designated by the Borrower. The proceeds of any such prepayment shall be distributed on a pro rata basis to the holders of the applicable Loans being prepaid. Such payment shall include interest accrued on the amount so prepaid to the date of such prepayment and any amount payable under Article III hereof with respect to the amount being prepaid. Each prepayment of the Term Loan and any Additional Term Loan Facility (if any) shall be applied to the remaining payments of principal of such facility on a pro rata basis.
(ii) [Reserved]
(iii) [Reserved]
(iv) If (A) prior to the third anniversary of the Closing Date, the Borrower makes a prepayment of the Term Loan pursuant to Section 5.4.2 2.8(a)(i) or Section 2.12(c)(ii), (iii) or (iv) (including any prepayment made as a result of the requirements of subclause (v) in the first proviso to Section 5.5 [Additional Compensation 2.14(a)) or (B) prior to the third anniversary of the Closing Date the Borrower, in Certain Circumstances]):
connection with a Repricing Event, requests the Administrative Agent to replace a Lender pursuant to Section 11.3(c) hereof, except, in each case, any such prepayment or replacement accomplished together with the substantially concurrent Refinancing of all outstanding Loans and Commitments hereunder in connection with a Change of Control, then if such prepayment or replacement occurs (i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies. Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Agent by 1:00 p.m. at least one (1) Business Day prior to the date that is eighteen months after the Closing Date, the Borrower shall pay to the Administrative Agent for the ratable account of the applicable Lenders a prepayment premium in an amount equal to the then present value of Loans setting forth the following information:
required interest payments not yet made (a) assuming for this purpose an interest rate equal to the date, which shall be Eurodollar Rate for a Business Day, Eurodollar Loan with a one month Interest Period made on which the proposed prepayment is to be made; and
(b) the total principal amount date of such prepayment, which shall not be less than $1,000,000. All prepayment notices shall be irrevocable. The or assignment plus the Applicable Margin with respect thereto) on the principal amount of the Loans Term Loan so prepaid or assigned that but for which such prepayment or assignment would have been payable through the Term Loan Maturity Date pursuant to Section 2.4(c)(ii), calculated using a discount rate equal to the Treasury Rate as of the date of such prepayment or assignment plus 50 basis points and (ii) at any time on or after the date that is eighteen months after the Closing Date and prior to the third anniversary of the Closing Date, the Borrower shall pay to the Administrative Agent for the ratable account of the applicable Lenders a prepayment notice is given, together with interest on such premium in an amount equal to 1.00% of the principal amount except with respect to Loans to which of the Base Rate Option appliesTerm Loan so prepaid or assigned, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [Agent’s and Lender’s rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]applicable.
Appears in 1 contract
Sources: Credit and Security Agreement (Ignite Restaurant Group, Inc.)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or Sections 11.3, 3.1 and 3.5 and subject to the fee described in Section 5.5 [Additional Compensation 2.12(b) in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option appliesRepricing Transaction). Whenever the Borrower desires to prepay any part of the Loans (other than Swing Line Loans), it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) Business Days prior to the date of prepayment of LIBOR Rate Loans, or (B) one (1) Business Day prior to the date of prepayment of Loans Base Rate Loans, in each case, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment among Class of Loan and Borrowings; and
(biii) the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to any Class of Loan: (A) the then outstanding principal amount of such Class of Loan, or (B) $1,000,0001,000,000 (provided that the amount of any prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of $500,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except So long as no Event of Default has occurred and is continuing, (x) all prepayments permitted pursuant to this Section 2.12 shall be applied to the unpaid principal of the Revolving Loans and to the unpaid installments of principal of the Term A Loans as the Borrower shall elect, provided that to the extent the Borrower elects to prepay Term A Loans, such prepayments shall be applied to unpaid installments of the Term A Loans as the Borrower shall elect, (y) after the payment in full in cash of all outstanding Revolving Loans and all outstanding Term A Loans, and the termination of the Revolving Commitments, prepayments permitted pursuant to this Section 4.4.3 [Agent’s and Lender’s rights], if 2.12 shall be applied to the unpaid installments of principal of the Other Term Loans to be applied to remaining installments of the Other Term Loans as the Borrower may elect. If the Borrower prepays a Loan but fails to specify the applicable Class and/or Borrowing Tranche which that the Borrower intends to prepay or if an Event of Default has occurred and is prepayingcontinuing, the then such prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Rate Option appliesin accordance with Sections 2.13(g) and (h). Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid (including, without limitation, the fee described in Section 2.12(b)) and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]3.5. Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Credit Facilities may be, if expressly so stated in the applicable prepayment notice, contingent upon the consummation of such refinancing, and (x) the repayment date therefor may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (y) such prepayment notice may be revoked by the Borrower in the event such refinancing is not consummated (provided that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 3.5).
