Right to Prepay. The Borrower shall have the right at 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 5.8.1 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, 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 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, 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 to which the LIBOR Rate Option applies; and (iv) the total principal amount of such prepayment, which shall not be less than the lesser of (i) (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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, 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
Appears in 1 contract
Samples: Credit Agreement (Gentex Corp)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans Term Loan in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8.1 [Increased Costs] and Section 5.10 [Indemnity])penalty. Whenever the Borrower desires to prepay any part of the LoansTerm Loan, 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 if all or such portion of the Term Loan is subject to the LIBOR Rate Option or the Quoted Rate Option or (B) one (1) Business Day prior to the date of prepayment if all or such portion of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. on Loan is subject to the date of prepayment of Swing LoansBase 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 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 to which the LIBOR Rate Option applies; and
(ivii) the total principal amount of such prepayment, which shall not be less than the lesser of the following: (iA) the then outstanding principal amount of the Term Loan, or (iiB) $100,000 for any Swing Loan or 10,000,000 (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes provided, that the remaining amount of such Loanany prepayment to which this Section 2.9(a)(iii)(B) applies shall be in integral multiples of $1,000,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is givenTerm Loan to be prepaid, 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 prepayments of the Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] 2.9 shall be applied to the unpaid installments of principal of the Term Loans in the manner which Loan as the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option appliesmay direct. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Term Loan and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Sections 3.1, 3.5 and 11.3). Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Term Loan Facility may be, if expressly so stated in the applicable prepayment notice, contingent upon the consummation of such refinancing, and (i) the repayment date therefor may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (ii) such prepayment notice may be revoked by the Borrower 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 5.10 [Indemnity]3.5).
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at 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 5.8.1 [Increased Costs] 5.8 and Section 5.10 [Indemnity]5.10). Whenever the Borrower desires to prepay any part of the Loans, 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 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, 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 to which the LIBOR Rate Option applies; and
and (iv) the total principal amount of such prepayment, which shall not be less than the lesser of (iA) the Revolving Facility Usage or (iiB) $100,000 for any Swing Loan or (ii) $1,000,000 500,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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, 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 unpaid installments of principal of the Term Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]4.4.3, if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then then, second, to 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, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]5.10.
Appears in 1 contract
Samples: Credit Agreement (Neogenomics Inc)
Right to Prepay. The Borrower Company shall have the right at its option from time to time to prepay any of the Loans in whole or in part without premium or penalty (penalty, except as may be otherwise set forth in a Note and except as provided in Section 5.6.2 [Replacement Sections 3.1, 3.4 and 10.2; provided, that the Company agrees, upon any prepayment of the Loans or reduction or termination of the Revolving Term Commitment or Support L/C Facility Amount (a) prior to December 1, 2017 in connection with third party financing received by the Company, to pay CoBank a Lender] belowprepayment penalty equal to 2.0% of the amount of such prepayment, reduction or termination and (b) on or after December 1, 2017 but prior to December 1, 2018 in Section 5.8.1 [Increased Costs] and Section 5.10 [Indemnity])connection with third party financing received by the Company, to pay CoBank a prepayment penalty equal to 1.0% of the amount of such prepayment, reduction or termination. Whenever the Borrower Company desires to prepay all or any part of the Loans, it shall provide a prepayment notice to the Administrative Agent CoBank by 1:00 p.m. (Mountain time) at least one three (13) Business Day Days prior to the date of prepayment of any Loans to which the Revolving Credit Loans or Term Loans or no later than Quoted Rate Option applies and by 1:00 p.m. (Mountain time) on the date same Business Day of prepayment of Swing Loansany Loans to which the LIBOR Index Option applies, setting forth in each case 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, Term Loans and Swing Loans;
various Facilities (iiiif more than one hereunder); (c) a statement indicating the application of the prepayment between among Loans to which the Base Quoted Rate Option applies and Loans to which the LIBOR Rate Index Option applies; and
and (ivd) the total principal amount of such prepayment, which shall not be less than in the minimum principal amount of the lesser of (i) (ii) $100,000 for any Swing each Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining then outstanding amount of such Loan)the Loan being prepaid. All Unless otherwise agreed to by CoBank, all prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount except with respect to Loans to which the LIBOR Index 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. 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as otherwise provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]this Agreement or a Note, if the Borrower Company prepays a Loan but fails to specify the applicable Borrowing Tranche Loan which the Borrower Company is prepaying, the prepayment shall be applied (i) first to Loans made under the Revolving Credit Loans Term Loan and then to Term Loansthe Support L/C Facility Loan; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentenceabove, first to Loans to which the Base Rate LIBOR Index Option applies, applies and then to Loans to which the LIBOR Quoted Rate Option applies. Any prepayment hereunder of a Loan under the Quoted Rate Option shall be subject to the BorrowerCompany’s Obligation obligation to indemnify CoBank for break funding damages and costs to the Lenders under extent provided in Section 5.10 [Indemnity]3.4.
