Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower. (ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof. (iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 3 contracts
Sources: Loan Agreement (Retail Value Inc.), Loan Agreement (Retail Value Inc.), Loan Agreement (DDR Corp)
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution of Net Proceeds relating Except as described in Section 2.3.1(b) below and subject to an Individual Continental PropertyArticle VIII, and Mezzanine Borrower shall repay the Mezzanine Note, in full, together with the Prepayment Fee (if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with Section 4(b) and Section 4(d) (if applicable) of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay Mezzanine Note upon the Debt in an amount equal to occurrence of any of the aggregate of following events:
(Ai) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, if all or any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess portion of the Mortgage Mandatory Prepayment Amount shall be applied Borrower’s interest in the Property is Transferred except in a manner that does not violate the Loan Agreement (Mortgage) or as follows: (I) first, otherwise agreed to the by Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.;
(ii) On each date on which Lender actually receives if all or any portion of the Mezzanine Borrower’s direct or indirect interest in Mortgage Borrower is Transferred except in a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and manner that does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available violate this Agreement or is otherwise agreed to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at by Mezzanine Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.;
(iii) if a Transfer or series of Transfers of any direct or indirect ownership interests in the Mezzanine Borrower or any other SPE Entity shall make occur which either individually or in the REMIC Payment as and to aggregate with all such Transfers violates the extent required hereunder. No Prepayment Premium or penalty requirements of Article VIII; or
(including, without limitation, any Default Prepayment Premiumiv) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for if either the Loan (Mortgage or First Mezzanine Loan) is repaid in an interest bearingfull or refinanced.
(b) If there shall occur a casualty or Taking in respect of the Property and as a result thereof either the Loan (Mortgage) or any Senior Mezzanine Loan is prepaid in whole or in part, Eligible Account at an Eligible Institutionthen, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event there shall be excess proceeds or awards available following the application of Default then exists, paid the proceeds or awards to Borrower and (II) reconstruct or repair the Property or to the extent no Event payment of Default then existsall or any portion of the Loan (Mortgage) and such Senior Mezzanine Loan pursuant to the terms of the Loan Documents (Mortgage) and Senior Mezzanine Loan Documents (“Excess Proceeds”), but Mezzanine Borrower shall repay the Mezzanine Note, or a Trigger Period then existsportion thereof, in the amount of such available Excess Proceeds (excluding payment of any Prepayment Fee) in accordance with Section 4(b) of the Mezzanine Note. All Excess Proceeds shall be deposited directly into the Cash Management Mezzanine Account.
Appears in 2 contracts
Sources: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)
Mandatory Prepayment. remarketing of Ship
7.7.1 During the Remarketing Period:
(i) On each date on which Lender actually receives a distribution following exercise by the Charterer of Net Proceeds relating the R▇▇▇▇ Rejection Termination Right, the Borrower shall apply the Additional Equity Debt Service Provision from time to an Individual Continental Propertytime to meet its payment obligations under this Agreement and under the Swap Contracts; or
(ii) following the exercise by the Charterer of the No-fault Termination Right, the Borrower shall apply the Debt Service Reserve from time to time to meet its payment obligations under this Agreement and if Lender is not required to and does under the Swap Contracts; and
(b) the Borrower shall not make such Net Proceeds any payments, prepayments or repayments in respect of a Shareholder Loan, but interest on a Shareholder Loan may be capitalised.
7.7.2 If a Replacement Charter is entered into during the Remarketing Period:
(a) the Lenders shall continue to make the Loans then outstanding available to the Borrower (subject to any amendment of the Finance Documents which may have been a condition to the Lenders’ approval of the Replacement Charter);
(b) in the case of the No-Fault Termination Remarketing Period, the Debt Service Reserve shall be adjusted to reflect the reduced debt service requirement resulting from the prepayment pursuant to Clause 7.6.2; and
(c) the Lenders will consider in good faith (taking into account the terms and nature of the Replacement Charter) any request by the Borrower for Restoration additional finance for the Ship (without incurring an obligation to pay any fees for the arrangement of such finance) in an amount of up to the aggregate of the amounts prepaid under Clause 7.6.2 or for disbursement as Rent Loss Proceeds Clause 7.6.3 (as applicable).
7.7.3 If a Replacement Charter has not been entered into by the end of the Remarketing Period, the Borrower shall prepay the Loans in each case, in accordance with full.
7.7.4 If any part of the applicable terms and conditions hereof, Additional Equity Debt Service Provision is not utilised by the Borrower shallpursuant to Clause 7.7.1 (a)(i), at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess end of the Mortgage Mandatory Prepayment Amount R▇▇▇▇ Rejection Remarketing Period in circumstances where no Replacement Charter has been entered into, such amount shall be applied in pro tanto satisfaction of the Borrower’s obligation under Clause 7.7.3.
7.7.5 If any part of the Additional Equity Debt Service Provision is not utilised by the Borrower pursuant to Clause 7.7.1 (a)(i), at the end of the R▇▇▇▇ Rejection Remarketing Period in circumstances where a Replacement Charter has been entered into, such amount (or part thereof) as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), opinion of the Lenders (acting reasonably) is necessary to reduce the Loans to ensure debt service by the charter hire payable under the Replacement Charter shall be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account prepayment of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with Loans pro rata against the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofoutstanding repayment instalments.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 2 contracts
Sources: Facility Agreement (Hoegh LNG Partners LP), Facility Agreement (Hoegh LNG Partners LP)
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.11 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Such prepayments shall be applied to either the Revolving Credit Facility or the Term Loan Facility as directed by the Borrower; provided, however, that if Borrower fails to give such direction, such prepayments shall first be applied to the Revolving Credit Facility, and then to the Term Loan Facility if such prepayment amounts are needed for the Borrower to remain in compliance with this Agreement. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds cash “boot” associated therewith shall be applied to prepayment of the Loans or such lesser amount of such cash “boot” as shall be required for the Borrower to remain in compliance with this Agreement. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(b) In the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Administrative Agent, for the account of the Prior Hurricane Damage)applicable Banks, together with an amount necessary to cause the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio to be in compliance within ninety (90) days of the actual reasonable costs of Lender in connection with such prepayment date on which the Unsecured Debt Ratio failed to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderbe maintained. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and Such prepayments shall be applied to either the Revolving Credit Facility or the Term Loan Facility as directed by Lender on the next Monthly Payment DateBorrower; provided, with any interest on however, that if Borrower fails to give such funds (I) direction, such prepayments shall first be applied to the extent that no Trigger Period Revolving Credit Facility, and no then to the Term Loan Facility if such prepayment amounts are needed for the Borrower to remain in compliance with this Agreement. Failure by the Borrower to comply with the Unsecured Debt Ratio within ninety (90) days of the date of such non-compliance shall be an Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 2 contracts
Sources: Credit Agreement (Kilroy Realty, L.P.), Credit Agreement (Kilroy Realty, L.P.)
Mandatory Prepayment. (ia) On each Except as otherwise provided in Section 2.12(a), the Lessor Notes shall be prepaid by the Owner Trust in whole, together with accrued interest thereon to the date on which Lender actually receives a distribution of Net Proceeds relating prepayment, Make-Whole Premium (but only if, pursuant to an Individual Continental PropertySection 2.11(c), and if Lender the payment of Make-Whole Premium is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender be made in connection with such prepayment prepayment), and all other amounts then payable hereunder, under the Lessor Notes and under the other Operative Documents to the extent Holders in immediately available funds in Dollars at the place and by the time and otherwise in the manner provided in Section 2.6, on the earliest of:
(i) if the Facility Lease is terminated pursuant to Section 13.1 or 13.2 thereof, on the applicable Termination Date; or
(ii) if the Facility Lease is terminated pursuant to Section 14.1 thereof, on the applicable Obsolescence Termination Date; or
(iii) if the Facility Lease is terminated pursuant to Section 10.2(a) thereof, on the applicable Termination Date provided in Section 10.2(a) of the Facility Lease; or
(iv) if the obligations represented by the Lessor Notes shall have been refinanced in whole but not in part pursuant to Section 14.2 of the Participation Agreement, on the date of such amounts are not paid refinancing.
(b) Unless the Facility Lease or the Participation Agreement requires the Facility Lessee to Lender in accordance with Article 7 hereof (collectivelygive notice to the Lease Indenture Trustee of the event giving rise to a mandatory prepayment, the “Mortgage Mandatory Prepayment Amount”)Owner Trust shall give a notice of prepayment (subject to revocation as provided below) under this Section 2.11 to the Lease Indenture Trustee (and the Lease Indenture Trustee shall thereupon promptly deliver such notice to each Holder) in the manner specified in Section 7.6 promptly after the Owner Trust shall have received written notice from the Facility Lessee of any event giving rise to a mandatory prepayment pursuant to Section 2.11(a) hereof. Except during the continuance Any such notice of an Event prepayment shall specify (i) that it is a notice of Default, any Net Proceeds to be applied prepayment given pursuant to this Section 2.7(c2.11, (ii) the date fixed for such prepayment, (iii) the clause of Section 2.11(a) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as under which such term prepayment is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documentsmade, and (IIIiv) lastlythe amount of and interest on each Lessor Note to be prepaid pursuant to Section 2.11(a) and the amount of the Make-Whole Premiums, if any. Any such notice given under this Section 2.11 by the Owner Trust may be withdrawn to Borrowerthe same extent as the corresponding notice under the Facility Lease or the Participation Agreement, as the case may be.
(iic) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Make-Whole Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due payable in connection with any mandatory prepayment made of the Lessor Notes pursuant to this Section 2.7(c2.11 if (i) such mandatory prepayment is required as a result of a termination of the Facility Lease pursuant to Section 14.1(a)(ii), (including, without limitation, b) or (c) thereof or (ii) the obligations evidenced by the Lessor Notes shall have been refinanced pursuant to Section 14.2 of the Participation Agreement. Make-Whole Premium shall not be payable in connection with any REMIC Payment). Any mandatory prepayment received by Lender of the Lessor Notes pursuant to this Section 2.7(c2.11 if such mandatory prepayment is required as a result of a termination of the Facility Lease pursuant to Section 10.2(a), 13.1, 13.2 or 14.1(a)(i) on a date other than a Monthly Payment Date shall thereof.
(d) Except as otherwise expressly provided in this Indenture, the Lessor Notes may not be held by Lender as collateral security for the Loan prepaid in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountwhole or in part.
Appears in 2 contracts
Sources: Indenture of Trust, Mortgage and Security Agreement (Edison Mission Energy), Indenture of Trust, Mortgage and Security Agreement (Edison Mission Energy)
Mandatory Prepayment. The Series 2020A Certificates with a stated maturity date of December 1, 20 (ithe “Series 2020A Term Certificates”) On each date on which Lender actually receives a distribution of Net Proceeds relating will be subject to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal mandatory prepayment pursuant to the aggregate mandatory prepayment requirements of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory at a Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount Price equal to 100% of such Net Proceeds the Principal Portion of Basic Rent represented by the Series 2020A Term Certificates being prepaid plus the Interest Portion of Basic Rent accrued to the Prepayment Date, as follows: S eries 2020A Term Certificates Maturing on December 1, 20 P rincipal Amount 20 † † Stated Maturity The Series 2020B Certificates with a stated maturity date of December 1, 20 (but specifically excluding the Casualty Proceeds “Series 2020B Term Certificates” and any other proceeds on account together with the Series 2020A Term Certificates, the “Term Certificates”) will be subject to mandatory prepayment pursuant to the mandatory prepayment requirements of this Section at a Prepayment Price equal to 100% of the Prior Hurricane Damage)Principal Portion of Basic Rent represented by the Series 2020B Term Certificates being prepaid plus the Interest Portion of Basic Rent accrued to the Prepayment Date, as follows: S eries 2020B Term Certificates Maturing on December 1, 20 P rincipal Amount 20 † † Stated Maturity At its option, to be exercised on or before the 45th day next preceding any mandatory prepayment date, the City may: (1) deliver to the Trustee for cancellation Term Certificates in any aggregate principal amount desired, (2) furnish the Trustee funds, together with appropriate and specific purchase instructions, for the applicable Interest Shortfall and Breakage Costs and purpose of purchasing any of said Term Certificates from any Owner thereof, whereupon the actual reasonable costs of Lender in connection Trustee shall expend such funds for such purpose to such extent as may be practical, or (3) receive a credit with such prepayment respect to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make mandatory prepayment obligation of the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Trustee pursuant to this Section 2.7(c) Indenture for any Term Certificates which prior to such date have been prepaid (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than through the operation of the requirements herein) and cancelled by the Trustee and not theretofore applied as a Monthly Payment Date credit against any prepayment obligation pursuant herein. Each Term Certificate so delivered or previously purchased or prepaid shall be held by Lender as collateral security for credited at 100% of the Loan in an interest bearing, Eligible Account at an Eligible Institution, with principal amount thereof on the obligation of the Trustee to prepay Term Certificates of the same series and payment date on such interest accruing to the benefit of Borrowerprepayment date, and any excess of such amount shall be applied credited on future mandatory prepayment obligations for Term Certificates of the same series and payment date in chronological order, and the principal amount of Certificates of the same series and payment date to be prepaid by Lender operation of the requirements herein shall be accordingly reduced. If the District intends to exercise any option granted by the provisions of clauses (1), (2) or (3) above, the District will, on or before the 45th day next Monthly Payment Datepreceding each mandatory prepayment date, with any interest on such funds furnish the Trustee a certificate signed by an Authorized District Representative indicating to what extent the provisions of said clauses (I) to the extent that no Trigger Period and no Event of Default then exists1), paid to Borrower (2), and (II3) are to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountbe complied with in respect to such mandatory prepayment.
Appears in 2 contracts
Sources: Fourth Supplemental Lease Purchase Agreement, Fourth Supplemental Lease Purchase Agreement
Mandatory Prepayment. The Borrowers shall make a mandatory prepayment:
(i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, that the “Mortgage Mandatory Prepayment Amount”). Except during Principal Obligations exceeds the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty Available Commitment (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) as a result of an Exclusion Event); or
(including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (Iii) to the extent that such mandatory prepayment is required pursuant to the terms of the Governing Documents or other Constituent Documents of the Credit Parties. Each such prepayment shall be made in such amount as will put the Borrowers in compliance with this Section 2.1(e) and shall be made by the Required Payment Time. Unless otherwise required by law, upon: (i) a change in circumstances such that the circumstances described in clause (i) or (ii) above no Trigger Period longer exist; or (ii) the full and no Event final payment of Default then existsthe Obligations (other than contingent Obligations that have not been asserted), paid the Administrative Agent shall return to Borrower and (IIthe Borrowers any amounts remaining in the applicable account. Notwithstanding anything in this Section 2.1(e) to the extent no Event contrary, in the event a mandatory prepayment has been triggered pursuant to clause (i) or (ii) of Default then existsthis Section 2.1(e), but a Trigger neither the Borrowers nor the Guarantor will not withdraw funds from the Collateral Accounts (with respect to amounts that constitute part of the Collateral), unless, after giving effect to such withdrawal, sufficient funds remain on deposit in the Collateral Accounts (less any amounts which do not constitute part of the Collateral) to satisfy the Borrowers’ or Guarantor’s payment obligation at the end of the Prepayment Period then existswith respect to the related mandatory prepayment; provided that, subject to Section 9.12, nothing herein shall prevent the Borrowers from withdrawing amounts from the Collateral Accounts that were deposited into in or credited to the Cash Management AccountCollateral Account prior to the time when the mandatory prepayment obligation specified in this subparagraph was so triggered, so long as such amounts being withdrawn by the Borrowers or Guarantor are withdrawn within five (5) Business Days of the date when such mandatory prepayment was triggered and which are used to pay an Anticipated Expense which was committed to by the Borrowers or Guarantor prior to the date such mandatory prepayment was triggered.
Appears in 2 contracts
Sources: Revolving Credit Agreement (MN8 Energy, Inc.), Revolving Credit Agreement (New PubCo Renewable Power Inc.)
Mandatory Prepayment. (i) On each date on 6.4.1 In the event that a refinancing takes place of one or more of the Vessels, as a result of which Lender actually receives the Lenders are requested to approve further exceptions to the terms of the Negative Pledges, a distribution mandatory prepayment shall be made of Net Proceeds the Attributable Amount relating to an Individual Continental Propertythat Vessel provided and to the extent applicable mandatory law permits the relevant Vessel Owner to pay dividends, and if Lender is not required make loans or otherwise make distributions to and does not make such Net Proceeds available to the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to such Attributable Amount.
6.4.2 In the aggregate event of a sale or disposal of a Vessel (Aor of the shares in a Vessel Owner owning a Vessel) or the Net Proceeds up Agent having received not less than 5 Business Days’ notice from the Borrower requesting that the Assignment relating to an amount equal a Vessel be released and discharged (a “Released Vessel”), a mandatory prepayment shall be made of the Attributable Amount applicable to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall that Vessel provided and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid applicable mandatory law permits the relevant Vessel Owner to Lender in accordance with Article 7 hereof (collectivelypay dividends, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, make loans or otherwise make distributions to the Mezzanine Lender, Borrower in an amount equal to such Attributable Amount. Such prepayment shall be made on the Mezzanine Mandatory Prepayment Amount (as date of a sale or disposal of such term is defined Vessel and in the Mezzanine Loan Documents)case of a Released Vessel on the date proposed by the Borrower for release and discharge of the Assignment relating to that Vessel. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any Break Costs in respect of such prepayment if the date of such prepayment is not the final day of an Interest Period.
6.4.3 In the event that any Vessel becomes a Total Loss, on the earlier to be applied in accordance with occur of (a) the Mezzanine Loan Documents, date of receipt of the proceeds of the Total Loss and (IIIb) lastly, to Borrower.
the date falling one hundred and eighty (ii180) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding days after the Casualty Proceeds and any other proceeds on account occurrence of the Prior Hurricane Damage) available Total Loss, a mandatory prepayment shall be made of the Attributable Amount in respect of such Vessel provided and to the extent applicable mandatory law permits the relevant Vessel Owner to pay dividends, make loans or otherwise make distributions to the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% such Attributable Amount. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any Break Costs in respect of such Net Proceeds prepayment if the date of such prepayment is not the final day of an Interest Period.
