Further Additional Prepayments Subsequent Clause Samples
The "Further Additional Prepayments Subsequent" clause defines the conditions under which a borrower may make extra payments on a loan after an initial prepayment has already been made. Typically, this clause outlines the process for notifying the lender, any limitations on the frequency or amount of such additional prepayments, and whether any penalties or fees apply. Its core practical function is to provide flexibility for the borrower to reduce outstanding debt more quickly while ensuring the lender is informed and protected against potential disruptions to their expected cash flow.
Further Additional Prepayments Subsequent to the first Additional Prepayment to be made pursuant to Clause 2.1.7 and 3.1 of this Second Supplemental Agreement, if, semi-annually thereafter during the Waiver Period, the market value of the Vessel (based on the relevant valuation obtained pursuant to Clause 3.8) is less than the requisite percentage of the amount of the Loan (as stated in Clause 11.14 of the Facility Agreement), the Borrower shall forthwith make an Additional Prepayment in the requisite amount in accordance to the provisions of Clause 11.14 of the Facility Agreement.