Right to Prepay. Each Borrower shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information: (i) the date, which shall be a Business Day, on which the proposed prepayment is to be made; (ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans; (iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and (iv) the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 2 contracts
Samples: Credit Agreement (RPM International Inc/De/), Revolving Credit Facility Agreement (RPM International Inc/De/)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, 5.4.2 or in Section 5.8 5.5 [Increased CostsAdditional Compensation in Certain Circumstances]):
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] and Section 5.10 [Indemnity])with respect to any Loan to which a Euro-Rate Option applies. Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivb) the total principal amount of such prepayment, which shall not be equal to (i) in the case of any Base Rate Loan, less than $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)1,000,000. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and Lender’s Rightsrights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 5.5.2 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 2 contracts
Samples: Credit Agreement (Rhino Resource Partners LP), Senior Secured Revolving Credit Facility (Rhino Resource Partners, L.P.)
Right to Prepay. Each Borrower The Borrowers shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] 5.13 below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]5.10). Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower the Borrowing Agent shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans, Term Loans or Delayed Draw Term Loans that bear interest at the Base Rate Option or the Daily Simple SOFR Option and at least four three (43) Business Days prior to in the date case of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on Loans bearing interest at the date of prepayment of Swing LoansTerm SOFR Rate Option, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between among the Revolving Credit Loans, Term Loans and Swing Delayed Draw Term Loans;
(iii) a statement indicating the application of the prepayment between among Loans to which the Base Rate Option, Term SOFR Rate Option applies and Loans and Optional Currencies to which the Euro-Rate or Daily Simple SOFR Option applies; and
(iv) the total principal amount of such prepayment, which shall not be equal to less than:
(iA) in the case of any Base Rate Loanprepayment of Revolving Credit Loans, the lesser of (A) the Revolving Facility Usage as applicable or (B) $1,000,000 100,000, or
(or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (iiB) in the case of any Euro-Rate Loanprepayment of Term Loans or Delayed Draw Term Loans, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent100,000.
Appears in 2 contracts
Samples: Credit Agreement (Construction Partners, Inc.), Credit Agreement (Construction Partners, Inc.)
Right to Prepay. Each Borrower The Borrowers shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 5.13 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower Borrowing Agent shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time (i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and or Accordion Term Loans, as applicable, that bear interest at the Base Rate Option; (ii) at least three (3) Business Days prior to the date of prepayment of the Revolving Credit Loans or Accordion Term Loans, as applicable, denominated in Dollars that bear interest at the Term SOFR Rate Option or Daily Simple SOFR Rate Option; (iii) at least four (4) Business Days prior to the date of prepayment of any Optional Currency the Revolving Credit Loans or Accordion Term Loans, as applicable, denominated in Alternative Currencies that bear interest at the Daily Simple RFR Option or the Term RFR Option; or (v) no later than 1:00 p.m. Eastern Time on the date of prepayment of Swing Loans, in each case of the foregoing option in this Section 5.6.1, setting forth the following information:
(i) 5.6.1.1 the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) 5.6.1.2 a statement indicating the application of the prepayment between the Revolving Credit Loans, Accordion Term Loans and Swing Loans, ;
(iii) 5.6.1.3 a statement indicating the application of the prepayment between among Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-applies, Term SOFR Rate Option applies, Daily Simple SOFR Option applies, Daily Simple RFR Option applies and the Term RFR Option; and
(iv) 5.6.1.4 the currency of such Loan and total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in (A) the case of any Base Rate Loan, $1,000,000 Revolving Facility Usage or (or Dollar Equivalent thereof), with minimum increments thereafter of B) $500,000 (for any Swing Loan or Dollar Equivalent thereof), $1.000.000 for any Revolving Credit Loan or Accordion Term Loan or (ii) in the case then outstanding balance of any Euro-Rate such Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Accordion Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to reduce pro rata the remaining scheduled amortization installments of principal of the Accordion Term Loans. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails fail to specify the applicable Borrowing Tranche which the Borrowers are prepayingprepaying (or which Borrower is effectuating such prepayment), the prepayment shall be applied to the outstanding Borrowing Tranches as determined by Administrative Agent and in such case (i) first to Revolving Credit Loans which are not Alternative Currency Loans, then to Alternative Currency Loans and then to Swing Loans and then to Accordion Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, (ii) then to Revolving Credit other Loans to which the Euro-Rate Option applies which are not denominated in Optional CurrenciesDollars, (iii) then to Revolving Credit Term RFR Loans denominated in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option appliesan Alternative Currency. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative Agent.
Appears in 2 contracts
Samples: Credit Agreement (Steel Partners Holdings L.P.), Revolving Credit Agreement (Steel Partners Holdings L.P.)
Right to Prepay. Each Borrower The Borrowers shall have the right right, at their option option, from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of 4.4.2, Section 4.6.1 or Section 4.8) in the currency in which such Loan was made:
(i) at any time with respect to any Revolving Credit Loan to which the Base Rate Option applies,
(ii) at any time with respect to any Revolving Credit Loan in any Optional Currency, subject to Section 4.8,
(iii) at any time with respect to Revolving Credit Loans to which a Lender] belowEuro-Rate Option applies, subject to Section 4.8,
(iv) at any time with respect to Revolving Credit Loans to which a EURIBOR Rate Option applies, subject to Section 4.8,
(v) at any time with respect to Term Loans to which a EURO-Rate Option applies, subject to Section 4.8,
(vi) at any time with respect to Term Loans to which a EURIBOR Rate Option applies, subject to Section 4.8,
(vii) on the date specified in a notice by any Lender pursuant to Section 5.8 [Increased Costs] and Section 5.10 [Indemnity])3.4 with respect to any Loan to which a Euro-Rate Option or EURIBOR Rate Option applies. Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower the Company, on behalf of all Borrowers, shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Pittsburgh time: (i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans made in Dollars and (ii) at least four (4) Business Days prior to the date of prepayment of any Revolving Credit Loans in an Optional Currency or the Term Loans, or no later than 1:00 p.m. and (iii) on the date of prepayment of Swing Loans, in each case setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Glatfelter P H Co)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between among the Revolving Credit Loans, the Term Loans and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Euro Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of any Base Rate Loan, $1,000,000 (Revolving Facility Usage or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of 100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan or Term Loan. Any prepayment notice may be conditioned on the effectiveness of other financing arrangements or one or more other transactions, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices but otherwise shall be irrevocable. The Subject to the foregoing sentence, the principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the remaining scheduled principal installments of the Term Loans on a pro rata basis (including the payment of principal due on the Term Loan Maturity Date of each Term Loan). Except as provided in Section 4.4.4 4.4.5 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans and Term Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans and Term Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies which are not in Optional Currenciesapplies, (iii) then to Revolving Credit Loans in Optional CurrenciesCurrency Loans, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative AgentAgent or agreed to by the Required Lenders.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option at any time and from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [4.4.2 (Replacement of a Lender] below, Bank) below or in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]4.6 (Additional Compensation in Certain Circumstances)). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. no later than (A) 11:00 a.m., Eastern time, at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans and at least four to which the LIBO-Rate Option applies, (4B) Business Days prior to 11:00 a.m., Eastern time, on the date of prepayment of any Optional Currency LoansRevolving Credit Loans to which the Base Rate Option applies or (C) 2:00 p.m., or no later than 1:00 p.m. Eastern time, on the date of prepayment of Swing Loans, setting forth the following information:
: (ix) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (iiy) a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans Loans; and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivz) the total principal amount of such prepayment, which shall not be equal to less than (i) $100,000 and in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof)100,000 for any Swing Loans, (ii) $500,000 and in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (100,000 for any Revolving Credit Loan to which the Base Rate Option applies or Dollar Equivalent thereof), and (iii) $2,500,000 and in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest 500,000 for any Revolving Credit Loan to which the LIBO-Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option applies. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative 3.4.3 (Agent’s 's and Lender’s Bank's Rights]), if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Swing Loans, then to Loans to which the Base Rate Option applies, (ii) and then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-LIBO- Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders Banks under Section 5.10 [4.6.2 (Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent).