Appears in 1 contract
Sources: Credit Agreement (Alaska Communications Systems Group Inc)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.13 below, in Section 5.5 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to 5.8 and Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies5.10). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time (i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans that bear interest at the Base Rate Option; (ii) at least three (3) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (iii) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Alternative Currencies that bear interest at the Daily Simple RFR Option; or (iv) no later than 1:00 p.m. Eastern Time on the date of prepayment of Swingline Loans, in each case of the foregoing option in this Section 5.2(a), setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swingline Loans;
(iii) a statement indicating the application of the prepayment among Loans to which the Base Rate Option applies, the Term SOFR Rate Option applies, and the Daily Simple RFR Option applies; and
(biv) the Currency of such Loan and total principal amount of such prepayment, which shall not be less than $1,000,000. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [Agent’s and Lender’s rights]4.4(c), if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option appliesLoans, then to Term Rate Loans denominated in Dollars, then to which the Euro-Rate Option appliesRFR Loans. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]5.10.
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or in 5.8[Increased Costs], Section 5.5 5.10 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day Indemnity] and Section 11.14 [Replacement of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.Lender] with respect to any Loan to which a Euro-Rate Option appliesbelow). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(bd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $1,000,00050,000 for any Swing Loan or $1,000,000 (or the Dollar Equivalent thereof) for any Revolving Credit Loan. All prepayment notices shall be irrevocable; provided that (A) if a notice of voluntary prepayment is given in connection with a conditional notice of termination of the Revolving Credit Commitments as contemplated by Section 2.4 [Termination or Reduction of Revolving Credit Commitments], then such notice of prepayment may be revoked if such notice of termination is revoked and (B) a notice of voluntary prepayment may state that such notice is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to the Revolving Credit Loans to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans to which the Euro-Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies, then to Swing Loans to which the Other Agreed Rate applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Sources: Credit Agreement (Ferroglobe PLC)
Right to Prepay. The So long as the Borrower has repaid any unreimbursed LC Disbursements, the Borrower shall have the right at its option from time to time to prepay the Loans in whole or part part, without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.7 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.9 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans to which the Term SOFR Rate Option applies or no later than 11:00 a.m. on the date of prepayment of Swing Loans and Revolving Credit Loans to which the Base Rate Option applies, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the Term SOFR Rate Option applies; and
(bd) the total principal amount of such prepayment, which shall not be less than the lesser of (x) the aggregate principal amount of all outstanding Loans or (y) $1,000,000100,000 for any Swing Loan or $1,000,000 for any Revolving Credit Loan and increments of $1,000,000 in excess thereof. All prepayment notices shall be irrevocable, except that any notice of voluntary prepayment may state that such notice is conditional upon the consummation of a financing transaction, in which case such notice of prepayment may be revoked or delayed by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender▇▇▇▇▇▇’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Swing Loans and then to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation obligation to indemnify the Lenders under Section 5.5.2 5.9 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or Sections 11.3, 3.1 and 3.5 and subject to the fee described in Section 5.5 [Additional Compensation 2.12(b) in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option appliesRepricing Transaction). Whenever the Borrower desires to prepay any part of the Loans (other than Swing Line Loans), it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) Business Days prior to the date of prepayment of LIBOR Rate Loans, or (B) one (1) Business Day prior to the date of prepayment of Loans Base Rate Loans, in each case, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment among Class of Loan and Borrowings; and
