Common use of Notice of prepayment; reduction of repayment instalments Clause in Contracts

Notice of prepayment; reduction of repayment instalments. No prepayment may be effected under clause 5.2 unless the Borrower shall have given the Bank at least fourteen (14) days notice of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. No amount prepaid may be reborrowed and any amount prepaid pursuant to clause 5.2 or clause 9.2.1 shall be applied in reducing the repayment instalments under clause 5.1 in direct order of their due dates for payment. The Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement.

Appears in 2 contracts

Samples: Loan Agreement (Safe Bulkers, Inc.), Loan Agreement (Safe Bulkers, Inc.)

AutoNDA by SimpleDocs

Notice of prepayment; reduction of repayment instalments. No prepayment may be effected under clause 5.2 4.2 unless the Borrower shall have given the Bank at least fourteen ten (1410) days days' notice in writing of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. No amount prepaid under this Agreement may be reborrowed re-borrowed and any amount prepaid pursuant to clause 5.2 clauses 4.2 or clause 9.2.1 8.3.1(a) shall be applied in reducing the repayment instalments under clause 5.1 in direct order of their due dates for payment4.1 (including the Balloon Instalment) proportionately. The Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement.

Appears in 2 contracts

Samples: Master Agreement (Capital Maritime & Trading Corp.), Master Agreement (Capital Maritime & Trading Corp.)

Notice of prepayment; reduction of repayment instalments. No prepayment may be effected under clause 5.2 unless the Borrower shall have given the Bank at least fourteen ten (1410) days Banking Days notice of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. No amount prepaid may be reborrowed and any amount prepaid pursuant to clause 5.2 or clause 9.2.1 shall be applied in reducing the repayment instalments under clause 5.1 in direct order of their due dates for payment. The Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement.

Appears in 1 contract

Samples: Loan Agreement (Safe Bulkers, Inc.)

Notice of prepayment; reduction of repayment instalments. No prepayment may be effected under clause 5.2 4.2 unless the Borrower Borrowers shall have given the Bank Agent at least fourteen three (143) days Banking Days’ prior written notice of its their intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the BankAgent, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower Borrowers to make such prepayment on the date specified. No amount prepaid under this Agreement may be reborrowed and any re-borrowed. Any amount prepaid pursuant to clause 5.2 clauses 4.2, 4.3 or clause 9.2.1 8.2.1 shall be applied in reducing the repayment instalments under clause 5.1 in direct order of their due dates for payment4.1 (including the Balloon Instalment) proportionately. The Borrower Borrowers may not prepay the Loan or any part thereof save as expressly provided in this Agreement.

Appears in 1 contract

Samples: Agreement (DryShips Inc.)

AutoNDA by SimpleDocs

Notice of prepayment; reduction of repayment instalments. No prepayment may be effected under clause 5.2 4.2 unless the Borrower shall have given the Bank at least fourteen thirty (1430) days days’ notice of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. No amount prepaid may be reborrowed and any amount prepaid pursuant to clause 5.2 4.2 or clause 9.2.1 8.2.1 shall be applied in reducing the repayment instalments under clause 5.1 4.1 in direct inverse order of their due dates for payment. The Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement.

Appears in 1 contract

Samples: Agreement (B Plus H Ocean Carriers LTD)

Notice of prepayment; reduction of repayment instalments. No prepayment may be effected under clause 5.2 4.2 unless the Borrower shall have given the Bank at least fourteen fifteen (1415) days days' notice in writing of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. No amount prepaid under this Agreement may be reborrowed re-borrowed and any amount prepaid pursuant to clause 5.2 clauses 4.2 or clause 9.2.1 8.3.1(a) shall be applied in reducing the repayment instalments under clause 5.1 in direct order of their due dates for payment4.1 (including the Balloon Instalment) proportionately. The Borrower may not prepay the Loan or any part thereof save as expressly provided in this Agreement.

Appears in 1 contract

Samples: Agreement (Navios Maritime Holdings Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.