General Prepayments Clause Samples
The General Prepayments clause defines the terms under which a borrower can make payments on a loan before the scheduled due dates. Typically, this clause outlines whether prepayments are allowed without penalty, any conditions or notice requirements for making such payments, and how prepayments affect the outstanding principal and future interest obligations. Its core practical function is to provide flexibility for borrowers to reduce their debt ahead of schedule, while also protecting the lender’s interests by clarifying the process and any associated costs or restrictions.
General Prepayments. Each Borrower may from time to time (subject to the notice and minimum prepayment provisions set forth in this clause (i)), upon prior written or electronic notice, in the form attached as Exhibit G hereto, received by the Administrative Agent (which shall promptly advise each Lender thereof, in any case not later than one (1) Business Day after the Administrative Agent has received the notice) at least three (3) Business Days prior to any prepayment of Term SOFR Loans and one (1) Business Day prior to any prepayment of Base Rate Loans, prepay the principal of the Loans in whole or in part without premium or penalty; provided that (x) any partial prepayment of principal pursuant to this clause (b)(i) shall be in a minimum amount of $500,000 and (y) any prepayment of a Term SOFR Loan on a day other than the last day of an Interest Period therefor shall be subject to Section 7.3.
General Prepayments. Each Borrower may from time to time (subject to the notice and minimum prepayment provisions set forth in this clause (i)), upon prior written or telephonic notice received by the Administrative Agent
General Prepayments. Each Borrower may from time to time (subject to the notice and minimum prepayment provisions set forth in this clause (i)), upon prior written or telephonic notice received by the Administrative Agent in a form acceptable to the Administrative Agent (which shall promptly advise each Lender thereof) by 1:00 p.m. (New York City time) at least three (3) Business Days prior to any prepayment of Term SOFR Loans and by 11:00 a.m. (New York City time) at least one (1) Business Day prior to any prepayment of Alternate Base Rate Loans, prepay the principal of the Loans in whole or in part without premium or penalty; provided that (x) any partial prepayment of principal pursuant to this clause (b)(i) shall be in a minimum amount of $1,000,000 or any whole multiple of $100,000 in excess thereof and (y) any prepayment of a Term SOFR Loan on a day other than the last day of an Interest Period therefor shall be subject to Section
General Prepayments. Each Borrower may from time to time (subject to the notice and minimum prepayment provisions set forth in this clause (i)), upon prior written or electronic notice received by the Administrative Agent in a form acceptable to the Administrative Agent (which shall promptly advise each Lender thereof) by 1:00 p.m. (New York City time) at least one (1) Business Day prior to any prepayment of Daily Simple SOFR Loans or Alternate Base Rate Loans, prepay the principal of the Loans in whole or in part without premium or penalty; provided that (x) any partial prepayment of principal pursuant to this clause (b)(i) shall be in a minimum amount of $1,000,000 or any whole multiple of $100,000 in excess thereof, and (y) no more than four (4) prepayments of Term Loans may be made during any fiscal year.
General Prepayments. Subject to the satisfaction of the following conditions (collectively, the "Prepayment Conditions"), Borrower may prepay the Loan, in whole or in part, without the payment of any prepayment premium during the term of the Loan, provided, however, that any such prepayment shall be accompanied by an amount representing all accrued interest on the portion of the Loan being prepaid and other amounts due under the Senior Loan Documents:
(i) Borrower or the applicable Subsidiary provides Senior Lender with at least twenty (20) days prior written notice (the "Prepayment Notice") of its intent to prepay the Loan and the amount of such prepayment (which amount, except in the case of a final payment of the entire remaining principal balance of the Loan allocable to a particular Subsidiary, shall not be less than $1,000,000); (ii) All prepayments shall be made on a scheduled Interest Payment Date; (iii) Partial prepayments of the Loan may only be made in connection with a Partial Release; (iv) No Potential Default nor Event of Default has occurred and is continuing on the date on which Borrower or the applicable Subsidiary gives Senior Lender the Prepayment Notice and on the date of prepayment, other than any Potential Default that is cured by the making of such prepayment; (v) In the event of a partial prepayment, the LTV Test after giving effect to such prepayment shall have been satisfied; and
General Prepayments. Each Borrower may from time to time (subject to the notice and minimum prepayment provisions set forth in this clause (i)), upon prior written or telephonic notice received by the Administrative Agent in a form acceptable to the Administrative Agent (which shall promptly advise each Lender thereof) at least three Business Days prior to any prepayment of Eurodollar Rate Loans and one Business Day prior to any prepayment of Alternate Base Rate Loans, prepay the principal of the Loans in whole or in part without premium or penalty; provided that (x) any partial prepayment of principal pursuant to this clause (b)(i) shall be in a minimum amount of $500,000 or any whole multiple of $250,000 in excess thereof and (y) any prepayment of a Eurodollar Rate Loan on a day other than the last day of an Interest Period therefor shall be subject to Section 7.5. The applicable Borrower shall promptly confirm in writing any telephonic notice of prepayment in writing.
General Prepayments. The Borrower may from time to time (subject to the notice and minimum prepayment provisions set forth in this clause (i)), upon prior written notice, in the form attached as Exhibit G hereto, received by the Administrative Agent (which shall promptly advise each Lender thereof, in any case not later than one (1) Business Day after the Administrative Agent has received the notice) at least three (3) Business Days prior to any prepayment of LIBOR Rate Loans and one (1) Business Day prior to any prepayment of Base Rate Loans, prepay the principal of the Loans in whole or in
General Prepayments. Subject to Section 2.11(e), the Borrower may prepay the Obligations at any time without premium or penalty (other than breakage costs, if applicable).