(biii) the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to any Class of Loan: (A) the then outstanding principal amount of such Class of Loan, or (B) $1,000,0001,000,000 (provided that the amount of any prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of $500,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except So long as no Event of Default has occurred and is continuing, (x) all prepayments permitted pursuant to this Section 2.12 shall be applied to the unpaid principal of the Revolving Loans and to the unpaid installments of principal of the Term Loans as the Borrower shall elect, provided that any prepayments applicable to the Term Loans shall be applied pro rata between Term A-1 Loans and Term A-2 Loans, and, to the extent the Borrower elects to prepay Term Loans, such prepayments shall be applied to unpaid installments of the Term Loans as the Borrower shall elect, but on a pro rata basis between Term A-1 Loans and Term A-2 Loans, (y) after the payment in full in cash of all outstanding Revolving Loans and all outstanding Term A-1 Loans and Term A-2 Loans, and the termination of the Revolving Commitments, prepayments permitted pursuant to this Section 4.4.3 [Agent’s and Lender’s rights], if 2.12 shall be applied to the unpaid installments of principal of the Other Term Loans to be applied to remaining installments of the Other Term Loans as the Borrower may elect. If the Borrower prepays a Loan but fails to specify the applicable Class and/or Borrowing Tranche which that the Borrower intends to prepay or if an Event of Default has occurred and is prepayingcontinuing, the then such prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Rate Option appliesin accordance with Sections 2.13(g) and (h). Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid (including, without limitation, the fee described in Section 2.12(b)) and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]3.5. Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Credit Facilities may be, if expressly so stated in the applicable prepayment notice, contingent upon the consummation of such refinancing, and (x) the repayment date therefor may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (y) such prepayment notice may be revoked by the Borrower in the event such refinancing is not consummated (provided that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 3.5).
Appears in 1 contract
Sources: Credit Agreement (Alaska Communications Systems Group Inc)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the Euro-Rate Option applies (including the Optional Currency, if applicable); and
(biv) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the outstanding Revolving Credit Loans, or (ii) $1,000,000100,000 for any Swing Loan or $500,000 for any Revolving Credit Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the outstanding Revolving Credit Loans, provided that such prepayment of any Revolving Credit Loans shall not permanently reduce the Revolving Credit Commitments. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Revolving Credit Loans to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans, then to which the Euro-Rate Option appliesOptional Currency Loans, and then to Swing Loans. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Sources: Revolving Credit Facility (Advanced Drainage Systems, Inc.)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.7 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.9 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars or Term Loans, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 2:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the Euro-Rate Option applies; and
(biv) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage, (ii) $1,000,000100,000 for any Swing Loan or (iii) $500,000 for any Revolving Credit Loan (including Optional Currency Loans) or Term Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans and Term Loans to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans and the Term Loans to which the Euro-Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.9 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Sources: Credit Agreement (Ii-Vi Inc)
Right to Prepay. The Borrower Borrowers shall have the right at its their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires Borrowers desire to prepay any part of the Loans, it the Administrative Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern time at least one (1) Business Day prior to the date of prepayment of the Revolving {N0221554 } - 52 - Credit Loans or Term Loans or no later than 1:00 p.m. Eastern time on the date of prepayment of Swing Loans, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans;
(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option applies; and
(bd) the total principal amount of such prepayment, which shall not be less than $1,000,000100,000 for any Swing Loan or $500,000 for any Term Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to unpaid installments of principal of the Term Loans as directed by the Administrative Borrower and any principal amount of the Term Loan prepaid may not be reborrowed. Notwithstanding the application of any prepayments as directed by the Administrative Borrower pursuant to this Section 5.6.1 [Right to Prepay], for purposes of calculating any applicable Fixed Charge Coverage Ratio, such prepayments will be deemed to have been applied in accordance with the requirements for the application of mandatory Term Loan prepayments pursuant to Section 5.7 [Mandatory Prepayments]. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays Borrowers prepay a Loan but fails fail to specify the applicable Borrowing Tranche which the Borrower is Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, next to Loans to which the Base Rate Option applies, then to Loans to which the Euro-LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Borrowers’ Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or in Section 5.5 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate UnascertainableSections 11.3, Etc.] with respect to any Loan to which a Euro-Rate Option applies3.1 and 3.5). Whenever the Borrower desires to prepay any part of the Loans, it the Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) U.S. Government Securities Business Days prior to the date of prepayment of Term SOFR Rate Loans, (B) one (1) Business Day prior to the date of prepayment of Loans Base Rate Loans, or (C) no later than 1:00 p.m. on the date of prepayment of Swing Line Loans, in each case, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment among Classes and Tranches of Loans and Borrowings, as applicable; and
