SIRO » Topics » 10.2 Repayment of Revolving Loans

This excerpt taken from the SIRO 10-Q filed May 10, 2007.

10.2                     Repayment of Revolving Loans

(a)                                      Each Borrower which has drawn a Revolving Loan shall repay that Loan on the last day of its Interest Period.

(b)                                     Where, on the same day on which a Borrower is due to repay a Revolving Loan, such Borrower has also requested a Rollover Loan be made to it, the amount to be so repaid and the amount to be so drawn down shall be netted off against each other so that the amount which that Borrower is actually required to repay or is entitled to receive (as the case may be) shall be the net amount after such netting off.

10.3                     Effect of Prepayment and Cancellation on Scheduled Repayments and Reductions

(a)                                      If the Company cancels the whole or any part of the Facility A1 Commitments or the Facility A2 Commitments in accordance with Clause 11.6 (Right of repayment and cancellation in relation to a single Lender or Issuing Bank) or if any of the Facility A1 Commitments or the Facility A2 Commitments of any Lender is reduced under Clause 11.1 (Illegality of a Lender) then the amount of the Facility A1 Repayment Instalment for each Facility A1 Repayment Date or Facility A2 Repayment Instalment for each Facility A2 Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled.

(b)                                     If the Company cancels the whole or any part of the Facility A1 Commitments or the Facility A2 Commitments in accordance with Clause 11.3 (Voluntary cancellation) or prepays any part of the Facility A1 Loan or Facility A2 Loan in accordance with Clause 11.4 (Voluntary prepayment of Term Loans) then the amount so cancelled or prepaid (as the case may be) shall be applied over the remaining Facility A1 Repayment Instalments or Facility A2 Repayment Instalments as the Company may select.

(c)                                      If any of the Facility A1 Loans or Facility A2 Loans are prepaid in accordance with Clause 11.6 (Right of repayment and cancellation in relation to a single Lender or Issuing Bank) or Clause 11.1 (Illegality of a Lender) then the amount of the Facility A1 Repayment Instalment or Facility A2 Repayment Instalment for each Facility A1 Repayment Date and each Facility A2 Repayment Date, respectively after that prepayment will reduce pro rata by the amount of the Facility A1 Loan or Facility A2 Loan prepaid.

11.                           PREPAYMENT AND CANCELLATION

This excerpt taken from the SIRO 10-K filed Dec 11, 2006.

10.2                  Repayment of Revolving Loans

(a)                                     Each Borrower which has drawn a Revolving Loan shall repay that Loan on the last day of its Interest Period.

(b)                                     Where, on the same day on which a Borrower is due to repay a Revolving Loan, such Borrower has also requested a Rollover Loan be made to it, the amount to be so repaid and the amount to be so drawn down shall be netted off against each other so that the amount which that Borrower is actually required to repay or is entitled to receive (as the case may be) shall be the net amount after such netting off.

EXCERPTS ON THIS PAGE:

10-Q
May 10, 2007
10-K
Dec 11, 2006
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