Mandatory and Optional Prepayments. 16 3.4. Application of Payments and Collections.........................17 3.5. All Loans to Constitute One Obligation..........................18 3.6. Loan Account....................................................18 3.7. Statements of Account...........................................18 3.8.
Mandatory and Optional Prepayments. 13.1 Within fifteen (15) days after any receipt by any Borrower of Net Cash Proceeds from Asset Dispositions (other than Extraordinary Receipts the disposition of which shall be governed by the terms of subsection 13.1(a) below) made by any Subsidiary of such Borrower, the applicable Borrower shall prepay the then outstanding Loans in an amount equal to one-hundred percent (100%) of such Net Cash Proceeds in excess of $500,000 (including in such computation of $500,000, all Net Cash Proceeds received by PolyVision and any one or more of its Subsidiaries) in any Fiscal Year, PROVIDED that no such prepayment need be made (A) unless the Net Cash Proceeds from any single Asset Disposition or series of related Asset Dispositions (in either case, by PolyVision and all of its Subsidiaries) exceed $500,000 (in which case a prepayment shall be made in the amount of the entire Asset Disposition) or until the cumulative Net Cash Proceeds from all Asset Dispositions by PolyVision and any one or more of its Subsidiaries in any particular fiscal year exceed $500,000 (in which case a prepayment shall be made in the amount of the Net Cash Proceeds from the specific Asset Disposition (or portion thereof) causing the limit to be exceeded), except that the terms of this subsection (A) shall not be applicable in respect of Net Cash Proceeds reinvested in accordance with the terms of the following subsection (B); and (B) with respect to Asset Dispositions by a Subsidiary of any Borrower, if the Net Cash Proceeds therefrom are used to reinvest in fixed assets (for use in its business or the business of the Subsidiaries) within 180 days (or 360 days with respect to real estate and improvements on real estate) of such Asset Disposition, PROVIDED that any such Net Cash Proceeds not so reinvested shall be used to prepay the Loans on the 181st day (or 361st day with respect to real estate and improvements on real estate).
Mandatory and Optional Prepayments. 30 3.4 Application of Payments and Collections..........................................33 3.5 All Loans to Constitute One Obligation...........................................34 3.6
Mandatory and Optional Prepayments. 3.3.1 Proceeds of Sale, Loss, Destruction or Condemnation of Collateral. Except as provided in subsections 6.4.2 and 8.2.9, if any Borrower or any of its Subsidiaries sells any of the Collateral or if any of the Collateral is lost or destroyed or taken by condemnation, Borrowers shall, unless otherwise agreed by Majority Lenders, pay to Agent for the ratable benefit of Lenders as and when received by such Borrower or such Subsidiary and as a mandatory prepayment of the Loans, as herein provided, a sum equal to the proceeds (including insurance payments but net of costs and taxes incurred in connection with such sale or event) received by such Borrower or such Subsidiary from such sale, loss, destruction or condemnation. To the extent that the Collateral sold, lost, destroyed or condemned consists of Equipment (other than Equipment that was financed with the proceeds of Equipment Loans), real Property, or other Property other than Accounts or Inventory, the applicable prepayment shall be applied first to the installments of principal due under the Term Notes ratably, to be applied to future installment payments in inverse order of maturity until paid in full, second to the installments of principal due under the Equipment Loan Notes ratably, to be applied to future installment payments in inverse order of maturity until paid in full, and third to repay outstanding principal of Revolving Credit Loans, on a pro rata basis. To the extent that Collateral sold, lost, destroyed or condemned consists of Equipment that was financed with the proceeds of Equipment Loans, the applicable prepayment shall be applied first to the installments of principal due under the applicable Equipment Loan Notes, ratably, to be applied to future installment payments in inverse order of maturity until paid in full, second to installments of principal due under the other Equipment Loan Notes, ratably, to be applied to future installment payments in inverse order of maturity, third to installments of principal due under the Term Notes, ratably, to be applied to future installment payments in inverse order of maturity, and fourth to repay outstanding principal of Revolving Credit Loans, on a pro rata basis. To the extent that the Collateral sold, lost, destroyed or condemned consists of Accounts or Inventory, the applicable prepayment shall be applied to reduce the outstanding principal balance of the Revolving Credit Loans, but shall not permanently reduce the Revolving Loan Commitment...
Mandatory and Optional Prepayments. (a) On each Remittance Date following the Facility Termination Date, Available Collections shall be applied to reduce the Net Investment in accordance with Section 4.1(d)(vii) of the CCA Agreement.
