Option to Prepay Loan Sample Clauses

Option to Prepay Loan. The Borrower shall have, and is hereby granted the option, to prepay the Loan in full prior to the Termination Date and prior to the payment and discharge of all the outstanding Bonds in accordance with the provisions of the Indenture, if any of the following shall have occurred: (a) All or substantially all of the Project shall be damaged or destroyed and the Borrower shall determine that it is not practicable or desirable to rebuild, repair or restore the Project; (b) All or substantially all of the Project shall be condemned or such use or control thereof shall be taken as to render the Project unsatisfactory to the Borrower for continued operation; or (c) Unreasonable burdens or excessive liabilities shall be imposed upon the Issuer or the Borrower with respect to the Project or the operation thereof. The mutual agreements contained in this Section 8.2 are independent of, and constitute an agreement separate and distinct from, any and all provisions of this Agreement and shall be unaffected by any fact or circumstances which might impair or be alleged to impair the validity of any other provision. The Borrower shall have, and is hereby granted, an option, upon giving notice in accordance with Section 8.4 hereof, to prepay all or part (in the principal amount of $5,000 or any integral multiple thereof, provided that prior to the conversion to the Fixed Interest Rate the remaining principal amount attributable to Bonds held by any single owner must be $100,000 or more) of the Loan Payments due or to become due, subject to such terms, with such deposit requirements and on the dates and at the prepayment prices as are set forth in Sections 2.1 and 2.6 hereof.
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Option to Prepay Loan. The Borrower shall have the option to prepay the Loan and cause to be redeemed the Borrower Subordinate Promissory Note and the Note, in whole or in part, upon the terms set forth in the Borrower Subordinate Promissory Note and the Note, and subject to the terms and conditions of the Subordination Agreement. Any partial prepayment of the Borrower Subordinate Promissory Note and the Note shall be applied first to accrued interest and then to reduce the outstanding principal balance of the Borrower Subordinate Promissory Note and the Note. In the event the Borrower elects to prepay the Loan, the Borrower shall cause to be given in the name of the Issuer due notice of redemption or prepayment of the Borrower Subordinate Promissory Note and the Note as required by the provisions thereof, and shall pay the redemption price when due to the Lender. The Issuer hereby authorizes the Borrower to give all required notices of prepayment of the Note.
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Option to Prepay Loan. VIII-1 Sec. 8.02. Mandatory Prepayment ........................ VIII-1 Sec. 8.03. Purchase of Bonds ........................... VIII-1 Sec. 8.04. Relative Position of Loan Agreement and Trust Indenture ............................. VIII-2 ARTICLE IX
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Option to Prepay Loan. (a) The Corporation shall nave, and is hereby granted, an option to prepay in full the amounts payable in respect of the Bonds under Section 4.01 hereof at any time by taking, or causing the Issuer to take, the actions required for Payment of the Bonds. (b) The Corporation shall have, and is hereby granted, the option to prepay all or any portion of the amounts payable under Section 4.01 hereof at any time by taking, or causing the Issuer to take, the actions required (i) for Payment of the Bonds or (ii) to effect a partial redemption of the Bonds. (c) To exercise an option granted in subsection (a) or (b) of this Section, the Corporation shall give written notice to the Issuer and the Trustee which shall specify therein (i) the date of such prepayment, which shall not be less than forty-five (45) days from the date the notice is mailed, (ii) the amount to be prepaid and (iii) if Bonds are to be redeemed pursuant to the Trust Indenture, (A) the date of redemption, (B) the principal amount of the Bonds to be redeemed, and (C) the applicable redemption provision of the Trust Indenture.
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Option to Prepay Loan. The Borrower may prepay the Loan in whole or in part upon giving 30 days’ prior written notice to the Board and the Trustee. The prepayment price shall be equal to the sum of (a) the principal amount of the Loan to be prepaid, and (b) the accrued interest thereon to the date of prepayment. No premium or penalty shall apply to the prepayment of a Loan. If the Loan is prepaid in part, the principal amount of the Loan shall be reduced by the portion of the prepayment representing principal and the Loan shall be reamortized by ratably reducing the principal portion of each remaining Loan Repayment.
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Option to Prepay Loan. (a) The Borrower shall have, and is hereby granted, an option (i) to prepay in whole or in part the amounts payable in respect of the Bonds under Section 4.01 by taking, or causing the Authority to take, the actions required for Payment of the Bonds or (ii) to effect an optional redemption of the Bonds, pursuant to the Trust Agreement; provided, however that any such prepayment or redemption shall require the prior consent of the Letter of Credit Bank. To exercise the option granted in this subsection, the Borrower shall give to the Authority and the Trustee the consent of the Letter of Credit Bank and notice setting forth (i) the date to be fixed for redemption, (ii) the amount to be prepaid and (iii) the principal amount of Bonds to be redeemed. (b) The Borrower shall have, and is hereby granted, an option to prepay in whole or in part the amounts payable in respect of the Series A and Series C Bonds under Section 4.01 upon the occurrence of a Change in Law by taking, or causing the Authority to take, the actions required to effect an optional redemption of the Bonds pursuant to the Trust Agreement; provided, however, that any such redemption shall require to prior consent of the Letter of Credit Bank. Upon the receipt by the Borrower of the notice from the Trustee that a Change in Law has occurred, the Borrower may, at any time thereafter, exercise the option granted in this Section 8.01(b) by giving to the Trustee and the Authority the consent of the Letter of Credit Bank and notice setting forth (i) the date to be fixed for redemption and (ii) the principal amount of such Bonds that it elects to have redeemed. (c) The Borrower agrees to make the payments under paragraphs (a) or (b) of this Section to the Trustee for deposit to the credit of the Bond Fund in the amount due in respect of principal, interest, and premium, if any, on a Business Day that is not less than one hundred twenty four (124) days prior to the date to be fixed for such prepayment or redemption.
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Option to Prepay Loan. The Borrowers shall have, and are hereby granted, an option, to prepay all or part (in the amount of $5,000 or any integral multiple thereof) of the Loan Payments due or to become due, subject to such terms, with such deposit requirements and on the dates and at the prepayment prices as are set forth in Sections 2.1 and 2.6 hereof upon giving notice in accordance with Section 8.4 hereof.
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Option to Prepay Loan. (a) The Borrower shall have, and is hereby granted an option, to prepay in whole or in part the amounts payable in respect of the Bonds under Section 4.01 by taking, or causing the Authority to take, the actions required for Payment of the Bonds, or (ii) to effect an optional redemption of the Bonds, pursuant to the Trust Agreement. To exercise the option granted in this Section, the Borrower shall give to the Authority and the Trustee notice setting forth (i) the date to be fixed for redemption; (ii) the amount to be prepaid and (iii) the principal amount of Bonds to be redeemed. (b) The Borrower agrees to make the payment under paragraph (a) of this Section to the Trustee for deposit to the credit of the Bond Fund in the amount due in respect of principal, interest, and premium, if any, on a Business Day that is not less than thirty one (31) days prior to the date to be fixed for such prepayment or redemption.
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Related to Option to Prepay Loan