(biii) the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to any Class of Loan: (A) the then outstanding principal amount of such Class of Loan, or (B) $1,000,0001,000,000 (provided that the amount of any prepayment to which this Section 2.14(a)(iii)(B) applies shall be in integral multiples of $500,000). All Except as otherwise provided herein with respect to refinancings, all prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except Voluntary prepayments shall be applied to any outstanding Term Loans and Revolving Loans as the Borrower may direct; provided that all prepayments with respect to Term Loans permitted pursuant to this Section 2.14 shall be applied pro rata among all Tranches of Term Loans and all prepayments with respect to Revolving Loans permitted pursuant to this Section 2.14 shall be applied pro rata among all Tranches of Revolving Loans and, in Section 4.4.3 [Agent’s and Lender’s rights]each case, if to the remaining scheduled installments of principal in direct order of maturity (meaning that the earliest maturity will be repaid first) as applicable. If the Borrower prepays a Loan but the Borrower fails to specify the applicable Class and/or Borrowing Tranche which that the Borrower intends to prepay or if an Event of Default has occurred and is prepayingcontinuing, the then such prepayment shall be applied first first, ratably to all outstanding Revolving Loans to which the that are Base Rate Option appliesLoans, then second, ratably to all outstanding Revolving Loans that are Term SOFR Rate Loans, third, ratably to which the Euro-all outstanding Term Loans that are Base Rate Option appliesLoans in direct order of maturity, fourth, ratably to all outstanding Term Loans that are Term SOFR Rate Loans in direct order of maturity. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]3.5. Notwithstanding the foregoing, any prepayment notice delivered may be contingent upon the consummation of a refinancing or the consummation of any transaction, and (x) the repayment date therefor may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (y) such prepayment notice may be revoked by the Borrower in the event such refinancing or the consummation of any transaction is not consummated (provided that the failure of such contingency shall not relieve the Borrower from their obligations in respect thereof under Section 3.5).
Appears in 1 contract
Right to Prepay. The Each Borrower shall have the right at its their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the any Borrower desires to prepay any part of the Loans, it such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of Loans the Term Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Domestic Term Loans and the Foreign Term Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the Euro-Rate Option applies; and
(biv) the total principal amount of such prepayment, which shall not be less than equal to (i) in the case of any Base Rate Loan, $1,000,000, with minimum increments thereafter of $500,000 and (ii) in the case of any Euro-Rate Loan, $5,000,000, with minimum increments thereafter of $1,000,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays Borrowers prepay a Loan but fails to specify (a) the applicable Borrowing Tranche which the Borrower is Borrowers are prepaying, the prepayment shall be applied (i) first to Term Loans to which the Base Rate Option applies, (ii) then to Term Loans to which the Euro-Rate Option appliesapplies or (b) between Domestic Term Loans or Foreign Term Loans, the prepayment shall be applied pro rata among the Term Loans. Any prepayment hereunder shall be subject to the Borrower’s Borrowers’ Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans Loans, in whole or part part, without premium or penalty (except as provided in Section 5.4.2 or 5.13 below, in Section 5.5 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to 5.8 and Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies5.10). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans that bear interest at the Base Rate Option and at least three (3) Business Days in the case of Loans bearing interest at the Term SOFR Rate Option, or no later than 1:00 p.m. Eastern Time on the date of prepayment of Swingline Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swingline Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the Term SOFR Rate Option applies; and
(biv) the total principal amount of such prepayment, which shall not be less than the lesser of (A) the Revolving Facility Usage or (B) $1,000,000100,000 (or if less the full outstanding amount) for any Swingline Loan or $500,000 for any Revolving Credit Loan or Term Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.2 shall be applied to the unpaid installments of principal of the Term Loans on a pro rata basis. Except as provided in Section 4.4.3 [Agent’s and Lender’s rights]4.4(c), if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (1) first to Revolving Credit Loans and then to Term Loans; and (2) after giving effect to the allocations in clause (1) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]5.10.
