Voluntary Prepayment of Notes Clause Samples
The Voluntary Prepayment of Notes clause allows the borrower to pay off all or part of the outstanding notes before their scheduled maturity date, at their own discretion. Typically, this clause outlines any conditions or procedures for making such prepayments, such as providing advance notice to the noteholders or paying any applicable fees or premiums. Its core function is to give the borrower flexibility in managing debt, potentially reducing interest costs or adjusting financial obligations as circumstances change.
Voluntary Prepayment of Notes. The Issuer may, from time to time, and upon at least five (5) Business Days' prior written irrevocable notice to the Agent and each Noteholder, make an optional prepayment of principal of the Notes, in whole or in part; provided, however, that (i) any partial prepayment of principal shall be in a minimum amount of Two Hundred Fifty Thousand Dollars ($250,000) and (ii) the Issuer may not utilize any funds on deposit in the Restricted Cash Account for such purposes. The Issuer shall promptly confirm any telephonic notice of prepayment in writing. Any optional Prepayment of principal made by the Issuer pursuant to this Section 203(b) shall also include (i) accrued interest to the date of the prepayment on the principal balance being prepaid and (ii) if such prepayment is being made on a day other than a Payment Date, any Breakage Costs; provided, however, that no Prepayment Fee shall be required in connection with any prepayment required pursuant to the terms of this Loan Agreement in accordance with Section 2.03(c) or (d).
Voluntary Prepayment of Notes. The Borrower may, from time to time, and upon at least five (5) Business Days’ prior written irrevocable notice to the Agent and each Lender, make an optional prepayment of principal of the Notes, in whole or in part; provided, however, that (i) any partial prepayment of principal shall be in a minimum amount of Two Hundred Fifty Thousand Dollars ($250,000), (ii) the Borrower may not utilize any funds on deposit in either the Trust Account (except to the extent that such funds are otherwise distributable to the Borrower in accordance with the provisions of Section 302) or the Restricted Cash Account for such purposes and (iii) no voluntary prepayment of principal shall be made in respect of the Class B Notes unless the then Principal Balance of all Class A Notes then Outstanding is equal to zero (0). The Borrower shall promptly confirm any telephonic notice of prepayment in writing. Any optional prepayment of principal made by the Borrower pursuant to this Section 203(b) shall also include (i) accrued interest to the date of the prepayment on the principal balance being prepaid, (ii) any termination, notional reduction, breakage and other fees and costs assessed by any Eligible Interest Rate Hedge Provider and (iii) if such prepayment is being made on a day other than a Payment Date, any Breakage Costs.
Voluntary Prepayment of Notes. The Loans may be voluntarily prepaid in whole or in part at any time, without premium or penalty (except for any fixed rate Equipment Loans which may be subject to a prepayment premium). The Company, on behalf of the Borrowers, may designate the Note or Notes to which a payment is to be applied and the Bank will apply such payment to the Note or Notes so designated. In case of prepayment of less than all of the outstanding principal amount of the Notes, the prepayment will be applied first to accrued, but unpaid interest on the Note designated for prepayment by the Company, and then to the principal amounts due on that Note, and if the principal prepayments are to be made on the 1995 Mortgage Note, the 1993 Mortgage Note or on any Equipment Loan, then to installment payments of principal in the inverse order of maturity.
Voluntary Prepayment of Notes. The Issuer may make a voluntary prepayment of any Notes in accordance with Section 702(b) hereof.
Voluntary Prepayment of Notes. The Issuer may, from time to time, and upon at least five (5) Business Days’ prior written irrevocable notice to the Agent and each Noteholder, make an optional prepayment of principal of the Notes, in whole or in part; provided, however, that any partial prepayment of principal shall be in a minimum amount of Two Hundred Fifty Thousand Dollars ($250,000). The Issuer shall promptly confirm any telephonic notice of prepayment in writing. Any optional prepayment of principal made by the Issuer pursuant to this Section 203(b) shall also include (i) accrued interest to the date of the prepayment on the principal balance being prepaid and (ii) if such prepayment is being made on a day other than a Payment Date, any Breakage Costs; provided, however, that no prepayment fee shall be required in connection with any prepayment required pursuant to the terms of this Loan Agreement in accordance with Section 2.03(c) or (d).
Voluntary Prepayment of Notes. The Issuer may, from time to time, and upon at least five (5) Business Days' prior written irrevocable notice to the Agent and each Noteholder, make an optional prepayment of principal of the Notes, in whole or in part; provided, however, that any partial prepayment of principal shall be in a minimum amount of Two Hundred Fifty Thousand Dollars ($250,000). The Issuer shall promptly confirm any telephonic notice of prepayment in writing. Any optional Prepayment of principal made by the Issuer pursuant to this Section 203(b) shall also include (i) accrued interest to the date of the prepayment on the principal balance being prepaid, (ii) unless otherwise waived by the Noteholders, an additional amount equal to one percent (1%) of the principal balance being prepaid (the "Prepayment Fee") and (iii) if such prepayment is being made on a day other than a Payment Date, any Breakage Costs; provided, however, that no Prepayment Fee shall be required in connection with any prepayment required pursuant to the terms of this Loan Agreement in accordance with Section 2.03(c) or (d).