  • Optional Prepayment (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon at least three Business Days’ prior written or fax notice (or telephone notice promptly confirmed by written or fax notice) in the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written or fax notice) at least one Business Day prior to the date of prepayment in the case of ABR Loans, to the Administrative Agent before 12:00 (noon), New York City time; provided, however, that each partial prepayment shall be in an amount that is an integral multiple of $100,000 and not less than $1,000,000. (b) Optional prepayments of Term Loans shall be allocated among the Term Loans and the Other Term Loans, if any, as determined by the Borrower and shall be applied against the remaining scheduled installments of principal due in respect of the Term Loans under Section 2.11 as instructed by the Borrower in the notice set forth in Section 2.12(c), provided that if such notice omits such instructions, optional prepayments of Term Loans shall be applied pro rata against such remaining scheduled installments of principal due in respect of the Term Loans under Section 2.11. (c) Each notice of prepayment shall specify the prepayment date, the principal amount of each Borrowing (or portion thereof) to be prepaid and instructions with respect to the application under Section 2.12(b) of any prepayments of Term Loans, shall be irrevocable (unless such notice is expressly conditioned upon a refinancing of the Credit Facilities, in which case such notice may be rescinded if such refinancing shall not be consummated or shall otherwise be delayed) and shall commit the Borrower to prepay such Borrowing by the amount stated therein on the date stated therein. All prepayments under this Section 2.12 shall be subject to Section 2.16 but otherwise without premium or penalty. All prepayments under this Section 2.12 (other than prepayments of ABR Revolving Loans that are not made in connection with the termination or permanent reduction of the Revolving Credit Commitments) shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment.