6.4.4 In the event that
(but specifically excluding a) the Casualty Proceeds and Charter on any other proceeds on account of the Prior Hurricane Damage)Vessels (other than “MAERSK MAGELLAN” or “MAERSK METHANE”) is cancelled prior to its expiry date; and
(b) within one hundred and twenty days of such cancellation, the relevant Vessel Owner has not entered into a replacement charter for such Vessel with an Approved Charterer on terms reasonably acceptable to the Majority Lenders, a mandatory prepayment shall, subject to applicable mandatory law, be made of the Attributable Amount in respect of such Vessel. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with the applicable Interest Shortfall and Breakage any Break Costs and the actual reasonable costs in respect of Lender in connection with such prepayment to if the extent date of such amounts are prepayment is not paid to Lender the final day of an Interest Period.
6.4.5 For the avoidance of doubt, if a mandatory prepayment is triggered under any of Clauses 6.4.1, 6.4.2, 6.4.3 or 6.4.4 and mandatory applicable law prevents payment being effected in the manner therein set forth, the relevant mandatory prepayment is still payable by the Borrower from other sources on the same dates and in the same amounts.
6.4.6 Simultaneously with each prepayment in accordance with Article 7 hereofClause 6.4.1, Clause 6.4.2, Clause 6.4.3, Clause 6.4.4 or Clause 6.4.5 (as the case may be), the Commitment of each Lender will reduce so that the Commitments of the Lenders in respect of the amended Maximum Amount remain in accordance with their respective Proportionate Shares.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement (Teekay LNG Partners L.P.)
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution of Net Proceeds relating Except as described in Section 2.3.1(b) below and subject to an Individual Continental PropertyArticle VIII, and Mezzanine Borrower shall repay the Mezzanine Note, in full, together with the Prepayment Fee (if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with Section 4(b) and Section 4(d) (if applicable) of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay Mezzanine Note upon the Debt in an amount equal to occurrence of any of the aggregate of following events:
(Ai) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, if all or any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess portion of the Mortgage Mandatory Prepayment Amount shall be applied Borrower’s interest in the Property is Transferred except in a manner that does not violate the Loan Agreement (Mortgage) or as follows: (I) first, otherwise agreed to the by Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.;
(ii) On each date on which Lender actually receives if all or any portion of the Mezzanine Borrower’s direct or indirect interest in Mortgage Borrower or any Senior Mezzanine Borrower (or any Senior Mezzanine Borrower’s interest any other Senior Mezzanine Borrower or Mortgage Borrower) is Transferred except in a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and manner that does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available violate this Agreement or is otherwise agreed to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at by Mezzanine Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.;
(iii) if a Transfer or series of Transfers of any direct or indirect ownership interests in the Mezzanine Borrower or any other SPE Entity shall make occur which either individually or in the REMIC Payment as and to aggregate with all such Transfers violates the extent required hereunder. No Prepayment Premium or penalty requirements of Article VIII; or
(including, without limitation, any Default Prepayment Premiumiv) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for if the Loan (Mortgage), First Mezzanine Loan, or Second Mezzanine Loan is repaid in an interest bearingfull or refinanced.
(b) If there shall occur a casualty or Taking in respect of the Property and as a result thereof either the Loan (Mortgage) or any Senior Mezzanine Loan is prepaid in whole or in part, Eligible Account at an Eligible Institutionthen, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event there shall be excess proceeds or awards available following the application of Default then exists, paid the proceeds or awards to Borrower and (II) reconstruct or repair the Property or to the extent no Event payment of Default then existsall or any portion of the Loan (Mortgage) and such Senior Mezzanine Loan pursuant to the terms of the Loan Documents (Mortgage) and Senior Mezzanine Loan Documents (“Excess Proceeds”), but Mezzanine Borrower shall repay the Mezzanine Note, or a Trigger Period then existsportion thereof, in the amount of such available Excess Proceeds (excluding payment of any Prepayment Fee) in accordance with Section 4(b) of the Mezzanine Note. All Excess Proceeds shall be deposited directly into the Cash Management Mezzanine Account.
Appears in 2 contracts
Sources: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)
Mandatory Prepayment. (a) If as of the last day of any calendar quarter the Borrowers LTV Ratio exceeds the Permitted LTV Ratio, but the Borrowers LTV Ratio is not greater than 52.5%, and provided that no Event of Default has occurred and is continuing, either (i) On each ▇▇▇▇ or ▇▇▇▇ ▇▇ shall add additional Real Property Assets to the Unencumbered Asset Pool Properties within 90 days of the date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each casethe Borrowers LTV Ratio exceeded the Permitted LTV Ratio, in accordance with the applicable terms provisions of Section 3.3, or (ii) the Borrowers and/or CarrAmerica LP shall pay to the Lead Agent, for the account of the Banks, within 90 days of the date the Borrowers LTV Ratio exceeded the Permitted LTV Ratio, an amount such that the Loans outstanding subsequent to such payment do not cause the Borrowers LTV Ratio to exceed the Permitted LTV Ratio. In the event that the Borrowers LTV Ratio exceeds the Permitted LTV Ratio and conditions is greater than or equal to 52.5%, then the Borrowers and/or CarrAmerica LP shall, within twenty-five (25) Domestic Business Days from the last day of any calendar quarter or the date of any New Acquisition when the Permitted LTV Ratio is exceeded, pay to the Lead Agent, for the account of the Banks, an amount such that the Loans outstanding subsequent to such payment do not cause the Borrowers LTV Ratio to exceed the Permitted LTV Ratio. Failure by the Borrowers to comply with the Borrowers LTV Ratio within 90 days or 25 Domestic Business Days, as the case may be, of the date of such non-compliance shall be an Event of Default.
(b) In the event that an Unencumbered Asset Pool Property is sold or released from the restrictions of Section 5.14 hereof, in accordance with this Agreement, the applicable Borrower shall, at Lender’s optionshall simultaneously with such sale or release, prepay to the Debt in Lead Agent, for the account of the Banks, an amount equal to the aggregate amount required such that the Tranche A Loans or Tranche B Loans, as applicable, remain in compliance with the Permitted LTV Ratio after such sale or release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of (A) the Net Proceeds up to an amount equal Internal Revenue Code will not be subject to the Minimum Release Price for such Individual Continental Propertyprovisions of this Section 2.10(b) provided that the exchanged property has qualified as a New Acquisition and any "boot" associated therewith shall be applied to prepayment of the Tranche A Loans or Tranche B Loans, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs as applicable. Sale of Lender a property in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance violation of this Section 2.10 shall constitute an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c.
(c) hereof in excess In the event that the Unencumbered Asset Pool Properties Minimum Debt Service Coverage is not maintained as of the Mortgage Mandatory Prepayment Amount shall be applied as follows: last day of a calendar quarter, either (Ii) first, the Borrowers will add a New Acquisition or a Real Property Asset to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Mezzanine Loan DocumentsUnencumbered Asset Pool Properties Minimum Debt Service Coverage shall be recalculated to include such New Acquisition or Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period, and with appropriate pro forma adjustments to Unencumbered Asset Pool Net Operating Cash Flow) would result in compliance with the Unencumbered Asset Pool Properties Minimum Debt Service Coverage or (IIIii) lastlythe Borrowers and/or CarrAmerica LP shall prepay to the Lead Agent, for the account of the Banks, an amount necessary to Borrowercause the Unencumbered Asset Pool Properties Minimum Debt Service Coverage to be in compliance. Failure by the Borrowers and/or CarrAmerica LP to comply with the Unencumbered Asset Pool Properties Minimum Debt Service Coverage within 90 days of the date of such non-compliance shall be an Event of Default.
(iid) On each date on which Lender actually receives a distribution If as of Net Proceeds relating to an Individual Puerto Rico Propertythe last day of any calendar quarter the ▇▇▇▇ LTV Ratio exceeds 50%, but the ▇▇▇▇ LTV Ratio is not greater than 52.5%, and if Lender provided that no Event of Default has occurred and is not required continuing, either (i) ▇▇▇▇ shall add additional Real Property Assets to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account ▇▇▇▇ Unencumbered Asset Pool Properties within 90 days of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each casedate the ▇▇▇▇ LTV Ratio exceeded 50%, in accordance with the applicable terms and conditions hereofprovisions of Section 3.3, Borrower shallor (ii) ▇▇▇▇ shall pay to the Lead Agent, at Lender’s option, prepay for the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage)Banks, together within 90 days of the date the ▇▇▇▇ LTV Ratio exceeded 50%, an amount such that the Tranche A Loans outstanding subsequent to such payment shall not cause the ▇▇▇▇ LTV Ratio to be greater than 50%. In the event that the ▇▇▇▇ LTV Ratio exceeds 50% and is greater than or equal to 52.5%, then ▇▇▇▇ shall, within twenty-five (25) Domestic Business Days from the last day of any calendar quarter or the date of any New Acquisition when the ▇▇▇▇ LTV Ratio is greater than 50%, pay to the Lead Agent, for the account of the Banks, an amount such that the Tranche A Loans outstanding subsequent to such payment shall not cause the ▇▇▇▇ LTV Ratio to be greater than 50%. Failure by ▇▇▇▇ to comply with the applicable Interest Shortfall and Breakage Costs and ▇▇▇▇ LTV Ratio within 90 days or 25 Domestic Business Days, as the actual reasonable costs case may be, of Lender in connection with the date of such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofnon-compliance shall be an Event of Default.
(iiie) Borrower shall make If as of the REMIC Payment as and to last day of any calendar quarter the extent required hereunder. No Prepayment Premium or penalty (including▇▇▇▇ ▇▇ LTV Ratio exceeds 50%, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other but the ▇▇▇▇ ▇▇ LTV Ratio is not greater than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower52.5%, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent provided that no Trigger Period and no Event of Default then existshas occurred and is continuing, paid to Borrower and either (IIi) ▇▇▇▇ ▇▇ shall add additional Real Property Assets to the extent no ▇▇▇▇ ▇▇ Unencumbered Asset Pool Properties within 90 days of the date the ▇▇▇▇ ▇▇ LTV Ratio exceeded 50%, in accordance with the provisions of Section 3.3, or (ii) ▇▇▇▇ ▇▇ shall pay to the Lead Agent, for the account of the Banks, within 90 days of the date the ▇▇▇▇ ▇▇ LTV Ratio exceeded 50%, an amount such that the Tranche B Loans outstanding subsequent to such payment shall not cause the ▇▇▇▇ ▇▇ LTV Ratio to be greater than 50%. In the event that the ▇▇▇▇ ▇▇ LTV Ratio exceeds 50% and is greater than or equal to 52.5%, then ▇▇▇▇ ▇▇ shall, within twenty-five (25) Domestic Business Days from the last day of any calendar quarter or the date of any New Acquisition when the ▇▇▇▇ ▇▇ LTV Ratio is greater than 50%, pay to the Lead Agent, for the account of the Banks, an amount such that the Tranche B Loans outstanding subsequent to such payment shall not cause the ▇▇▇▇ ▇▇ LTV Ratio to be greater than 50%. Failure by ▇▇▇▇ ▇▇ to comply with the ▇▇▇▇ ▇▇ LTV Ratio within 90 days or 25 Domestic Business Days, as the case may be, of the date of such non-compliance shall be an Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Carramerica Realty Corp), Revolving Credit Agreement (Carramerica Realty Corp)
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.16 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds and any other proceeds on account event of a sale or transfer, or, if less, such amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of a release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment Inter- nal Revenue Code will not be subject to the extent such amounts are provisions of this Section 2.9(a); provided, that (i) the exchanged property has qualified as a New Acquisition, -------- (ii) the exchanged property is not paid subject to Lender any Liens (other than Permitted Liens) and (iii) any "boot" associated therewith shall be applied to prepayment of the Loans. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in accordance with Article 7 hereofviolation of this Section 2.9 shall constitute an Event of Default.
(iiib) If, at any time, the Outstanding Balance shall exceed the Available Facility, then the Borrower shall immediately prepay the Loans in an amount equal to such excess. Notwithstanding the foregoing, if the Outstanding Balance exceeds an amount equal to 55.0% of the Unencumbered Asset Pool Properties Value and no other Event of Default shall have occurred and be continuing, then the Borrower shall, within thirty (30) days after the last day of the preceding calendar quarter or the date of any New Acquisition resulting in such excess (whichever is earlier), either (A) cause one (1) or more New Acquisitions having Unencumbered Asset Pool Property Values sufficient to ensure the Borrower's compliance with the requirements of this Agreement to be included as Unencumbered Asset Pool Properties or (B) prepay the Loans in an amount equal to 100% of the amount by which the Outstanding Balance exceeds the Available Facility.
(c) The Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection 2.9 together with interest accrued to the date of the prepayment on the principal amount so prepaid; provided that any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and 2.9 shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no unless an Event of Default exists) as specified by the Borrower or, otherwise, first to any Base Rate Loans then existsoutstanding, paid then to Borrower and (II) any Euro-Dollar Loans with the shortest Interest Periods. In connection with the prepayment of a Euro-Dollar Loan prior to the extent no Event maturity thereof, the Borrower shall also pay any applicable expenses pursuant to Section 2.12. Each such prepayment shall be applied to prepay ratably the Loans of Default then exists, but the Banks. Amounts prepaid pursuant to this Section 2.9 may not be reborrowed unless the Borrower shall be in compliance with the covenants set forth in Section 5.8 hereof both before and after giving effect to any such Borrowing.
(d) Any event referred to in Section 2.9 that results in a Trigger Period then exists, deposited into required prepayment of the Cash Management Account.Loans pursuant to this Section 2.9 shall be referred to as a "Mandatory Prepayment Event". --------------------------
Appears in 2 contracts
Sources: Revolving Credit Agreement (Cabot Industrial Properties Lp), Revolving Credit Agreement (Cabot Industrial Trust)
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution of Net Proceeds relating Except as described in Section 2.3.1(b) below and subject to an Individual Continental PropertyArticle VIII, and Mezzanine Borrower shall repay the Mezzanine Note, in full, together with the Prepayment Fee (if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with Section 4(b) and Section 4(d) (if applicable) of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay Mezzanine Note upon the Debt in an amount equal to occurrence of any of the aggregate of following events:
(Ai) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, if all or any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess portion of the Mortgage Mandatory Prepayment Amount shall be applied Borrower’s interest in the Property is Transferred except in a manner that does not violate the Loan Agreement (Mortgage) or as follows: (I) first, otherwise agreed to the by Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.;
(ii) On each date on which Lender actually receives if all or any portion of the Mezzanine Borrower’s direct or indirect interest in Mortgage Borrower is Transferred except in a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and manner that does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available violate this Agreement or is otherwise agreed to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at by Mezzanine Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.;
(iii) if a Transfer or series of Transfers of any direct or indirect ownership interests in the Mezzanine Borrower or any other SPE Entity shall make occur which either individually or in the REMIC Payment as and to aggregate with all such Transfers violates the extent required hereunder. No Prepayment Premium or penalty requirements of Article VIII; or
(including, without limitation, any Default Prepayment Premiumiv) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for if the Loan (Mortgage) is repaid in an interest bearingfull or refinanced.
(b) If there shall occur a casualty or Taking in respect of the Property and as a result thereof either the Loan (Mortgage) is prepaid in whole or in part, Eligible Account at an Eligible Institutionthen, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event there shall be excess proceeds or awards available following the application of Default then exists, paid the proceeds or awards to Borrower and (II) reconstruct or repair the Property or to the extent no Event payment of Default then existsall or any portion of the Loan (Mortgage) pursuant to the terms of the Loan Documents (Mortgage) (“Excess Proceeds”), but Mezzanine Borrower shall repay the Mezzanine Note, or a Trigger Period then existsportion thereof, in the amount of such available Excess Proceeds (excluding payment of any Prepayment Fee) in accordance with Section 4(b) of the Mezzanine Note. All Excess Proceeds shall be deposited directly into the Cash Management Mezzanine Account.
