Prepaid Loan definition
Examples of Prepaid Loan in a sentence
The Servicer shall have the right, but not the obligation, to purchase, or substitute for, any Prepaid Loan, Charged-Off Loan, Delinquent Loan or a Loan that has a material covenant default, subject to the limitations set forth in this Section 2.07.
At the same time as (i) any Loan in the Asset Pool expires by its terms and all amounts in respect thereof have been paid by the related Obligor and deposited in the Collection Account or (ii) any Loan becomes a Prepaid Loan and all amounts in respect thereof have been paid by the related Obligor and deposited in the Collection Account, the Deal Agent as agent for the Purchasers will, to the extent requested by the Servicer, release its interest in such Loan and Loan Documents.
Upon satisfaction of such conditions, the Trustee shall add to the List of Loans such Loan to be substituted and delete from the List of Loans the Prepaid Loan.
The “Prepayment Fee” shall mean (a) if the Prepayment occurs during the first (1st) Loan Year, an amount equal to one percent (1%) of the Prepaid Loan Amount, and (b) if the Prepayment occurs during the second (2nd) Loan Year, an amount equal to one-half of one percent (0.50%) of the Prepaid Loan Amount.
The Borrower may prepay one or more Loans on any single Business Day; provided that the aggregate Prepaid Loan Amount at Maturity of Loans being repaid on any single Business Day is not less than $25,000,000 or increments of $1,000,000 in excess thereof.
Upon the prepayment of any Specified Prepaid Loan in accordance with the terms of this Section 2.01(b), the Tranche B Delayed Draw Term Loan Commitment of each Lender shall automatically and without further action be replenished in the amount of such Lender’s Applicable Percentage of such Specified Prepaid Loan.
The Servicer may not voluntarily permit an Asset to become a Prepaid Loan, unless such prepayment will not result in the Collection Account receiving an amount (the "Prepayment Amount") less than the sum of (a) the Outstanding Loan Balance on the date of such payment, (b) any outstanding Servicer Advances thereon and (c) any accrued and unpaid interest.
With respect to each Loan being prepaid, notice of prepayment must be received by the Lender not later than 10:00 a.m. on the third Business Day preceding the date of the prepayment and shall specify the date of the prepayment, the Tranche of such Loan and the Prepaid Loan Amount at Maturity of such Loan.
Borrower agrees to pay Lender a per annum fee in advance equal to five percent (5%) of the amount of the then aggregate Deferred Charges on each Prepaid Loan (each, a “Deferral Fee”).
The Servicer shall have the right, but not the obligation, to purchase, or substitute for, any Prepaid Loan, Charged—Off Loan, Delinquent Loan, a Loan that has a material covenant default or a Loan which has become subject to a Material Modification of the type specified in clause (v) of the definition thereof, subject to the limitations set forth in this Section 2.07.