Appears in 1 contract
Samples: Revolving Credit Facility (Hovnanian Enterprises Inc)
Right to Prepay. Each Borrower shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. p.m.
(a) at least one (1) Business Day prior to the date of prepayment of any Loans that bear interest at the Base Rate Option; (b) at least three (3) Business Days prior to the date of prepayment of the Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (c) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Optional Currencies that bear interest at the Eurocurrency Rate Option and (d) at least four (4) Business Days prior to the date of prepayment of any Loans denominated in Optional Currency LoansCurrencies that bear interest at the Daily Simple RFR Option or Term RFR Option (or, in any case of clauses (a) through (d) above, notice delivered upon such shorter period of time then agreed to by the Administrative Agent), or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between among Loans to which the Base Rate Option applies, the Term SOFR Rate Option applies, the Daily Simple RFR Option applies, the Term RFR Option applies and Loans and Optional Currencies to which the Euro-Eurocurrency Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All A notice of prepayment notices shall be irrevocabledelivered by a Borrower may state that the prepayment contemplated thereby is subject to the effectiveness or funding of other credit facilities, the completion of any debt or equity offering or the completion of any other corporate transaction or event that will provide the proceeds for such repayment or otherwise result in such prepayment being required hereunder. The principal amount of the Loans for which a prepayment notice is givenprepaid, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s 's and Lender’s 's Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to other Revolving Credit Loans to which the Euro-Rate Option applies which are not denominated in Optional CurrenciesDollars, (iii) then to Revolving Credit Loans to which the Term RFR Loans denominated in an Optional CurrenciesCurrency, (iv) then to Eurocurrency Rate Loans (v) then to Swing Loans to which the Base Rate Option Applies, and (vvi) then to Swing Loans to which the Euro-Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ ' Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent. Any amount of Loans paid or prepaid before the Expiration Date may, subject to the terms and conditions of this Agreement, be borrowed, repaid and borrowed again."
Appears in 1 contract
Right to Prepay. Each Borrower shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Term Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Domestic Term Loans and Swing the Foreign Term Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof)1,000,000, with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), and (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof)5,000,000, with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify (a) the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Term Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Term Loans to which the Euro-Rate Option applies which are not in Optional Currenciesor (b) between Domestic Term Loans or Foreign Term Loans, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which prepayment shall be applied pro rata among the Euro-Rate Option appliesTerm Loans. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased 5.8[Increased Costs] and Section 5.10 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
: (iw) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (iix) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
; (iiiy) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Euro Rate Option applies; and
and (ivz) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of any Base Rate Loan, $1,000,000 (Revolving Facility Usage or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of 100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s 's and Lender’s 's Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies which are not in Optional Currenciesapplies, (iii) then to Revolving Credit Loans in Optional CurrenciesCurrency Loans, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative AgentAgent or agreed to by the Required Lenders.
Appears in 1 contract
Samples: Revolving Credit Facility Agreement (Sun Hydraulics Corp)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 5.10
(i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and or Term Loans that bear interest at the Base Rate Option; (ii) at least three (3) Business Days prior to the date of prepayment of the Revolving Credit Loans or Term Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (iii) at least four (4) Business Days prior to the date of prepayment of any the Revolving Credit Loans denominated in Optional Currency Loans, Currencies that bear interest at the Eurocurrency Rate Option; (iv) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Optional Currencies that bear interest at the Term RFR Option; or (v) no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between among the Revolving Credit Loans, the Term Loans and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option, the Eurocurrency Rate Option, Term SOFR Rate Option applies and Loans and Optional Currencies to which or the Euro-Rate Term RFR Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of any Base Rate Loan, $1,000,000 (Revolving Facility Usage or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of 100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan or Term Loan. Any prepayment notice may be conditioned on the effectiveness of other financing arrangements or one or more other transactions, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices but otherwise shall be irrevocable. The Subject to the foregoing sentence, the principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the remaining scheduled principal installments of the Term Loans as the Borrower shall direct. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and LenderXxxxxx’s Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to which Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Loans subject to the Base Rate Option appliesOption, (ii) then to Revolving Credit Loans subject to which the Euro-Term SOFR Rate Option applies which are not in Optional CurrenciesOption, (iii) then to Revolving Credit Loans subject to the Term Rate Loan Option denominated in an Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option appliesCurrency. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative AgentAgent or agreed to by the Required Lenders.
