Prepayment Requirements Sample Clauses
The prepayment requirements clause defines the conditions under which a borrower may pay off all or part of a loan before its scheduled maturity date. Typically, this clause outlines any notice periods the borrower must provide, specifies whether partial or full prepayments are allowed, and details any fees or penalties that may apply for early repayment. By setting these terms, the clause protects the lender from potential financial loss due to early payoff and provides the borrower with clear guidelines on how to proceed if they wish to reduce their debt ahead of schedule.
Prepayment Requirements. (a) On the date on which a prepayment, voluntary or mandatory, is made, Borrower shall pay to Lenders the following:
(i) all accrued and unpaid interest calculated at the Interest Rate on the amount of principal being prepaid through and including the date of such prepayment;
(ii) if the prepayment is made prior to the Yield Maintenance Date, the Yield Maintenance Premium applicable to such prepayment, other than (A) with respect to a prepayment under Section 2.4.2(a)(ii) (other than in connection with a Voluntary Action), and (B) a Transfer of a Disqualified Property (other than in connection with a Voluntary Action) to cure a Qualified Release Property Default; and
(iii) all other sums, then due under the Loan Documents.
(b) Except during the continuance of an Event of Default, funds delivered to Lenders in connection with any prepayment shall be applied in the following order of priority: (i) first, to any amounts (other than principal, interest and Yield Maintenance Premium) then due and payable under the Loan Documents; (ii) second, interest on the principal amount being prepaid at the Interest Rate through the date of prepayment; (iii) third, Yield Maintenance Premium on the principal amount being prepaid (if any) in connection with such prepayment and (iv) fourth, to principal. Notwithstanding anything contained herein to the contrary, during the continuance of any Event of Default, any payment of principal, interest and other amounts payable under the Loan Documents from whatever source (including Rents collected by or on behalf of Lenders from Tenants) may be applied by Lenders among the Obligations in such order, priority and proportions as Required Lenders shall determine.
Prepayment Requirements. Each prepayment of the Loan made pursuant to this Section 3.2 shall be without premium or penalty, except as may be required by Section 4.4. No amounts prepaid by the Borrower may be re-borrowed under the terms of this Agreement.
Prepayment Requirements. PAYMENT AGREEMENT: We agree that upon confirmation full payment of rental charges and prepaid items, plus tax if applicable, is due to El Monte RV a minimum of 30 days prior to departure. All prepaid items must be requested at the time of reservation. We understand that for any open balances El Monte RV will charge a 2% surcharge. We agree that there are no exceptions to any of these policies.
Prepayment Requirements. (a) The Lenders and Borrower hereby confirm that Section 3.02 of the Original Agreement was not intended to apply to any closing (whether or not occurring after the issuance of the Notes) of (i) the Borrower’s private placement offering of units of its securities for $0.27 per unit, the initial closing of which occurred on April 7, 2011, or (ii) the Borrower’s warrant exercise solicitation, the initial closing of which also occurred on April 7, 2011.
(b) Each Lender hereby waives any right it may have, under Section 3.02 of the Original Agreement or otherwise, to have any obligations under the Notes (whether Issue Price, Accrued Original Discount or otherwise) prepaid in whole or in part out of the proceeds of the Strategic Funding. The Lenders agree that the Borrower may use the net proceeds of the Strategic Funding for any business purposes as may be determined by Borrower in its sole discretion.
Prepayment Requirements. All voluntary prepayments of the Loans hereunder shall be made upon not less than two (2) Business Days' prior written notice to the Administrative Agent, provided that (i) any such prepayment shall be in an aggregate principal amount equal to either (A) the then outstanding principal amount of the Loans or (B) an amount that is $500,000 or a greater amount which is an integral multiple thereof, and (ii) any such payment shall be accompanied by any indemnification payments due in accordance with SECTION 1.12 in respect of any Loans so prepaid. Each notice of prepayment shall specify the prepayment date and the aggregate principal amount of the Loans to be prepaid.
Prepayment Requirements
Prepayment Requirements