Voluntary and Mandatory Prepayment Sample Clauses

Voluntary and Mandatory Prepayment. (a) Borrower shall have the right, at its option, upon ten Business Days’ prior written notice to Lender (which notice may be revocable at any time by Borrower, provided that Borrower shall reimburse Lender for all of its reasonable out-of-pocket costs and expenses incurred as a result of any such revocation), to prepay the Loan in whole or in part at any time, provided that if such prepayment is made prior to the Par Prepayment Date then Borrower shall pay to Lender simultaneously with such prepayment the applicable Prepayment Fee; provided, however, that no Prepayment Fee shall be payable with respect to (i) a prepayment of the Loan in connection with the release of one or more Value Add Pool Properties or the release of one or more of the Properties within the Xxxx Portfolio, except, in each case, to the extent that aggregate prepayments of the Loan shall exceed 30% of the Loan Amount, (ii) a prepayment of the Loan in connection with the sale of a Disposition Asset or (iii) any prepayment of the Loan pursuant to Section 5.16(d). Each such prepayment shall be accompanied by the amount of interest theretofore accrued but unpaid in respect of the principal amount so prepaid, plus the amount of interest that would have accrued on the principal amount so prepaid had it remained outstanding through the end of the Interest Accrual Period in which such prepayment is made and, if such prepayment is made during the last two Business Days in any Interest Accrual Period, the amount of additional interest that would have accrued on the principal amount so prepaid had it remained outstanding through the end of the following Interest Accrual Period. Following any such prepayment, Borrower may release or transfer, free and clear of the Lien of the Loan Documents, a portion of the notional amount of the Interest Rate Cap Agreement equal to the amount of such prepayment. Any partial prepayment shall be applied to the last payments of principal due under the Loan. (b) Borrower shall not be permitted to make a voluntary prepayment of the Principal Indebtedness (excluding any payment of any Affiliated Release Price, Unaffiliated Release Xxxxx, Xxxx Release Price or any application of Loss Proceeds) unless simultaneously therewith a prepayment of the Mortgage Loan and the Junior Mezzanine Loan shall also be made in the amount necessary so that the Principal Indebtedness, the Mortgage Loan Principal Indebtedness and the Junior Mezzanine Loan Principal Indebtedness immediately...

Voluntary and Mandatory Prepayment. (a) In addition to the prepayment rights set out in Section 3.11(c), the Company shall have the right at any time, on not less than 45 days' notice to the Bank, to prepay, on any Interest Payment Date, all or part of the principal amount of the Tranche 1 Loan then outstanding and all, but not part only, of the principal amount of the Tranche 2 Loan then outstanding; provided that: (1) all accrued interest and Increased Costs (if any) on the principal amount of the Loan to be prepaid and all other amounts due hereunder are paid at the same time; (2) in the case of partial prepayment of the Tranche 1 Loan, such prepayment shall be in an amount of not less than $1,000,000 and shall be applied to prepay the outstanding repayment installments of the Tranche I Loan in inverse order of maturity; (3) the Company shall not prepay the Tranche 2 Loan unless the Tranche 1 Loan has been repaid (or, as the case may be, prepaid) in full; (4) the Company shall simultaneously prepay a pro rata amount of the OPIC Tranche 1 Loan and the OPIC Tranche 2 Loan; and (5) in the case of prepayment of the Tranche 2 Loan, the Company shall pay the Bank, on the date of prepayment, a prepayment charge equal to the following percentage of the principal amount of the Tranche 2 Loan to be prepaid: Date of Prepayment Percentage On or prior to December 1997 44 June 1998 40 December 1998 35 June 1999 30 December 1999 25 June 2000 20 December 2000 13 June 2001 7 Upon delivery of such notice, the Company shall be obligated to effect prepayment in accordance with the terms thereof. (b) On each Repayment Date for the Tranche 1 Loan, the Company shall prepay the Tranche 1 Loan and the OPIC Tranche 1 Loan in an aggregate principal amount equal to: (1) 50 % of the Excess Cash Flow for the Interest Period preceding the Interest Period then ending, if, on the date 60 days prior to such Repayment Date, the Loan Life Debt Service Coverage Ratio is less than 2.0; or (2) 30 % of the Excess Cash Flow for the Interest Period preceding the Interest Period then ending, otherwise; or, if less, the aggregate principal amount of the Tranche 1 Loan and OPIC Tranche 1 Loan then outstanding, provided that: (A) the Company shall not be required to pre-pay the Tranche 1 Loan and the OPIC Tranche 1 Loan pursuant to this Section 3.07(i) in an aggregate amount exceeding $9,000,000 during any 12-month period; (B) such prepayment shall be applied to prepay the Tranche 1 Loan and the OPIC Tranche 1 Loan pro rata in accord...

