Voluntary Prepayments/Reductions Sample Clauses

The Voluntary Prepayments/Reductions clause allows a borrower to make early payments on a loan or reduce the outstanding loan balance at their discretion, without being required to do so by the lender. Typically, this clause outlines the process for notifying the lender of an intended prepayment, any minimum amounts that must be prepaid, and whether any penalties or fees apply. Its core practical function is to provide flexibility for the borrower to manage debt proactively, potentially reducing interest costs and overall financial obligations.
Voluntary Prepayments/Reductions. (i) The Borrowers may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The Borrowers, upon at least five (5) Business Days' prior notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal am...
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Voluntary Prepayments/Reductions. 56 2.12. Mandatory Prepayments/Reductions................................ 57 2.13. Application of Prepayments/Reductions; Prepayment Fee........... 59 2.14. Allocation of Certain Payments and Proceeds..................... 61 2.15. General Provisions Regarding Payments........................... 62 2.16.
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Voluntary Prepayments/Reductions. 28 2.10. Mandatory Prepayments/Reductions...................................29 2.11.
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Voluntary Prepayments/Reductions. (i) The Borrower may, upon at least one (1) Business Day's prior written notice to the Lender, at any time and from time to time, prepay the Term Loan, in whole or in part. Unless the aggregate outstanding principal balance of the Term Loan is to be prepaid in full, voluntary prepayments of the Term Loan shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount. Each voluntary prepayment shall be applied to the unpaid installments of the Term Loan in the forward order of maturity and shall premanently reduce the Term Loan Commitment of the Lender. Any notice of prepayment given to the Lender under this SECTION 3.01(a)(i) shall specify the date (which shall be a Business Day) of prepayment and the aggregate principal amount of the prepayment. When notice of prepayment is delivered as provided herein, the principal amount of the Term Loan specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The repayments and prepayments in respect of reductions and terminations described in this SECTION 3.01(a) may be made without premium or penalty.
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Voluntary Prepayments/Reductions. (i) The Borrowers may prepay the DIP Loans in whole or in part at any time or from time to time. (ii) The Borrowers, upon at least three (3) Business Days' prior notice to the DIP Administrative Agent (which the DIP Administrative Agent shall promptly transmit to each DIP Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of Fifty Thousand Dollars ($50,000) in excess of that amount, and shall reduce the Commitment of each DIP Lender proportionately in accordance with such DIP Lender's Pro Rata Share. Any notice of termination or reduction given to the DIP Administrative Agent under this Section 3.01 (a)(ii) shall be irrevocable and shall specify the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty. 30
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Voluntary Prepayments/Reductions. (i) The Borrowers may prepay Floating Rate Loans on any Business Day, in whole or in part, upon written notice by Borrower Representative no later than 1:00 p.m. (New York time) on such day with respect to Revolving Loans (and 4:00 p.m. (New York time) on such day with respect to Swing Loans) to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender as applicable), provided that the Borrowers shall not be required to give notice to the Administrative Agent for any prepayments made pursuant to Section 3.05.
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Voluntary Prepayments/Reductions 
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Related to Voluntary Prepayments/Reductions

  • Voluntary Prepayments (i) The Borrower may, at any time and from time to time, without premium or penalty but subject to Section 2.14(c), prepay any Borrowing in whole or in part; provided that each partial voluntary prepayment of any Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. (ii) To make a voluntary prepayment pursuant to Section 2.11(a)(i), the Borrower shall notify the Administrative Agent not later than 12:00 p.m. (New York City time) (A) on the date of prepayment, in the case of prepayment of Base Rate Borrowings, or (B) at least three Business Days prior to the date of prepayment, in the case of prepayment of Eurodollar Rate Borrowings. Each such notice shall specify the prepayment date (which shall be a Business Day) and the principal amount of each Borrowing or portion thereof to be prepaid, and may be given by telephone or in writing (and, if given by telephone, shall promptly be confirmed in writing). Each such notice shall be irrevocable, and the principal amount of each Borrowing specified therein shall become due and payable on the prepayment date specified therein; provided that, if a notice of voluntary prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the details thereof.

  • Voluntary Prepayments Commitment Reductions (a) Prior to the Stated Maturity Date, the Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of the Loans; provided, however, that: (i) all such voluntary prepayments shall require notice on or before 11:00 a.m. (New York City time) not less than one (1) nor more than five (5) Business Days’ in advance of any prepayment of any Loan (or such shorter or longer period as the Administrative Agent may agree to in its reasonable discretion); and (ii) all such voluntary partial prepayments shall be in an aggregate minimum amount of $1,000,000 and an integral multiple of $500,000 (or in the case of Swingline Loans, an aggregate minimum amount of $250,000 and an integral multiple of $100,000) or, if less, the aggregate principal amount of the relevant Loans outstanding hereunder. (b) The Borrower may, from time to time on any Business Day after the Effective Date, voluntarily reduce the unused amount of any Commitment, the Swingline Loan Commitment, the Letter of Credit (Revolver) Sublimit and the Letter of Credit (MDT) Sublimit; provided, however, that (i) all such reductions shall be made on not less than one (1) nor more than five (5) Business Days’ prior notice to the Administrative Agent and be permanent, (ii) any partial reduction of the unused amount of such Commitment, Swingline Loan Commitment, Letter of Credit (Revolver) Sublimit or Letter of Credit (MDT) Sublimit shall be in a minimum amount of $1,000,000 and in an integral multiple of $500,000 and (iii) the applicable Loans shall have been prepaid to the extent required by Section 3.1.2 or pursuant to Section 4.12(c) or the Letter of Credit Liability corresponding to such Aggregate Letter of Credit (Revolver) Usage or Aggregate Letter of Credit (MDT) Usage, as applicable, shall have been collateralized in accordance with Section 4.14.

  • Voluntary Prepayment Subject to the following conditions, the Borrower may prepay the whole or any part of the Loan on the last day of an Interest Period.

  • Voluntary prepayment of Loans The Borrower may, if it gives the Agent not less than 5 Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or any part of a Loan (but, if in part, being an amount that reduces the Base Currency Amount of the Loan by a minimum amount of EUR 20,000,000).

  • Voluntary and Involuntary Prepayments (a) Any receipt by ▇▇▇▇▇▇ of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by ▇▇▇▇▇▇, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. (b) Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, the term "Installment Due Date" shall mean the Business Day immediately preceding the scheduled Installment Due Date. (c) Notwithstanding subsection (b) above, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in subsection (b) and meets the other requirements set forth in this subsection. Borrower acknowledges that ▇▇▇▇▇▇ has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender shall deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower shall be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. (d) Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated pursuant to Section 10(e). (e) Except as provided in Section 10(f), a prepayment premium shall be due and payable by Borrower in connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium shall be whichever is the greater of subsections (A) and (B) below: