PREPAYMENT AND CANCELLATION definition
PREPAYMENT AND CANCELLATION. The Borrower may permanently prepay the Facility in whole or in part, subject to the following: * All prepayments, during the Term Phase, will be made in inverse order of maturity; * Availments by way of commodity swaps (financial or physical), forward rate agreements and forward exchange contracts may be prepaid only at maturity except where the Borrower agrees to pay CIBC's breaking costs due to early redemption of offsetting positions or otherwise, including all costs associated with reversing positions, provided such early redemption is possible; and * the Borrower may at any time, upon giving CIBC two Banking Days prior notice, cancel any unused part of the Facility and any cancelled portion will not be reinstated. RATES AND STAMPING FEES: REVOLVING PHASE * CIBC Prime Rate in effect from time to time plus 1/2 of 1% per annum with interest payable monthly in arrears.
PREPAYMENT AND CANCELLATION. The Borrower may permanently prepay the Facility in ------------- whole or in part, subject to the following: * All prepayments, during the Term Phase, will be made in inverse order of maturity; * Availments by way of commodity swaps (financial or physical), forward rate agreements and forward exchange contracts may be prepaid only at maturity except where the Borrower agrees to pay CIBC's breaking costs due to early redemption of offsetting positions or otherwise, including all costs associated with reversing positions, provided such early redemption is possible; and * the Borrower may at any time, upon giving CIBC two Banking Days prior notice, cancel any unused part of the Facility and any cancelled portion will not be reinstated. RATES AND STAMPING FEES: Revolving Phase * CIBC Prime Rate in effect from time to time plus 3/4 of 1% per annum with interest payable monthly in arrears. Term Phase * CIBC Prime Rate in effect from time to time plus 1 3/4% per annum with interest payable monthly in arrears. STANDBY FEE: During the Revolving Phase, a Standby Fee of 1/4 of ------------ 1% per annum calculated on the undrawn portion of the available and unused Production Loan is payable monthly in arrears. RENEWAL FEE: $5,000 is payable upon the Borrower's acceptance of ------------ the terms and conditions hereof.
Examples of PREPAYMENT AND CANCELLATION in a sentence
Optional Currencies 26 SECTION 4 REDUCTION, REPAYMENT, PREPAYMENT AND CANCELLATION 7.
Utilisation 62 SECTION 4 64 REPAYMENT, PREPAYMENT AND CANCELLATION 64 6.
ANY TERMINATION OF THE COMMITMENTS SHALL BE ACCOMPANIED BY PREPAYMENT IN FULL OF THE LOANS, TOGETHER WITH ACCRUED INTEREST THEREON TO THE DATE OF SUCH PREPAYMENT, AND CANCELLATION OF ALL LETTERS OF CREDIT.