Right to Require Prepayment Clause Samples
The Right to Require Prepayment clause gives a lender or creditor the authority to demand that a borrower repay all or part of a loan before the originally scheduled due date. In practice, this clause may be triggered by specific events such as a borrower's default, a change in ownership, or a breach of contract terms, allowing the lender to accelerate the repayment schedule. Its core function is to protect the lender by providing a mechanism to recover funds promptly if the borrower's financial situation changes or if contractual obligations are not met, thereby mitigating the lender's risk.
Right to Require Prepayment. If the Corporation fails, and such failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by Holder, for any reason (other than because such issuance would exceed Holder's Reserved Amount, for which failure Holder shall have the remedies set forth in Article V) to issue shares of Common Stock within ten (10) business days after the expiration of the Delivery Period with respect to any conversion of this Debenture, then Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.C) to the Corporation, to have all or any portion of Holder's outstanding Debentures prepaid by the Corporation for cash at the Default Amount. If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.
Right to Require Prepayment. The Borrower shall notify the Administrative Agent of the occurrence of a Change in Control not later than one Business Day after the occurrence thereof, and the Administrative Agent shall within three Business Days thereafter notify the Lenders thereof. At any time prior to the 60th day following delivery of the notice by the Administrative Agent pursuant to the preceding sentence, each Lender shall have the right, upon not less than five Business Days’ prior notice to the Administrative Agent and the Borrower, to require the Borrower to prepay in full, and not in part, the outstanding principal amount of such Lender’s Loans at a purchase price equal to, within one year of the Closing Date, 101%, or thereafter, 100%, of the principal amount thereof, together with accrued and unpaid interest on the principal amount thereof to but excluding the date of payment, and all other amounts then due to such Lender or outstanding with respect to the Loans of such Lender under the Loan Documents.
Right to Require Prepayment. The Borrower shall notify the Administrative Agent of the occurrence of a Change in Control within one Business Day thereof, and the Administrative Agent shall promptly thereafter notify the Lenders thereof. At anytime prior to the 60- day following delivery of the notice by the Administrative Agent pursuant to the preceding sentence, each Lender shall have the right, upon not less than five Business Days’ prior notice to the Administrative Agent and the Borrower, to require the Borrower to prepay in full, and not in part, the outstanding principal amount of such Lender’s Loans at a purchase price equal to 101% of the principal amount thereof, together with accrued and unpaid interest on the principal amount thereof to but excluding the date of payment, and all other amounts then due to such Lender or outstanding with respect to the Loans of such Lender (including amounts payable under Section 2.16) under the Loan Documents.
Right to Require Prepayment. If the Corporation fails, and such failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by the Holder, for any reason to issue shares of Common Stock within 10 business days after the expiration of the Delivery Period with respect to any conversion of the Debentures, then the Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VII.C) to the Corporation, to have all or any portion of such Holder's outstanding Debentures prepaid by the Corporation for cash, at the Default Amount (as defined in Article VII.B). If the Corporation fails to pay such Default Amount within five business days after its receipt of a Default Notice, then such Holder shall be entitled to the remedies provided in Article VII.C.