Common use of PREPAYMENTS OR TERMINATION OF THE LOAN Clause in Contracts

PREPAYMENTS OR TERMINATION OF THE LOAN. Subject to the terms and conditions hereof and of the Notes, the Borrower may, at its option, from time to time, borrow, repay and reborrow amounts under the Loan; provided, however, that as a condition of making such prepayment, Borrower shall pay any prepayment premium owed pursuant to the provisions of the Notes. By notice to the Agent in writing, Borrower shall be entitled to terminate the Banks' commitment to make further advances on the Loan; and provided that the Loan and all interest thereon (and any other indebtedness which may then be outstanding and which is secured by the collateral which secures the Loan) shall have been paid in full, Agent shall thereupon at Borrower's request release its security interest under the Sixth Amended and Restated Security Agreement and the Sixth Amended and Restated Pledge and Security Agreement (though not under any other security agreement or instrument held by the Agent to secure any other loan indebtedness including, but not limited to, the DGC Loan).

Appears in 3 contracts

Samples: Loan Agreement (Direct General Corp), Loan Agreement (Direct General Corp), Loan Agreement (Direct General Corp)

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PREPAYMENTS OR TERMINATION OF THE LOAN. (a) Subject to the terms and conditions hereof and of the Noteshereof, the Borrower may, at its option, from time to time, borrow, repay and reborrow amounts under the Loan; provided, however, that as a condition of making such prepaymentprepayment while the amount being prepaid is bearing interest at an Adjusted LIBOR Rate, Borrower shall pay any prepayment premium owed pursuant to the provisions of the Notessubsection (c) below. By notice to the Agent in writing, Borrower shall be entitled to terminate the Banks' commitment to make further advances on the Loan; and provided that the Loan and all interest thereon (and any other indebtedness which may then be outstanding and which is secured by the collateral which secures the Loan) shall have been paid in full, Agent shall thereupon at Borrower's request release its security interest under the Sixth Amended and Restated Security Agreement and the Sixth Amended and Restated Pledge and Security Agreement (though not under any other security agreement or instrument held by the Agent to secure any other loan indebtedness including, but not limited to, the DGC Loanindebtedness).

Appears in 1 contract

Samples: Loan Agreement (Direct General Corp)

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