Common use of Mandatory Payment Clause in Contracts

Mandatory Payment. If the Revolving Credit Exposure at any time exceeds the Total Revolving Commitment Amount, Borrower shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Revolving Loans sufficient to bring the aggregate outstanding principal amount of all Revolving Loans and the aggregate undrawn face amount of all issued and outstanding Letters of Credit within the Revolving Credit Commitments of the Banks. Any prepayment of a LIBOR Loan pursuant to this Section 2.7 shall be accompanied by any amount required to be paid pursuant to Sections 3.4 and 3.8 hereof.

Appears in 2 contracts

Sources: Credit Agreement (Davey Tree Expert Co), Credit Agreement (Davey Tree Expert Co)

Mandatory Payment. If the Revolving Credit Exposure at any time exceeds the Total Revolving Commitment Amount, Borrower shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Revolving Loans sufficient to bring the aggregate outstanding principal amount of all Revolving Loans and the aggregate undrawn face amount of all issued and outstanding Letters of Credit within the Revolving Credit Commitments of the Banks. Any prepayment of a LIBOR Loan pursuant to this Section 2.7 shall be accompanied by any amount required subject to be paid pursuant to Sections 3.4 and 3.8 the prepayment fees set forth in Section 2.4 hereof.

Appears in 2 contracts

Sources: Credit Agreement (Davey Tree Expert Co), Credit Agreement (Davey Tree Expert Co)

Mandatory Payment. If the Revolving Credit Exposure at any time exceeds the Total Revolving Commitment Amount, Borrower shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Revolving Loans sufficient to bring the aggregate outstanding principal amount of all Revolving Loans and the aggregate undrawn face amount of all issued and outstanding Letters of Credit within the Revolving Credit Commitments of the Banks. Any prepayment of a LIBOR Term SOFR Loan pursuant to this Section 2.7 2.8 shall be accompanied by any amount required to be paid pursuant to Sections 3.4 and 3.8 hereof.

Appears in 1 contract

Sources: Credit Agreement (Davey Tree Expert Co)

Mandatory Payment. If the Revolving Credit Exposure at any time exceeds the Total Revolving Commitment Amount, Borrower shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Revolving Loans sufficient to bring the aggregate outstanding principal amount of all Revolving Loans and the aggregate undrawn face amount of all issued and outstanding Letters of Credit within the Revolving Credit Commitments of the Banks. Any prepayment of a LIBOR LIBORTerm SOFR Loan pursuant to this Section 2.7 shall be accompanied by any amount required to be paid pursuant to Sections 3.4 and 3.8 hereof.. SECTION

Appears in 1 contract

Sources: Credit Agreement (Davey Tree Expert Co)