Appears in 1 contract
Right to Prepay. Each Borrower The Borrowers shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 5.13 [Replacement of a Lender] below], in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower they shall provide a prepayment notice to the Administrative Agent (i) by 12:00 noon Eastern Time on the date of prepayment of the Revolving Credit Loans, Term Loans or Delayed Draw Term Loans that bear interest at the Base Rate Option, (ii) by 1:00 p.m. Eastern Time at least one three (13) Business Day Days prior to the date of prepayment of the Revolving Credit Loans, Term Loans and or Delayed Draw Term Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (iii) by 1:00 p.m. Eastern Time at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, the Revolving Credit Loans denominated in Alternative Currencies that bear interest at the Daily Simple RFR Option or no later than Term RFR Option; or (iv) by 1:00 p.m. Eastern Time on the date of prepayment of Swing Swingline Loans, in each case of the foregoing option in this Section (a), setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans, Delayed Draw Term Loans and Swing Swingline Loans;
(iii) a statement indicating the application of the prepayment between among Loans to which the Base Rate Option, Term SOFR Rate Option, Daily Simple RFR Option applies and Loans and Optional Currencies to which the Euro-Rate or Term RFR Option applies; and
(iv) the Currency of such Loan and total principal amount of such prepayment, which shall not be equal to less than the lesser of (iA) in the case of Revolving Facility Usage or (B) $100,000 for any Base Rate Swingline Loan or $5,000,000 for any Revolving Credit Loan, $1,000,000 (Term Loan or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Delayed Draw Term Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable; provided that any such notice may state that such notice is conditioned upon the effectiveness of other credit facilities, debt or equity issuances or other transactions specified therein, in which case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan and Delayed Draw Term Loan prepayments permitted pursuant to this Section 5.2 shall be applied to the unpaid installments of principal of the Term Loans or Delayed Draw Term Loans, as applicable, as directed by the Borrowers. Except as provided in Section 4.4.4 4.4(c) [Administrative Agent’s and LenderLxxxxx’s Rights], if the Borrowers prepay a Loan but fails fail to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i1) first to Revolving Credit Loans, second to Term Loans and then to Delayed Draw Term Loans; and (2) after giving effect to the allocations in clause (1) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, (ii) then to Revolving Credit other Loans to which the Euro-Rate Option applies which are not denominated in Optional CurrenciesDollars, (iii) then to Revolving Credit Loans subject to the Term RFR Option denominated in Optional Currenciesan Alternative Currency, (iv) then to Swing Loans subject to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option appliesa Daily Simple RFR denominated in an Alternative Currency. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Right to Prepay. Each Borrower The Borrowers shall have the right right, at their option option, from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of 4.4.2, Section 4.6.1 or Section 4.8) in the currency in which such Loan was made:
(i) at any time with respect to any Revolving Credit Loan to which the Base Rate Option applies,
(ii) at any time with respect to any Revolving Credit Loan in any Optional Currency, subject to Section 4.8,
(iii) at any time with respect to Revolving Credit Loans to which a Lender] belowTerm SOFR Rate Loan Option or Euro-Rate Option applies, subject to Section 4.8,
(iv) at any time with respect to Revolving Credit Loans to which a EURIBOR Rate Option applies, subject to Section 4.8,
(v) at any time with respect to Term Loans to which a EURIBOR Rate Option applies, subject to Section 4.8[reserved],
(vi) on the date specified in a notice by any Lender pursuant to Section 5.8 [Increased Costs] and Section 5.10 [Indemnity])3.4 with respect to any Loan to which a Term SOFR Rate Loan Option, Euro-Rate Option or EURIBOR Rate Option applies. Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower the Company, on behalf of all Borrowers, shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Pittsburgh time: (i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans made in Dollars and (ii) at least four (4) Business Days prior to the date of prepayment of any Revolving Credit Loans in an Optional Currency or the Term Loans, or no later than 1:00 p.m. and (iii) on the date of prepayment of Swing Loans, in each case setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Glatfelter Corp)
Right to Prepay. Each The Borrower shall have the right at their its option at any time and from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 4.4.2 [Replacement of a LenderBank] below, below or in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]4.6 (Additional Compensation in Certain Circumstances)). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. no later than (A) 11:00 a.m., Eastern time, at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans and at least four to which the LIBO-Rate Option applies, (4B) Business Days prior to 11:00 a.m., Eastern time, on the date of prepayment of any Optional Currency LoansRevolving Credit Loans to which the Base Rate Option applies or (C) 2:00 p.m., or no later than 1:00 p.m. Eastern time, on the date of prepayment of Swing Loans, setting forth the following information:
: (ix) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (iiy) a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans Loans; and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivz) the total principal amount of such prepayment, which shall not be equal to less than (i) $100,000 and in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof)100,000 for any Swing Loans, (ii) $500,000 and in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (100,000 for any Revolving Credit Loan to which the Base Rate Option applies or Dollar Equivalent thereof), and (iii) $2,500,000 and in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest 500,000 for any Revolving Credit Loan to which the LIBO-Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option applies. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative 3.4.3 (Agent’s 's and Lender’s Bank's Rights]), if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Swing Loans, then to Loans to which the Base Rate Option applies, (ii) and then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the EuroLIBO-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders Banks under Section 5.10 [4.6.2 (Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent).
Appears in 1 contract
Samples: Revolving Credit Facility (Hovnanian Enterprises Inc)
Right to Prepay. Each Borrower The Borrowers shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a LenderBank] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00a.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. 11:00a.m. on the date of prepayment of Swing Loans, setting forth the following information:
: (i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (ii) the currency in which such payment shall be made; (iii) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans and Swing Loans;
; (iiiiv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Eurocurrency Rate Option applies; and
