Prepayment Refund Clause Samples

The Prepayment Refund clause defines the conditions under which a party that has made advance payments is entitled to receive a refund if the contract is terminated or certain obligations are not fulfilled. Typically, this clause specifies the circumstances that trigger a refund, such as cancellation of services before they are rendered or failure to deliver goods as agreed, and outlines the process for calculating and issuing the refund. Its core practical function is to protect the paying party from financial loss by ensuring they are reimbursed for unearned or undelivered goods or services, thereby allocating risk and promoting fairness in contractual relationships.
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Prepayment Refund. Transco and Shipper agree that any prepayment submitted by Shipper for service under Momentum plus any interest that accrues on the prepayment amount (any interest on the prepayment amount calculated hereunder shall be at the interest rate set forth in the billing and payment provisions of the General Terms and Conditions of Transco’s FERC Gas Tariff) prior to the in-service date of the project will be applied to Shipper’s reservation charges due for the first month of firm transportation service under the project. In the event that service commences on a date other than the first day of the month, the reservation charge will be prorated and the prepayment plus accrued interest will be applied to such prorated reservation charge. In the event either Party terminates this Precedent Agreement pursuant to Paragraph 5 or 6 above, Transco shall refund Shipper’s prepayment plus accrued interest.
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Prepayment Refund. The Service Provider shall refund any sums that the District has prepaid, and that remain unearned at the time of termination, within 45 calendar days after termination, except as the Parties may otherwise agree in writing.
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Prepayment Refund. For each loan which is paid in full by the borrower for any reason during the ninety (90) day period ("Recapture Period") commencing on the later to occur of (i) the funding of the loan or (ii) the assignment and delivery of the loan to ▇▇▇▇▇, except for a loan paid in full by a refinance by ▇▇▇▇▇ (excluding any Loan refinanced by Broker/Correspondent), ▇▇▇▇▇ reserves the right to require Broker/Correspondent to refund to ▇▇▇▇▇ all fees paid to Broker/Correspondent in connection with the origination of such loan, including but not limited to, arty yield spread premium, service release fee or other amounts previously paid by ▇▇▇▇▇ to Broker/Correspondent for the Loan. Broker/Correspondent shall also pay to ▇▇▇▇▇ all tosses, costs, damages and expenses, including attorney fees incurred by ▇▇▇▇▇ in connection with such prepayment. Broker/Correspondent covenants, represents and warrants that it shall remit the amount of such Prepayment Refund within ten days of demand. Broker/Correspondent's failure to return such fees as required hereunder shall be deemed a default and ▇▇▇▇▇ may charge any such amount due from Broker/Correspondent against compensation due, but not yet paid to Broker/Correspondent.
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Prepayment Refund. Transco and Atlanta agree that the prepayment submitted by Atlanta during the open season for the 1998 Cherokee Expansion Project plus any interest that accrues on the prepayment amount (any interest on the prepayment amount calculated hereunder shall be a the interest rate set forth in Section 7 of the General Terms and Conditions of Transco's FERC Gas Tariff) prior to the in-service date of the project will be applied to Atlanta's reservation charges due of the first month of firm transportation service under the project. In the event that service commences on a date other than the first day of the month, the reservation charge will be prorated and the prepayment plus accrued interest will be applied to such pro rated reservation charge. In the event that Atlanta terminates this Precedent Agreement pursuant to Paragraph 5 above, Transco shall refund Atlanta's prepayment plus accrued interest.
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Prepayment Refund. In the event of any termination of this Agreement pursuant to Article 17, except for termination by i-STAT for cause under Section 17.2 or Section 17.3, i-STAT shall refund to Abbo▇▇ ▇▇ cash, upon the effective date of such termination, any Prepayments made to i-STAT and not credited to Abbott pursuant to Section 5.5.
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Prepayment Refund. Transco and Shipper agree that any prepayment submitted by Shipper for service under Cornerstone plus any interest that accrues on the prepayment amount (any interest on the prepayment amount calculated hereunder shall be at the interest rate set forth in the billing and payment provisions of the General Terms and Conditions of Transco's FERC Gas Tariff) prior to the in-service date of the project will be applied to Shipper's reservation charges due for the first month of firm transportation service under the project. In the event that service commences on a date other than the first day of the month, the reservation charge will be prorated and the prepayment plus accrued interest will be applied to such prorated reservation charge. In the event either Party terminates this Precedent Agreement pursuant to Paragraph 5 above, other than termination by Transco due to Shipper's failure to demonstrate creditworthiness and failure to provide adequate security, Transco shall promptly refund Shipper's prepayment plus accrued interest.
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Related to Prepayment Refund

  • Prepayment Fees Borrower agrees to pay to each New Term Loan Lender the following prepayment fees, if any: [ ].

  • Prepayment Premiums As of the applicable date of origination of each such Mortgage Loan, any prepayment premiums and yield maintenance charges payable under the terms of the Mortgage Loans, in respect of voluntary prepayments, constituted customary prepayment premiums and yield maintenance charges for commercial mortgage loans.

  • Prepayment Penalty Each Mortgage Loan that is subject to a Prepayment Penalty as provided in the related Mortgage Note is identified on the related Mortgage Loan Schedule. With respect to each Mortgage Loan that has a Prepayment Penalty feature, each such Prepayment Penalty is enforceable and will be enforced by the Seller during the period the Seller is acting as Interim Servicer for the benefit of the Purchaser, and each Prepayment Penalty is permitted pursuant to federal, state and local law. Each such Prepayment Penalty is in an amount not more than the maximum amount permitted under applicable law and no such Prepayment Penalty may be imposed for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October, 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the Prepayment Penalty period shall not exceed three (3) years from the date of the Mortgage Note unless the Mortgage Loan was modified to reduce the Prepayment Penalty period to no more than three (3) years from the date of the related Mortgage Note and the Mortgagor was notified in writing of such reduction in Prepayment Penalty period. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity: (i) prior to the Mortgage Loan's origination, the Mortgagor agreed to such premium in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) prior to the Mortgage Loan's origination, the Mortgagor was offered the option of obtaining a mortgage loan that did not require payment of such a premium, and (iii) the Prepayment Penalty is disclosed to the Mortgagor in the mortgage loan documents pursuant to applicable state, local and federal law. This representation and warranty is a Deemed Material and Adverse Representation;

  • Prepayment Fee The Prepayment Fee, when due hereunder, to be shared between the Lenders in accordance with their respective Pro Rata Shares; and

  • Prepayment Premium Borrower will be required to pay a prepayment premium in connection with certain prepayments of the Indebtedness, including a payment made after Lender’s exercise of any right of acceleration of the Indebtedness, as provided in the Note.