Common use of Prepayments Commitment Reductions Clause in Contracts

Prepayments Commitment Reductions. (a) Each Borrower may at any time prepay the Advances made to it, in whole or in part, without premium or penalty; provided that such Borrower shall give the Lender irrevocable written notice of each such prepayment at or prior to 1:00 p.m. New York City time on the date of such prepayment, in the case of Base Rate Advances or Federal Funds Rate Advances, or at or prior to 1:00 p.m. New York City time on the date three Business Days prior to the date of such prepayment, in the case of Eurodollar Rate Advances, in each case specifying the date and amount of prepayment. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein together with the accrued interest on the amounts prepaid and all amounts, if any, payable under Section 2.6(e), 2.7(b) and 2.8. Partial prepayments under this clause (a) shall be in a principal amount of $100,000 or a whole multiple of $100,000 in excess thereof.