Voluntary and Mandatory Prepayment. (a) In addition to the prepayment rights set out in Section 3.08(c), the Company shall have the right at any time, on not less than 45 days' notice to the Bank, to prepay, on any Interest Payment Date, all or part of the principal amount of the Loan then outstanding; provided that: (1) all accrued interest and Increased Costs (if any) on the principal amount of the Loan to be prepaid and all other amounts due hereunder are paid at the same time; and (2) the Company shall pay the Bank, on the date of prepayment, a prepayment charge equal to the following percentage of the principal amount of the Loan to be prepaid:

Voluntary and Mandatory Prepayment. The Borrower shall be entitled to prepay the outstanding principal amount of this Note in part or in full on any Business Day, upon not less than seven days prior written notice to the Bank, provided that each such prepayment shall be in the amount of $100,000 or any integral multiple thereof; except that prepayment of the entire outstanding principal amount of the Note need not be in the amount of $100,000 or any integral multiple thereof. The Borrower shall be required to prepay the outstanding principal of this Note in whole or in part as set forth in Section 2.3 of the Loan Agreement. Any such prepayment, whether voluntary or mandatory, shall be together with all interest due on the principal amount prepaid to the date of payment. Any prepayment shall be applied by the Bank in accordance with Section 2.3 of the Loan Agreement.

Voluntary and Mandatory Prepayment of Triple-A Loans. (a) The Borrower shall have the right ----------------- on any Business Day and from time to time to prepay any Triple-A Loans, in whole or in part, upon at least three Business Days' written notice to the Administrative Agent, which notice shall specify the proposed prepayment date and the amount of such prepayment, provided that (i) any partial -------- prepayment shall be equal to an integral multiple of $1,000,000; (ii) the Borrower shall, in connection with any such prepayment, indemnify Triple-A and hold Triple-A harmless from any funding loss pursuant to the terms of Section 2.08, and (iii) any such voluntary prepayment, to ------------ the extent made with funds on deposit in the Collection Account, shall be made subject to the provisions of Section ------- 7.06. If any such notice is given, the amount specified in ---- such notice shall be presumed correct absent manifest error and shall be due and payable on the date specified therein. Each notice of prepayment shall be irrevocable and binding on the Borrower.

Voluntary and Mandatory Prepayment. (a) The Borrower shall have the right at any time, on not less than 30 days' prior notice to the Bank, to prepay on any Interest Payment Date all or a part of the principal amount of the Loan then outstanding; provided that: (1) the Borrower furnishes the Bank with evidence satisfactory to the Bank that there will be sufficient funds in the Debt Service Account and the Russian Bank Accounts (other than the Russian Disbursement Accounts) to enable such prepayment to be made in accordance with Section 5.13(a); (2) the Borrower shall pay to the Bank at the same time all accrued interest and other amounts payable on the principal amount of the Loan to be prepaid and all other amounts due hereunder; and (3) in the case of partial prepayment, such prepayment shall be in an amount of not less than $1,000,000 and in integral multiples of $1,000,000. Any such notice of prepayment by the Borrower shall be irrevocable and binding on the Borrower and, upon delivery of such notice, the Borrower shall be obligated to prepay the Loan in accordance with the terms thereof. (b) In the event that, at any time, the outstanding principal amount of the Loan exceeds the Borrowing Base as calculated in accordance with the most recent banking case prepared pursuant to Section 8.05(c), the Borrower shall, on the next Interest Payment Date, prepay such amount of the Loan as is necessary to ensure that, after such prepayment, the outstanding principal amount of the Loan equals the Borrowing Base. (c) Amounts of the Loan prepaid by the Borrower under Section 3.08(a) or 3.08(b) may be reborrowed by the Borrower in accordance with the provisions of Section 3.02.