Appears in 2 contracts
Sources: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)
Mandatory Prepayment. The principal amount outstanding of the Convertible Loan and any accrued but unpaid interest thereon shall be due and payable immediately by the Company on the date which is 90 days after: (a) the earliest to occur of (i) On each the date on which Lender actually receives a distribution the Board of Net Proceeds relating Directors and the shareholders of the Company hold an extraordinary general meeting prior to the Mandatory Prepayment Date which considers but does not authorize the creation of the Preference Shares by adoption of new Articles of Association and all necessary Shareholder resolutions in compliance with the Act and (ii) the Mandatory Prepayment Date, if the Board of Directors and the shareholders of the Company fail to hold an Individual Continental Propertyextraordinary general meeting prior to the Mandatory Prepayment Date to consider authorizing the creation of the Preference Shares by adoption of new Articles of Association and all necessary Shareholder resolutions in compliance with the Act, and (iii) the last day of the Subscription Period if the Preference Shares have not been issued and allotted to the Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance conformance with the applicable terms Act and conditions hereofa Subscription Election has been made by the Lender, Borrower shall, at Lender’s option, prepay and (b) the Debt in an amount equal Lender elects by written notice to the aggregate Company to require immediate repayment of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof Convertible Loan (collectively, the “Mortgage Mandatory Prepayment AmountPrepayment”). Except during In the continuance event that (x) the Board of an Event Directors and the Shareholders of Defaultthe Company Table of Contents shall have authorized the terms and conditions of the Preference Shares in compliance with the Act and (y) offered to issue the Preference Shares to the Lender, then the Lender shall have 120 days from the date of offer of the Preference Shares to it by the Company (the “Subscription Period”) to deliver notice of its election to subscribe for such Preference Shares (the “Subscription Election”) and payment of the subscription price thereof (being a minimum aggregate amount of $2,000,000 and a maximum aggregate amount of $4,000,000 (the “Subscription Price”). Subject in all circumstances to the Lender’s right to convert the Convertible Loan pursuant to Section 2.7, if the Company makes the Preference Shares available to the Lender but the Lender does not subscribe for such Preference Shares within the Subscription Period and for the Subscription Price, then the Company may, from the date immediately following the last day of the Subscription Period to the date ninety days later (such period, the “Accelerated Repayment Period”), at its election (the “Accelerated Repayment Election”) and upon 7 Business Days prior written notice to the Lender, repay the entire principal amount outstanding of the Convertible Loan and any Net Proceeds to accrued but unpaid interest thereon, but no Prepayment Premium shall be applied payable in the event of a repayment pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrowersentence.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 2 contracts
Sources: Loan and Investment Agreement, Loan and Investment Agreement (Hemisphere Capital LLC)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, The Borrower shall, upon five Business Days' notice from the Agent given at Lender’s optionthe request or with the consent of the Required Lenders, pay to the Agent the Collateral Shortfall Amount at such time, which funds shall be held in the Facility LC Collateral Account, and prepay the Debt Aggregate Outstanding Credit Exposures (other than the undrawn stated amount under all Facility LCs outstanding at such time) plus all interest thereon and all other amounts payable hereunder or under the Notes, in an amount equal the event that any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of Voting Stock of the Borrower (or other securities convertible into such Voting Stock) representing 30% or more of the combined voting power of all Voting Stock of the Borrower. If at any time subsequent to the aggregate foregoing payment of (A) the Net Proceeds up Collateral Shortfall Amount, the Agent determines that the Collateral Shortfall Amount at such time is greater than zero, the Agent may make demand on the Borrower to an amount equal pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Minimum Release Price for Agent the Collateral Shortfall Amount at such Individual Continental Propertytime, (B) which funds shall be deposited in the applicable Interest Shortfall and Breakage Costs and (C) Facility LC Collateral Account. The Agent may at any time or from time to time after funds are deposited in the actual reasonable costs of Lender in connection with Facility LC Collateral Account, apply such prepayment funds to the extent such payment of the Obligations and any other amounts are not paid as shall from time to Lender time have become due and payable by the Borrower to the Lenders or the LC Issuers under the Loan Documents. Neither the Borrower nor any Person claiming on behalf of or through the Borrower shall have any right to withdraw any of the funds held in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied Facility LC Collateral Account pursuant to this Section 2.7(c) hereof in excess 2.09(b); provided, however, that after all of the Mortgage Mandatory Prepayment Amount Obligations have been indefeasibly paid in full and the aggregate Commitments have been terminated, any funds remaining in the Facility LC Collateral Account shall be applied as follows: (I) first, returned by the Agent to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofwhomever may be legally entitled thereto at such time.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 2 contracts
Sources: Credit Agreement (Dte Energy Co), Five Year Credit Agreement (Dte Energy Co)
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.11 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds cash “boot” associated therewith shall be applied to prepayment of the Loans or such lesser amount of such cash “boot” as shall be required for the Borrower to remain in compliance with this Agreement. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(b) In the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Administrative Agent, for the account of the Prior Hurricane Damage)Banks, together an amount necessary to cause the Unsecured Debt Ratio to be in compliance within ninety (90) days of the date on which the Unsecured Debt Ratio failed to be maintained. Failure by the Borrower to comply with the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio within ninety (90) days of the actual reasonable costs date of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) non-compliance shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Kilroy Realty Corp), Revolving Credit Agreement (Kilroy Realty Corp)
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution of Net Proceeds relating Except as described in Section 2.3.1(b) below and subject to an Individual Continental PropertyArticle VIII, and Mezzanine Borrower shall repay the Mezzanine Note, in full, together with the Prepayment Fee (if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with Section 4(b) and Section 4(d) (if applicable) of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay Mezzanine Note upon the Debt in an amount equal to occurrence of any of the aggregate of following events:
(Ai) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, if all or any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess portion of the Mortgage Mandatory Prepayment Amount shall be applied Borrower’s interest in the Property is Transferred except in a manner that does not violate the Loan Agreement (Mortgage) or as follows: (I) first, otherwise agreed to the by Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.;
(ii) On each date on which Lender actually receives if all or any portion of the Mezzanine Borrower’s direct or indirect interest in Mortgage Borrower or any Senior Mezzanine Borrower is Transferred except in a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and manner that does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available violates this Agreement or is otherwise agreed to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at by Mezzanine Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.;
(iii) if a Transfer or series of Transfers of any direct or indirect ownership interests in the Mezzanine Borrower or any other SPE Entity shall make occur which either individually or in the REMIC Payment as and to aggregate with all such Transfers violates the extent required hereunder. No Prepayment Premium or penalty requirements of Article VIII; or
(including, without limitation, any Default Prepayment Premiumiv) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for if the Loan (Mortgage) is repaid in an interest bearingfull or refinanced.
(b) If there shall occur a casualty or Taking in respect of the Property and as a result thereof either the Loan (Mortgage) or any Senior Mezzanine Loan is prepaid in whole or in part, Eligible Account at an Eligible Institutionthen, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event there shall be excess proceeds or awards available following the application of Default then exists, paid the proceeds or awards to Borrower and (II) reconstruct or repair the Property or to the extent no Event payment of Default then existsall or any portion of the Loan (Mortgage) and such Senior Mezzanine Loan pursuant to the terms of the Loan Documents (Mortgage) and Senior Mezzanine Loan Documents (“Excess Proceeds”), but Mezzanine Borrower shall repay the Mezzanine Note, or a Trigger Period then existsportion thereof, in the amount of such available Excess Proceeds (excluding payment of any Prepayment Fee) in accordance with Section 4(b) of the Mezzanine Note. All Excess Proceeds shall be deposited directly into the Cash Management Mezzanine Account.
Appears in 2 contracts
Sources: Mezzanine Loan and Security Agreement (Toys R Us Inc), Mezzanine Loan and Security Agreement (Toys R Us Inc)
Mandatory Prepayment. (i) On each date on 6.4.1 In the event that a refinancing takes place of one or more of the Vessels, as a result of which Lender actually receives the Lenders are requested to approve further exceptions to the terms of the Negative Pledges, a distribution mandatory prepayment shall, be made of Net Proceeds the Attributable Amount relating to an Individual Continental Propertythat Vessel, provided and if Lender is not required to and does not the extent applicable mandatory law permits the relevant Vessel Owner to pay dividends, make such Net Proceeds available loans or otherwise make distributions to the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to such Attributable Amount.
6.4.2 In the aggregate event of a sale or disposal of a Vessel (Aor of the shares in a Vessel Owner owning a Vessel) or the Net Proceeds up Agent having received not less than 5 Business Days’ notice from the Borrower requesting that the Assignment relating to an amount equal a Vessel, be released and discharged (a “Released Vessel”), a mandatory prepayment shall be made of the Attributable Amount applicable to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall that Vessel provided and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid applicable mandatory law permits the relevant Vessel Owner to Lender in accordance with Article 7 hereof (collectivelypay dividends, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, make laws or otherwise make distributions to the Mezzanine Lender, Borrower in an amount equal to such Attributable Amount. Such prepayment shall be made on the Mezzanine Mandatory Prepayment Amount (as date of a sale or disposal of such term is defined Vessel and in the Mezzanine Loan Documents)case of a Released Vessel on the date proposed by the Borrower for release and discharge of the Assignment relating to that Vessel. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any Break Costs in respect of such prepayment if the date of such prepayment is not the final day of an Interest Period.
6.4.3 In the event that any Vessel becomes a Total Loss, on the earlier to be applied in accordance with occur of (a) the Mezzanine Loan Documents, date of receipt of the proceeds of the Total Loss and (IIIb) lastly, to Borrower.
the date falling one hundred and eighty (ii180) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding days after the Casualty Proceeds and any other proceeds on account occurrence of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)Total Loss, in each case, in accordance with the applicable terms and conditions hereof, Borrower a mandatory prepayment shall, at Lender’s optionbe made of the Attributable Amount in respect of such Vessel, prepay provided and to the Debt extent applicable mandatory law permits the relevant Vessel Owner to pay dividends, make loans or otherwise make distributions to the Borrower in an amount equal to 100% such Attributable Amount. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any Break Costs in respect of such Net Proceeds prepayment if the date of such prepayment is not the final day of an Interest Period.
6.4.4 In the event that
(but specifically excluding i) the Casualty Proceeds and Charter on any other proceeds on account of the Prior Hurricane Damage)Vessels (other than “MAERSK MAGELLAN” or “MAERSK METHANE”) is cancelled prior to its expiry date; and
(ii) within one hundred and twenty days of such cancellation, the relevant Vessel Owner has not entered into a replacement charter for such Vessel with an Approved Charterer on terms reasonably acceptable to the Majority Lenders, a mandatory prepayment shall, subject to applicable mandatory law, be made of the Attributable Amount in respect of such Vessel. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with the applicable Interest Shortfall and Breakage any Break Costs and the actual reasonable costs in respect of Lender in connection with such prepayment to if the extent date of such amounts are prepayment is not paid to Lender the final day of an Interest Period.
6.4.5 Simultaneously with each prepayment in accordance with Article 7 hereofClause 6.4.1, Clause 6.4.2, Clause 6.4.3 or Clause 6.4.5 (as the case may be), the Commitment of each Lender will reduce so that the Commitments of the Lenders in respect of the amended Maximum Amount remain in accordance with their respective Proportionate Shares.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 2 contracts
Sources: Loan Agreement, Loan Agreement (Teekay LNG Partners L.P.)
Mandatory Prepayment. (i) On each date on which Lender Administrative Agent actually receives a distribution of Net Proceeds relating to an Individual Continental PropertyProceeds, and if Lender is not required to and Administrative Agent does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at LenderAdministrative Agent’s option, prepay the Debt in an amount equal to the aggregate one hundred percent (100%) of (A) the such Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the together with any applicable Interest Shortfall and any Breakage Costs and (C) the actual reasonable costs of Lender in connection with Costs. If such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelyoccurs after a Securitization, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(b) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender Administrative Agent pursuant to this Section 2.7(c2.7(b) on a date other than a Monthly Payment Date shall be held by Lender Administrative Agent as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender Administrative Agent on the next Monthly Payment Date, with any interest on such funds (I) paid to the extent that no Trigger Period and Borrower on such date provided no Event of Default then exists. Upon payment in full of the Debt, Lender shall disburse all Net Liquidation Proceeds After Debt Service to (a) first, in the event the Mezzanine A Loan is outstanding, Mezzanine A Lender; (b) second, in the event the Mezzanine A Loan has been paid to Borrower in full and the Mezzanine B Loan is outstanding, Mezzanine B Lender; and (IIc) to then, in the extent no Event of Default then existsevent the Mezzanine B Loan has been paid in full, but a Trigger Period then exists, deposited into the Cash Management AccountBorrower.
Appears in 2 contracts
Sources: Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.), Loan Agreement (Brookfield DTLA Fund Office Trust Investor Inc.)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental PropertyProceeds, and if Lender is not required obligated to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss otherwise remit such Net Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions to Borrower pursuant to Section 7.4 hereof, Borrower shall, at Lender’s option, shall prepay the Debt or Lender shall apply an amount equal to one hundred percent (100%) of such Net Proceeds as a prepayment of the Debt in an amount equal up to the aggregate of (A) Release Price associated with the Individual Property to which such Net Proceeds up to an amount equal to the Minimum relate together with any applicable Interest Shortfall and any Breakage Costs associated therewith. All Net Proceeds in excess of such Release Price for such Individual Continental Property, (B) and the applicable Interest Shortfall and Breakage Costs associated therewith (if any) shall (i) if an Event of Default has occurred and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to is continuing, be held and applied by Lender in accordance with Article 7 hereof the terms of this Agreement and the other Loan Documents and (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an ii) if no Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall Default has occurred and is continuing be applied as follows: (IA) first, to the Mezzanine Lender, in an amount equal A Loan up to the Mezzanine Mandatory Prepayment Amount A Release Price for the affected Individual Property (together with any applicable Interest Shortfall (as such term is defined in the Mezzanine A Loan DocumentsAgreement) and any Breakage Costs (as defined in the Mezzanine A Loan Agreement) associated therewith), (B) second, to the Mezzanine B Loan up to the Mezzanine B Release Price for the affected Individual Property (together with any applicable Interest Shortfall (as defined in the Mezzanine B Loan Agreement) and any Breakage Costs (as defined in the Mezzanine B Loan Agreement) associated therewith), (C) third, to the Mezzanine C Loan up to the Mezzanine C Release Price for the affected Individual Property (together with any applicable Interest Shortfall (as defined in the Mezzanine C Loan Agreement) and any Breakage Costs (as defined in the Mezzanine C Loan Agreement) associated therewith), and (D) fourth, any remaining Net Proceeds shall be deposited into the Cash Management Account and applied by Lender in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution terms of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) this Agreement. Borrower shall make the REMIC Payment payment pursuant to Section 7.3(b) hereof as and to the extent required hereunder. No Prepayment Premium prepayment premium or penalty (including, without limitation, any Prepayment Premium, Yield Maintenance Premium and/or Default Prepayment Yield Maintenance Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(d) (including, without limitation, in connection with any REMIC Paymentpayment pursuant to Section 7.3(b) hereof). Any prepayment received by Lender pursuant to this Section 2.7(c2.7(d) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) paid to the extent that no Trigger Period and Borrower on such date provided no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 2 contracts
Sources: Loan Agreement (NorthStar Healthcare Income, Inc.), Loan Agreement (Northstar Realty Finance Corp.)
Mandatory Prepayment. (i1) On each date on Within three (3) Business Days (or such later time to which the Lender actually receives a distribution may agree in its sole discretion) of the receipt by any Debtor, Borrower or any Subsidiary thereof of the Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Cash Proceeds (as applicable“receipt” to include any receipt, including the initial payment, any subsequent payment (including installments, earnouts or similar payment) and upon release and receipt of any escrow, indemnity or holdback) from any Disposition of any Collateral (the “Prepayment Date”), in each caseBorrower shall prepay, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal or cause to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelybe prepaid, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Cash Proceeds so received from time to time; provided that no such prepayment shall be required if (but specifically excluding the Casualty Proceeds and any other proceeds on account A) no Event of Default shall have occurred or shall be continuing, (B) within two (2) Business Days of the Prior Hurricane Damagereceipt of such Net Cash Proceeds, the Borrower shall have provided written notice to Lender of its intention to, within 20 days after the date of receipt of such Net Cash Proceeds, apply such Net Cash Proceeds to the towards the purchase price of equipment of substantially similar type and use that is not older than, and with a fair market value that is not less than, the Collateral (“Replacement Property”) subject to such Disposition (the “Replacement Period”), together (C) such Net Cash Proceeds are held in a subaccount or other manner such that they are “identifiable cash proceeds” as used in the UCC and (D) Borrower grants and conveys to Lender a perfected, first priority security interest, pursuant to documentation in form and substance satisfactory to Lender, in the Replacement Property (which shall constitute Collateral and be subject to all of the terms and provisions of this Agreement and the other Loan Documents) prior to the expiration of the Replacement Period. If the Replacement Period shall have expired prior to the consummation of the purchase of Replacement Property, the Net Cash Proceeds shall be released to Lender as prepayment of the outstanding principal of the Loan. Any Net Cash Proceeds applied to prepay the Loan during the first twenty-four (24) months after the Closing Date shall be credited against future quarterly principal amortization payments on the Loan due pursuant to Section 2(a) above, beginning with the applicable Interest Shortfall and Breakage Costs and first such quarterly amortization payment due after such Disposition and, if such Net Cash Proceeds are in excess of the actual reasonable costs amount due on such first quarterly payment date, such remaining proceeds shall be credited against the remaining quarterly principal amortization payments in direct order of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofmaturity.
(iii2) If any Collateral is lost, stolen, confiscated, destroyed or damaged (each, a “Casualty”), within five (5) Business Days of the receipt by any Debtor, Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty any Subsidiary thereof of Net Cash Proceeds from such Casualty (including, without limitation, any Default Prepayment PremiumNet Cash Proceeds received under any insurance policy in respect such Collateral), Borrower shall either (i) shall be due in connection with any prepayment made pursuant cause the repair of such Collateral such that the operational states of the Collateral so repaired is equivalent to this Section 2.7(cthe operational states of the Collateral prior to such Casualty or (ii) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for prepay the outstanding principal of the Loan in an interest bearing, Eligible Account at an Eligible Institution, amount equal to 100% of the Net Cash Proceeds received by such Person in connection with such interest accruing to the benefit of Borrower, and Casualty; provided that no such prepayment shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds required if (IA) to the extent that no Trigger Period and no Event of Default then existsshall have occurred or shall be continuing, paid (B) within three Business Days of the receipt of such Net Cash Proceeds, the Borrower shall have provided written notice to Borrower Lender of its intention to, within 20 days after the date of receipt of such Net Cash Proceeds, apply such Net Cash Proceeds to the towards the purchase price of Replacement Property subject to such Casualty, (C) such Net Cash Proceeds are held in a subaccount or other manner such that they are “identifiable cash proceeds” as used in the UCC and (IID) Borrower grants and conveys to Lender a perfected, first priority security interest, pursuant to documentation in form and substance satisfactory to Lender, in the Replacement Property (which shall constitute Collateral and be subject to all of the terms and provisions of this Agreement and the other Loan Documents) prior to the extent no Event expiration of Default then existsthe Replacement Period. If the Replacement Period shall have expired prior to the consummation of the purchase of Replacement Property, but a Trigger Period then existsthe Net Cash Proceeds shall be released to Lender as prepayment of the outstanding principal of the Loan.
(3) No later than 120 days following the end of each Fiscal Year occurring after the date hereof, deposited into Borrower shall prepay the outstanding principal of the Loan in an amount equal to 5% of its Consolidated Excess Cash Management AccountFlow for such Fiscal Year.