Appears in 1 contract
Right to Prepay. The Subject to the terms of the Intercreditor Agreement and the First Lien Credit Agreement (but without regard to any amendment to any provision of the Intercreditor Agreement that would further restrict the ability of the Borrower to repay of the Term Loans, unless such amendment is agreed to in writing by the Borrower), the Borrower shall have the right at its option from time to time to prepay the Term Loans in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] belowSections 2.7(b), in Section 5.8.1 [Increased Costs] 11.3 and Section 5.10 [Indemnity]3.1). Whenever the Borrower desires to prepay any part of the Term Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 11:00 a.m. at least one two (12) Business Day Days prior to the date of prepayment of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. 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;
, and (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 to which the LIBOR Rate Option applies; and
(ivy) the total principal amount of such prepayment, which shall not be less than the lesser of (i) (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower if such condition is not satisfied. The principal amount of the Term 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 Any prepayment hereunder shall include all interest and fees due and payable with respect to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Term Loans being prepaid (including the Prepayment Premium). Together with each prepayment under this Section 2.12, the Borrower shall pay the Prepayment Premium (if any Prepayment Premium is due under Section 2.7(b)). Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of the Second Lien Credit Facility may be, if expressly so stated in the manner which applicable prepayment notice, contingent upon the consummation of such refinancing, and (x) the repayment date therefor may be amended from time to time by notice from the Borrower elects to have the Administrative Agent and/or (y) such prepayment applied to notice may be revoked by the remaining repayments thereof; provided that Borrower in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower refinancing 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]not consummated.
Appears in 1 contract
Samples: Second Lien Credit Agreement (Alaska Communications Systems Group Inc)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans Loan 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the LoansLoan, 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 or no later than 1:00 p.m. on that bear interest at the date Base Rate Option and at least three (3) Business Days in the case of prepayment of Swing Loans, setting forth Loan bearing interest at the following informationTerm SOFR Rate Option:
(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 portion of the prepayment between Loans Loan to which the Base Rate Option applies and Loans the portion of the Loan to which the LIBOR Term SOFR Rate Option applies; and
(iviii) the total principal amount of such prepayment, which shall not be less than $500,000 for the lesser of (i) (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan)Loans. All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower if such condition is not satisfied. The principal amount of the Loans Loan 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 4.4(c) [Administrative Agent’s and LenderXxxxxx’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 portion of the preceding sentence, first to Loans Loan to which the Base Rate Option applies, then to Loans the portion of the Loan to which the LIBOR Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, 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 Initial Term A 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:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iia) a statement indicating the application of the prepayment between the Revolving Credit Loans, Initial Term Loans A Loans, and Swing Loans;
(iiib) with respect to any prepayment of any Loans subject to the Term SOFR Rate Option, a statement indicating the application of the prepayment between Loans to which the Base Term SOFR Rate Option applies and Loans to which the LIBOR Rate Option appliestranches; and