Related to Voluntary and Mandatory Prepayment

Voluntary and Mandatory Prepayments Scheduled installments of principal of the Series [ ] New Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Series [ ] New Term Loans in accordance with Sections 5.1 and 5.2 of the Credit Agreement respectively.
Optional and Mandatory Prepayments (a) Each Borrower may prepay the Loans made to it, in whole or in part, without premium or penalty, upon at least one Business Day’s notice to the Administrative Agent, specifying the date and amount of prepayment. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein. Partial prepayments shall be in an aggregate principal amount of at least $100,000. (b) If, at any time and from time to time, either (i) (x) for each Borrower other than Designated Borrowers, the Asset Coverage Ratio for such Borrower shall be less than 300%, or (y) for each Designated Borrower, the Asset Coverage Ratio shall be less than the Designated Borrower Asset Coverage Ratio Percentage for such Designated Borrower, or (ii) the aggregate amount of all borrowings of a Borrower (including without limitation the Loans made to a Borrower) then outstanding exceeds the borrowing limits provided in such Borrower’s Prospectus; then in each case within three Business Days thereafter such Borrower shall repay Loans made to such Borrower to the extent necessary to ensure that (x) the Asset Coverage Ratio of all borrowings of such Borrower after such payments is in compliance with applicable covenants concerning minimum Asset Coverage Ratios set forth in this Agreement and (y) the aggregate amount of all borrowings made to such Borrower then outstanding does not after such payments exceed such limits, as the case may be.
Mandatory Prepayment In the event the Total Outstandings ever exceed the Borrowing Base as determined by the Banks pursuant to Section 7 hereof (a "Borrowing Base Deficiency"), Borrower shall, within thirty (30) days after notification from Agent either (A) by instruments satisfactory in form and substance to Banks, provide the Banks with additional collateral with value and quality satisfactory to Banks in their sole discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess, or (C) prepay, without premium or penalty, the amount of such excess in five (5) equal monthly installments due and payable on the last Business Day of each of the next five (5) consecutive months, or (D) elect to convert the entire principal amount of the Notes to a term obligation with monthly installments of principal and interest due and payable on the last Business Day of each month from the date of such conversion to the Maturity Date, each such installment payment to be in the amount of accrued interest plus an amount of principal equal to the greater of (i) 1/36th of the outstanding balance on the date of conversion or (ii) an amount determined by dividing the principal amount outstanding on the date of the conversion by the estimated economic half-life of the Oil and Gas Properties expressed in terms of months, as determined by the Agent in its sole and absolute discretion reasonably exercised. Notwithstanding any of the foregoing, all unpaid principal and interest shall be due and payable on the Maturity Date. Provided, however, that in the event the Borrower elects option (C) above, the Borrowing Base Deficiency must be cured at the end of the installment period specified above or the entire outstanding principal balance due on the Notes shall immediately convert to a term loan payable in accordance with the payment provisions set forth in subsection (D) above. Provided, further, however, that during the five (5) month prepayment period specified in subsection (C) above, Borrower may elect at any time to convert to a term loan pursuant to subsection (D) above. The determination of whether Borrower has cured any such Borrowing Base Deficiency at the end of the installment period specified in (C) above, shall be made by the Banks in their sole and absolute discretion based upon an unscheduled Borrowing Base redetermination made pursuant to Section 7(b) of this Agreement.
Mandatory Prepayments (a) If at any time, the aggregate principal amount of any Borrower’s Revolving Credit Outstandings exceeds such Borrower’s Revolving Credit Sublimit at such time, such Borrower shall forthwith prepay first, the Swingline Loans and then the Revolving Loans made to such Borrower then outstanding in an aggregate amount equal to such excess. If any such excess remains after repayment in full of the aggregate outstanding Swingline Loans and Revolving Loans made to such Borrower, such Borrower shall provide cash collateral for its then outstanding Letter of Credit Obligations in the manner set forth in Section 8.2 (Actions in Respect of Letters of Credit) in an amount equal to 105% of such excess. (b) If at any time, the aggregate principal amount of Revolving Credit Outstandings exceeds the aggregate Revolving Credit Commitments at