and (ivv) the total principal amount of such prepayment, which shall be equal to (i) with respect to Revolving Credit Loans shall be in the case integral multiples of any Base Rate Loan, One Million and 00/100 Dollars ($1,000,000 1,000,000.00) and not less than Five Million and 00/100 Dollars ($5,000,000.00) (or in each case, the Dollar Equivalent thereof), with minimum increments thereafter ) for each Borrowing Tranche to which the Eurocurrency Rate Option applies and in integral multiples of Five Hundred Thousand and 00/100 Dollars ($500,000 500,000.00) and not less than the lesser of One Million and 00/100 Dollars ($1,000,000.00) or Dollar Equivalent thereof), the outstanding principal amount of Revolving Credit Loans to which the Base Rate Option applies and (ii) in with respect to Swing Loans, not less than the case lesser of any Euro-Rate Loan, One Hundred Thousand and 00/100 Dollars ($5,000,000 (100,000.00) or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes outstanding principal amount of the foregoing)Swing Loans. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s 's and Lender’s Bank's Rights] and subject to Section 11.18 [Bifurcation of Obligations], if the Borrowers prepay a Loan but fails fail to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) applied, after giving effect to the allocations in the preceding sentence, first to Revolving Credit Loans (including Swing Loans) to which the Base Rate Option applies, (ii) then to Revolving Credit Loans (including Swing Loans) which are not Optional Currency Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Eurocurrency Rate Option applies, then to Optional Currency Loans. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders Banks under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 5.7 [Increased Costs] and Section 5.10 5.9 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars or Term Loans, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 2:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof)Revolving Facility Usage, (ii) in the case of $100,000 for any Euro-Rate Loan, $5,000,000 (Swing Loan or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of $500,000 for any Swing Revolving Credit Loan (including Optional Currency Loans) or Term Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans and Term Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans which are not Optional Currency Loans and the Term Loans to which the Euro-Rate Option applies which are not in Optional Currenciesapplies, (iii) then to Revolving Credit Loans in Optional CurrenciesCurrency Loans, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 5.9 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Ii-Vi Inc)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 5.4.2 [Replacement of a Lender] below, or in Section 5.8 5.5 [Additional Compensation in Certain Circumstances]) in the currency in which such Loan was made:
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] and Section 5.10 [Indemnity])with respect to any Loan to which a Euro-Rate Option applies. Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. (at least three (3) Business Days prior to the date of prepayment of Loans made in Dollars to which the Euro-Rate Option applies, four (4) Business Days prior to the date of prepayment of Loans made in an Optional Currency and at least one (1) Business Day prior to the date of prepayment of Loans to which the Revolving Credit Loans and at least four (4Base Rate Option applies) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. p.m., Pittsburgh time, on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between the Swing Loans, Revolving Credit Loans and Swing Term Loans;; and
(iiic) a statement indicating the application total principal amount and currency of such prepayment, the prepayment between Loans Dollar Equivalent amount of which shall not be less than $1,000,000.00 for any Swing Loan (or integral multiples of $500,000.00 thereabove) or not less than $5,000,000.00 (or integral multiples of $1,000,000.00 thereabove) for any Revolving Credit Loan subject to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
or Term Loan (ivregardless of the applicable Interest Rate Option), or not less than $500,000.00 (or integral multiples of $100,000.00 thereabove) for any Revolving Credit Loan subject to the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Revolving Credit Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made in the currency in which such Loan was made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay Borrower prepays a Revolving Credit Loan or Term Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (iA) first to Revolving Credit Loans (1) to which the Base Rate Option applies, then (ii2) then to Dollar Revolving Credit Loans to which the Euro-Rate Option applies which are not in applies, and then (3) to Optional Currencies, (iii) then to Currency Revolving Credit Loans, then (B) to the Term Loans in Optional Currencies, (iv1) then to Swing Loans to which the Base Rate Option Appliesapplies, and then (v2) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 5.7 [Indemnity]. Prepayments Amounts prepaid on the Revolving Credit Loans shall be made available for reborrowing subject to the terms and conditions of this Agreement. Prepayments of the Term Loans shall not be available for reborrowing and shall be applied against installments in the currency in which such Loan was made, unless otherwise directed by the Administrative Agentinverse order of their maturity.
Appears in 1 contract
Samples: Credit Agreement (Covance Inc)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] belowSections 11.3, in Section 5.8 [Increased Costs] 3.1 and Section 5.10 [Indemnity]3.5). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) U.S. Government Securities Business Days prior to the date of prepayment of Term SOFR Rate Loans, (B) one (1) Business Day prior to the date of prepayment of the Revolving Credit Base Rate Loans and at least four or (4C) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Line Loans, in each case, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit among Classes and Tranches of Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option appliesBorrowings, as applicable; and
(iviii) the total principal amount of such prepayment, which shall not be equal less than the lesser of the following with respect to any Class of Loan: (iA) in the case then outstanding principal amount of any Base Rate such Class of Loan, or (B) $1,000,000 (or Dollar Equivalent thereof)provided, with minimum increments thereafter that the amount of any prepayment to which this Section 2.13(a)(iii)(B) applies shall be in integral multiples of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing1,000,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except So long as no Event of Default has occurred and is continuing, voluntary prepayments shall be applied to any outstanding Term Loans, Revolving Loans and Delayed Draw Term Loans as the Borrower may direct; provided that all prepayments with respect to Term Loans permitted pursuant to this Section 2.123shall be applied pro rata among all Tranches of Term Loans and, in Section 4.4.4 [Administrative Agent’s and Lender’s Rights]each case, if to the Borrowers prepay remaining scheduled installments of principal in direct order of maturity (meaning that the earliest maturity will be repaid first). If the Borrower prepays a Loan but the Borrower fails to specify the applicable Class and/or Borrowing Tranche which that the Borrowers are prepayingBorrower intends to prepay or if an Event of Default has occurred and is continuing, the then such prepayment shall be applied (i) first first, ratably to all outstanding Revolving Credit Loans to which the that are Base Rate Option appliesLoans, (ii) then second, ratably to all outstanding Revolving Credit Loans that are Term SOFR Rate Loans, third, ratably to which the Euro-Rate Option applies which all outstanding Term Loans and Delayed Draw Term Loans that are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option AppliesLoans, fourth, ratably to all outstanding Term Loans and (v) then to Swing Delayed Draw Term Loans to which the Euro-that are Term SOFR Rate Option appliesLoans. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid and shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]3.5. Prepayments shall be made Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Facilities may be, if expressly so stated in the currency in which applicable prepayment notice, contingent upon the consummation of such Loan was made, unless otherwise directed refinancing and (a) the prepayment date therefore may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (y) such prepayment notice may be revoked by the Administrative AgentBorrower in the event such refinancing is not consummated (provided, that the failure of such contingency shall not relieve the Borrower from its obligations in respect thereof under Section 3.5).
Appears in 1 contract
Right to Prepay. Each Borrower shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4) Business Days prior to the date of prepayment of any Loans in an Optional Currency LoansCurrency, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall be equal to (i) in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options Rates or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All Except as set forth in Section 2.1.3 [Optional Reductions], all prepayment notices shall be irrevocable. The Unless the prepayment notice is revoked in accordance with Section 2.1.3 [Optional Reductions], the principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) and then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) and then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent. Revolving Credit Loan prepayments shall not result in a reduction of the Revolving Credit Commitments unless the Borrowers have so elected pursuant to Section 2.1.3 [Optional Reductions], or as may otherwise be provided in this Agreement.