(ivc) the total principal amount of such prepayment, which shall not be less than the lesser of than: (i) $100,000 for any Swing Loan, or (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount 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. All Initial Term A Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Initial Term A Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereofinverse order of scheduled maturities; provided that in the event such notice fails to specify the manner in which the respective prepayment of all Initial Term Loans A Loan prepayments and Incremental Term Loan prepayments under this Section 5.6.1 shall be applied payable ratably among the Lenders entitled to repayments thereofsuch payment in accordance with the amount of principal and interest, such prepayment of Term Loans shall be applied on a pro rata basisas set forth in this Agreement. Except as provided in Section 4.4.3 4.5.3 [Administrative Agent’s and LenderXxxxxx’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower Company shall have the right at its option from time to time to prepay any of the Loans in whole or in part without premium or penalty (penalty, except as may be otherwise set forth in a Note and except as provided in Section 5.6.2 [Replacement Sections 3.1, 3.4 and 11.2; provided, that the Company agrees, upon any prepayment of the Loans or reduction or termination of the Revolving Term Commitment prior to July 1, 2016 in connection with third party financing received by the Company, to pay Agent for the account of Lender a Lender] belowprepayment penalty equal to 2.0% of the amount of such prepayment, in Section 5.8.1 [Increased Costs] and Section 5.10 [Indemnity])reduction or termination. Whenever the Borrower Company desires to prepay all or any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. (Mountain time) at least one three (13) Business Day Days prior to the date of prepayment of any Loans to which the Revolving Credit Loans LIBOR Option or Term Loans or no later than the Quoted Rate Option applies and by 1:00 p.m. (Mountain time) on the date same Business Day of prepayment of Swing Loansany Loans to which the LIBOR Index Option applies, setting forth in each case 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, Term Loans and Swing Loans;
various Facilities (iiiif more than one hereunder); (c) a statement indicating the application of the prepayment between among Loans to which the Base Quoted Rate Option applies, Loans to which the LIBOR Index Option applies and Loans to which the LIBOR Rate Option applies; and
and (ivd) the total principal amount of such prepayment, which shall not be less than in the minimum principal amount of the lesser of (i) (ii) $100,000 for any Swing each Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining then outstanding amount of such Loan)the Loan being prepaid. All Unless otherwise agreed to by Agent, all prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount except with respect to Loans to which the LIBOR Index 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. All If a Term Loan is included among the Facilities, all prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] made under any Term Loan shall be applied (a) first, to the unpaid installments of principal of the Term Loans thereunder scheduled to be paid within 365 days after such prepayment, in the manner which the Borrower elects to have such prepayment applied order of scheduled maturities, and (b) second, to the remaining repayments thereof; provided that unpaid installments of principal thereunder scheduled to be paid 366 days or more after such prepayment, in the event such notice fails to specify the manner in which the respective prepayment inverse order of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basisscheduled maturities. Except as otherwise provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]this Agreement or a Note, if the Borrower Company prepays a Loan but fails to specify the applicable Borrowing Tranche Loan which the Borrower Company is prepaying, the prepayment shall be applied (i) first to Loans made under the Revolving Credit Loans Term Facility, and then to the Term LoansLoan; 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 LIBOR Index Option applies, then to Loans to which the LIBOR Option applies and then to Loans to which the Quoted Rate Option applies. Any prepayment hereunder of a Loan under the LIBOR Option or the Quoted Rate Option shall be subject to the BorrowerCompany’s Obligation obligation to indemnify Lender for break funding damages and costs to the Lenders under extent provided in Section 5.10 [Indemnity]3.4.