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment among the Revolving Credit Loans, the Term Loans and Swing Loans;
(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro Rate Option applies; and
(bd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $1,000,000100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan or Term Loan. All Any prepayment notices notice may be conditioned on the effectiveness of other financing arrangements or one or more other transactions, but otherwise shall be irrevocable. The Subject to the foregoing sentence, the principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the remaining scheduled principal installments of the Term Loans on a pro rata basis (including the payment of principal due on the Term Loan Maturity Date of each Term Loan). Except as provided in Section 4.4.3 4.4.5 [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans and Term Loans to which the Base Rate Option applies, then to Revolving Credit Loans and Term Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent or agreed to by the Required Lenders.
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option at any time and from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 4.4.2 [Replacement of a Lender] below or in Section 5.5 4.6 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Agent by 1:00 p.m. no later than (A) 11:00 a.m., Eastern time, at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans to which the LIBO-Rate Option applies, (B) 11:00 a.m., Eastern time, on the date of prepayment of Revolving Credit Loans to which the Base Rate Option applies or (C) 2:00 p.m., Eastern time, on the date of prepayment of Swing Loans, setting forth the following information:
: (ax) the date, which shall be a Business Day, on which the proposed prepayment is to be made; and
(by) a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans; and (z) the total principal amount of such prepayment, which shall not be less than (i) $1,000,000100,000 and in increments of $100,000 for any Swing Loans, (ii) $500,000 and in increments of $100,000 for any Revolving Credit Loan to which the Base Rate Option applies or (iii) $2,500,000 and in increments of $500,000 for any Revolving Credit Loan to which the LIBO-Rate Option applies. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 3.4.3 [Agent’s 's and Lender’s rights's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Swing Loans, then to Loans to which the Base Rate Option applies, and then to Loans to which the EuroLIBO-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders under Section 5.5.2 4.6.2 [Indemnity].
Appears in 1 contract
Sources: Revolving Credit Facility (Hovnanian Enterprises Inc)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 5.5.2 below or in Section 5.5 [Additional Compensation in Certain Circumstances]5.7):
(i) 5.5.1.1 at any time with respect to any Loan to which the Base Rate Option applies,
(ii) 5.5.1.2 on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) 5.5.1.3 on the date specified in a notice by any Lender Bank pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] 4.3 with respect to any Loan to which a Euro-Rate Option applies. Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Agent by 1:00 p.m. 1: 00 p. m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between Revolving Credit Loans and Term Loans; and
(biii) the total principal amount of such prepayment, which shall not be less than $1,000,000. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.5.1 shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.3 [Agent’s and Lender’s rights]4.3.3, if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche Loan which the Borrower is prepaying, the prepayment shall be applied (i)first to Revolving Credit Loans and then to Term Loans; and (ii)after giving effect to the allocations in clause (i)above and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders Banks under Section 5.5.2 [Indemnity]5.7.2.
Appears in 1 contract
Right to Prepay. The Each Borrower shall have the right at its their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the any Borrower desires to prepay any part of the Loans, it such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. p.m.
(a) at least one (1) Business Day prior to the date of prepayment of any Loans that bear interest at the Base Rate Option; (b) at least three (3) Business Days prior to the date of prepayment of the Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (c) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Optional Currencies that bear interest at the Eurocurrency Rate Option and (d) at least four (4) Business Days prior to the date of prepayment of any Loans denominated in Optional Currencies that bear interest at the Daily Simple RFR Option or Term RFR Option (or, in any case of clauses (a) through (d) above, notice delivered upon such shorter period of time then agreed to by the Administrative Agent), or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment among Loans to which the Base Rate Option applies, the Term SOFR Rate Option applies, the Daily Simple RFR Option applies, the Term RFR Option applies and the Eurocurrency Rate Option applies; and
(biv) the total principal amount of such prepayment, which shall not be less than equal to (i) in the case of any Base Rate Loan, $1,000,000. All prepayment notices 1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be irrevocabledeemed separate prepayments for the purposes of the foregoing). A notice of prepayment delivered by a Borrower may state that the prepayment contemplated thereby is subject to the effectiveness or funding of other credit facilities, the completion of any debt or equity offering or the completion of any other corporate transaction or event that will provide the proceeds for such repayment or otherwise result in such prepayment being required hereunder. The principal amount of the Loans for which a prepayment notice is givenprepaid, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s 's and Lender’s rights's Rights], if the Borrower prepays Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to other Revolving Credit Loans denominated in Dollars, (iii) then to Revolving Credit Loans to which the Euro-Term RFR Loans denominated in an Optional Currency, (iv) then to Eurocurrency Rate Loans (v) then to Swing Loans to which the Base Rate Option Applies, and (vi) then to Swing Loans to which the Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Borrowers' Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent. Any amount of Loans paid or prepaid before the Expiration Date may, subject to the terms and conditions of this Agreement, be borrowed, repaid and borrowed again."