such time, each Borrower shall forthwith prepay first, the Swingline Loans and then the Revolving Loans made to such Borrower then outstanding in an aggregate amount equal to (i) the percentage obtained by dividing the aggregate outstanding principal balance of the Revolving Credit Outstandings owing by such Borrower by the aggregate outstanding principal balance of the Revolving Credit Outstandings owing by all Borrowers multiplied by (ii) the aggregate amount of such excess. If any such excess remains after repayment in full of the aggregate outstanding Swingline Loans and Revolving Loans, each Borrower shall provide cash collateral for its then outstanding Letter of Credit Obligations in the manner set forth in Section 8.2 (Actions in Respect of Letters of Credit) in an amount equal to 105% of (A) the percentage obtained by dividing the aggregate outstanding amount of the Letter of Credit Obligations owing by such Borrower by the aggregate outstanding amount of the Letter of Credit Obligations owing by all Borrowers multiplied by (B) the aggregate amount of such excess.
Optional and Mandatory Prepayments of Loans (a) The Borrower shall ------------------------------------------- have the right at any time and from time to time to prepay any Loan, in whole or in part, without premium or penalty (but in any event subject to Section 2.13), upon prior written, telecopy or telephonic notice to the Agent given no later than 2:00 p.m., Philadelphia time, one Business Day before any proposed prepayment. (b) If a certificate delivered pursuant to subsection 5.2(b) shows that during the period since the date of acquisition of all Acquired Eligible Portfolios which have been owned by the Borrower for at least six months and not transferred by the Borrower in connection with a Securitized Offering, the Net Proceeds received by the Borrower on account of the Receivables in all such Acquired Eligible Portfolios is less than seventy percent (70%) of the XXX Recovery Estimate for all such Acquired Eligible Portfolios for such period, then Borrower shall prepay to the Agent for the account of the Lenders, an amount equal to the product of (x) one percent (1%) times (y) the aggregate amount of the Loans made by the Lenders and applied toward the Portfolio Purchase Price of all such Acquired Eligible Portfolios, times (z) the difference (rounded to the nearest whole number) between (i) seventy and (ii) the percentage of Net Proceeds actually collected on all such Acquired Eligible Portfolios during such period. Such amount shall be applied as a prepayment of such Loans and shall be made ratably among the Lenders in accordance with their respective Commitment Percentages and shall be applied to installments due on such Loans in inverse order of maturity. (c) Upon the sale or transfer by the Borrower of all or any part of the Receivables in an Acquired Eligible Portfolio in connection with a Securitized Offering, whether pursuant to a Receivables Purchase Agreement or otherwise, the Borrower shall immediately repay to the Agent for the account of the Lenders the outstanding principal amount of, and accrued interest on, the Loan related to such Acquired Eligible Portfolio. (d) Each notice of prepayment shall specify the prepayment date and the principal amount of each Loan to be prepaid. All prepayments under this Section on other than Base Rate Borrowings shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment. (e) No payment on account of principal or interest shall be due in connection with, or as a condition to, the sale or transfer by Borrower in the ordinary course of its business of any Receivables which are not part of an Acquired Eligible Portfolio, or any other Collateral sold or disposed of by Borrower in the ordinary course of business for fair consideration in accordance with the provisions of the Loan Documents.
Other Mandatory Prepayments (a) If a Change of Control occurs that has not been consented to in writing by the Requisite Lenders (at their sole option) prior to the consummation thereof, on or prior to the first Business Day following the date of such Change of Control, Borrower shall prepay the Loan and all other Obligations in full in cash together with accrued interest thereon to the date of prepayment and all other amounts owing to Agent and Lenders under the Loan Documents. (b) In addition to the foregoing, during the Amortization Period, Borrower shall pay down the principal balance of the Loan on a monthly basis in equal installments during the relevant calendar quarter, whether via the remittance of proceeds pursuant to Section 2.5(a) or otherwise, so that the principal balance of the Loan will be reduced by an amount equal to or greater than (i) four percent (4%) of the Maximum Loan Amount for each of the first two (2) full calendar quarters following the termination of the Revolving Period, (ii) six percent (6%) of the Maximum Loan Amount for each of the succeeding two (2) full calendar