Appears in 1 contract
Right to Prepay. Each Borrower The Borrowers shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 4.6.2 [Replacement of a Lender] below], in Section 5.8 4.8 [Increased Costs] and Section 5.10 4.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 2:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 2:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
: (i) the applicable Borrower making the payment; (ii) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (iiiii) the currency in which such payment shall be made; (iv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between the Swing Loans (if the applicable Borrower is the Lead Borrower) and the Revolving Credit Loans and Swing Loans;
; (iiiv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
and (ivvi) the total principal amount of such prepayment, which shall be equal to (i) with respect to Revolving Credit Loans shall be in the case integral multiples of any Base Rate Loan, One Million and 00/100 Dollars ($1,000,000 1,000,000.00) and not less than Five Million and 00/100 Dollars ($5,000,000.00) (or in each case, the Dollar Equivalent thereof), with minimum increments thereafter ) for each Borrowing Tranche to which the LIBOR Rate Option applies and in integral multiples of Five Hundred Thousand and 00/100 Dollars ($500,000 500,000.00) and not less than the lesser of One Million and 00/100 Dollars ($1,000,000.00) or Dollar Equivalent thereof), the outstanding principal amount of Revolving Credit Loans to which the Base Rate Option applies and (ii) in with respect to Swing Loans, not less than the case lesser of any Euro-Rate Loan, One Hundred Thousand and 00/100 Dollars ($5,000,000 (100,000.00) or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes outstanding principal amount of the foregoing)Swing Loans. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 3.4.4 [Administrative Agent’s 's and Lender’s 's Rights] and subject to Section 10.13 [Bifurcation of Obligations], if the Borrowers prepay any Borrower 223667699
prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are such Borrower is prepaying, the prepayment shall be applied (i) applied, after giving effect to the allocations in the preceding sentence, first to the Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Currency Loans to which the Euro-Rate Option applies, then to Optional Currency Loans, then to Swing Loan. Any prepayment hereunder shall be subject to the Borrowers’ Obligation ' obligation to indemnify the Lenders under Section 5.10 4.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option at any time and from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 4.4.2 [Replacement of a Lender] below, below or in Section 5.8 4.6 [Increased Costs] and Section 5.10 [IndemnityAdditional Compensation in Certain Circumstances]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. no later than (A) 11:00 a.m., Eastern time, at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans and at least four to which the LIBO-Rate Option applies, (4B) Business Days prior to 11:00 a.m., Eastern time, on the date of prepayment of any Optional Currency LoansRevolving Credit Loans to which the Base Rate Option applies or (C) 2:00 p.m., or no later than 1:00 p.m. Eastern time, on the date of prepayment of Swing Loans, setting forth the following information:
: (ix) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (iiy) a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans Loans; and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivz) the total principal amount of such prepayment, which shall not be equal to less than (i) $100,000 and in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof)100,000 for any Swing Loans, (ii) $500,000 and in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (100,000 for any Revolving Credit Loan to which the Base Rate Option applies or Dollar Equivalent thereof), and (iii) $2,500,000 and in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest 500,000 for any Revolving Credit Loan to which the LIBO-Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option applies. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 3.4.3 [Administrative Agent’s 's and Lender’s 's Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Swing Loans, then to Loans to which the Base Rate Option applies, (ii) and then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the EuroLIBO-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders under Section 5.10 4.6.2 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Revolving Credit Facility (Hovnanian Enterprises Inc)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 5.13 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans that bear interest at the Base Rate Option and at least four three (43) Business Days prior to in the date case of prepayment of any Optional Currency LoansLoans bearing interest at the BSBY Rate Option, or no later than 1:00 p.m. Eastern Time on the date of prepayment of Swing Swingline Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Swingline Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-BSBY Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (iA) in the case of any Base Rate Loan, Revolving Facility Usage or (B) One Hundred Thousand and 00/100 Dollars ($1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii100,000.00) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of for any Swing Loan or Two Million and 00/100 Dollars ($2,000,000.00) for any Revolving Credit Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable; provided that any such notice may state that it is conditioned upon the occurrence or non-occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice may be revoked or postponed by the Borrower (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied or (at option of the Borrower) waived. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 4.4(c) [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay Borrower prepays a Loan but 264461831 fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i1) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-BSBY Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. (i) at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and or Term Loans that bear interest at the Base Rate Option; (ii) at least three (3) Business Days prior to the date of prepayment of the Revolving Credit Loans or Term Loans denominated in Dollars that bear interest at the Term SOFR Rate Option; (iii) at least four (4) Business Days prior to the date of prepayment of any the Revolving Credit Loans or Term Loans denominated in Optional Currency Loans, Currencies that bear interest at the Eurocurrency Rate Option; (iv) at least four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans denominated in Optional Currencies that bear interest at the Term RFR Option; or (v) no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between among the Revolving Credit Loans, the Term Loans and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option, the Eurocurrency Rate Option, Term SOFR Rate Option applies and Loans and Optional Currencies to which or the Euro-Rate Term RFR Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of any Base Rate Loan, $1,000,000 (Revolving Facility Usage or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of 100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan or Term Loan. Any prepayment notice may be conditioned on the effectiveness of other financing arrangements or one or more other transactions, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices but otherwise shall be irrevocable. The Subject to the foregoing sentence, the principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the remaining scheduled principal installments of the Term Loans on a pro rata basis (including the payment of principal due on the Term Loan Maturity Date of each Term Loan). Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and LenderXxxxxx’s Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to which Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Loans subject to the Base Rate Option appliesOption, (ii) then to Revolving Credit Loans subject to which the Euro-Term SOFR Rate Option applies which are not in Optional CurrenciesOption, (iii) then to Revolving Credit Loans subject to the Term Rate Loan Option denominated in an Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option appliesCurrency. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative AgentAgent or agreed to by the Required Lenders.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans Loans, in whole or part part, without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] 5.13 below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]5.10). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans, Term Loans or 2024 Incremental Term Loans that bear interest at the Base Rate Option and at least four three (43) Business Days prior to in the date case of prepayment of any Optional Currency LoansLoans bearing interest at the Term SOFR Rate Option, or no later than 1:00 p.m. Eastern Time on the date of prepayment of Swing Swingline Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans, Term Loans, 2024 Incremental Term Loans and Swing Swingline Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Term SOFR Rate Option applies; and
(iv) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (iA) in the case of Revolving Facility Usage or (B) $100,000 (or if less the full outstanding amount) for any Base Rate Swingline Loan or $500,000 for any Revolving Credit Loan, $1,000,000 (Term Loan or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate 2024 Incremental Term Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.2 shall be applied to the unpaid installments of principal of the Term Loans on a pro rata basis. All 2024 Incremental Term Loan prepayments permitted pursuant to this Section 5.2 shall be applied to the unpaid installments of principal of the 2024 Incremental Term Loans on a pro rata basis. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights]4.4(c), if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i1) first to Revolving Credit Loans and then to Term Loans and then to 2024 Incremental Term Loans; and (2) after giving effect to the allocations in clause (1) above and in the preceding sentence, first to Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent5.10.
Appears in 1 contract
Samples: Incremental Facility Amendment to Credit Agreement (Cadre Holdings, Inc.)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between among the Revolving Credit Loans, the Term Loans and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Euro Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of any Base Rate Loan, $1,000,000 (Revolving Facility Usage or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of 100,000 for any Swing Loan or $100,000 for any Revolving Credit Loan or Term Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans in the inverse order of scheduled maturities. Except as provided in Section 4.4.4 4.4.5 [Administrative Agent’s 's and Lender’s 's Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Term Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence, first to the Revolving Credit Loans and Term Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans and Term Loans which are not Optional Currency Loans to which the Euro-Euro Rate Option applies which are not in Optional Currenciesapplies, (iii) then to Revolving Credit Loans in Optional CurrenciesCurrency Loans, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative AgentAgent or agreed to by the Required Lenders.