  • Optional Prepayment of Loans (a) The Borrower shall have the right to prepay the Loans on not less than three (3) Business Days’ prior written notice to the Senior Facility Agent. (b) Any partial prepayment of the Loans under this Section 4.04 shall be in an amount that is not less than twenty million Dollars ($20,000,000). (c) All prepayments under this Section 4.04 shall be made by the Borrower to the Senior Facility Agent for the account of the Senior Lenders and shall be applied by the Senior Facility Agent in accordance with Section 4.04(d). Each notice of optional prepayment shall indicate whether the Loan being prepaid (i) was used for Gas Working Capital Purposes, General Working Capital Purposes or DSR Purposes and (ii) was a Working Capital Loan, Swing Line Loan or an LC Loan. Each notice of optional prepayment will be irrevocable, except that such notice given by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities and/or the issuance of other debt, in which case such notice may be revoked by the Borrower (by notice to the Senior Facility Agent on or prior to the specified effective date) if such condition is not satisfied. The Borrower shall pay any Break Costs incurred by any Senior Secured Party as a result of such notice and revocation. (d) With respect to each prepayment to be made pursuant to this Section 4.04, on the date specified in the notice of prepayment delivered pursuant to Section 4.04(a), the Borrower shall pay to the Senior Facility Agent the sum of the following amounts: (i) the principal of, and accrued but unpaid interest on, the Loans to be prepaid; (ii) any additional amounts required to be paid under Section 5.05 (Funding Losses); and (iii) any other Obligations due to the respective Senior Lenders in connection with any prepayment under the Financing Documents.

  • Notice of Optional Prepayment The Company shall give the holder of each Note of a Series to be prepaid pursuant to paragraph 4C irrevocable written notice of such prepayment not less than 10 Business Days prior to the prepayment date, specifying such prepayment date, the aggregate principal amount of the Notes of such Series to be prepaid on such date, the principal amount of the Notes of such Series held by such holder to be prepaid on that date and that such prepayment is to be made pursuant to paragraph 4C. Notice of prepayment having been given as aforesaid, the principal amount of the Notes specified in such notice, together with interest thereon to the prepayment date and together with the Yield-Maintenance Amount, if any, herein provided, shall become due and payable on such prepayment date. The Company shall, on or before the day on which it gives written notice of any prepayment pursuant to paragraph 4C, give telephonic notice of the principal amount of the Notes to be prepaid and the prepayment date to each Significant Holder which shall have designated a recipient for such notices in the Purchaser Schedule attached hereto or the applicable Confirmation of Acceptance or by notice in writing to the Company.

  • Optional Prepayments The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with Section 3.04(b).

  • Optional Prepayments of Loans The Borrower may prepay Loans, (i) upon at least two Business Days’ notice, in the case of Eurodollar Rate Revolving Loans, and (ii) upon notice not later than 12:00 noon (New York City Time) on the date of prepayment, in the case of Base Rate Revolving Loans, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and, if such notice is given, the Borrower shall prepay the outstanding principal amount of the Loans comprising part of the same Borrowing in whole or ratably in part, without penalty, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $100,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Loan, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Optional Prepayments of Advances The Borrower may, upon at least two Business Days’ notice, in the case of Eurodollar Rate Advances, and upon notice not later than 11:00 A.M. (New York City time) on the date of prepayment, in the case of Base Rate Advances, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and, if such notice is given, the Borrower shall prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in a minimum amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Right to Prepay The Borrower shall have no right to prepay any principal amount of any Advance except as provided in this Section 2.07.