quarters and (iii) seven and one-half percent (7.5%) of the Maximum Loan Amount for each of the succeeding two (2) full calendar quarters. (c) During the Amortization Period, if Borrower, in any transaction or series of related transactions, sells or issues any equity or debt securities, Equity Interests or other ownership interests other than in accordance with and pursuant to any employee stock option or similar plan, then Borrower shall apply 100% (or such lesser amount as is required to indefeasibly pay in cash in full the Obligations and all other amounts outstanding under the Loan Documents (other than indemnity obligations under the Loan Documents that are not then due and payable or for which any events or claims that would give rise thereto are not then pending)) of the cash proceeds thereof (net of reasonable, documented, out-of-pocket transaction costs and expenses and taxes) to the prepayment of the Obligations and other amounts outstanding under the Loan Documents.
Voluntary and Involuntary Prepayments (a) Any receipt by Xxxxxx of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Xxxxxx, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the unpaid principal balance of this Note constitutes a prepayment under this Note. (b) Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which is not a Business Day, then with respect to payments made under this Section 10 only, the term "Installment Due Date" shall mean the Business Day immediately preceding the scheduled Installment Due Date. (c) Notwithstanding subsection (b) above, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in subsection (b) and meets the other requirements set forth in this subsection. Borrower acknowledges that Xxxxxx has agreed that Borrower may prepay principal on a Business Day other than an Installment Due Date only because Lender shall deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and Borrower shall be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. (d) Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to voluntarily prepay all or any part of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the time of such prepayment, plus (iii) any prepayment premium calculated pursuant to Section 10(e). (e) Except as provided in Section 10(f), a prepayment premium shall be due and payable by Borrower in connection with any prepayment of principal under this Note during the Prepayment Premium Period. The prepayment premium shall be whichever is the greater of subsections (A) and (B) below:
Voluntary Prepayment Subject to the following conditions, the Borrower may prepay the whole or any part of the Loan on the last day of an Interest Period.
Voluntary Prepayments The Borrower may, upon delivery of a Notice of Loan Prepayment from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (A) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (C) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding). Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Aggregate Revolving Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.06. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.
Waivable Mandatory Prepayment Anything contained herein to the contrary notwithstanding, so long as any Tranche A Term Loans are outstanding, in the event Borrower is required to make any mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Tranche B Term Loans, not less than five Business Days prior to the date (the “Required Prepayment Date”) on which Borrower is required to make such Waivable Mandatory Prepayment, Borrower shall notify Administrative Agent of the amount of such prepayment, and Administrative Agent will promptly thereafter notify each Lender holding an outstanding Tranche B Term Loan of the amount of such Lender’s Pro Rata Share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving written notice to Borrower and Administrative Agent of its election to do so on or before the third Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify Borrower and Administrative Agent of its election to exercise such option on or before the third Business Day prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, Borrower shall pay to Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option, to prepay the Tranche B Term Loans of such Lenders (which prepayment shall be applied to the scheduled Installments of principal of the Tranche B Term Loans in accordance with Section 2.15(b)), and (ii) in an amount equal to that portion of the Waivable Mandatory Prepayment otherwise payable to those Lenders that have elected to exercise such option, to prepay the Tranche A Term Loans (which prepayment shall be further applied to the scheduled installments of principal of the Tranche A Term Loans in accordance with Section 2.15(b)), with any excess after such prepayment of the Tranche A Term Loans being further applied in accordance with clauses second through sixth of Section 2.15(b).

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