Appears in 2 contracts
Sources: Equipment Loan and Security Agreement (Core Scientific, Inc./Tx), Equipment Loan and Security Agreement (Core Scientific, Inc./Tx)
Mandatory Prepayment. (i) On each date on which Lender actually If at any time from and after the Closing Date, the Company, the Borrower, or any of its Consolidated Subsidiaries receives a distribution proceeds from the sale, transfer, assignment, conveyance or refinancing of Net Proceeds relating to an Individual Continental PropertyUnencumbered Project, and if Lender is not the Borrower shall be required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with x) prepay a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to the aggregate Net Cash Proceeds received by the Borrower or the Company or the Borrower's pro rata share of (A) the Net Cash Proceeds up to an amount equal to the Minimum Release Price for received by such Individual Continental PropertyConsolidated Subsidiary, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts proceeds are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be otherwise applied pursuant to this Section 2.7(cclauses (y) hereof or (z); (y) segregate the Net Cash Proceeds of such transaction in excess an escrow account with the Administrative Agent or with a financial institution reasonably acceptable to the Administrative Agent and apply such Net Cash Proceeds solely to a qualified, deferred exchange under ss.1031 of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in Internal Revenue Code for other real property that becomes an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance Unencumbered Project upon acquisition or with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account prior written approval of the Prior Hurricane Damage) available Requisite Lenders to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)another use, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts proceeds are not paid otherwise applied pursuant to Lender in accordance with Article 7 hereof.
clauses (iiix) Borrower shall make or (z); or (z) complete an exchange of such Unencumbered Project for other real property of equivalent value under ss.1031 of the REMIC Payment Internal Revenue Code so long as and such other real property becomes an Unencumbered Project upon acquisition, to the extent required hereundersuch proceeds are not otherwise applied pursuant to clauses (x) or (y). No Prepayment Premium If at any time from and after the Closing Date: (i) the Company or penalty the Borrower merges or consolidates with another Person and the Company or Borrower, as the case may be, is not the surviving entity and does not control the management of such surviving entity, or (includingii) the Company, without limitationthe Borrower, any Default Prepayment Premium) of its Affiliates or Consolidated Subsidiaries or the Management Company ceases to provide property management and leasing services to at least 80% of the total number of Projects in which the Borrower has a direct ownership interest (the date any such event shall occur being the "PREPAYMENT DATE"), the Borrower shall be due required to prepay the Loans in connection with any prepayment made pursuant to this Section 2.7(c) (includingtheir entirety as if the Prepayment Date were the Revolving Credit Termination Date and, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date the Revolving Credit Commitments thereupon shall be held by Lender as collateral security for the Loan in an terminated. The Borrower shall immediately make such prepayment together with interest bearing, Eligible Account at an Eligible Institution, with such interest accruing accrued to the benefit date of Borrower, the prepayment on the principal amount prepaid and shall return or cause to be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) returned all Letters of Credit to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.applicable
Appears in 1 contract
Sources: Revolving Credit Agreement (Reckson Associates Realty Corp)
Mandatory Prepayment. (i) On each date on which Lender actually receives Immediately upon receipt of any proceeds of any Disposition by any Loan Party or its Subsidiaries other than a distribution Permitted Disposition (except Permitted Dispositions of Net Proceeds relating to an Individual Continental Property, the type described in clauses (b) and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicablec) of the definition of Permitted Dispositions), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, shall prepay the Debt outstanding principal amount of the Term Loan in an amount equal to the aggregate 100% of (A) the Net Cash Proceeds up to an amount equal to the Minimum Release Price for received by such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender Person in connection with such prepayment Disposition to the extent such amounts are that the aggregate amount of Net Cash Proceeds received by all Loan Parties and their Subsidiaries (and not paid to Lender the Administrative Agent as a prepayment of the Term Loan) shall exceed for all such Dispositions since the Effective Date $500,000. Nothing contained in accordance with Article 7 hereof this subsection (collectivelyi) shall permit any Loan Party or any of its Subsidiaries to make a Disposition of any property other than a Permitted Disposition.
(ii) Upon the issuance or incurrence by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Indebtedness referred to in clauses (a), (b), (c), (d), (e), and (f) of the definition of Permitted Indebtedness), the “Mortgage Mandatory Prepayment Amount”). Except during Borrower shall prepay the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, Term Loan in an amount equal to 100% of the Mezzanine Mandatory Prepayment Amount Net Cash Proceeds received by such Person in connection therewith; provided, however, that, notwithstanding the foregoing to the contrary, the Borrower shall not be obligated to prepay the Term Loan from any proceeds of Subordinated Indebtedness which is incurred in connection with a Permitted Acquisition. The provisions of this subsection (as such term is defined in the Mezzanine Loan Documents), ii) shall not be deemed to be applied in accordance with implied consent to any such issuance or incurrence otherwise prohibited by the Mezzanine Loan Documents, terms and (III) lastly, to Borrowerconditions of this Agreement.
(iiiii) On each date on which Lender actually receives a distribution Upon the receipt by any Loan Party or any of Net Proceeds relating to an Individual Puerto Rico Propertyits Subsidiaries of any Extraordinary Receipts, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Borrower shall prepay the outstanding principal of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Term Loan in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and Extraordinary Receipts, net of any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender expenses incurred in connection with collecting such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofExtraordinary Receipts.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (i) On each the next occurring Monthly Payment Date following the date on which Lender actually receives a distribution of shall receive any Net Proceeds relating to an Individual Continental Property, and if Prepayment that Lender is entitled to apply in accordance with this Section 2.7(b) and not required otherwise make available or deliver to and does not make Borrower pursuant to Section 7.4, Borrower shall prepay or authorize Lender to apply such Net Proceeds available to Borrower for Restoration Prepayment as a prepayment of all or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay outstanding principal balance of the Debt Loan in an amount equal to the aggregate of (A) the Net Proceeds Prepayment up to an amount equal to the Minimum Release Price Amount for such the affected Individual Continental Property, (B) the applicable all Additional Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Amounts paid to or applied by L▇▇▇▇▇ as a Mandatory Prepayment Amount shall first be applied to amounts required to be paid by Borrower to Lender pursuant to clause (C) above and then to the amounts set forth in clauses (A) and (B) simultaneously. Except during the continuance of an Event of Default, any Net Proceeds Prepayment to be applied pursuant to this Section 2.7(c2.7(b) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, paid to Borrower.
(ii) On each date on which . During the continuance of an Event of Default, Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make may apply such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available Prepayment to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt (until paid in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and full) in any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of order or priority as Lender may determine in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderits sole discretion. No Prepayment Yield Maintenance Premium, Default Yield Maintenance Premium or other premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(b). The Release Amount for the Individual Property with respect to which such Net Proceeds Prepayment was applied shall be reduced by an amount equal to the principal portion of such prepayment applied to the Loan; provided, that, nothing herein shall be construed to reduce the aggregate Release Amount for any Individual Property required to be paid to Lender prior to obtaining a release of the applicable Individual Property. Lender shall provide to Borrower, upon ten (10) days’ prior notice, (includingx) a release of the Individual Property if (I) at any time the Release Amount is reduced to zero, without limitationtogether with such additional documents and instruments evidencing or confirming the release as the Borrower shall reasonably request, or (II) Lender is required to deliver such release pursuant to a court order issued in connection with a Condemnation or (y) a release of the portion of an Individual Property that is subject to a Condemnation.
(ii) As provided in Section 7.4(e) hereof, each Casualty/Condemnation Prepayment tendered by Borrower to Lender in accordance with said Section 7.4(e) shall be in the amount of the Release Amount in respect of the applicable Individual Property. No Yield Maintenance Premium, Default Yield Maintenance Premium or other penalty or premium shall be due in connection with any REMIC Paymentsuch Casualty/Condemnation Prepayment.
(iii) In connection with any release under this Section 2.7(b). Any prepayment received , in the event that such release would result in an Individual Borrower being an Unencumbered Borrower, such Unencumbered Borrower shall be released by Lender from the obligations of the Loan Documents, except with respect to those obligations and liabilities which expressly survive the repayment of the Loan pursuant to this Section 2.7(c) on any Loan Document and shall no longer be a date other than a Monthly Payment Date shall be held by Lender as collateral security Borrower for the Loan purposes of this Agreement. In connection with a release or cancellation of each Unencumbered Borrower, L▇▇▇▇▇ agrees to deliver (A) a UCC-3 financing statement termination or amendment releasing L▇▇▇▇▇’s security interest in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing the collateral pledged to the benefit of Lender relating to each Unencumbered Borrower, and (B) instruments executed by Lender reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Lender in connection with such release shall be applied paid by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountBorrower.
Appears in 1 contract
Sources: Loan Agreement (Industrial Logistics Properties Trust)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution If at any time during the term of this -------------------- Agreement, the Borrower or the Company shall receive Net Offering Proceeds relating to an Individual Continental Propertyor Net Cash Proceeds then, and if Lender is not required to and does not make such Net Proceeds available to simultaneously therewith, the Borrower for Restoration or for disbursement the Company, as Rent Loss Proceeds (as applicable)the case may be, in each case, in accordance with shall repay the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to the aggregate lesser of (Ax) the aggregate Net Offering Proceeds up to an amount equal to and/or Net Cash Proceeds received by the Minimum Release Price for such Individual Continental Property, Company from and after the date hereof and (By) the applicable Interest Shortfall outstanding principal balance of the Loans. If at any time from and Breakage Costs and after the Closing Date: (Ci) the actual reasonable costs Company or the Borrower merges or consolidates with another Person and the Company or Borrower, as the case may be, is not the surviving entity (other than a merger or consolidation of Lender the Company or the Borrower with Reckson or any other Person so long as, in the case of a merger or consolidation of the Company, Reckson is the surviving entity and retains not less than a 66 2/3% interest in Borrower; (ii) any interest in the Borrower or the Company is sold to any Person, other than to Reckson or the Company or in connection with the grant of OP Units (x) in partial payment of an acquisition of a Property or (y) the proceeds of which are used to purchase a Property; (iii) the Management Company ceases to provide property management and leasing services to all of the Projects located in the State of New York or to provide asset management services for all of the Projects located outside of the State of New York; or (iv) the Revolving Credit Agreement is terminated for any reason (the date any such event shall occur being the "Prepayment Date"), the Borrower shall be required to prepay the Loans in their entirety as if the Prepayment Date were the Termination Date and, the Credit Commitment thereupon shall be terminated. The Borrower shall immediately make such prepayment together with interest accrued to the extent such amounts are not paid date of the prepayment on the principal amount prepaid. In connection with the prepayment of any Loan prior to Lender in accordance with Article 7 hereof (collectivelythe maturity thereof, the “Mortgage Mandatory Prepayment Amount”Borrower shall also pay any applicable expenses pursuant to Section 5.2(f). Except during the continuance of an Event of Default, any Net Proceeds to Each such prepayment shall be applied to prepay ratably the Loans of the Lenders. Amounts prepaid pursuant to this Section 2.7(c4.1(d) hereof in excess of the Mortgage Mandatory Prepayment Amount shall may not be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrowerreborrowed.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives If a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender Term Credit Facility is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with accelerated following the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance occurrence of an Event of Default, any Net Proceeds Borrower shall immediately pay to be applied pursuant Agent, for payment to this Section 2.7(c) hereof each Lender in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) firstaccordance with its respective Pro Rata Share, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory sum of: (i) all outstanding principal of the Term Credit Facility and all other Obligations, plus accrued and unpaid interest thereon, (ii) any fees payable under the Fee Letter by reason of such prepayment, (iii) the Applicable Prepayment Amount (Fee as such term is defined specified in the Mezzanine Loan Documents), to be applied in accordance with Credit Facility Schedule for the Mezzanine Loan DocumentsCredit Facility being prepaid, and (IIIiv) lastlyall other sums that shall have become due and payable, including Protective Advances. Additionally, at the election of Agent, Borrower shall prepay the Term Credit Facilities (to Borrower.
be allocated pro rata among the outstanding Credit Extensions under all Term Credit Facilities) in the following amounts: (iiA) On each on the date on which Lender actually any Credit Party (or Agent as loss payee or assignee) receives any casualty proceeds in excess of Five Hundred Thousand Dollars ($500,000) in the aggregate for personal property and real property, in respect of assets upon which Agent maintained a distribution Lien, an amount equal to one hundred percent (100%) of Net Proceeds relating such proceeds (net of out-of-pocket expenses and, in the case of personal property, repayment of any permitted purchase money debt encumbering the personal property that suffered such casualty), or such lesser portion of such proceeds as Agent shall elect to apply to the Obligations; and (B) upon receipt by any Credit Party of the proceeds of any asset disposition of personal property not made in the Ordinary Course of Business (other than transfers permitted by Section 7.1) an Individual Puerto Rico Propertyamount equal to one hundred percent (100%) of the net cash proceeds of such asset disposition (net of out-of-pocket expenses and repayment of any permitted purchase money debt encumbering such asset), or such lesser portion as Agent shall elect to apply to the Obligations. Notwithstanding the foregoing, (a) so long as no Default or Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to $500,000 in the aggregate with respect to any property loss in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (x) shall be of equal or like value as the replaced or repaired Collateral and (y) shall be deemed Collateral in which Agent and Lenders have been granted a first priority security interest, and if Lender is not required (b) after the occurrence and during the continuance of a Default or Event of Default, all proceeds payable under such casualty policy shall, at the option of Agent, be payable to and does not make such Net Proceeds (but specifically excluding Agent, for the Casualty Proceeds and any other proceeds ratable benefit of the Lenders, on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofObligations.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. If at any time from and after the Closing Date: (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, the Borrower merges or consolidates with another Person and if Lender the Borrower is not required to and does not make such Net Proceeds available to the surviving entity, or (ii) the Borrower or any Consolidated Subsidiary or any Minority Holding sells, transfers, assigns or conveys assets, the book value (of the Borrower) of which (computed in accordance with GAAP but without deduction for Restoration or for disbursement as Rent Loss Proceeds (as applicabledepreciation), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of all such sales, transfers, assignments, or conveyances would cause the Capitalization Value immediately after such sale to be less than 75% of the Capitalization Value set forth in the Compliance Certificate delivered pursuant to SECTION 5.1(j); PROVIDED, that for purposes of this clause (ii) only, the phrase "sells, transfers, assigns or conveys" shall not include (A) sales or conveyances among the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental PropertyBorrower and any Consolidated Subsidiaries, (B) the applicable Interest Shortfall and Breakage Costs and mortgages secured by Real Property, or (C) sales or conveyances of Securities in the actual reasonable costs of Lender Borrower or TMC or in newly-formed Subsidiaries or Minority Holdings in connection with the acquisition of Real Property; or (iii) the portion of Capitalization Value attributable to the aggregate Limited Minority Holdings of the Borrower and its Consolidated Subsidiaries exceeds 20% of the Capitalization Value (the date any such event in (i), (ii) or (iii) shall occur being the "PREPAYMENT DATE") the Revolving Credit Commitments shall be terminated and the Borrower shall be required to prepay the Loans in their entirety and return any outstanding Letters of Credit as if the Prepayment Date were the Revolving Credit Termination Date. The Borrower shall make such prepayment on the Prepayment Date together with interest accrued to the extent such amounts are not paid date of the prepayment on the principal amount prepaid. In connection with the prepayment of any Loan prior to Lender in accordance with Article 7 hereof (collectivelythe maturity thereof, the “Mortgage Mandatory Prepayment Amount”Borrower shall also pay any applicable expenses pursuant to SECTION 4.2(f). Except during the continuance of an Event of Default, any Net Proceeds to Each such prepayment shall be applied to prepay ratably the Loans of the Lenders. Amounts prepaid pursuant to this Section 2.7(cSECTION 3.1(d) hereof in excess of the Mortgage Mandatory Prepayment Amount shall may not be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrowerreborrowed.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. Upon the occurrence of a qualifying event prior to Maturity Date described in this Section 4, the Notes, including principal, accrued interest thereon, plus the Premium Amount required under Section 3 above, must be paid in the manner and to the extent provided herein. Any proceeds remaining from the sale of the Pledge Shares after meeting Mandatory Prepayment requirements shall be retained by the Company.
(i) On each date on which Lender actually receives a distribution of Net Proceeds relating Qualifying event related to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds Initial Public Offering (as applicabledefined below) or Merger Event (as defined below):
(1) In the event that Wugen, Inc. completes its Initial Public Offering or undergoes Merger Event prior to the Maturity Date, which results in a price per share for the Pledged Shares of at least $5.00 (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification), the Company shall sell the Pledged Shares for cash and apply the proceeds of the sale of the Pledged Shares, pro rata, first to prepay in full the indebtedness evidenced by the Notes, including any accrued and unpaid interest thereon, plus the Premium Amount.
(2) Pledged Shares must be freely tradeable, with all marketing restrictions expired, including a 180-day lockup requirement that is typical of Initial Public Offerings and Merger Events.
(3) All Purchasers will participate in the Mandatory Prepayment event and the Notes, including principal, accrued interest thereon and Premium Amount, will be prepaid to Purchasers as provided in this Section 4.
(4) In order to effect the sale of the Pledged Shares, Purchasers agree to release the Pledged Shares from escrow so that the Company may sell the Pledged Shares. Company shall notify Purchasers of a qualifying event and agrees to effect the sale of Pledged Shares within fifteen (15) business days from the time the Pledged Shares are removed from escrow. The Company will instruct the institutional broker to wire proceeds directly to each casePurchaser in the amount of Note, in accordance with the applicable terms including principal, accrued interest thereon and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal Premium Amount. Any proceeds remaining will be wired directly to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to BorrowerCompany.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment Qualifying event related to the extent such amounts are not paid acquisition of Wugen Inc. by another entity for cash or publicly-traded securities:
(1) In the event that Wugen Inc. is acquired by an entity for cash or publicly-traded securities prior to Lender in accordance with Article 7 hereofthe Maturity Date, the Company will pay Purchaser full indebtedness evidenced by the Notes, including any accrued and unpaid interest thereon, plus Premium Amount.
(iii2) Borrower shall make In the REMIC Payment as and event that Wugen Inc. is acquired by an entity for publicly-traded securities prior to the extent required hereunderMaturity Date, the Company will follow the same procedures described in Subsection (i) above. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to For purposes of this Section 2.7(c) (including4, without limitation, the following terms used in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for Agreement have the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.respective meanings set forth below:
Appears in 1 contract
Sources: Senior Secured Note Purchase Agreement (HCW Biologics Inc.)