Appears in 1 contract
Right to Prepay. Each (a) The Borrower shall have the right right, at their its option and at any time, from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below4.4.1(c), Section 4.4.2, Section 4.6.1, Section 4.8 or Section 4.9) in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Euros;
(b) Whenever any the Borrower desires to prepay any part of the Loans, such the Borrower (or the Borrower Agent, on behalf of the Borrower) shall provide a written prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and New York City time at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Term Loans, setting forth the following information:
(iA) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivB) the total principal amount of such prepayment, which shall not be equal to (i) less than €1,000,000 or such lesser amount as may be outstanding and in the case whole multiples of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)€1,000,000. All prepayment notices shall be irrevocable; provided, that such prepayment obligation may be conditioned on the occurrence of any subsequent event (including a change of control, refinancing transaction or Permitted Acquisition or other investment). The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made in the currency in which such Loans was made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]4.8. Prepayments shall be made in the currency in which such Loan was made, Euros unless otherwise directed agreed by the Administrative AgentAgent (acting at the direction of the Required Lenders) and the Borrower.
(c) Notwithstanding the foregoing, with respect to the net cash proceeds of any Specified Entity Sale or other asset sales, the Borrower shall have the option to (i) prepay the Term Loans in an amount not to exceed €50,000,000 in the aggregate, together with a prepayment premium of 5.50% of the principal amount of Term Loans prepaid (the “Specified Entity Sale Prepayment”) or (ii) reinvest such net cash proceeds in compliance with Section 4.5.2 and, if applicable, in compliance with Section 7.2.4 and Section 7.2.5.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Revolving Credit Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 5.4.2 [Replacement of a Lender] below, or in Section 5.8 5.5 [Increased CostsAdditional Compensation in Certain Circumstances]) in the currency in which such Loan was made:
(i) at any time with respect to any Revolving Credit Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Revolving Credit Loans to which a Euro-Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [Euro-Rate Unascertainable, Etc.] and Section 5.10 [Indemnity])with respect to any Revolving Credit Loan to which a Euro-Rate Option applies. Whenever any the Borrower desires to prepay any part of the Revolving Credit Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. (at least three (3) Business Days prior to the date of prepayment of the Revolving Credit Loans made in Dollars to which the Euro-Rate Option applies, four (4) Business Days prior to the date of prepayment of the Revolving Credit Loans made in an Optional Currency and at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4to which the Base Rate Option applies) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. p.m., Pittsburgh time, on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between the Swing Loans and Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivc) the total principal amount and currency of such prepayment, the Dollar Equivalent amount of which shall not be equal to (i) in the case of less than $1,000,000.00 for any Base Rate Loan, $1,000,000 Swing Loan (or Dollar Equivalent thereof), with minimum increments thereafter integral multiples of $500,000 500,000.00 thereabove) or not less than $5,000,000.00 (or Dollar Equivalent thereof), (iiintegral multiples of $1,000,000.00 thereabove) in for any Revolving Credit Loan subject to the case of any Euro-Rate LoanOption, or not less than $5,000,000 500,000.00 (or Dollar Equivalent thereof), with minimum increments thereafter integral multiples of $1,000,000 (or Dollar Equivalent thereof), and (iii100,000.00 thereabove) in for any Revolving Credit Loan subject to the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Base Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option. All prepayment notices shall be irrevocable. The principal amount of the Revolving Credit Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Revolving Credit Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made in the currency in which such Loan was made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and Lender’s Rightsrights], if the Borrowers prepay Borrower prepays a Revolving Credit Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (iA) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Dollar Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currenciesapplies, (iii) and then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option appliesCurrency Loans. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 5.7 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
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Right to Prepay. Each So long as the Borrower has repaid any unreimbursed LC Disbursements, the Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part part, without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8 5.7 [Increased Costs] and Section 5.10 5.9 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4) Business Days prior to which the date of prepayment of any Optional Currency Loans, Term SOFR Rate Option applies or no later than 1:00 p.m. 11:00 a.m. on the date of prepayment of Swing LoansLoans and Revolving Credit Loans to which the Base Rate Option applies, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Term SOFR Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (ix) in the case aggregate principal amount of all outstanding Loans or (y) $100,000 for any Base Rate Loan, Swing Loan or $1,000,000 (or Dollar Equivalent thereof), with minimum for any Revolving Credit Loan and increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent in excess thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable, except that any notice of voluntary prepayment may state that such notice is conditional upon the consummation of a financing transaction, in which case such notice of prepayment may be revoked or delayed by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s and LenderXxxxxx’s Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Swing Loans and then to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above first to Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation Borrower’s obligation to indemnify the Lenders under Section 5.10 5.9 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
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Right to Prepay. Each Borrower The Borrowers shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a LenderBank] below, in Section 5.8 [Increased 5.8[Increased Costs] and Section 5.10 [Indemnity]). Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00a.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) 219962390 Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. 11:00a.m. on the date of prepayment of Swing Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) the currency in which such payment shall be made;
(iii) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans and Swing Loans;
(iiiiv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-LIBOR Rate Option applies; and
(ivv) the total principal amount of such prepayment, which shall be equal to (i) with respect to Revolving Credit Loans shall be in the case integral multiples of any Base Rate Loan, One Million and 00/100 Dollars ($1,000,000 1,000,000.00) and not less than Five Million and 00/100 Dollars ($5,000,000.00) (or in each case, the Dollar Equivalent thereof), with minimum increments thereafter ) for each Borrowing Tranche to which the LIBOR Rate Option applies and in integral multiples of Five Hundred Thousand and 00/100 Dollars ($500,000 500,000.00) and not less than the lesser of One Million and 00/100 Dollars ($1,000,000.00) or Dollar Equivalent thereof), the outstanding principal amount of Revolving Credit Loans to which the Base Rate Option applies and (ii) in with respect to Swing Loans, not less than the case lesser of any Euro-Rate Loan, One Hundred Thousand and 00/100 Dollars ($5,000,000 (100,000.00) or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes outstanding principal amount of the foregoing)Swing Loans. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 4.4.3 [Administrative Agent’s 's and Lender’s Bank's Rights] and subject to Section 11.18 [Bifurcation of Obligations], if the Borrowers prepay a Loan but fails fail to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) applied, after giving effect to the allocations in the preceding sentence, first to Revolving Credit Loans (including Swing Loans) to which the Base Rate Option applies, (ii) then to Revolving Credit Loans (including Swing Loans) which are not Optional Currency Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-LIBOR Rate Option applies, then to Optional Currency Loans. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders Banks under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Big Lots Inc)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 5.8[Increased Costs], Section 5.10 [Indemnity] and Section 11.14 [Replacement of a Lender] below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between the Revolving Credit Loans and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be equal to less than the lesser of (i) in the case of Revolving Facility Usage or (ii) $50,000 for any Base Rate Loan, Swing Loan or $1,000,000 (or the Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of for any Euro-Rate Revolving Credit Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable; provided that (A) if a notice of voluntary prepayment is given in connection with a conditional notice of termination of the Revolving Credit Commitments as contemplated by Section 2.4 [Termination or Reduction of Revolving Credit Commitments], then such notice of prepayment may be revoked if such notice of termination is revoked and (B) a notice of voluntary prepayment may state that such notice is conditioned upon the occurrence of one or more events specified therein, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified date of prepayment) if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to the Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans which are not Optional Currency Loans to which the Euro-Rate Option applies which are not in Optional Currenciesapplies, (iii) then to Revolving Credit Loans in Optional CurrenciesCurrency Loans, (iv) then to Swing Loans to which the Base Rate Option Appliesapplies, and (v) then to Swing Loans to which the Euro-Other Agreed Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Ferroglobe PLC)