  • Term Loan Prepayments (A) On each occasion that a Prepayment Event occurs, the Borrower shall, within three Business Days after its receipt of the Net Cash Proceeds of a Debt Incurrence Prepayment Event and within seven Business Days after the occurrence of any other Prepayment Event (or, in the case of Deferred Net Cash Proceeds, within seven Business Days after the Deferred Net Cash Proceeds Payment Date), prepay, in accordance with clause (c) below and subject to clause (B) of this Section 5.2(a)(i), Term Loans with a Dollar Equivalent principal amount equal to 100% of the Net Cash Proceeds from such Prepayment Event; provided that, with respect to the Net Cash Proceeds of an Asset Sale Prepayment Event, Casualty Event or Permitted Sale Leaseback, in each case solely to the extent with respect to any Collateral, the Borrower may use a portion of such Net Cash Proceeds to prepay or repurchase Permitted Other Indebtedness (and with such prepaid or repurchased Permitted Other Indebtedness permanently extinguished) with a Lien on the Collateral ranking pari passu with the Liens securing the Obligations to the extent any applicable Permitted Other Indebtedness Document requires the issuer of such Permitted Other Indebtedness to prepay or make an offer to purchase such Permitted Other Indebtedness with the proceeds of such Prepayment Event, in each case in an amount not to exceed the product of (x) the amount of such Net Cash Proceeds multiplied by (y) a fraction, the numerator of which is the outstanding principal amount of the Permitted Other Indebtedness with a Lien on the Collateral ranking pari passu with the Liens securing the Obligations and with respect to which such a requirement to prepay or make an offer to purchase exists and the denominator of which is the sum of the outstanding principal amount of such Permitted Other Indebtedness and the outstanding principal amount of Term Loans. (B) In the event that any Tranche B-2 Term Loans are repaid (the “Repaid Tranche B-2 Loans”) prior to the third anniversary of the Original Closing Date pursuant to this Section 5.2(a)(i), the Borrower shall pay to the Lenders having such Repaid Tranche B-2 Loans, a prepayment premium as follows: (x) 3.00% of such amount so repaid if such prepayment occurs on or after the Original Closing Date but prior to the first anniversary of the Original Closing Date, (y) 2.00% of such amount so repaid if such prepayment occurs on or after the first anniversary of the Original Closing Date but prior to the second anniversary of the Original Closing Date and (z) 1.00% of such amount so repaid if such prepayment occurs on or after the second anniversary of the Original Closing Date but on or prior to the third anniversary of the Original Closing Date. (ii) Not later than the date that is ninety days after the last day of any fiscal year (commencing with and including the fiscal year ending December 31, 2008), the Borrower shall prepay, in accordance with clause (c) below, Term Loans with a Dollar Equivalent principal amount equal to (x) 50% of Excess Cash Flow for such fiscal year, provided that (A) the percentage in this Section 5.2(a)(ii) shall be reduced to 25% if the ratio of Consolidated Total Debt on the date of prepayment (prior to giving effect thereto and as certified by an Authorized Officer of the Borrower) to Consolidated EBITDA for the most recent Test Period ended prior to such prepayment date is less than or equal to 7.0 to 1.0 but greater than 6.0 to 1.0 and (B) no payment of any Term Loans shall be required under this Section 5.2(a)(ii) if the ratio of Consolidated Total Debt on the date of prepayment (prior to giving effect thereto and as certified by an Authorized Officer of the Borrower) to Consolidated EBITDA for the most recent Test Period ended prior to such prepayment date is less than or equal to 6.0 to 1.00, minus (y) the Dollar Equivalent principal amount of Term Loans voluntarily prepaid pursuant to Section 5.1 during such fiscal year. (iii) On each occasion that Permitted Other Indebtedness is issued or incurred pursuant to Section 10.1(aa), Borrower shall within three Business Days of receipt of the Net Cash Proceeds of such Permitted Other Indebtedness prepay, in accordance with clause (c) below, Term Loans with a Dollar Equivalent principal amount equal to 100% of the Net Cash Proceeds from such issuance or incurrence of Permitted Other Indebtedness.

  • Partial Prepayments Each partial prepayment of the Loan or portion thereof under § 3.3 shall be in a minimum principal amount of $1,000,000 or an integral multiple of $100,000 in excess thereof, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment. Each partial payment under § 3.2 and § 3.3 shall be applied first to the principal of Base Rate Advances, and then to the principal of LIBOR Rate Advances.

  • Revolving Loan Prepayments (i) In the event of the termination of all the Revolving Commitments in accordance with the terms hereof, the Borrower shall, on the date of such termination, repay or prepay all of its outstanding Revolving Borrowings and, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) all outstanding Letters of Credit or cash collateralize all outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i). (ii) In the event of any partial reduction of the Revolving Commitments in accordance with the terms hereof, then (x) at or prior to the effective date of such reduction, the Administrative Agent shall notify the Borrower and the Revolving Lenders of the sum of the Revolving Exposures after giving effect thereto and (y) if the sum of the Revolving Exposures would exceed the aggregate amount of Revolving Commitments after giving effect to such reduction, then the Borrower shall, on the date of such reduction, first, repay or prepay Revolving Borrowings and second, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i), in an aggregate amount sufficient to eliminate such excess. (iii) In the event that at any time the sum of all Lenders’ Revolving Exposures exceeds the Revolving Commitments then in effect, the Borrower shall, without notice or demand, immediately first, repay or prepay Revolving Borrowings, and second, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i), in an aggregate amount sufficient to eliminate such excess. (iv) In the event that the aggregate LC Exposure exceeds the LC Sublimit then in effect, the Borrower shall, without notice or demand, immediately, at the Borrower’s option, either replace or backstop (on terms and conditions acceptable to the applicable Issuing Bank) outstanding Letters of Credit or cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in Section 2.18(i), in an aggregate amount sufficient to eliminate such excess.

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