Mandatory Prepayment. (i) On each Within five Business Days after the date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not financial statements are required to be delivered pursuant to Section 6.01(a) and does not make such Net Proceeds available the related Compliance Certificate has been delivered pursuant to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicableSection 6.02(a), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, shall cause to be prepaid an aggregate principal amount of Group Term Loans (allocated among the Group Term Loans at Lender’s option, prepay the Debt in an amount discretion of the Borrower) equal to the aggregate of (A) 50% (such percentage as it may be reduced as described below, the Net Proceeds up to an amount equal to “ECF Percentage”) of Excess Cash Flow, if any, for the Minimum Release Price for fiscal year covered by such Individual Continental Propertyfinancial statements (commencing with the fiscal year ended on December 31, 2017), minus (B) the applicable Interest Shortfall sum of (1) all voluntary prepayments of Group Term Loans under any Group Credit Agreement (including any voluntary prepayments of any term loans under any Group Credit Agreement prior to the SecondThird Amendment Effective Date) (provided that, with respect to Discounted Voluntary Prepayments under any Group Credit Agreement, only the actual amount of cash used to consummate such prepayment shall be included in such calculation) during such fiscal year and Breakage Costs after the end of such fiscal year but prior to the required date of such prepayment (such prepayment or purchase after the end of the fiscal year, together with such prepayment described in clause (2) below, the “After Year-End Payment”) and (C2) all voluntary prepayments of Group Revolving Credit Loans during such fiscal year and after the actual reasonable costs end of Lender in connection with such fiscal year but prior to the required date of such prepayment to the extent the Group Revolving Credit Commitments are permanently reduced by the amount of such amounts payments, in the case of each of the immediately preceding clauses (1) and (2), to the extent such prepayments are not paid funded with the proceeds of Indebtedness (other than, with respect to Lender in accordance with Article 7 hereof clause (collectively1) only, any Indebtedness incurred pursuant to any Revolving Credit Loan or Swing Line Loan) or any Specified Equity Contribution; provided that (a) the “Mortgage Mandatory Prepayment Amount”ECF Percentage shall be 25% if the Consolidated First Lien Net Leverage Ratio for the fiscal year covered by such financial statements was less than or equal to 3.25:1.00 and greater than 2.75:1.00 and (b) the ECF Percentage shall be 0% if the Consolidated First Lien Net Leverage Ratio for the fiscal year covered by such financial statements was less than or equal to 2.75:1.00; provided, further, that solely for the purpose of this Section 2.05(b)(i). Except , following the making of each After Year-End Payment, (i) the Consolidated First Lien Net Leverage Ratio shall be re-calculated giving Pro Forma Effect to such After Year-End Payment as if such payment were made during the continuance fiscal year in respect of an Event of Default, any Net Proceeds to be applied which the prepayment pursuant to this Section 2.7(c2.05(b)(i) hereof is made and (ii) such After Year-End Payment taken into account in excess the calculation of the Mortgage Mandatory Prepayment Amount required prepayment amount above for one fiscal year shall be applied as follows: disregarded for any subsequent calculations for future fiscal years. Notwithstanding anything set forth above, if for any fiscal year the amount calculated pursuant to clause (IA) firstabove is less than the amount calculated pursuant to clause (B) above (such amount, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents“Excess Prepayments”), to the cumulative amount of such Excess Prepayments shall be applied carried over in accordance with calculations for the Mezzanine Loan Documents, and following fiscal year (IIIbut not subsequent years) lastly, to Borroweron a dollar-for-dollar basis.
(ii) On (A) Subject to Section 2.05(b)(ii)(B), if (1) any Covenant Entity Disposes of any property or assets pursuant to Section 7.05(h), (i), (l), (n) (other than a Permitted Sale Leaseback between Nexstar Guarantors that are not the Holding Companies), (o)(y) or, (u) (in each date on case of (o)(y) and (u), to the extent provided thereunder) or (w) (in the case of (w), only after the applicable Asset Sale Bridge Facility has been paid in full) or (2) any Casualty Event occurs, which Lender actually receives a distribution in the aggregate results in the realization or receipt by such Person of Net Proceeds relating to an Individual Puerto Rico PropertyCash Proceeds, and if Lender is not required to and does not the Borrower shall make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each casea prepayment, in accordance with the applicable terms and conditions hereofSection 2.05(b)(ii)(C), Borrower shall, at Lender’s option, prepay the Debt in of an aggregate principal amount of Term Loans equal to 100% the percentage represented by the quotient of (x) the Outstanding Amount of Term Loans at such time divided by (y) the sum of the Outstanding Amount of the Term Loans at such time and the amount of any other Indebtedness constituting term loans or term notes outstanding at such time that is secured by a Lien ranking pari passu with the Liens securing the Term Loans and requiring a like prepayment from such Net Cash Proceeds (but specifically excluding such percentage, the Casualty “Asset Percentage”) of all such Net Cash Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with realized or received; provided that no such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made required pursuant to this Section 2.7(c2.05(b)(ii)(A) with respect to such portion of such Net Cash Proceeds that the Borrower shall have, on or prior to such date, given written notice to the Administrative Agent of its intent to reinvest in accordance with Section 2.05(b)(ii)(B) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall which notice may only be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and provided if no Event of Default has occurred and is then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountcontinuing).
Appears in 1 contract
Mandatory Prepayment. (i) On each date Upon a Change in Control all amounts of principal of and interest on which Lender actually receives this Note shall become immediately due and payable at the option of the Holder. The Holder may upon receiving notice of a distribution Change in Control, exercise its right to demand payment in full of Net Proceeds relating to an Individual Continental Propertythis Note, and if Lender is not required to and does not make by giving the Company notice of such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds election within five (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate 5) Business Days of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for receiving such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”)notice. Except during the continuance of an Event of Default, any Net Proceeds The Holder may elect to be applied pursuant to this Section 2.7(cpaid on any Business Day not less than twenty (20) hereof in excess and not more than sixty (60) Business Days following the receipt of such notice from the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to BorrowerCompany.
(ii) On each date on which Lender actually receives a distribution In the event that the Company consummates (x) an IPO or (y) an Asset Disposition (as hereinafter defined), the Company shall, within five (5) Business Days following consummation of such IPO or Asset Disposition, apply the Net Proceeds relating thereof to an Individual Puerto Rico Propertythe prepayment of principal of the Note, and if Lender is not required to and does not make the extent that such Net Proceeds (but specifically excluding shall not have been required to be applied to Senior Debt and the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower Company shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection concurrently with such prepayment of principal of this Note, pay interest on the amount prepaid (as provided in Section 2(a) as though the date of prepayment was an Interest Payment Date which interest, however, shall be paid in cash and no PIK Amount shall be added to the extent Accreted Principal Amount in respect of such amounts are not paid to Lender in accordance with Article 7 hereofpayment of interest.
(iii) Borrower The Company shall give written notice to the Holder of any Change in Control, IPO or Asset Disposition at least ten (10) and not more than sixty (60) Business Days prior to the consummation of same. Such notice shall be given in the manner specified in Section 10.2 of the Purchase Agreement. Nothing contained in this Section 4 shall be deemed a consent by the Holder to the consummation of any Asset Disposition prohibited by the Purchase Agreement and the Company covenants and agrees that, notwithstanding any other provisions of any Transaction Document, it shall not enter into any agreement for an Asset Disposition without the consent in writing of the requisite percentage of Holders of the Notes, unless such agreement provides for the payment in full of the Notes upon consummation thereof. In the event that the closing of an IPO is not consummated within sixty (60) days following the notice of prepayment given by the Company in connection with an IPO, the Company shall be under no obligation to make the REMIC Payment payments as set forth above. In addition, in the event that such a notice of prepayment is delivered by the Company in connection with a Change in Control or Asset Disposition transaction and such transaction is not consummated within sixty (60) days of the notice of prepayment, the Company shall be under no obligation to make the extent required hereunder. No Prepayment Premium or penalty payments as set forth above.
(includingiv) If more than one Note (as defined in the Purchase Agreement) of the Company is outstanding, without limitation, any Default Prepayment Premiumthe Net Proceeds payable under this paragraph (a) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing applied to the benefit Notes of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds Company pro rata.
(Ib) to For the extent that no Trigger Period and no Event purposes of Default then exists, paid to Borrower and (II) to this Note the extent no Event of Default then exists, but a Trigger Period then exists, deposited into following terms have the Cash Management Account.meanings specified below:
Appears in 1 contract
Sources: Subordinated Note and Warrant Purchase Agreement (Brandpartners Group Inc)
Mandatory Prepayment. (i) On In the event and on each date occasion that any Net Cash Proceeds are received by or on which Lender actually receives a distribution behalf of Net Proceeds relating the Issuer or any of its Subsidiaries in respect of any Reduction Event, the Issuer shall promptly request permission from the Central Bank to an Individual Continental Propertyremit all required amounts under this Section 2.04 in Dollars to the Administrative Agent for the exclusive benefit of the applicable Purchaser under the applicable ROF and, and if Lender is not required to and does not make within five Euro-Dollar Business Days after the Receipt Date for such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Cash Proceeds (as applicable)subject, in each case, to the provisions of this Section 2.04(a) and Section 2.04(d)), prepay the Bank Note, the Tranche D Notes, the Tranche E Note and the Tranche F Notes in an aggregate principal amount equal to the amount of the Purchasers’ Portion of Net Cash Proceeds allocated thereto under Section 2.03(b), in each case together with interest thereon to the date of prepayment; provided, however, that notwithstanding the foregoing, if the applicable Reduction Event is the incurrence of any Debt described in Section 5.10(c) that has been incurred to refinance in whole or in part specific Tranche D Notes (or Tranche D Participations) of a Tranche D Lender, the Net Cash Proceeds thereof shall be applied first to the prepayment of such Tranche D Notes of such Tranche D Lender until such Notes are paid in full, and second in the manner set forth in Section 2.03(b); and provided further, that notwithstanding the foregoing, if the applicable Reduction Event is the event described in item (iv) of the definition of “Reduction Event,” the Net Cash Proceeds from such Reduction Event shall be applied as a prepayment of such portion of each relevant Tranche D Lender’s Tranche D Note in respect of the Working Capital Amount of each relevant Supplier as calculated in accordance with the applicable terms second proviso of the definition of “Net Cash Proceeds.”
(ii) Notwithstanding the provisions of subclause (i) above, no Mandatory Prepayment shall be required pursuant to this Section 2.04(a) in respect of any Net Cash Proceeds (or a portion thereof, if applicable) arising from an Asset Sale if the Issuer shall deliver to the Administrative Agent a Responsible Officers’ Certificate to the effect that the Issuer or such Subsidiary elects to apply such Net Cash Proceeds (or a portion thereof specified in such certificate) on or before a date occurring 180 days subsequent to the Receipt Date therefor to capital expenditures of the Original Issuer incurred in connection with the mobile telephone network business of the Original Issuer in the Concession Area (such date, the “Expiration Date”) and conditions hereofcertifying that no Default has occurred and is continuing. To the extent that the Issuer has so delivered such Responsible Officers’ Certificate and, Borrower in the manner and to the extent specified in such certificate, the Net Cash Proceeds therefrom have not been applied in full by or on behalf of the Issuer or such Subsidiary on or before the Expiration Date, or committed to be so applied within 180 days after the Expiration Date pursuant to a binding contract, the Issuer shall, at Lender’s optionon the Expiration Date, but subject to Section 2.04(d), prepay the Debt Notes in the manner set forth herein in an amount equal to the Purchasers’ Portion of Net Cash Proceeds of the portion of Net Cash Proceeds that have not been so applied or committed. At any time that aggregate Net Cash Proceeds by operation of the immediately preceding sentence exceeding $50,000,000 (Aor its equivalent in another currency) have not yet been applied to prepayment of the Net Proceeds up to an amount equal to Notes (or a Tranche D Participation) or in the Minimum Release Price for such Individual Continental Property, (B) manner specified in the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied Responsible Officers’ Certificate delivered pursuant to this Section 2.7(c) hereof 2.04(a)(ii), the Issuer shall immediately deliver to the Brazilian Collateral Agent for deposit in excess of the Mortgage Mandatory Prepayment Amount Brazilian Special Purpose Account the entire Net Cash Proceeds not yet so applied and such Net Cash Proceeds shall be held in the Brazilian Special Purpose Account until so applied as follows: (I) firstby the Issuer in accordance with, and within the time periods specified in, this Section 2.04(a)(ii). On or prior to the Mezzanine Lender, Expiration Date in an amount equal respect of any Reduction Event with respect to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Responsible Officers’ Certificate has been delivered pursuant to this Section 2.7(c) (including2.04(a)(ii), without limitation, the Issuer shall notify the Administrative Agent in connection with any REMIC Payment). Any prepayment received by Lender pursuant reasonable detail of the application of the Net Cash Proceeds required to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds date (I) including to the extent that no Trigger Period which Person and no Event of Default then exists, paid for which purposes such amounts are to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountbe applied).
Appears in 1 contract
Sources: Note Purchase Facility Agreement (Tele Norte Leste Participacoes Sa)
Mandatory Prepayment. (ia) On If, as a result of acceleration, voluntary prepayment, scheduled payment or otherwise in respect of the Collateral Notes, Pechiney at any time or from time to time makes any payment of principal of a Collateral Note (each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable"PRINCIPAL PAYMENT"), the Borrower shall immediately prepay the principal amount of the Note. Such prepayment shall be equal to 85% of such Principal Payment, and, provided that no Default (under either this Agreement or under the Triarc Credit Agreement) or Event of Default has occurred and is continuing (and the Borrower shall immediately provide to the Bank a certificate confirming that no Default or Event of Default has occurred and is continuing), promptly and in each case, any event within three Business Days an amount (the "EXCESS PORTION") equal to 15% of such Principal Payment shall be paid to the Borrower. The Bank agrees to direct the Depositary Bank and the Collateral Agent to pay the Excess Portion of the Principal Payment to the Borrower in accordance with with, but subject to, the applicable terms foregoing sentence. It is understood and conditions hereofagreed that if the amount equal to 85% of the Principal Payment exceeds the outstanding principal amount of the Note, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to such excess shall be paid by the Borrower to NationsBank, N.
A. for application against the aggregate principal amount of the Demand Loans outstanding and other obligations under the Triarc Credit Agreement.
(Ab) If any Default or Event of Default has occurred and is continuing when any Pechiney Proceeds are received or otherwise being held by the Net Depositary Bank, the Collateral Agent or the Bank, the entire amount of such Pechiney Proceeds up shall be paid to the Bank and applied by the Bank as a payment of principal of the Note or applied by the Bank as a payment of interest on the Note or other obligations of the Borrower hereunder, as the Bank in its sole discretion shall determine (it being understood that the Borrower shall have no right whatsoever to receive any portion of such proceeds, except pursuant to Section 15 of the Pledge Agreement). If the Pechiney Proceeds exceed the principal of and interest on the Note and the other obligations of the Borrower hereunder, the Borrower shall pay an amount equal to such excess to NationsBank, N.
A. for application against the Minimum Release Price for aggregate principal amount of Demand Loans and other obligations outstanding under the Triarc Credit Agreement. It is also understood that upon the payment of any Pechiney Proceeds in respect of the principal of the Collateral Notes, NationsBank, N.A. may at any time thereafter decrease the Original Advance Percentage (as defined in the Triarc Credit Agreement) and the Margin Call Percentage (as defined in the Triarc Credit Agreement)(in either case, to such Individual Continental Propertypercentage as the Bank may in its sole and absolute discretion determine) by giving either Borrower thereunder notice of such revised percentage. If such a decrease results in a "Default" under the Triarc Credit Agreement, then (i) the decrease will constitute a Default hereunder, (Bii) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with so long as any such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively"Default", the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an or any other Default or Event of Default, shall occur and be continuing, the Borrower shall no right to receive any Net portion of the Pechiney Proceeds, (iii) if any "Event of Default" (as defined in the Triarc Credit Agreement), or any other Event of Default shall occur and be continuing, such Pechiney Proceeds to may be applied pursuant to this Section 2.7(c) hereof in excess the payment of the Mortgage Mandatory Prepayment Amount shall be applied Borrower's obligations hereunder or to the obligations under the Triarc Credit Agreement, and (iv) if such "Default" under the Triarc Credit Agreement is cured or waived, and no other Default, Event of Default or "Event of Default" (as follows: (Idefined in the Triarc Credit Agreement) firsthas occurred and is continuing, the Bank will upon request promptly and in any event within three Business Days return to the Borrower the Excess Portion of such Principal Payment, to the Mezzanine Lender, in an amount equal extent not applied to the Mezzanine Mandatory Prepayment Amount (as such term is defined in Borrower's obligations hereunder or under the Mezzanine Loan Documents), to be applied Triarc Credit Agreement in accordance with clause (iii) hereof (and the Mezzanine Loan DocumentsBank agrees to direct the Depositary Bank and the Collateral Agent to pay the Excess Portion of the Principal Payment to the Borrower in accordance with, and but subject to, this clause (III) lastly, to Borroweriv)).
(iic) On each Each prepayment shall be accompanied by the payment of accrued interest to the date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding prepayment on the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borroweramount prepaid, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) subject to the extent that no Trigger Period and no Event provisions of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountSection 2.12 hereof."