Right to Prepay. Each Borrower The Borrowers shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] 5.13 below, in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]5.10). Whenever any Borrower desires the Borrowers desire to prepay any part of the Loans, such Borrower the Borrowing Agent shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. Eastern Time at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans, Term Loans or Delayed Draw Term Loans that bear interest at the Base Rate Option or the Daily Simple SOFR Option and at least four three (43) Business Days prior to in the date case of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. on Loans bearing interest at the date of prepayment of Swing LoansTerm SOFR Rate Option, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between among the Revolving Credit Loans, Term Loans and Swing Delayed Draw Term Loans;
(iii) a statement indicating the application of the prepayment between among Loans to which the Base Rate Option, Term SOFR Rate Option applies and Loans and Optional Currencies to which the Euro-Rate or Daily Simple SOFR Option applies; and
(iv) the total principal amount of such prepayment, which shall not be equal to less than:
(iA) (A) in the case of any Base Rate Loanprepayment of Revolving Credit Loans, the lesser of (A) the Revolving Facility Usage as applicable or (B) $1,000,000 100,000, or (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 B) (or Dollar Equivalent thereof), (iiB) in the case of any Euro-Rate Loanprepayment of Term Loans or Delayed Draw Term Loans, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent100,000.
Appears in 1 contract
Right to Prepay. Each Borrower The Borrowers shall have the right at their option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 4.6.2 [Replacement of a Lender] below], in Section 5.8 4.8 [Increased Costs] and Section 5.10 4.10 [Indemnity]). Whenever any Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 2:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars, and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 2:00 p.m. on the date of prepayment of Swing Loans, setting forth the following information:
(i) the applicable Borrower making the payment;
(ii) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iiiii) the currency in which such payment shall be made;
(iv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between the Swing Loans (if the applicable Borrower is the Lead Borrower) and the Revolving Credit Loans and Swing Loans;
(iiiv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivvi) the total principal amount of such prepayment, which shall be equal to (i) with respect to Revolving Credit Loans shall be in the case integral multiples of any Base Rate Loan, One Million and 00/100 Dollars ($1,000,000 1,000,000.00) and not less than Five Million and 00/100 Dollars ($5,000,000.00) (or in each case, the Dollar Equivalent thereof), with minimum increments thereafter ) for each Borrowing Tranche to which the LIBOR Rate Option applies and in integral multiples of Five 216004669 Hundred Thousand and 00/100 Dollars ($500,000 500,000.00) and not less than the lesser of One Million and 00/100 Dollars ($1,000,000.00) or Dollar Equivalent thereof), the outstanding principal amount of Revolving Credit Loans to which the Base Rate Option applies and (ii) in with respect to Swing Loans, not less than the case lesser of any Euro-Rate Loan, One Hundred Thousand and 00/100 Dollars ($5,000,000 (100,000.00) or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes outstanding principal amount of the foregoing)Swing Loans. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount amount, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 3.4.4 [Administrative Agent’s 's and Lender’s 's Rights] and subject to Section 10.13 [Bifurcation of Obligations], if the Borrowers prepay any Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are such Borrower is prepaying, the prepayment shall be applied (i) applied, after giving effect to the allocations in the preceding sentence, first to the Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Currency Loans to which the Euro-Rate Option applies, then to Optional Currency Loans, then to Swing Loan. Any prepayment hereunder shall be subject to the Borrowers’ Obligation ' obligation to indemnify the Lenders under Section 5.10 4.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 4.6.2 [Replacement of a Lender] below, below or in Section 5.8 4.8 [Increased Costs] and Section 5.10 [Indemnity4.10[Indemnity]). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans denominated in Dollars and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Loans, Loans or no later than 1:00 p.m. 11:00 a.m. on the date of prepayment of Swing Loans, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) the currency in which such prepayment shall be made;
(iii) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans and Swing Loans;
(iiiiv) if such prepayment is to be made in Dollars, a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-LIBOR Rate Option applies; and
(ivv) the total principal amount of such prepayment, which shall be equal to (i) with respect to Revolving Credit Loans shall be in the case integral multiples of any Base Rate Loan, One Million and 00/100 Dollars ($1,000,000 1,000,000.00) and not less than Five Million and 00/100 Dollars ($5,000,000.00) (or in each case, the Dollar Equivalent thereof), with minimum increments thereafter ) for each Borrowing Tranche to which the LIBOR Rate Option applies and in integral multiples of One Million and 00/100 Dollars ($500,000 1,000,000.00) and not less than the lesser of Five Million and 00/100 Dollars ($5,000,000.00) or Dollar Equivalent thereof), the outstanding principal amount of Revolving Credit Loans to which the Base Rate Option applies and (ii) with respect to Swing Loans, in integral multiples of One Hundred Thousand and 00/100 Dollars ($100,000.00) and not less than the case lesser of any Euro-Rate Loan, Five Hundred Thousand and 00/100 Dollars ($5,000,000 (500,000.00) or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes outstanding principal amount of the foregoing)Swing Loans. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 3.4.3 [Administrative Agent’s 's and Lender’s 's Rights], if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans to which the Base Rate Option applies, (ii) then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Currency Loans to which the Base LIBOR Rate Option Appliesapplies, and (v) then to Optional Currency Loans, then to Swing Loans to which the Euro-Rate Option appliesLoans. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders under Section 5.10 4.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, made unless otherwise directed by the Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (MSA Safety Inc)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below11.3, in Section 5.8 [Increased Costs] 3.1 and Section 5.10 [Indemnity]3.5). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least (A) three (3) Business Days prior to the date of prepayment of LIBOR Rate Loans, (B) one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans and at least four (4) Business Days prior to the date of prepayment of any Optional Currency Base Rate Loans, or (C) no later than 1:00 p.m. on the date of prepayment of Swing Line Loans, in each case, setting forth the following information:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(ii) a statement indicating the application of the prepayment between the Revolving Credit Loans among Class of Loan and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option appliesBorrowings; and
(iviii) the total principal amount of such prepayment, which shall not be equal less than the lesser of the following with respect to any Class of Loan: (iA) in the case then outstanding principal amount of any Base Rate such Class of Loan, $1,000,000 or (or Dollar Equivalent thereof), with minimum increments thereafter of B) $500,000 (or Dollar Equivalent thereof)provided, (ii) in that the case amount of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing250,000). All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except So long as provided no Event of Default has occurred and is continuing, all Term Loan and Incremental Term Loan prepayments permitted pursuant to this Section 2.12 shall be applied pro rata to the unpaid installments of principal of the Term Loans and Incremental Term Loans in Section 4.4.4 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay inverse order of scheduled maturities. If the Borrower prepays a Loan but fails to specify the applicable Class and/or Borrowing Tranche which that the Borrowers are prepayingBorrower intends to prepay or if an Event of Default has occurred and is continuing, the then such prepayment shall be applied (i) first first, ratably to all outstanding Revolving Credit Loans to which the that are Base Rate Option appliesLoans, (ii) then second, ratably to all outstanding Revolving Credit Loans that are LIBOR Rate Loans, third, ratably to which the Euro-Rate Option applies which all outstanding Term Loans and Incremental Term Loans that are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option AppliesLoans, and (v) then fourth, ratably to Swing all outstanding Term Loans to which the Euro-and Incremental Term Loans that are LIBOR Rate Option appliesLoans. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid and shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent3.5.
