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Common use of Right to Prepay Clause in Contracts

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 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 or 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 LIBOR 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 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-LIBOR 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 for any Base Rate Swingline Loan or $100,000 for any Revolving Credit Loan or Term 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; 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 Borrower (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 prepayments permitted pursuant to this Section 5.2 shall be applied to the unpaid installments of principal of the Term Loans in order of scheduled maturities (unless otherwise specified by the Borrower). 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 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 (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-LIBOR 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 2 contracts

Samples: Credit Agreement (Stewart Information Services Corp), Credit Agreement (Stewart Information Services Corp)

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 The Borrower shall have the right at their its option from time to time to prepay the Loans of any Class, 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 LoansLoans of any Class, 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 or 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 of any Class 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 any Base Rate Loan, Revolving Facility Usage or (B) $1,000,000 100,000 (or Dollar Equivalent thereof), with minimum increments thereafter of if less the full outstanding amount) for any Swingline Loan or $500,000 (for any Revolving Credit Loan or Dollar Equivalent thereof), (ii) in the case of any Euro-Rate 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 of the applicable Class 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 ratably; 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: 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 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 5.6(b) [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 that bear interest at the Base Rate Option and at least four three (43) Business Days prior to the date of prepayment of any Optional Currency Loansthe Revolving Credit Loans that bear interest at the Term SOFR Rate Option, 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) if applicable, a statement indicating the application of the prepayment between the between Loans to which the Base Rate Option applies, Loans to which the Term SOFR Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Daily SOFR 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 LoanRevolving Credit Loans, $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 100,000 for any Swing Loan or $500,000 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 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(c) [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 to which the Base Rate Option appliesLoans, (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.Daily

Appears in 1 contract

Samples: Credit Agreement (Dayton Power & Light Co)

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: (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 (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 (RPM International Inc/De/)

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

Samples: Credit 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] 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

Samples: Credit Agreement (Nuvera Communications, Inc.)

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

Samples: Revolving Credit Agreement (DSW Inc.)

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

Samples: Credit Agreement (Construction Partners, 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 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

Samples: Credit Agreement (Helios Technologies, Inc.)

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

Samples: Credit Agreement (ICF International, 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 5.6(b) [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 that bear interest at the Base Rate Option and at least four three (43) Business Days prior to the date of prepayment of any Optional Currency Loansthe Revolving Credit Loans that bear interest at the Term SOFR Rate Option, 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) if applicable, a statement indicating the application of the prepayment between the between Loans to which the Base Rate Option applies, Loans to which the Term SOFR Rate Option applies and Loans and Optional Currencies to which the Euro-Rate Daily SOFR 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 LoanRevolving Credit Loans, $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 100,000 for any Swing Loan, Loan or $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 500,000 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 any 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 AgentLoan.

Appears in 1 contract

Samples: Credit Agreement (Ipalco 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 OptionTerm 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 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 OptionTerm SOFR Rate Option applies; and 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, $1,000,000 Revolving Facility Usage or (or Dollar Equivalent thereof), with minimum increments thereafter of $500,000 (or Dollar Equivalent thereof), (iiB) 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.One Hundred Thousand and

Appears in 1 contract

Samples: Credit Agreement (Erie Indemnity 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. (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

Samples: Credit Agreement (Helios Technologies, 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

Samples: Revolving Credit Facility (Erie Indemnity Co)