Appears in 1 contract
Sources: Pledge and Security Agreement (Triarc Companies Inc)
Mandatory Prepayment. If at any time from and after the Closing Date: (i) On each date on the Borrower merges or consolidates with another Person (other than pursuant to the SDG Reorganization Transactions, which Lender actually receives a distribution are expressly permitted subject to the terms of Net Proceeds relating to an Individual Continental Property, Article XIV hereof) and if Lender the Borrower is not required to and does not make such Net Proceeds available to the sur viving entity, or (ii) the Borrower or any Consolidated Subsidiary sells, trans fers, assigns or conveys assets, the book value of which (computed in accor dance with GAAP but without deduction for Restoration or for disbursement as Rent Loss Proceeds (as applicabledepreciation), in each casethe aggregate of all such sales, in accordance with transfers, assignments, foreclosures, or conveyances exceeds 30% of the applicable terms and conditions hereofCapitalization Value, Borrower shall, at Lender’s option, prepay or (iii) the Debt in an amount equal portion of Capitalization Value attributable to the aggregate Limited Minority Holdings (but excluding the Borrower's interest in Pentagon Fashion Center) of the Borrower and its C▇▇▇▇▇▇ dated Subsidiaries exceed 20% of Capitalization Value, or (Aiv) the Net Proceeds up Borrower or the Management Company ceases to provide property management and leasing servic es to 33% of the total number of Shopping Centers in which the Borrower has an amount equal ownership interest (the date any such event shall occur being the "Prepayment Date"), the Revolving Credit Commitment shall be terminated and the Borrower shall be required to prepay the Loans in their entirety as if the Prepayment Date were the Revolving Credit Termination Date. The Borrower shall immedi ately make such prepayment together with interest accrued to the Minimum Release Price for such Individual Continental Property, (B) date of the prepayment on the principal amount prepaid and shall return or cause to be re turned all Letters of Credit to the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in Lender. In connection with the prepayment of any Loan prior to the maturity thereof, the Borrower shall also pay any applicable expenses pursuant to Section 5.2(f). Each such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to shall be applied to prepay ratably the Loans of the Lenders. Amounts prepaid pursuant to this Section 2.7(c4.1(d) hereof may not be reborrowed. As used in excess of this Section 4.1(d) only, the Mortgage Mandatory Prepayment Amount phrase "sells, transfers, assigns or conveys" shall be applied as follows: not include (Ii) firstsales or conveyances among Borrower and any Consolidated Subsidiar ies, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
or (ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico mortgages secured by Real Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution In the event that an Unencumbered Asset Pool Property is sold, transferred or released from the restrictions of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions Section 5.17 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale or transfer, prepay the Debt Loans in such amount as shall be required for the Borrower to remain in compliance with this Agreement. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as an Unencumbered Asset Pool Property. Sale of an Unencumbered Asset Pool Property in violation of this Section 2.10(a) shall constitute an Event of Default. Prepayments made under this Section 2.10(a) shall be applied to the amounts outstanding under the Tranche B Loan and, in the event there are no amounts outstanding thereunder, then such prepayments shall be applied pro rata to amounts outstanding under the Tranche A Loan, the Tranche C Loan and the Tranche D Loan.
(b) In addition to the payments of interest required to be made hereunder for each Tranche C Loan and Tranche D Loan, Borrower shall pay to the Administrative Agent for the benefit of the Tranche C Banks and the Tranche D Banks, an amount equal to (1) $5,000,000 on June 30, 1998, (2) $20,000,000 on September 30, 1998, and (3) $25,000,000 on December 31, 1998 (each, a "Required Amortization Payment") in partial prepayment of the aggregate Tranche C Loan and the Tranche D Loan. The Required Amortization Payments shall be applied pro rata to prepayment of the amounts outstanding under each of the Tranche C Loan and the Tranche D Loan. Any individual Tranche D Bank may waive application of its pro rata share of the Required Amortization Payment to the Tranche D Loan by notifying the Administrative Agent at least thirty (A30) days prior to the Net Proceeds up date of such Required Amortization Payment, in which event, any such payment shall be applied by the Administrative Agent to prepayment, pro rata, of amounts outstanding under the Tranche C Loan.
(c) Commencing January 1, 1999, in addition to the payments of interest required to be made hereunder with respect to the Tranche D Loan and the payments required under Section 2.10(b), Borrower shall pay annually to the Administrative Agent for the benefit of the Tranche D Banks, an amount equal to one percent (1%) of the Minimum Release Price for such Individual Continental Propertyoriginal principal amount of the Tranche D Loan Amount (each, a "Tranche D Amortization Payment"), payment of which amount shall be made in equal quarterly amounts, on the first Business Day of each calendar quarter, on each January 1, April 1, July 1 and October 1 during the Term, in partial prepayment of the Tranche D Loan.
(Bd) In the applicable Interest Shortfall and Breakage Costs and (C) event the actual reasonable costs of Lender Borrower issues commercial mortgage backed securities as described in connection the Proxy Statement with such prepayment respect to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelythose Real Property Assets demised under that certain Master Lease identified on Schedule 5.23 hereof, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance proceeds of an Event of Default, any Net Proceeds to such transaction shall be applied pursuant to this Section 2.7(c) hereof in excess amounts outstanding under the Tranche A Loan as of the Mortgage Mandatory Prepayment Amount date of the closing of such transaction. In the event further prepayments are required under Section 2.10(a) as a result of such transaction, then such prepayments shall be applied as follows: (Iset forth in Section 2.10(a) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrowerhereof .
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Credit Agreement (Ventas Inc)
Mandatory Prepayment. (i) On In the event and on each date occasion that any Net Cash Proceeds are received by or on which Lender actually receives a distribution behalf of Net Proceeds relating the Issuer or any of its Subsidiaries in respect of any Reduction Event, the Issuer shall promptly request permission from the Central Bank to an Individual Continental Propertyremit all required amounts under this Section 2.04 in Dollars to the Administrative Agent under the applicable ROF and, and if Lender is not required to and does not make within five Euro-Dollar Business Days after the Receipt Date for such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Cash Proceeds (as applicable)subject, in each case, to the provisions of this Section 2.04(a) and Section 2.04(d)), prepay the Bank Notes in an aggregate principal amount equal to the amount of such Net Cash Proceeds allocated thereto under Section 2.03(b) and prepay Tranche D Notes in an aggregate principal amount equal to the amount of such Net Cash Proceeds allocated thereto under Section 2.03(b), in each case together with interest thereon to the date of prepayment; provided, however, that notwithstanding the foregoing, if the applicable Reduction Event is the incurrence of any Debt described in Section 5.10(c) that has been incurred to refinance in whole or in part specific Tranche D Notes (or Tranche D Participations) of a Tranche D Lender, the Net Cash Proceeds thereof shall be applied first to the prepayment of such Tranche D Notes of such Tranche D Lender until such Notes are paid in full, and second in the manner set forth in Section 2.03(b); and provided further, that notwithstanding the foregoing, if the applicable Reduction Event is the event described in item (iv) of the definition of "Reduction Event," the Net Cash Proceeds from such Reduction Event shall be applied as a prepayment of such portion of each relevant Tranche D Lender's Tranche D Note in respect of the Working Capital Amount of each relevant Supplier as calculated in accordance with the applicable terms second proviso of the definition of "Net Cash Proceeds."
(ii) Notwithstanding the provisions of subclause (i) above, no Mandatory Prepayment shall be required pursuant to this Section 2.04(a) in respect of any Net Cash Proceeds (or a portion thereof, if applicable) arising from an Asset Sale if the Issuer shall deliver to the Administrative Agent a Responsible Officers' Certificate to the effect that the Issuer or such Subsidiary elects to apply such Net Cash Proceeds (or a portion thereof specified in such certificate) on or before a date occurring 180 days subsequent to the Receipt Date therefor to capital expenditures of the Issuer incurred in connection with the mobile telephone network business of the Issuer in the Concession Area (such date, the "EXPIRATION DATE") and conditions hereofcertifying that no Default has occurred and is continuing. To the extent that the Issuer has so delivered such Responsible Officers' Certificate and, Borrower in the manner and to the extent specified in such certificate, the Net Cash Proceeds therefrom have not been applied in full by or on behalf of the Issuer or such Subsidiary on or before the Expiration Date, or committed to be so applied within 180 days after the Expiration Date pursuant to a binding contract, the Issuer shall, at Lender’s optionon the Expiration Date, but subject to Section 2.04(d), prepay the Debt Notes in the manner set forth herein in an amount equal to such Net Cash Proceeds that have not been so applied or committed. At any time that aggregate Net Cash Proceeds by operation of the aggregate immediately preceding sentence exceeding $50,000,000 (or its equivalent in another currency) have not yet been applied to prepayment of the Notes (Aor a Tranche D Participation) or in the Net Proceeds up to an amount equal to manner specified in the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied Responsible Officers' Certificate delivered pursuant to this Section 2.7(c) hereof 2.04(a)(ii), the Issuer shall immediately deliver to the Brazilian Collateral Agent for deposit in excess of the Mortgage Mandatory Prepayment Amount Brazilian Special Purpose Account the entire Net Cash Proceeds not yet so applied and such Net Cash Proceeds shall be held in the Brazilian Special Purpose Account until so applied as follows: (I) firstby the Issuer in accordance with, and within the time periods specified in, this Section 2.04(a)(ii). On or prior to the Mezzanine Lender, Expiration Date in an amount equal respect of any Reduction Event with respect to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Responsible Officers' Certificate has been delivered pursuant to this Section 2.7(c) (including2.04(a)(ii), without limitation, the Issuer shall notify the Administrative Agent in connection with any REMIC Payment). Any prepayment received by Lender pursuant reasonable detail of the application of the Net Cash Proceeds required to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds date (I) including to the extent that no Trigger Period which Person and no Event of Default then exists, paid for which purposes such amounts are to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountbe applied).
Appears in 1 contract
Sources: Note Purchase Facility Agreement (Tele Norte Leste Participacoes Sa)
Mandatory Prepayment. The Borrower’s obligations under the Subordinated Debentures and this Agreement are not assumable. Subject to the Subordination Agreement, upon (a) a Change of Control, or (b) the sale or disposition by the Sponsor Group of Equity Interests of Holdings or Intermediate Holdings with a value of $35,000,000 or more in aggregate, each Lender shall have the right (but not the obligation) to require the Borrower to: (i) On each date on which prepay all or any portion of the Subordinated Debentures held by such Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate then outstanding principal balance, all accrued but unpaid interest thereon, plus all PIK Amounts and, in the case of a prepayment required under clause (Ab) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Propertyabove, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs 50% of Lender in connection with such prepayment to the extent such amounts are not paid to Lender any Repayment Charge computed in accordance with Article 7 Section 2.06(a), provided that any prepayment under this Section 2.07 that occurs prior to the 18 month anniversary of the date hereof shall be subject to a Repayment Charge equal to 6.0% of any principal prepaid (collectivelyexcluding any PIK Amount); and (ii) pay in full a corresponding portion of the other Obligations owing to such Lender, which amount shall be calculated on the date of prepayment and be payable in cash on such date. On the date of prepayment, the “Mortgage Mandatory Prepayment Amount”). Except during Borrower shall pay to the continuance Lenders of an Event of Default, any Net Proceeds to be applied the Subordinated Debentures being prepaid pursuant to this Section 2.7(c) hereof 2.07, the price specified above, by wire transfer of immediately available funds to an account designated by such Lender. Concurrently therewith, each Lender of Subordinated Debentures being prepaid in excess of the Mortgage Mandatory Prepayment Amount full shall be applied as follows: (I) first, deliver to the Mezzanine Lender, Borrower the original copy of its Subordinated Debenture or an affidavit of loss thereof in an amount equal a form that is reasonably satisfactory to the Mezzanine Mandatory Prepayment Amount (as such term is defined in Borrower. Any offer made by the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date 2.07 shall be held by Lender irrevocable so long as collateral security for the Change of Control occurs.”
5. Section 7.17(a) of the Loan Agreement is hereby deleted in an interest bearing, Eligible Account at an Eligible Institution, its entirety and replaced with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.following:
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, The Borrowers will immediately prepay the Debt in an amount equal to Revolving Loans at any time when the aggregate principal amount of (A) all Revolving Loans exceeds the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) firstBorrowing Base, to the Mezzanine Lenderfull extent of any such excess. On each day that any Revolving Loans are outstanding, in an amount equal the Borrowers shall hereby be deemed to represent and warrant to the Mezzanine Mandatory Prepayment Amount (Lender that the Borrowing Base calculated as of such term is defined in day equals or exceeds the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borroweraggregate principal amount of all Revolving Loans outstanding on such day.
(ii) On each date on which Lender actually receives [intentionally omitted]
(iii) [intentionally omitted]
(iv) Immediately upon any Disposition by a distribution Borrower or any of Net Proceeds relating its Subsidiaries pursuant to an Individual Puerto Rico PropertySection 6.02(c)(ii), and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Borrowers shall prepay the outstanding principal of the Prior Hurricane DamageTerm Loan A and, if the Term Loan A has been paid in full, then the Term Loan B (or, if the Term Loans have been paid in full, the Revolving Loans) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such the Net Cash Proceeds (but specifically excluding received by the Casualty Proceeds and Parent or any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender its Subsidiaries or Affiliates in connection with such prepayment Disposition. Upon the loss, destruction or taking by condemnation of any Collateral, the Borrowers shall prepay the outstanding principal of the Term Loan A and, if the Term Loan A has been paid in full, then the Term Loan B (or, if the Term Loans have been paid in full, the Revolving Loans) in an amount equal to 100% of the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make proceeds received by the REMIC Payment as and to the extent required hereunder. No Prepayment Premium Parent its Subsidiaries or penalty (including, without limitation, any Default Prepayment Premium) shall be due Affiliates in connection with therewith, net of any reasonable expenses incurred in collecting such net proceeds. Any prepayment made of Revolving Loans pursuant to this Section 2.7(c2.05(c)(iv) shall automatically and immediately reduce the Revolving Credit Commitment permanently by an amount equal to such prepayment.
(includingv) Upon the issuance or incurrence by the Parent, without limitationany Borrower or any of its Subsidiaries of any Indebtedness except as permitted by Section 6.02(b), or the sale or issuance by the Parent or any of its Subsidiaries of any shares of its Capital Stock, the Borrowers shall prepay the outstanding amount of the Term Loan A and, if the Term Loan A has been paid in full, then the Term Loan B (or, if the Term Loans have been paid in full, the Revolving Loans) in an amount equal to 100% of the Net Cash Proceeds received by the Parent or any of its Subsidiaries or Affiliates in connection with therewith. The provisions of this subsection (c) shall not be deemed to be implied consent to any REMIC Payment)such issuance, incurrence or sale otherwise prohibited by the terms and conditions hereof. Any prepayment received by Lender of Revolving Loans pursuant to this Section 2.7(c2.05(c)(v) on a date other than a Monthly Payment Date shall be held automatically and immediately reduce the Revolving Credit Commitment permanently by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with amount equal to such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountprepayment.
Appears in 1 contract
Sources: Financing Agreement (Enherent Corp)
Mandatory Prepayment. (i) On Subject to the Intercreditor Agreements and satisfaction of the Prepayment Conditions, within ten (10) Business Days after financial statements have been delivered pursuant to Section 7.01(a)(i)(A) (the “ECF Due Date”), but in any event not later than 120 calendar days plus ten (10) Business Days after the end of each Fiscal Year of the Lead Borrower beginning with the Fiscal Year ended December 31, 2026 (the “ECF Trigger Date”), the Borrowers shall prepay an aggregate principal amount of Loans in an amount equal to 25% of Excess Cash Flow for the Fiscal Year covered by such financial statements; provided that such amount shall, at the option of the Lead Borrower, be reduced on a dollar-for dollar basis by the aggregate amount of voluntary principal prepayments (other than prepayments financed with any long-term Indebtedness or any Equity Issuance of the Loans pursuant to Section 2.05(b)), to the extent permitted to be made hereunder and made during such Fiscal Year or, at the option of the Borrower, made during the period following the end of such Fiscal Year and prior to the ECF Due Date (without duplication in the next Fiscal Year). The Borrower shall promptly (and in any event, no later than five (5) Business Days after the ECF Trigger Date) determine whether the Prepayment Conditions will be satisfied on such prepayment date and if the Borrowers determine that, as of the prepayment date, the Prepayment Conditions will not be satisfied, the Borrowers shall deliver a certificate of an Authorized Officer of the Borrowers to the Administrative Agent attaching supporting calculations in respect of the Prepayment Conditions and determining the aggregate principal amount of Loans the Borrowers can prepay in satisfaction of the Prepayment Conditions on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Propertypro forma basis, and if Lender is not required such amount shall be prepaid on the date specified above.
(ii) Subject to and does not make such Net Proceeds available to Borrower for Restoration the Intercreditor Agreements, immediately upon any Disposition (excluding Dispositions which qualify as Permitted Dispositions) by any Loan Party or for disbursement as Rent Loss Proceeds (as applicable)its Subsidiaries, in each case, the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to 100% of the applicable terms Net Cash Proceeds received by such Person in connection with such Dispositions to the extent that the aggregate amount of Net Cash Proceeds received by all Loan Parties and conditions hereoftheir Subsidiaries (and not paid to the Administrative Agent as a prepayment of the Loans) shall exceed for all such Dispositions $500,000 any Fiscal Year. Nothing contained in this Section 2.05(c)(ii) shall permit any Loan Party or any of its Subsidiaries to make a Disposition of any property other than in accordance with Section 7.02(c)(ii).
(iii) Subject to the Intercreditor Agreements and solely, Borrower shallwith respect to an Equity Issuance, at Lender’s optionsatisfaction of the Prepayment Conditions, upon the issuance or incurrence by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness), or upon an Equity Issuance (other than any Excluded Equity Issuances), the Borrowers shall prepay the Debt outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to the Equity and Debt Prepayment Percentage of the Net Cash Proceeds received by such Person in connection therewith. The Borrower shall promptly (and in any event, no later than five (5) Business Days prior to the Equity Issuance) determine whether the Prepayment Conditions will be satisfied on the date of the Equity Issuance and if the Borrowers determine that, as of the date of the Equity Issuance, the Prepayment Conditions will not be satisfied, the Borrowers shall deliver a certificate of an Authorized Officer of the Borrowers to the Administrative Agent attaching supporting calculations in respect of the Prepayment Conditions and determining the aggregate principal amount of Loans the Borrowers can prepay in satisfaction of the Prepayment Conditions on a pro forma basis, and such amount shall be prepaid upon the issuance of such Equity Interests. The provisions of this Section 2.05(c)(iii) shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of this Agreement.
