Permanent Prepayment Clause Samples
Permanent Prepayment. From time to time, prior to the Maturity Date, the Term Facility Borrowers may permanently prepay, without penalty, in whole or in part, the Advances outstanding under the Term Facility provided that all accrued interest with respect to the amount to be prepaid shall have been paid. Payments shall be in the minimum aggregate amount of Cdn$500,000, and shall be made in Cdn$100,000 multiples. The Term Facility Borrowers shall give three (3) Business Days' notice of their desire to make any prepayment, substantially in the form as attached hereto as Schedule 4.6. Notwithstanding the foregoing, if outstanding Bankers' Acceptances are prepaid, the Term Facility Borrowers shall be required to deposit the amount of such prepayment in a cash collateral account with the Administrative Agent until the date of maturity of those Bankers' Acceptances. The cash collateral account shall be under the sole control of the Administrative Agent. Except as contemplated by this Section 4.6, neither the Term Facility Borrowers nor any Person claiming on behalf of the Term Facility Borrowers shall have any right to any of the cash in the cash collateral account. The Administrative Agent shall apply the cash held in the cash collateral account to the face amount of those Bankers' Acceptances at maturity whereupon any cash remaining in the cash collateral account shall be released by the Administrative Agent to the Term Facility Borrowers. Any prepayment shall be paid to the Administrative Agent and distributed among the Credit Facility Lenders in accordance with their respective Rateable Portions. No amount permanently prepaid may be reborrowed under this Agreement. Each Credit Facility Lender's Term Commitment will be permanently reduced by the amount of any permanent prepayment made to it and the Total Term Commitment reduced correspondingly. Any such voluntary permanent prepayment shall not be financed using the Revolving Facility.
Permanent Prepayment. A Borrower shall have the right at any time or from time to time to permanently prepay without fee or penalty all or any Prime Rate Loans, U.S. Base Rate Loans, Alternate Base Rate Loans or BA Equivalent Loans by providing the Administrative Agent with five day's prior written notice of its intention to do so. A Borrower shall have the right at any time or from time to time to permanently prepay all or any LIBOR Loans with five days' prior written notice of its intention to do so without fee or penalty except for the payment of customary breakage costs. No permanent prepayment, in whole or in part, will be permitted of any Bankers' Acceptance prior to maturity of such Banker's Acceptance. Amounts permanently prepaid under this Section 4.03 may not be reborrowed by either of the Borrowers.
Permanent Prepayment. (1) Subject to Section 4.03(2), a Borrower shall have the right at any time or from time to time to permanently prepay without fee or penalty all or any Prime Rate Loans, U.S. Base Rate Loans, Alternate Base Rate Loans or BA Equivalent Loans, in increments of no less that $5,000,000, by providing the Administrative Agent with three Business Days’ prior written notice of its intention to do so. A Borrower shall have the right at any time or from time to time to permanently prepay all or any LIBOR Loans, in increments of no less that $5,000,000, by providing the Administrative Agent with three Business Days’ prior written notice of its intention to do so without fee or penalty except for the payment of customary breakage costs and related expenses. No permanent prepayment, in whole or in part, will be permitted of any Bankers’ Acceptance prior to maturity of such Banker’s Acceptance. Amounts permanently prepaid under this Section 4.03 may not be reborrowed by either of the Borrowers.
(2) Each prepayment of Outstanding Borrowings shall be applied rateably to the Outstanding Borrowings under each of the Credit Facilities at such time.