Mandatory and Optional Prepayments. 3.3.1 Proceeds of Sale, Loss, Destruction or Condemnation of Collateral. Except as provided in subsections 6.4.2 and 8.2.9, if, at any time a Dominion Event has occurred and is continuing, any Borrower or any of its Restricted Subsidiaries sells any of the Collateral or if any of the Collateral is lost or destroyed or taken by condemnation, Borrowers shall, unless otherwise agreed by Majority Lenders, pay to Agent for the ratable benefit of Lenders as and when received by any Borrower or such Restricted Subsidiary and as a mandatory prepayment of the Loans, as herein provided, a sum equal to the proceeds (including insurance payments but net of costs and taxes incurred in connection with such sale or event) received by Borrowers or such Subsidiary from such sale, loss, destruction or condemnation. The applicable prepayment shall be applied to reduce the outstanding principal balance of the Revolving Credit Loans, but shall not permanently reduce the Revolving Loan Commitments. In the event that (x) the aggregate amount of Net Appraised Fair Market Value, with respect to real Property included in the calculation of the Borrowing Base, and Net Appraised Orderly Liquidation Value, with respect to the Equipment included in the calculation of the Borrowing Base, of all such real Property included in the calculation of the Borrowing Base and Equipment included in the calculation of the Borrowing Base so sold, lost, destroyed or condemned within any fiscal year of Borrowers (net of replacement Equipment) exceeds $1,500,000 or (y) the aggregate of the proceeds received by any Borrower in connection with any such sale, loss, destruction or condemnation within any fiscal year of Borrowers (net of replacement Equipment) exceeds $1,500,000, the Net Appraised Orderly Liquidation Value of Borrowers' Equipment or the Net Appraised Fair Market Value of Borrowers' real Property, as applicable, shall be reduced by the Net Appraised Orderly Liquidation Value of Borrowers' Equipment or the Net Appraised Fair Market Value of Borrowers' real Property so sold, lost, destroyed or condemned in excess of such amount.
Mandatory and Optional Prepayments. (a) Prior to the Commitment Termination Date, Xxxxx shall, on each Business Day (each a "Triple-A One Payment Date") on which the Program Manager notifies Xxxxx that amounts are owing hereunder, repay the principal of the Triple-A One Loans in the amount stated by the Program Manager to be due and payable on such Triple-A One Payment Date. The Program Manager shall give Xxxxx notice of the amount payable by 10:00 A.M. (New York City time) on the Business Day immediately preceding each Triple-A One Payment Date. Xxxxx shall make the payment required by such notice by 10:00 A.M. (New York City time) on the applicable Triple-A One Payment Date by depositing such amount in the Collection Account in immediately available funds. The amount payable by Xxxxx as determined by the Program Manager shall be an amount equal to the sum of (i) the Principal Portion of the Transaction Commercial Paper maturing on the applicable Triple-A One Payment Date that will not be funded from the net proceeds of either the sale of Commercial Paper on such date or a borrowing under the Liquidity Agreement (assuming that such proceeds are allocated to the Principal Portion of the Commercial Paper before the interest relating to such Commercial Paper), (ii) the principal amount due and payable on such date under the Liquidity Agreement and not funded from the net proceeds from the sale of Commercial Paper on such date or a borrowing under the Liquidity Agreement, and (iii) the amount necessary to cure any Borrowing Base Deficiency existing on such date or that would exist at the close of business on such date (after giving effect to the amount of any payment made on such day in respect of subclauses (i) or (ii) of this subsection 2.4(a)). On and after the Commitment Termination Date, principal on the Triple-A One Loans shall be paid as provided in the Triple-A One Security Agreement.
Mandatory and Optional Prepayments. The Borrower may, at any time, prepay all or any part of the Advances without premium or penalty. If at any time the aggregate unpaid principal amount of the Advances exceeds the Commitment, the Borrower shall immediately prepay Advances in an amount sufficient to reduce such aggregate unpaid principal amount to an amount that is not greater than the Commitment. Such payment shall be applied by the Lender to repayment of Advances in such order as the Lender in its sole discretion shall select. Upon such prepayment by the Borrower, the Lender shall advise the Borrower of, and the Borrower shall immediately pay to the Lender, the amount of accrued and unpaid interest at the interest rate set forth herein on the amount of such prepayment of each Advance to the date of such prepayment.
Mandatory and Optional Prepayments. The Borrower shall prepay the Revolving Loan if and to the extent that the outstanding principal amount of the Revolving Loan shall from time to time exceed the limits therefor. In addition, the Revolving Loan may be prepaid at any time at the option of the Borrower without premium or penalty. All prepayments required or permitted hereunder shall be applied first to prepayment of accrued and unpaid interest on the Revolving Loan and then to the prepayment of the outstanding principal of the Revolving Loan in the inverse order of maturity thereof.
Mandatory and Optional Prepayments. If at any time the aggregate unpaid principal balance of all Advances under the New Line exceeds $6,000,000, the Borrower shall immediately prepay such portion of the principal amount outstanding in an amount sufficient to reduce the aggregate unpaid principal balance to an amount which is not greater than $6,000,000. Subject to Section 2.