Appears in 1 contract
Samples: Credit Agreement (Southwest Iowa Renewable Energy, LLC)
Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty (except as provided in Sections 11.3, 3.1 and 3.5 and subject to the fee described in Section 5.6.2 [Replacement 2.12(b) in respect of a Lender] below, in Section 5.8.1 [Increased Costs] and Section 5.10 [Indemnity]Repricing Transaction). Whenever the Borrower desires to prepay any part of the Loans (other than Swing Line Loans), 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, or (B) one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. on the date of prepayment of Swing Base Rate 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, Term 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 to which the LIBOR Rate Option appliesBorrowings; and
(iviii) the total principal amount of such prepayment, which shall not be less than the lesser of the following with respect to any Class of Loan: (iA) (ii) $100,000 for any Swing Loan the then outstanding principal amount of such Class of Loan, or (iiB) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes provided that the remaining amount of such Loanany prepayment to which this Section 2.12(a)(iii)(B) applies shall be in integral multiples of $500,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount 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. All Term Loan So long as no Event of Default has occurred and is continuing, (x) all prepayments permitted pursuant to this Section 5.6.1 [Right 2.12 shall be applied to Prepay] the unpaid principal of the Revolving Loans and to the unpaid installments of principal of the Term Loans as the Borrower shall elect, provided that any prepayments applicable to the Term Loans shall be applied pro rata between Term A-1 Loans and Term A-2 Loans, and, to the extent the Borrower elects to prepay Term Loans, such prepayments shall be applied to unpaid installments of the Term Loans as the Borrower shall elect, but on a pro rata basis between Term A-1 Loans and Term A-2 Loans, (y) after the payment in full in cash of all outstanding Revolving Loans and all outstanding Term A-1 Loans and Term A-2 Loans, and the termination of the Revolving Commitments, prepayments permitted pursuant to this Section 2.12 shall be applied to the unpaid installments of principal of the Other Term Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment remaining installments of the Other Term Loans shall be applied on a pro rata basisas the Borrower may elect. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if If the Borrower prepays a Loan but fails to specify the applicable Class and/or Borrowing Tranche which that the Borrower intends to prepay or if an Event of Default has occurred and is prepayingcontinuing, the then such prepayment shall be applied (iin accordance with Sections 2.13(g) 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option appliesh). Any prepayment hereunder shall include all interest and fees due and payable with respect to the Loan being prepaid (including, without limitation, the fee described in Section 2.12(b)) and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]3.5. Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Credit Facilities may be, if expressly so stated in the applicable prepayment notice, contingent upon the consummation of such refinancing, and (x) the repayment date therefor 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 Borrower 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).
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Samples: Credit Agreement (Alaska Communications Systems Group Inc)
Right to Prepay. The Borrower shall have the right at 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Any such prepayment shall not effect any reduction in the amount of the Revolving Credit Commitments. Whenever the Borrower desires to prepay any part of the Loans, 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 Incremental Term Loans (if any) 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, the Incremental Term Loans (if any) and Swing Loans;
(iiic) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option applies; and;
(ivd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 50,000 for any Swing Loan or (ii) $1,000,000 100,000 for any Revolving Credit Loan or Incremental Term Loan (or any lesser amount if any); and
(e) the manner in which constitutes such prepayment shall be applied to the remaining amount of such Loan)Loans. All prepayment notices shall be irrevocable, ; provided that any notwithstanding the foregoing, during the term of this Agreement, up to three (3) prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice notices may be revoked by provided in all events the Borrower if shall make any payments required by Section 5.10 [Indemnity] in connection with such condition is not satisfiedrevocation. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amountamount 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. All prepayments on Incremental Term Loan prepayments Loans permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied ratably to the all remaining unpaid installments of principal of the Incremental Term Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basisLoans. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if If the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Revolving Credit Loans and then to Incremental Term LoansLoans (if any); and (ii) after giving effect to the allocations in clause (i) above in and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower Borrowers shall have the right at its 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires Borrowers desire to prepay any part of the Loans, it the Administrative Borrower 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 or no later than 1:00 p.m. Eastern 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 Revolving Credit Loans, 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 to which the LIBOR Rate Option Term SOFR applies; and
and (ivd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) (ii) $100,000 for any Swing Loan or (ii) $1,000,000 500,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount 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. 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].directed by the
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Right to Prepay. The Borrower shall have the right at its option from time to time to prepay the Loans Term Loan in whole or part without premium or penalty (except as provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8.1 [Increased Costs] and Section 5.10 [Indemnity])penalty. Whenever the Borrower desires to prepay any part of the LoansTerm Loan, 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 if the Term Loan is subject to the LIBOR Rate Option or (B) one (1) Business Day prior to the date of prepayment of if the Revolving Credit Loans or Term Loans or no later than 1:00 p.m. on Loan is subject to the date of prepayment of Swing LoansBase 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 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 to which the LIBOR Rate Option applies; and