(iv) Subject to the Intercreditor Agreements, upon the receipt by any Loan Party or any of its Subsidiaries of (Ai) any Extraordinary Receipts, the Net Proceeds up to an Borrowers shall prepay the outstanding principal amount equal to of the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender Loans in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c2.05(d) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to 100% of the Mezzanine Mandatory Prepayment Amount Net Cash Proceeds received by such Person in connection therewith and (as such term is defined in ii) any ETI Litigation Extraordinary Receipts, the Mezzanine Loan Documents), to be applied Borrowers shall prepay the outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to 50% of the Mezzanine Loan Documents, and (III) lastly, to BorrowerNet Cash Proceeds received by such Person in connection therewith.
(iiv) On each date on which Lender actually receives a distribution of Net Proceeds relating Subject to an Individual Puerto Rico Propertythe Intercreditor Agreements, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding immediately upon receipt by the Casualty Proceeds and any other proceeds on account Borrowers of the Prior Hurricane Damage) available proceeds of any Permitted Cure Equity pursuant to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)Section 9.02, in each case, the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Section 2.05(d) in an amount equal to 100% of such proceeds.
(vi) Subject to the Intercreditor Agreements, notwithstanding the foregoing, with respect to Net Cash Proceeds (but specifically excluding the Casualty Proceeds and received by any other proceeds on account Loan Party or any of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender its Subsidiaries in connection with such prepayment a Disposition or the receipt of Extraordinary Receipts consisting of insurance proceeds or condemnation awards that are required to be used to prepay the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Obligations pursuant to this Section 2.7(c2.05(c)(ii) or Section 2.05(c)(iv), as the case may be, up to (includingx) with respect to Net Cash Proceeds from all such Dispositions, without limitation$5,000,000 in the aggregate in any Fiscal Year and (y) with respect to Net Cash Proceeds from all such Extraordinary Receipts, $20,000,000 in the aggregate in any Fiscal Year shall, in connection with any REMIC Payment). Any prepayment received by Lender pursuant each case, not be required to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for so used to prepay the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) Obligations to the extent that such Net Cash Proceeds are used to replace, repair or restore properties or assets (other than current assets) used in such Person’s business, provided, that, (A) no Trigger Period and no Default or Event of Default then existshas occurred and is continuing on the date such Person receives such Net Cash Proceeds, paid to (B) the Administrative Borrower and (II) delivers a certificate to the extent Administrative Agent within 5 days after such Disposition or loss, destruction or taking, as the case may be, stating that such Net Cash Proceeds shall be used to replace, repair or restore properties or assets used in such Person’s business within a period specified in such certificate not to exceed 180 days after the date of receipt of such Net Cash Proceeds (which certificate shall set forth estimates of the Net Cash Proceeds to be so expended and state that no Default or Event of Default then existshas occurred and is continuing on the date such Person receives such Net Cash Proceeds), but (C) such Net Cash Proceeds are deposited in an account subject to a Trigger Period then existsControl Agreement, deposited into and (D) upon the earlier of (1) the expiration of the period specified in the relevant certificate furnished to the Administrative Agent pursuant to clause (B) above or (2) the occurrence of a Default or an Event of Default, such Net Cash Management AccountProceeds, if not theretofore so used, shall be used to prepay the Obligations in accordance with Section 2.05(c)(ii) or Section 2.05(c)(iv) as applicable.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution Contemporaneously with the delivery to the Agents and the Lenders of Net Proceeds relating audited annual financial statements pursuant to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds Section 7.01(a)(iii) (as applicablethe “Excess Cash Flow Application Date”), in each casecommencing with the delivery to the Agents and the Lenders of the financial statements for the Fiscal Year ended December 31, 2023, the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Section 2.05(d) in an amount equal to 75% of any Excess Cash Flow of the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price Administrative Borrower and its Subsidiaries for such Individual Continental Property, (BFiscal Year) in excess of $10,000,000. Notwithstanding the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelyforegoing, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance amount of an Event of Default, any Net Proceeds Loans required to be applied repaid pursuant to this Section 2.7(c2.05(c)(i) hereof in excess for any Fiscal Year shall be reduced on a dollar for dollar basis by the amount of optional prepayments of Term Loans made pursuant to Section 2.05(b) during such Fiscal Year (other than optional prepayments made with the proceeds of any Indebtedness) or, without duplication of any amount which would reduce the amount of Loans required to be repaid pursuant to this Section 2.05(c) for the next Fiscal Year, any optional prepayments of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (ITerm Loans made pursuant to Section 2.05(b) first, following the last day of such Fiscal Year and prior to the Mezzanine Lender, in an amount equal applicable Excess Cash Flow Application Date for such Fiscal Year (other than optional prepayments made with the proceeds of any Indebtedness). Any Excess Cash Flow payment made pursuant to this Section 2.05(c)(i) shall exclude the portion of Excess Cash Flow that is attributable to any Person or line of business acquired pursuant to a Permitted Acquisition or Investment permitted hereunder and that accrues prior to the Mezzanine Mandatory Prepayment Amount (as such term is defined in closing date of the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrowerapplicable Permitted Acquisition or Investment permitted hereunder.
(ii) On each date on Promptly following any Disposition which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds qualify as Permitted Dispositions under clauses (but specifically excluding the Casualty Proceeds and any other proceeds on account h) or (u) of the Prior Hurricane Damagedefinition of Permitted Disposition) available to Borrower for Restoration by any Loan Party or for disbursement as Rent Loss Proceeds (as applicable)its Subsidiaries, in each case, the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Section 2.05(d) in an amount equal to 100% of the Net Cash Proceeds received by such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender Person in connection with such Disposition to the extent that the aggregate amount of Net Cash Proceeds received by such Person (and not paid to the Administrative Agent as a prepayment of the Loans) shall exceed $750,000 for all such Dispositions in any Fiscal Year (and, for the avoidance of doubt, only by the amount in excess thereof); provided, that the Borrowers shall not be required to make such prepayment to the extent (A) such Net Cash Proceeds are reinvested in property that is useful in the business of the Loan Parties, in which the Administrative Agent will have a first-priority perfected Lien, within 90 days of the date of such Disposition (or, if such amounts are committed to be so reinvested within such 90-day period, such amounts are actually so reinvested within 90 days following the expiration of such initial 90-day period) (it being understood that such prepayment shall be due immediately upon the expiration of such 90-day or 180-day period, as applicable, if not paid reinvested), and (B) no Event of Default exists or would result therefrom. Nothing contained in this Section 2.05(c)(ii) shall permit any Loan Party or any of its Subsidiaries to Lender make a Disposition of any property other than in accordance with Article 7 hereofSection 7.02(c)(ii).
(iii) Borrower Upon the issuance or incurrence by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness) or upon an Equity Issuance of Permitted Cure Equity to exercise a Cure Right pursuant to Section 9.02, the Borrowers shall make prepay the REMIC Payment as outstanding amount of the Loans in accordance with Section 2.05(d) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection therewith. The provisions of this Section 2.05(c)(iii) shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of this Agreement.
(iv) Upon the receipt by any Loan Party or any of its Subsidiaries of any Extraordinary Receipts, the Borrowers shall prepay the outstanding principal of the Loans in accordance with Section 2.05(d) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection therewith to the extent that the aggregate amount of Net Cash Proceeds received by such Person (and not paid to the Administrative Agent as a prepayment of the Loans) shall exceed $750,000 for all such Extraordinary Receipts in any Fiscal Year (and, for the avoidance of doubt, only by the amount in excess thereof); provided that the Borrowers shall not be required hereunder. No Prepayment Premium or penalty to make such prepayment to the extent (includingA) such Net Cash Proceeds are reinvested in property that is useful in the business of the Loan Parties, without limitationin which the Administrative Agent will have a first-priority perfected Lien, any Default Prepayment Premiumwithin 90 days of the date of such Extraordinary Receipt (or, if such amounts are committed to be so reinvested within such 90-day period, such amounts are actually so reinvested within 180 days following the receipt of such Net Cash Proceeds) (it being understood that such prepayment shall be due in connection with immediately upon the expiration of such 90-day period or 180-day period, as applicable), and (B) no Event of Default exists or would result therefrom.
(v) The Borrowers shall provide written notice to the Administrative Agent by 2:00 p.m. (New York time) at least one (1) Business Day prior to making any mandatory prepayment made pursuant to this Section 2.7(c2.05(c).
(vi) [Reserved].
(including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(cvii) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account[Reserved].
Appears in 1 contract
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.16 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Notwithstanding the foregoing, a simultaneous like- kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds on account cash "boot" associated therewith shall be applied to prepayment of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs Loans. Sale of Lender an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofviolation of this Section 2.10 shall constitute an Event of Default.
(iiib) Simultaneously with the closing of any sale of common shares of beneficial interest, preferred shares of beneficial interest, partnership interests, limited liability company interests, or other ownership or equity interests in the Borrower shall make or the REMIC Payment as and General Partner, the Borrower shall, simultaneously with such sale, prepay the Loans in an amount equal to 100% of the extent required hereunderNet Offering Proceeds. No Prepayment Premium or penalty (includingNotwithstanding the foregoing, without limitationhowever, any Default Prepayment Premium) shall be due in the event that the Net Offering Proceeds in connection with any prepayment made pursuant individual offering shall be less than $20,000,000, and the Borrower anticipates reinvesting the same in Real Property Assets within fifteen (15) days after receipt thereof, the Borrower may retain such funds, provided, however, that if the Borrower shall not in fact so reinvest such funds in Real Property Assets within such fifteen (15) day period, the Borrower shall immediately apply the same in repayment of the Loans.
(c) in the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Section 2.7(c) (includingAgreement which, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date pro forma basis (i.e. the Unsecured Debt --------- --- Ratio shall be held by Lender recalculated to include such Real Property Asset as collateral security though the same had been an Unencumbered Asset Pool Property for the Loan entire applicable period) would result in an interest bearingcompliance with the Unsecured Debt Ratio, Eligible Account at an Eligible Institution, with such interest accruing or (ii) the Borrower shall prepay to the benefit Lead Agent, for the account of Borrowerthe Banks, and an amount necessary to cause the Unsecured Debt Ratio to be in compliance within ninety (90) days of the date on which the Unsecured Debt Ratio failed to be maintained. Failure by the Borrower to comply with the Unsecured Debt Ratio within ninety (90) days of the date of such non- compliance shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no an Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 1 contract
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution To the extent that the aggregate principal amount of Net Proceeds relating to an Individual Continental Propertythe Revolving Credit Loans plus the Letter of Credit Obligations exceeds the Borrowing Base as in effect at any time, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Revolving Credit Borrowers shall immediately prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment Revolving Credit Loans to the extent necessary to cause compliance with the Borrowing Base. To the extent that such amounts prepayments are not paid insufficient to Lender in accordance cause compliance with Article 7 hereof (collectivelythe Borrowing Base, the “Mortgage Mandatory Prepayment Amount”). Except during Co-Borrowers shall pledge to the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess Administrative Agent for the ratable benefit of the Mortgage Mandatory Prepayment Amount shall be applied as follows: Banks, cash or cash equivalents (I) first, satisfactory to the Mezzanine LenderAdministrative Agent) subject to collateral margins acceptable to the Administrative Agent, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as amount of such term is defined in short-fall, which cash collateral shall secure the Mezzanine Loan Documents), reimbursement obligations with respect to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to BorrowerLetters of Credit.
(iib) On each date on which Lender actually If BC shall receive any proceeds from any sale by BC of its interest in Merinta or if BC receives a any loan, dividend or distribution of Net Proceeds relating to an Individual Puerto Rico Propertyfrom Merinta (such proceeds, loans, dividends and if Lender is not required to and does not make such Net Proceeds (but specifically excluding distributions, collectively, the Casualty Proceeds and any other proceeds on account "Merinta Proceeds"), the Co-Borrowers shall prepay the principal of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)Term Loan, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an aggregate amount equal to 100% of the Merinta Proceeds. All such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and prepayments shall be applied to the principal installments of the Term Loan in inverse order of their maturities until the Term Loan shall have been paid in full. Prepayments of the Term Loan may not be reborrowed. All prepayments shall be applied, first, to Base Rate Loans outstanding, second, to LIBOR Loans outstanding, and, third, to Letters of Credit in such order as the Administrative Agent shall determine in its sole and absolute discretion. All prepayments shall be accompanied by Lender accrued interest on the next Monthly Payment Date, with any interest on such funds (I) principal amount being prepaid to the extent that no Trigger Period and no Event date of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountprepayment.
Appears in 1 contract
Sources: Credit Agreement (Boundless Corp)
Mandatory Prepayment. Non-delivery, Sale or Total Loss of a Vessel
(a) The Borrowers shall be obliged to prepay the whole of the Loan then outstanding in relation to a Vessel in the following circumstances and at the following times:
(i) On each if that Vessel is sold, on or before the date on which Lender actually receives the sale is completed by delivery of that Vessel to a distribution buyer;
(ii) if there is a Total Loss (whether before or after the Delivery Date), on the earlier of Net Proceeds the date falling 90 days after the Date of Total Loss and the date of receipt by the Facility Agent of the proceeds of insurance relating to an Individual Continental Propertysuch Total Loss;
(iii) if the Shipbuilding Contract relating to that Vessel is terminated in circumstances where the Refund Guarantee is payable, and upon the date of receipt of the monies under the Refund Guarantee; or
(iv) if Lender the Shipbuilding Contract relating to that Vessel is not required terminated in circumstances other than those referred to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds in paragraph (as applicableiii), in each caseon the date of its termination.
(b) In the event that a mandatory prepayment obligation arises under Clause 6.4(a) for whatever reason, the Facility Agent shall be entitled to procure immediate valuations of the remaining Vessel in accordance with the applicable terms and conditions hereof, Borrower shallClause 19, at Lender’s optionthe cost of the Borrowers. In the event that such valuations show that the relevant Required Amount is not satisfied, prepay the Debt in Borrowers shall be obliged to apply the balance of any funds received by the Borrowers pursuant to the relevant Intercreditor Deed to the extent required to ensure that the relevant Required Amount is satisfied. Any balance of funds received by the Borrowers pursuant to the relevant Intercreditor Deed after such application shall be available to the relevant Borrower. In the event that the funds received pursuant to the relevant Intercreditor Deed are not adequate to ensure that the relevant Required Amount is satisfied, the Borrowers shall be obliged to pay an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal such shortfall to the Minimum Release Price for such Individual Continental Property, (B) Facility Agent no later than 5 Business Days after receipt of notification from the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs Facility Agent of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess details of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding satisfy the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofRequired Amount.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (a) If as of the last day of any calendar quarter the LTV Ratio exceeds the Permitted LTV Ratio, provided that no Event of Default has occurred and is continuing, either (i) On each the Borrower shall add additional Real Property Assets to the Mortgaged Properties within thirty (30) days of the date of delivery of the financial statements (or the date on which Lender actually receives a distribution such statements should have been delivered) of Net Proceeds relating Borrower with respect to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each casecalendar quarter the LTV Ratio exceeded the Permitted LTV Ratio, in accordance with the applicable terms and conditions provisions of Section 3.3, or (ii) the Borrower shall pay to the Lead Agent, for the account of the Banks, within thirty (30) days of the date of delivery of the financial statements (or the date on which such statements should have been delivered) of Borrower with respect to such calendar quarter the LTV Ratio exceeded the Permitted LTV Ratio, an amount such that the Loans outstanding subsequent to such payment do not cause the LTV Ratio to exceed the Permitted LTV Ratio.
(b) In the event that a Mortgaged Property is sold in accordance with Section 3.4(c) hereof, Borrower shall, at Lender’s optionthe Bor- rower shall simultaneously with such sale, prepay to the Debt in Lead Agent, for the account of the Banks, an amount equal to 125% of the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price Allocated Mortgaged Property Loan Amount for such Individual Continental Mortgaged Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs . Sale of Lender a Mortgaged Property in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance violation of this Section 2.9 shall constitute an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c.
(c) hereof in excess In the event that the Minimum Debt Service Coverage is not maintained as of the Mortgage Mandatory Prepayment Amount shall be applied as follows: last day of a calendar quarter, either (Ii) first, the Borrower will add a Real Property Asset to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied Mortgaged Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Mezzanine Loan Documents, and (IIIMinimum Debt Service --------- ---- Coverage shall be recalculated to include such Real Property Asset as though the same had been a Mortgaged Property for the entire applicable period) lastly, to Borrower.
would result in compliance with the Minimum Debt Service Coverage or (ii) On each the Borrower shall prepay to the Lead Agent, for the account of the Banks, an amount necessary to cause the Minimum Debt Service Coverage to be in compliance within ninety (90) days of the date on which Lender actually receives a distribution of Net Proceeds relating the Minimum Debt Service Coverage failed to an Individual Puerto Rico Property, and if Lender is not required be maintained. Failure by the Borrower to and does not make such Net Proceeds comply with the Minimum Debt Service Coverage within ninety (but specifically excluding the Casualty Proceeds and any other proceeds on account 90) days of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% date of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) non-compliance shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives So long as any Revolving B Loan, any Letter of Credit is outstanding, any L/C Outstandings exist or the Bank shall have any Revolving B Commitment hereunder, the Borrowers will, unless the Bank shall otherwise consent in writing, maintain as collateral security for the Revolving B Loans and L/C Outstandings, accrued interest thereon and the other related Obligations in respect thereof Revolving B Collateral with an Adjusted Revolving B Collateral Value in excess of the sum of the unpaid principal balance of the Revolving B Loans, the L/C Outstandings and accrued interest and unpaid commitment fee thereon. If at any time the Bank determines that the aggregate principal amount of the outstanding Revolving B Loans, the L/C Outstandings and accrued interest and unpaid commitment fee thereon equals or exceeds an amount equal to the Adjusted Revolving B Collateral Value, the Borrowers will, upon five (5) days' written notice from the Bank, either (A) prepay the Revolving B Loans by an amount sufficient such that, after such prepayment, the aggregate principal amount of the outstanding Revolving B Loans, the L/C Outstandings and accrued interest and unpaid commitment fee thereon does not exceed the amount equal to the Revolving B Advance Value, or (B) provide for a distribution of Net Proceeds relating grant to an Individual Continental Propertythe Collateral Agent, as collateral security for the Revolving B Loans, the L/C Outstandings and accrued interest and unpaid commitment fee thereon and the other related Obligations in respect thereof, a perfected, first priority security interest in, and if Lender lien on, additional collateral that is in such amounts and having such market values, liquidity, volatility, marketability and other characteristics as the Bank may in its sole discretion determine to be acceptable and sufficient to cause, after the grant of such additional security interest, the aggregate principal amount of the outstanding Revolving B Loans, the L/C Outstandings and accrued interest and unpaid commitment fee thereon not required to exceed the amount equal to the sum of (I) the Revolving B Advance Value, plus (II) the loan value assigned by the Bank (in its sole discretion) to any other Collateral provided to the Bank pursuant to clause (B) above (and does not make in connection with such Net Proceeds available grant, the Borrowers will execute and deliver such agreements, instruments, legal opinions and other documents as the Bank may reasonably request). Without limiting the generality of the foregoing, it is hereby understood and agreed that the Bank shall have no obligation whatsoever to Borrower for Restoration or for disbursement accept additional interests in any Partnership as Rent Loss Proceeds additional collateral to satisfy any obligation of the Borrowers that may arise under this Section 2.2(d).