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment among the Revolving Credit Loans, the Term Loans and Swing Loans;
(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro Rate Option applies; and
(bd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $1,000,000100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan or Term Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.3 4.4.5 [Administrative Agent’s 's and Lender’s rights's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans and Term Loans to which the Base Rate Option applies, then to Revolving Credit Loans and Term Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent or agreed to by the Required Lenders.
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or in 11.3, Section 5.5 [Additional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to 3.1 and Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies3.5). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) Business Days prior to the date of prepayment of LIBOR Rate Loans, (B) one (1) Business Day prior to the date of prepayment of Loans Base Rate Loans, or (C) no later than 1:00 p.m. on the date of prepayment of Swing Line Loans, in each case, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment among Class of Loan and Borrowings; and
(biii) the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to any Class of Loan: (A) the then outstanding principal amount of such Class of Loan, or (B) $1,000,000500,000 (provided, that the amount of any prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of $250,000). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except So long as provided no Event of Default has occurred and is continuing, all Term Loan and Incremental Term Loan prepayments permitted pursuant to this Section 2.12 shall be applied pro rata to the unpaid installments of principal of the Term Loans and Incremental Term Loans in Section 4.4.3 [Agent’s and Lender’s rights], if the inverse order of scheduled maturities. If the Borrower prepays a Loan but fails to specify the applicable Class and/or Borrowing Tranche which that the Borrower intends to prepay or if an Event of Default has occurred and is prepayingcontinuing, the then such prepayment shall be applied first first, ratably to all outstanding Revolving Loans to which the that are Base Rate Option appliesLoans, then second, ratably to all outstanding Revolving Loans that are LIBOR Rate Loans, third, ratably to which the Euro-all outstanding Term Loans and Incremental Term Loans that are Base Rate Option appliesLoans, and fourth, ratably to all outstanding Term Loans and Incremental Term Loans that are LIBOR Rate Loans. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity]3.5.
Appears in 1 contract
Sources: Credit Agreement (Otelco Inc.)
Right to Prepay. The Borrower Borrowers shall have the right at its their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires Borrowers desire to prepay any part of the Loans, it the Administrative Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern time at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. Eastern time on the date of prepayment of Swing Loans, setting forth the following information:
: (a) the date, which shall be a Business Day, on which the proposed prepayment is to be made; and
(b) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans; (c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which Term SOFR applies; and (d) the total principal amount of such prepayment, which shall not be less than $1,000,000100,000 for any Swing Loan or $500,000 for any Term Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in All Term Loan prepayments permitted pursuant to this Section 4.4.3 5.6.1 [Agent’s and Lender’s rights], if the Borrower prepays a Loan but fails Right to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment Prepay] shall be applied first to unpaid installments of principal of the Term Loans to which the Base Rate Option applies, then to Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 [Indemnity].as directed by the
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 [Replacement of a Lender] or in Section 5.5 [Additional Compensation in Certain Circumstances]):) in the currency in which such Loan was made:
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.; Illegality; Increased Costs; Deposits Not Available] with respect to any Loan to which a Euro-Rate Option applies. Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Agent by 1:00 p.m. (at least three (3) Business Days prior to the date of prepayment of Loans made in Dollars to which the Euro-Rate Option applies, four (4) Business Days prior to the date of prepayment of Loans made in an Optional Currency and at least one (1) Business Day prior to the date of prepayment of Loans to which the Base Rate Option applies) or no later than 1:00 p.m., Pittsburgh time, on the date of prepayment of Swing Loans, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment between the Swing Loans, Revolving Credit Loans and Term Loans; and
(bc) the total principal amount and currency of such prepayment, the Dollar Equivalent amount of which shall not be less than $1,000,0001,000,000.00 for any Swing Loan (or integral multiples of $500,000.00 thereabove) or not less than $5,000,000.00 (or integral multiples of $1,000,000.00 thereabove) for any Revolving Credit Loan subject to the Euro-Rate Option or Term Loan (regardless of the applicable Interest Rate Option), or not less than $500,000.00 (or integral multiples of $100,000.00 thereabove) for any Revolving Credit Loan subject to the Base Rate Option. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Revolving Credit Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made in the currency in which such Loan was made. Except as provided in Section 4.4.3 [Agent’s and Lender’s rightsRights], if the Borrower prepays a Revolving Credit Loan or Term Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (A) first to Revolving Credit Loans (1) to which the Base Rate Option applies, then (2) to Dollar Revolving Credit Loans to which the Euro-Rate Option applies, and then (3) to Optional Currency Revolving Credit Loans, then (B) to the Term Loans (1) to which the Base Rate Option applies, and then (2) to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.7 [Indemnity]. Amounts prepaid on the Revolving Credit Loans shall be available for reborrowing subject to the terms and conditions of this Agreement. Prepayments of the Term Loans shall not be available for reborrowing and shall be applied against installments in inverse order of their maturity.