Appears in 1 contract
Samples: Credit Agreement (Otelco Inc.)
Right to Prepay. Each The Borrower shall have the right at their its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 4.5.2 [Replacement of a Lender] below], in Section 5.8 4.6 [Additional Compensation in Certain Circumstances]), or in Section 4.8 [Indemnity] in the currency in which such Loan was made:
(i) at any time with respect to any Loan to which the Base Rate Option applies,
(ii) on the last day of the applicable Interest Period with respect to Loans to which a LIBOR Rate Option applies,
(iii) on the date specified in a notice by any Lender pursuant to Section 3.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] and Section 5.10 [Indemnity])with respect to any Loan to which a LIBOR Rate Option applies. Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. (at least three (3) Business Days prior to the date of prepayment of Loans made in Dollars to which the LIBOR Rate Option applies, four (4) Business Days prior to the date of prepayment of Loans made in an Optional Currency and at least one (1) Business Day prior to the date of prepayment of Loans to which the Revolving Credit Loans and at least four (4Base Rate Option applies) Business Days prior to the date of prepayment of any Optional Currency Loans, or no later than 1:00 p.m. p.m., Pittsburgh time, on the date of prepayment of Swing Loans, setting forth the following information:
(ia) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iib) a statement indicating the application of the prepayment between the Swing Loans and Revolving Credit Loans and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivc) the total principal amount and currency of such prepayment, the Dollar Equivalent amount of which shall not be equal less than $1,000,000.00 for any Swing Loan (or integral multiples of $500,000.00 thereabove) or not less than $5,000,000.00 (or integral multiples of $1,000,000.00 thereabove) for any Revolving Credit Loan subject to the LIBOR Rate Option, or not less than $500,000.00 (ior integral multiples of $100,000.00 thereabove) in for any Revolving Credit Loan subject to the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (or Dollar Equivalent thereof), and (iii) in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Revolving Credit Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made in the currency in which such Loan was made. Except as provided in Section 4.4.4 3.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrowers prepay Borrower prepays a Revolving Credit Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans (1) first, to which the Base Rate Option applies, then (ii2) then to Dollar Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the Euro-LIBOR Rate Option applies, and then (3) to Optional Currency Revolving Credit Loans. Any prepayment hereunder shall be subject to the Borrowers’ Borrower’s Obligation to indemnify the Lenders under Section 5.10 4.8 [Indemnity]. Prepayments Amounts prepaid on the Revolving Credit Loans shall be made in available for reborrowing subject to the currency in which such Loan was made, unless otherwise directed by the Administrative Agentterms and conditions of this Agreement.
Appears in 1 contract
Samples: Credit Agreement (Covance Inc)
Right to Prepay. Each The Borrower shall have the right at their its option at any time and from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [4.4.2 (Replacement of a Lender] below, Bank) below or in Section 5.8 [Increased Costs] and Section 5.10 [Indemnity]4.6 (Additional Compensation in Certain Circumstances)). Whenever any the Borrower desires to prepay any part of the Loans, such Borrower it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. no later than (A) 11:00 a.m., Eastern time, at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans and at least four to which the LIBO-Rate Option applies, (4B) Business Days prior to 11:00 a.m., Eastern time, on the date of prepayment of any Optional Currency LoansRevolving Credit Loans to which the Base Rate Option applies or (C) 2:00 p.m., or no later than 1:00 p.m. Eastern time, on the date of prepayment of Swing Loans, setting forth the following information:
: (ix) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
; (iiy) a statement indicating the application of the prepayment between the Swing Loans and the Revolving Credit Loans Loans; and Swing Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Option applies; and
(ivz) the total principal amount of such prepayment, which shall not be equal to less than (i) $100,000 and in the case of any Base Rate Loan, $1,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof)100,000 for any Swing Loans, (ii) $500,000 and in the case of any Euro-Rate Loan, $5,000,000 (or Dollar Equivalent thereof), with minimum increments thereafter of $1,000,000 (100,000 for any Revolving Credit Loan to which the Base Rate Option applies or Dollar Equivalent thereof), and (iii) $2,500,000 and in the case of any Swing Loan, $500,000, with minimum increments thereafter of $250,000 (prepayments of Loans with different Interest 500,000 for any Revolving Credit Loan to which the LIBO-Rate Options or Interest Periods shall be deemed separate prepayments for the purposes of the foregoing)Option applies. All prepayment notices shall be irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.4 [Administrative 3.4.3 (Agent’s 's and Lender’s Bank's Rights]), if the Borrowers prepay Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrowers are Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Swing Loans, then to Loans to which the Base Rate Option applies, (ii) and then to Revolving Credit Loans to which the Euro-Rate Option applies which are not in Optional Currencies, (iii) then to Revolving Credit Loans in Optional Currencies, (iv) then to Swing Loans to which the Base Rate Option Applies, and (v) then to Swing Loans to which the EuroLIBO-Rate Option applies. Any prepayment hereunder shall be subject to the Borrowers’ Borrower's Obligation to indemnify the Lenders Banks under Section 5.10 [4.6.2 (Indemnity]. Prepayments shall be made in the currency in which such Loan was made, unless otherwise directed by the Administrative Agent).
Appears in 1 contract
