Common use of Optional Principal Prepayments Clause in Contracts

Optional Principal Prepayments. (a) The Borrower may from time to time elect to prepay, in accordance with this Section 2.02, all or any portion of the outstanding Advances on any Business Day. The amount of any prepayment shall include any accrued and unpaid Interest on the amount prepaid and any Breakage Costs related thereto. Any partial prepayment by the Borrower of Advances pursuant to this Section 2.02 shall be in a minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. Any amount prepaid may, subject to the terms and conditions hereof, be reborrowed during the Revolving Period. (b) Except as otherwise provided in Section 2.02(c) below, in conjunction with any prepayment, the Borrower shall deliver to the Administrative Agent a written notice thereof at least two Business Days prior to the date of such repayment (or, in each case, such later time as each Lender, in its sole discretion, may agree), specifying the date and amount of the prepayment and certifying that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement. (c) In the event that any Conduit Lender that has elected to make its full pro rata share of an Advance in accordance with Section 2.01(e) hereof is deemed to have rescinded such election pursuant to Section 2.01(f) hereof, the Borrower shall have the right, upon written notice to the Administrative Agent no later than 3:00 p.m. (New York City time) on the applicable Borrowing Date, to prepay such Advance in full on the first Business Day following such Borrowing Date. Any such notice shall specify the date and amount of the prepayment and certify that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement. (d) Upon receipt of any notice of prepayment pursuant to clause (b) or (c) above, the Administrative Agent shall promptly forward a copy thereof to each Facility Agent which, upon its receipt thereof, shall promptly forward a copy thereof to each Lender in its Lender Group. The amount set forth in any such notice shall be due and payable on the date specified therein. Any such notice relating to any such prepayment shall be irrevocable when delivered.

Optional Principal Prepayments. (a) The Borrower Borrower, on the direction of the NZ Manager, may from time to time elect to prepay, in accordance with this Section 2.02, all or any portion of the outstanding Advances on any Business Day. The amount of any prepayment shall include any accrued and unpaid Interest on the amount prepaid and any Breakage Costs related thereto. Any partial prepayment by the Borrower of Advances pursuant to this Section 2.02 shall be in a minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. Any amount prepaid may, subject to the terms and conditions hereof, be reborrowed during the Revolving Period. (b) Except as otherwise provided in Section 2.02(c) below, in conjunction with any prepayment, the Borrower Borrower, on the direction of the NZ Manager, shall deliver to the Administrative Agent a written notice thereof at least two Business Days prior to the date of such repayment (or, in each case, such later time as each Lender, in its sole discretion, may agree), specifying the date and amount of the prepayment and certifying that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement. (c) In the event that any Conduit Lender that has elected to make its full pro rata share of an Advance in accordance with Section 2.01(e) hereof is deemed to have rescinded such election pursuant to Section 2.01(f) hereof, the Borrower shall have the right, upon written notice to the Administrative Agent no later than 3:00 p.m. (New York City time) on the applicable Borrowing Date, to prepay such Advance in full on the first Business Day following such Borrowing Date. Any such notice shall specify the date and amount of the prepayment and certify that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement. (d) Upon receipt of any notice of prepayment pursuant to clause (b) or (c) above, the Administrative Agent shall promptly forward a copy thereof to each Facility Agent which, upon its receipt thereof, shall promptly forward a copy thereof to each Lender in its Lender Group. The amount set forth in any such notice shall be due and payable on the date specified therein. Any such notice relating to any such prepayment shall be irrevocable when delivered.