Appears in 1 contract
Sources: Credit Agreement (Covance Inc)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.13 [Replacement of a Lender], in Section 5.5 5.8 [Additional Compensation Increased Costs] and in Certain CircumstancesSection 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time (i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans that bear interest at the Base Rate Option; (ii) at least three (3) Business Days before the date of prepayment in the case of Loans denominated in Dollars bearing interest at the Eurocurrency Rate Option; (iii) at least four (4) Business Days before the date of prepayment in the case of Loans denominated in Alternative Currencies bearing interest at the Eurocurrency Rate Option; or (iv) no later than 1:00 p.m. Eastern Time on the date of prepayment of Swingline Loans, setting forth the following information:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swingline Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the Eurocurrency Rate Option applies; and
(biv) the total principal amount of such prepayment, which shall not be less than the lesser of (A) the Revolving Facility Usage or (B) $1,000,0001,000,000 for any Swingline Loan or $1,000,000 for any Revolving Credit Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 4.4(c) [Administrative Agent’s and Lender’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans to which the Base Rate Option applies, then to Loans to which the Euro-Eurocurrency Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8[Increased Costs] and Section 5.10 [Additional Compensation in Certain CircumstancesIndemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
: (aw) the date, which shall be a Business Day, on which the proposed prepayment is to be made; and
(bx) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans; (y) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro Rate Option applies; and (z) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $1,000,000100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s 's and Lender’s rights's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent or agreed to by the Required Lenders.
Appears in 1 contract
Sources: Revolving Credit Facility Agreement (Sun Hydraulics Corp)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.6.2 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(a) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(b) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(c) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro Rate Option applies; and
(bd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $1,000,000100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s 's and Lender’s rights's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made unless otherwise directed by the Administrative Agent or agreed to by the Required Lenders.
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Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans Loan in whole or part without premium or penalty (except as provided in Section 5.4.2 or 5.13 [Replacement of a Lender] below, in Section 5.5 5.8 [Additional Compensation in Certain CircumstancesIncreased Costs] and Section 5.10 [Indemnity]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] with respect to any Loan to which a Euro-Rate Option applies). Whenever the Borrower desires to prepay any part of the LoansLoan, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment of the Term Loans setting forth that bear interest at the following informationBase Rate Option and at least three (3) Business Days in the case of Loan bearing interest at the Term SOFR Rate Option:
(ai) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the portion of the Loan to which the Base Rate Option applies and the portion of the Loan to which the Term SOFR Rate Option applies; and
(biii) the total principal amount of such prepayment, which shall not be less than $1,000,000500,000 for the Term Loans. All prepayment notices shall be irrevocable. The principal amount of the Loans Loan for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option appliesamount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 4.4(c) [Administrative Agent’s and Lender▇▇▇▇▇▇’s rightsRights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied first to Loans the portion of the Loan to which the Base Rate Option applies, then to Loans the portion of the Loan to which the Euro-Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.5.2 5.10 [Indemnity].
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