PREPAYMENT, COMMITMENT REDUCTION Sample Clauses
The PREPAYMENT, COMMITMENT REDUCTION clause governs a borrower's ability to repay loan amounts ahead of schedule and to reduce the lender's commitment to provide further funds. Typically, this clause outlines the procedures for making voluntary prepayments, such as required notice periods and any associated fees, and details how a borrower can request a permanent reduction in the total loan commitment. Its core function is to provide flexibility for borrowers to manage their debt obligations proactively while ensuring the lender is properly notified and compensated for changes to the loan structure.
PREPAYMENT, COMMITMENT REDUCTION. Borrowers shall have the right at any time on three (3) days' prior written notice to the Lender to voluntarily prepay all or part of the Loans and permanently reduce or terminate the Commitment, and no prepayment fee, premium or penalty shall be payable in connection with any such voluntary prepayment, except LIBOR funding breakage costs in accordance with SECTION 2.10(b). Upon any such prepayment and permanent reduction or termination of the Commitment, Borrowers' right to receive Advances shall simultaneously terminate or be permanently reduced, as the case may be.
PREPAYMENT, COMMITMENT REDUCTION. (a) Upon written notice to the Agent in accordance with Section 2.12(a) hereof, Borrower may, at its option, reduce the Commitment, in whole or in part, on the date specified in such notice, by paying to the Agent for the benefit of the Lenders the accrued amount of the Commitment Fee applicable to the amount of Commitment reduction, and, if such reduction occurs prior to January 31, 1999, a premium equal to one percent (1%) of the amount by which the Commitment is reduced. In no event may Borrower reduce the Commitment below the aggregate principal amount of Revolving Credit Loans outstanding thereunder.
(b) Upon written notice to the Agent in accordance with Section 2.12(a) hereof, Borrower may, at its option, prepay the Term Loan, in whole or in part, on the date specified in such notice, by paying to Agent for the benefit of the Lenders the amount of such prepayment, and, if such prepayment occurs prior to January 31, 1999, a premium equal to one percent (1%) of the amount of such repayment.
(c) The Commitment shall be automatically reduced to zero on the Maturity Date.
(d) The Commitment, once terminated or reduced, may not be reinstated.
(e) All prepayments of the Term Loan shall be applied to the principal installments thereof in the inverse order of their maturities.
(f) Borrower may not prepay any Loan which is a Eurodollar Loan prior to the last day of the Interest Period applicable to such Eurodollar Loan unless Borrower pays to the Agent, for the benefit of the Lenders, concurrently with such prepayment, all amounts payable to the Lenders pursuant to Section 3.8 hereof.
(g) Notwithstanding the terms of Section 2.10(a) and Section 2.10(b) hereof, Borrower may, without premium or penalty, in whole or part, reduce the Commitment as a result of, or prepay the Term Loan, in whole or in part, from the proceeds of, a sale of Capital Stock of Borrower other than Capital Stock constituting Indebtedness.
PREPAYMENT, COMMITMENT REDUCTION. (a) Upon written notice to the Administrative Agent in accordance with Section 2.10, Borrower may, at its option, reduce the Aggregate Revolving Credit Commitment or prepay the Term Loan, in whole or in part, on the date specified in such notice, without premium or penalty.
(b) In no event may Borrower reduce the Aggregate Revolving Credit Commitment below the aggregate principal amount of the Revolving Credit Loans outstanding thereunder.
(c) The Aggregate Revolving Credit Commitment shall be automatically reduced to zero on the Maturity Date.
(d) Once terminated or reduced, the Aggregate Revolving Credit Commitment may not be reinstated.
(e) All prepayments of the Term Loan shall be applied to the principal installments thereof in the inverse order of their maturities.
(f) Borrower may not prepay any Loan which is a Eurodollar Loan prior to the last day of the Interest Period applicable to such Eurodollar Loan unless Borrower pays to the Lenders, concurrently with such prepayment, all amounts payable to the Lenders pursuant to Section 3.9 hereof.
PREPAYMENT, COMMITMENT REDUCTION. The Company shall substantially concurrently herewith have (in each case including by way of use of proceeds of 2022 Term A Loans) (x) prepaid 2022 Term A Loans outstanding under the Credit Agreement such that the amounts thereof outstanding immediately upon giving effect to the Seventh Amendment Effective Date held by each Lender are consistent with the outstanding amounts thereof set forth on Schedule I and (y) permanently reduced the 2022 Revolving Credit Commitments such that the amounts thereof outstanding immediately upon giving effect to the Seventh Amendment Effective Date held by each Lender are consistent with the outstanding amounts thereof set forth on Schedule I. The Lenders party hereto hereby waive any prior notice requirements with respect to such prepayments and terminations.
PREPAYMENT, COMMITMENT REDUCTION. Borrowers shall have the right at any time on three (3) days' prior written notice to the Lender to voluntarily prepay all or part of the Loans and permanently reduce or terminate the Commitment, and no prepayment fee, premium or penalty shall be payable in connection with any such voluntary prepayment, except LIBOR funding breakage costs in accordance with SECTION 2.10(b). Within three (3) days from a closing date of a real estate financing by the Borrowers, the Loans shall be prepaid and the Commitment shall be permanently reduced by an amount equal to 75% of the difference of (i) the net proceeds of such financing, MINUS (ii) $1,000,000, in accordance with the terms of this SECTION 2.3. Upon any such prepayment and permanent reduction or termination of the Commitment, Borrowers' right to receive Advances shall simultaneously terminate or be permanently reduced, as the case may be.
PREPAYMENT, COMMITMENT REDUCTION