Optional Principal Prepayments. (a) The Borrower may from time to time elect to prepay, in accordance with this Section 2.02, all or any portion of the outstanding Advances on any Business Day. The amount of any prepayment shall include any accrued and unpaid Interest on the amount prepaid and any Breakage Costs related thereto. Any partial prepayment by the Borrower of Advances pursuant to this Section 2.02 shall be in a minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. Any amount prepaid may, subject to the terms and conditions hereof, be reborrowed during the Revolving Period. (b) Except as otherwise provided in Section 2.02(c) below, in conjunction with any prepayment, the Borrower shall deliver to the Administrative Agent a written notice thereof at least two Business Days prior to the date of such repayment (or, in each case, such later time as each Lender, in its sole discretion, may agree), specifying the date and amount of the prepayment and certifying that, following such prepayment, the Borrower will be in compliance with the terms of this Agreement. (c) In the event that any Conduit Lender that has elected to make its full pro rata share of an Advance in accordance with Section 2.01(e) hereof is deemed to have rescinded such election pursuant to Section 2.01(f) hereof, the Borrower shall have the right, upon but not the obligation, to prepay the Notes as follows: (a) Borrower may prepay portions of the MetLife Fixed Rate Term Note, in amounts not exceeding a total of Thirteen Million Ninety-Seven Thousand Nine Hundred Ten and no/100 Dollars ($13,097,910.00) during any one (1) calendar year, without any prepayment premium. In determining whether this limit has been reached, all scheduled principal payments during such calendar year shall be included. Prepayments in excess of this annual limitation, after giving effect to clause (f) of this Section 6.3 as it relates to prepayments within such annual limitation, shall also require payment of the Prepayment Price, as set forth in paragraph (d) below. (b) Borrower may prepay portions of the NEL Fixed Rate Term Note, in amounts not exceeding a total of One Million Nine Hundred Two Thousand Ninety and no/100ths Dollars ($1,902,090.00) during any one (1) calendar year, without any prepayment premium. In determining whether this limit has been reached, all scheduled principal payments during such calendar year shall be included. Prepayments in excess of this annual limitation, after giving effect to clause (f) of this Section 6.3 as it relates to prepayments within such annual limitation, shall also require payment of the Prepayment Price, as set forth in paragraph (d) below. (c) Borrower may prepay all or any part of the LIBOR Term Loan A, the LIBOR Term Loan B, or the RLOC Loan, without any prepayment premium; provided, however, that if Borrower provides less than thirty (30) days’ prior written notice to the Administrative Agent no later than 3:00 p.m. (New York City time) on the applicable Borrowing Date, to prepay such Advance in full on the first Business Day following such Borrowing Date. Any such notice shall specify the date and amount Servicer of the prepayment and certify that, following such prepayment, then Borrower shall reimburse Servicer for any LIBOR breakage costs actually incurred by Servicer or any of the Borrower will be in compliance with the terms of this AgreementCo-Lenders. (d) Upon receipt The term “Prepayment Price” shall mean, with respect to the principal amount of any notice of prepayment pursuant to clause (b) or (c) aboveLoan, the Administrative Agent shall promptly forward a copy thereof greater of (x) par plus 1%, and (y) the sum of the values of (1) each remaining mandatory principal payment prior to each Facility Agent whichthe next Interest Rate adjustment date, upon its receipt thereofif any, shall promptly forward a copy thereof to each Lender in its Lender Group. The amount set forth in any or maturity, as the case may be, and (2) the principal payment at maturity (if there is an interest rate adjustment date, the entire outstanding principal balance as of such notice date shall be deemed due and payable closely for purposes of determining the Prepayment Price) (each such mandatory payment and such payment at maturity being herein referred to as a “Payment”) plus the value of all related scheduled interest payments on the Note to be prepaid during the period from the Prepayment Date to the date specified thereinof each Payment. Any The value of each Payment and such notice relating to any such prepayment related scheduled interest payments shall be irrevocable when delivereddetermined by discounting, at the applicable Treasury Rate plus fifty (50) basis points, such Payment and such related scheduled interest payments from the respective scheduled payment dates of such Payment and such related scheduled interest payments to the Prepayment Date. The Treasury Rate with respect to each Payment and such related scheduled interest payments is the yield which shall be imputed, by linear interpolation, from the current weekly yield of those United States Treasury Notes having maturities as close as practicable to the scheduled payment date of the Payment, as published in the most recent Federal Reserve Statistical Release H.15 (519) or any successor publication thereto.