(ivii) the total principal amount of such prepayment, which shall not be less than the lesser of the following: (iA) the then outstanding principal amount of the Term Loan, or (iiB) $100,000 for any Swing Loan or 10,000,000 (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes provided, that the remaining amount of such Loanany prepayment to which this Section 2.9(a)(iii)(B) applies shall be in integral multiples of $1,000,000). All Except as otherwise expressly provided herein with respect to refinancings, all prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower if such condition is not satisfied. The principal amount of the Loans for which a prepayment notice is givenTerm Loan to be prepaid, 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 prepayments of the Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] 2.9 shall be applied to the unpaid installments of principal of the Term Loans in the manner which Loan as the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option appliesmay direct. Any prepayment hereunder shall include all interest and fees due and payable with respect to the Term Loan and shall be subject to the Borrower’s Obligation to indemnify the Lenders under Sections 3.1, 3.5 and 11.3). Notwithstanding the foregoing, any prepayment notice delivered in connection with any proposed refinancing of all of the Term Loan Facility may be, if expressly so stated in the applicable prepayment notice, contingent upon the consummation of such refinancing, and (i) the repayment date therefor may be amended from time to time by notice from the Borrower to the Administrative Agent and/or (ii) such prepayment notice may be revoked by the Borrower 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 5.10 [Indemnity]3.5).
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Right to Prepay. The Borrower shall have the right at 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, 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 Initial Term A 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:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iia) a statement indicating the application of the prepayment between the Revolving Credit Loans, Initial Term Loans A Loans, and Swing Loans;
(iiib) with respect to any prepayment of any Loans subject to the Term SOFR Rate Option, a statement indicating the application of the prepayment between Loans to which the Base Term SOFR Rate Option applies and Loans to which the LIBOR Rate Option appliestranches; and
(ivc) the total principal amount of such prepayment, which shall not be less than the lesser of than: (i) $100,000 for any Swing Loan, or (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount 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. All Initial Term A Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] shall be applied to the unpaid installments of principal of the Initial Term A Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereofinverse order of scheduled maturities; provided that in the event such notice fails to specify the manner in which the respective prepayment of all Initial Term Loans A Loan prepayments and Incremental Term Loan prepayments under this Section 5.6.1 shall be applied payable ratably among the Lenders entitled to repayments thereofsuch payment in accordance with the amount of principal and interest, such prepayment of Term Loans shall be applied on a pro rata basisas set forth in this Agreement. Except as provided in Section 4.4.3 4.5.3 [Administrative Agent’s and LenderLxxxxx’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
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Right to Prepay. The Borrower shall have the right at 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Any such prepayment shall not effect any reduction in the amount of the Revolving Credit Commitments. Whenever the Borrower desires to prepay any part of the Loans, 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 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, 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 to which the LIBOR Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 50,000 for any Swing Loan or (ii) $1,000,000 100,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, ; provided that any notwithstanding the foregoing, during the term of this Agreement, up to three (3) prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice notices may be revoked by provided in all events the Borrower if shall make any payments required by Section 5.10 [Indemnity] in connection with such condition is not satisfiedrevocation. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amountamount 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. 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
Appears in 1 contract
Right to Prepay. The Borrower shall have the right at 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, 5.5.2 below or in Section 5.8.1 [Increased Costs] and 5.7):
5.5.1.1 at any time with respect to any Loan to which the Base Rate applies,
5.5.1.2 on the last day of the applicable Interest Period with respect to Loans to which a Euro-Rate applies,
5.5.1.3 on the date specified in a notice by any Bank pursuant to Section 5.10 [Indemnity])4.3 with respect to any Loan to which a Euro-Rate applies. Whenever the Borrower desires to prepay any part of the Loans, it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. 1: 00 p. m. at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or Term 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, Term Loans and Swing Term Loans;
(iii) a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option applies; and
(iviii) the total principal amount of such prepayment, which shall not be less than the lesser of (i) (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount except with respect to Loans to which the Base Rate 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. All Term Loan prepayments permitted pursuant to this Section 5.6.1 [Right to Prepay] 5.5.1 shall be applied to the unpaid installments of principal of the Term Loans in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment inverse order of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basisscheduled maturities. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]4.3.3, if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche Loan which the Borrower is prepaying, the prepayment shall be applied (i) first i)first to Revolving Credit Loans and then to Term Loans; and (ii) after ii)after giving effect to the allocations in clause (i) above i)above and in the preceding sentence, first to Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Euro-Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s 's Obligation to indemnify the Lenders Banks under Section 5.10 [Indemnity]5.7.2.
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Right to Prepay. The Borrower shall have the right at 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, 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 the Revolving Credit Loans, 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 LIBOR Euro Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 for any Swing Loan or (ii) $1,000,000 100,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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, 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 4.4.4 [Administrative Agent’s 's and Lender’s 's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 to which the Base Rate Option applies, then to Revolving Credit Loans which are not Optional Currency Loans to which the LIBOR Euro Rate Option applies, then to Optional Currency Loans, then to Swing Loans to which the Base Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s '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 or agreed to by the Required Lenders.
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Right to Prepay. The Borrower shall have the right at 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 5.8.1 [Increased Costs] 5.7 and Section 5.10 [Indemnity]5.9). Whenever the Borrower desires to prepay any part of the Loans, 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 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, 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 to which the LIBOR Rate Option applies; and
(ivd) the total principal amount of such prepayment, which shall not be less than the lesser of (i) the Revolving Facility Usage or (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, ; provided that any notice of prepayment notice in full of the Obligations (accompanied by a termination in full of the Revolving Credit Commitments) under this Section 5.6 may state that such notice is be conditioned solely upon the effectiveness of another credit facility or any other credit facilitiesfinancing, indentures or similar agreements sale or other transactionssimilar transaction. Subject to the proviso above, in which case such notice may be revoked by the Borrower 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, 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 manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basis. Except as provided in Section 4.4.3 [Administrative Agent’s and Lender’s Rights]4.4.3, if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity]5.9.
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Samples: Credit Agreement (3d Systems Corp)
Right to Prepay. The Borrower shall have the right at 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 5.8.1 5.8 [Increased Costs] and Section 5.10 [Indemnity]). Whenever the Borrower desires to prepay any part of the Loans, 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, Initial Term Loans or 2023 Term 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:
(i) the date, which shall be a Business Day, on which the proposed prepayment is to be made;
(iia) a statement indicating the application of the prepayment between the Revolving Credit Loans, Initial Term Loans, 2023 Term Loans and Swing Loans;
(iiib) with respect to any prepayment of any Loans subject to the LIBOR Rate Option or the Term SOFR Rate Option, a statement indicating the application of the prepayment between Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option appliestranches or the Term SOFR Rate Option tranches; and
(ivc) the total principal amount of such prepayment, which shall not be less than the lesser of than: (i) $100,000 for any Swing Loan, or (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any Revolving Credit Loan or Term Loan (or any lesser amount which constitutes the remaining amount of such Loan). All prepayment notices shall be irrevocable, provided that any prepayment notice may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the Borrower 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 amountamount 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. All Initial Term Loan and 2023 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 Initial Term Loans or 2023 Term Loans, respectively, in the manner which the Borrower elects to have such prepayment applied to the remaining repayments thereof; provided that in the event such notice fails to specify the manner in which the respective prepayment inverse order of Term Loans shall be applied to repayments thereof, such prepayment of Term Loans shall be applied on a pro rata basisscheduled maturities. Except as provided in Section 4.4.3 4.5.5 [Administrative Agent’s and LenderXxxxxx’s Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing Tranche which the 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 Loans to which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option or the Term SOFR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s Obligation to indemnify the Lenders under Section 5.10 [Indemnity].
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