(as applicable)ii) If on any date (A) the sum of the aggregate principal amount of outstanding Revolving B Loans plus the L/C Outstandings exceeds (B) the amount of the Revolving B Commitment, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall immediately prepay the Debt Revolving B Loans in an amount equal to the aggregate of such excess (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Propertyor, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender no Revolving B Loan is outstanding, provide cash collateral for L/C Outstandings (in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”Section 2.13 hereof). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower Each prepayment shall make be accompanied by the REMIC Payment as and payment of accrued interest to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any date of such prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, amount prepaid and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) subject to the extent that no Trigger Period and no Event provisions of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountSection 2.10.
Appears in 1 contract
Sources: Pledge and Security Agreement (Triarc Companies Inc)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to The Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, will immediately prepay the Debt in an amount equal to Revolving Loans at any time when the aggregate principal amount of (A) all Revolving Loans plus the Net Proceeds up to an amount equal to outstanding amounts of all Letter of Credit Obligations exceeds the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) firstBorrowing Base, to the Mezzanine Lenderfull extent of any such excess. On each day that any Revolving Loans or Letter of Credit Obligations are outstanding, the Borrower shall hereby be deemed to represent and warrant to the Agents and the Lenders that the Borrowing Base calculated as of such day equals or exceeds the aggregate principal amount of all Revolving Loans and Letter of Credit Obligations outstanding on such day. If at any time after the Borrower has complied with the first sentence of this Section 2.05(c), the aggregate Letter of Credit Obligations is greater than the then current Borrowing Base, the Borrower shall provide cash collateral to the Administrative Agent in the amount of such excess, which cash collateral shall be deposited in an amount equal interest bearing account maintained by the Administrative Agent and, provided that no Event of Default shall have occurred and be continuing, returned to the Mezzanine Mandatory Prepayment Amount (Borrower, at such time as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with aggregate Letter of Credit Obligations plus the Mezzanine Loan Documents, and (III) lastly, to Borroweraggregate principal amount of all outstanding Revolving Loans no longer exceeds the then current Borrowing Base.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding The Borrower will immediately prepay the Casualty Proceeds and any other proceeds on account outstanding principal amount of the Prior Hurricane Damage) available to Term Loans in the event that the Total Revolving Credit Commitment is terminated for any reason, including the termination of the Total Revolving Credit Commitment on the Final Maturity Date, unless the Total Revolving Credit Commitment terminates on the Final Maturity Date and the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)obtains a new revolving credit facility in an amount, in each case, in accordance with the applicable from a lender and on such other terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, an intercreditor arrangement between the lender providing such revolving credit facility and the Collateral Agent) as are acceptable to the Collateral Agent in its sole discretion, in which case, any Default Prepayment Premium) shall Term Loans not required to be due in connection with any prepayment made paid pursuant to other provisions of this Section 2.7(cAgreement may remain outstanding.
(iii) (includingThe Administrative Agent shall on each Business Day apply all funds transferred to or deposited in the Payment Office, without limitationto the payment, in connection with any REMIC Payment). Any prepayment received by Lender whole or in part, of the outstanding Revolving Loans.
(iv) Within ten (10) days of delivery to the Agents and the Lenders of audited annual financial statements pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security 7.01(a)(ii), commencing with the delivery to the Agents and the Lenders of the financial statements for the Loan Fiscal Year ended March 31, 2001 or, if such financial statements are not delivered to the Agents and the Lenders on the date such statements are required to be delivered pursuant to such Section 7.01(a)(ii), ten (10) days after the date such statements are required to be delivered to the Agents and the Lenders pursuant to Section 7.01(a)(ii), the Borrower shall prepay the outstanding principal of the Term Loans in an interest bearing, Eligible Account at an Eligible Institution, with amount equal to 50% of the Excess Cash Flow of the Borrower for such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountFiscal Year.
Appears in 1 contract
Mandatory Prepayment. (iA) On each Any funds not applied to Equipment Costs and remaining in the Escrow Account on the earlier of (1) the expiration of the Acquisition Period or (2) the date on which Lender actually receives a distribution Lessee delivers to Lessor the executed Disbursement Request to effect the final disbursement to pay (or reimburse) Equipment Costs from the Escrow Account (such amounts remaining in the Escrow Account on the earlier of Net such dates, referred to as the “Excess Proceeds”) and/or (B) any Surety Bond Proceeds relating that are not applied to an Individual Continental Property, the payment and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, performance of the Vendor’s obligations in accordance with the applicable terms related Vendor Agreement: shall be applied by Lessor on each successive Rental Payment Date thereafter to all or a portion of the Rental Payment due and conditions hereof, Borrower shall, at Lender’s option, prepay owing in the Debt in an amount equal to the aggregate of succeeding twelve (A12) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall months and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such any remaining amounts shall be applied by Lessor as prepayment to the extent such amounts are not paid to Lender remaining unpaid Principal Portion owing hereunder in accordance with Article 7 hereof (collectivelythe inverse order of Rental Payment Dates, on the following terms: first, the “Mortgage Mandatory Prepayment Amount”). Except during portion of the continuance Excess Proceeds or Surety Bond Proceeds, as the case may be, that is equal to 5% or less of an Event the original aggregate principal component of Defaultall Rental Payments under this Agreement shall be applied to prepay principal components of Rental Payments at a price of 100% of such prepaid principal components plus accrued interest thereon at the Contract Rate to the prepayment date; and second, any Net remaining Excess Proceeds to or Surety Bond Proceeds, as the case may be, if any, shall be applied to further prepay the principal component of Rental Payments at a price of 102% of such prepaid principal components plus accrued interest thereon at the Contract Rate to the prepayment date. In connection with any prepayment pursuant to this Section 2.7(c) hereof in excess 4.05, Lessee shall pay the prepayment premium and interest portion of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, Rental Payments accrued to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as prepayment date on such term is defined in the Mezzanine Loan Documents), principal portion to be applied in accordance with prepaid from funds other than the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderExcess Proceeds. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in In connection with any partial prepayment made pursuant of Rental Payments, Lessor shall prepare a new Payment Schedule and deliver the same to this Section 2.7(c) (includingthe Lessee, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date which shall be held by Lender as collateral security for the Loan in an interest bearingbinding, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountabsent manifest error.
Appears in 1 contract
Sources: Equipment Lease/Purchase Agreement
Mandatory Prepayment. (i) On each the next occurring Monthly Payment Date following the date on which Lender actually receives a distribution of shall receive any Net Proceeds relating to an Individual Continental Property, and if Prepayment that Lender is entitled to apply in accordance with this Section 2.7(b) and not required otherwise make available or deliver to and does not make Borrower pursuant to Section 7.4, Borrower shall prepay or authorize Lender to apply such Net Proceeds available to Borrower for Restoration Prepayment as a prepayment of all or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay outstanding principal balance of the Debt Loan in an amount equal to the aggregate of (A) the Net Proceeds Prepayment up to an amount equal to the Minimum Release Price Amount for such the affected Individual Continental Property, (B) the applicable all Additional Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof hereof, excluding any Breakage Costs (collectively, the “Mortgage Mandatory Prepayment Amount”). Amounts paid to or applied by L▇▇▇▇▇ as a Mandatory Prepayment Amount shall first be applied to amounts required to be paid by Borrower to Lender pursuant to clause (C) above and then to the amounts set forth in clauses (A) and (B) simultaneously. Except during the continuance of an Event of Default, any Net Proceeds Prepayment to be applied pursuant to this Section 2.7(c2.7(b) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, paid to Borrower.
(ii) On each date on which . During the continuance of an Event of Default, Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make may apply such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available Prepayment to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt (until paid in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and full) in any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of order or priority as Lender may determine in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderits sole discretion. No Prepayment Premium or other premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(b). The Release Amount for the Individual Property with respect to which such Net Proceeds Prepayment was applied shall be reduced by an amount equal to the principal portion of such prepayment applied to the Loan; provided, that, nothing herein shall be construed to reduce the aggregate Release Amount for any Individual Property required to be paid to Lender prior to obtaining a release of the applicable Individual Property. Lender shall provide to Borrower, upon ten (10) days’ prior notice, (includingx) a release of the Individual Property if (I) at any time the Release Amount is reduced to zero, without limitationtogether with such additional documents and instruments evidencing or confirming the release as the Borrower shall reasonably request, or (II) Lender is required to deliver such release pursuant to a court order issued in connection with a Condemnation or (y) a release of the portion of an Individual Property that is subject to a Condemnation.
(ii) As provided in Section 7.4(e) hereof, each Casualty/Condemnation Prepayment tendered by Borrower to Lender in accordance with said Section 7.4(e) shall be in the amount of the Release Amount in respect of the applicable Individual Property. No Prepayment Premium or other penalty or premium shall be due in connection with any REMIC Paymentsuch Casualty/Condemnation Prepayment.
(iii) In connection with any release under this Section 2.7(b). Any prepayment received , in the event that such release would result in an Individual Borrower being an Unencumbered Borrower, such Unencumbered Borrower shall be released by Lender from the obligations of the Loan Documents, except with respect to those obligations and liabilities which expressly survive the repayment of the Loan pursuant to this Section 2.7(c) on any Loan Document and shall no longer be a date other than a Monthly Payment Date shall be held by Lender as collateral security Borrower for the Loan purposes of this Agreement. In connection with a release or cancellation of each Unencumbered Borrower, L▇▇▇▇▇ agrees to deliver (A) a UCC-3 financing statement termination or amendment releasing L▇▇▇▇▇’s security interest in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing the collateral pledged to the benefit of Lender relating to each Unencumbered Borrower, and (B) instruments executed by Lender reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Lender in connection with such release shall be applied paid by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountBorrower.
Appears in 1 contract
Sources: Loan Agreement (Industrial Logistics Properties Trust)
Mandatory Prepayment. (a) The Borrower shall be required to prepay the Construction/Term Loans (or, in the case of any prepayments pursuant to (x) clause (i) On each date on below to the extent that the Event of Loss for which Lender actually receives such Loss Proceeds were received also resulted in an Event of Default or (y) in the case of a distribution sale of Net all or substantially all of the assets of the Borrower pursuant to clause (ii) below, to prepay the Revolving Loans pro rata with the Construction/Term Loans) in accordance with Section 9.7 (Application of Collateral Proceeds relating to the Senior Secured Obligations Prior to an Individual Continental PropertyEnforcement Action) of the Collateral and Intercreditor Agreement (but subject to Section 4.10(i)) with the applicable Senior Lenders’ ratable share of the Mandatory Prepayment Portion of the following:
(i) Loss Proceeds, to the extent that the aggregate amount of such Loss Proceeds previously received by the Borrower over the term of this Agreement and if Lender not applied for mandatory prepayment exceeds $75,000,000 and such Loss Proceeds are not applied in accordance with Section 9.2(b) (Loss Proceeds) of the Collateral and Intercreditor Agreement;
(ii) Asset Sale Proceeds, to the extent such Asset Sale Proceeds result from any Asset Sale that is not required permitted by Section 9.3;
(iii) the net proceeds of any Replacement Debt allocated by the Borrower in accordance with Section 2.4(b)(ii) (Replacement Debt) of the Common Terms Agreement; provided, that, from and after April 1, 2025, such amount in this clause (iii) shall be allocated on a pro rata basis between the outstanding Construction/Term Loans hereunder and the outstanding “Construction/Term Loans” under and as defined in the TCF Credit Agreement and the amount of Construction/Term Loans prepayable hereunder will be reduced accordingly;
(iv) if the conditions applicable to and does making a Distribution set forth in Section 9.10(a) have not make been satisfied for four consecutive Quarterly Payment Dates, funds on deposit in the P1 Distribution Reserve Account on such Net Proceeds available to Borrower for Restoration fourth Quarterly Payment Date or for disbursement as Rent Loss Proceeds (as applicablethe date specified in Section 4.11(d), in each caseif applicable, (after effecting any transfers therefrom on or prior to such date in accordance with the P1 Accounts Agreement);
(v) all Performance Liquidated Damages payments to the Borrower that are in excess of $75,000,000, to the extent that such Performance Liquidated Damages are not used to (A) make any indemnity payments owed to any Material Project Party |US-DOCS\137622719.74|| pursuant to any Designated Offtake Agreement as a result of the applicable terms performance shortfall, (B) complete or repair the Project facilities in respect of which Performance Liquidated Damages were paid, or (C) reimburse Voluntary Equity Contributions to the extent such Voluntary Equity Contributions were used to fund any amounts payable by the Borrower and conditions hereofreferred to in the foregoing clauses (A) and (B); and
(vi) all Termination Payments to the Borrower that are in excess of $75,000,000, to the extent such Termination Payments are not used to (A) rectify the damages or losses suffered under the relevant Material Project Document resulting from such breach by such Material Project Party or (B) reimburse Voluntary Equity Contributions to the extent such Voluntary Equity Contributions were used to fund any amounts payable by the Borrower and referred to in the foregoing clause (A).
(b) The Borrower shall, at Lender’s optionif applicable, prepay make prepayments of Senior Loans and cancel Senior Loan Commitments as may be required upon the Debt occurrence of an LNG Sales Mandatory Prepayment Event in an amount equal accordance with Section 8.5(e).
(c) With respect to each prepayment of the Senior Loans to be made pursuant to this Section 4.10, on the date required pursuant to Section 9.7 (Application of Collateral Proceeds to the aggregate Senior Secured Obligations Prior to an Enforcement Action) of the Collateral and Intercreditor Agreement, the Borrower shall pay to the P1 Administrative Agent the amount determined in accordance therewith, which shall be applied as follows:
(i) first, on a pro rata basis to the payment to the Senior Lenders to be prepaid pursuant to Section 4.10(a) of (A) accrued but unpaid interest and fees on the Net Proceeds up Senior Loans to an amount equal to the Minimum Release Price for such Individual Continental Property, be prepaid and (B) any additional amounts required to be paid under Section 5.5 in connection with such prepayment;
(ii) second, on a pro rata basis, for the prepayment to the applicable Interest Shortfall and Breakage Costs and Senior Lenders for the prepayment of principal of the Senior Loans to be prepaid pursuant to Section 4.10(a); and
(Ciii) third, if any Revolving Loans are being prepaid or would be prepaid if any Revolving Loans were outstanding, any remainder of the actual reasonable costs proceeds required to be applied to prepayment in accordance with this Section 4.10, to the cash collateralization of Lender up to 102% of all Revolving LC Exposures of the Revolving Lenders.
(d) The Borrower (i) shall either (A) concurrently with any mandatory prepayment pursuant to this Section 4.10, pay to the Senior Secured IR Hedge Counterparties the P1 IR Hedge Termination Amounts payable in respect of any portion of the Senior Secured IR Hedge Transactions required to be terminated in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof Section 9.7(c) (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance Application of an Event of Default, any Net Collateral Proceeds to be applied pursuant the Senior Secured Obligations Prior to this an Enforcement Action) or Section 2.7(c10(g) hereof in excess (Application of Replacement Debt to the Senior Secured Obligations) of the Mortgage Mandatory Prepayment Amount shall be applied Collateral and Intercreditor Agreement (as follows: applicable) and Section 4.18 or Section 4.19 (Ias applicable) first, to the Mezzanine Lender, in or (B) |US-DOCS\137622719.74||
(1) reserve an amount equal to 105% of the Mezzanine Mandatory Prepayment Amount (P1 IR Hedge Termination Amounts reasonably projected as of such term is defined in the Mezzanine Loan Documents), date of prepayment to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding be payable by the Casualty Proceeds and Borrower in respect of any other proceeds on account portion of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender Senior Secured IR Hedge Transactions terminated in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofSection 9.7(c) (Application of Collateral Proceeds to the Senior Secured Obligations Prior to an Enforcement Action) or Section 10(g) (Application of Replacement Debt to the Senior Secured Obligations) of the Collateral and Intercreditor Agreement (as applicable) and Section 4.18 or Section 4.19 (as applicable) and (2) (x) within thirty days of the date of such prepayment, pay to the Senior Secured IR Hedge Counterparties the P1 IR Hedge Termination Amounts payable in respect of any portion of the Senior Secured IR Hedge Transactions required to be terminated in connection with such prepayment in accordance with Section 9.7(c) (Application of Collateral Proceeds to the Senior Secured Obligations Prior to an Enforcement Action) or Section 10(g) (Application of Replacement Debt to the Senior Secured Obligations) of the Collateral and Intercreditor Agreement (as applicable) and Section 4.18 or Section 4.19 (as applicable) and (y) on the date of such payment of the last such P1 IR Hedge Termination Amounts pursuant to clause (x) above, apply any amounts not applied to the payment of P1 IR Hedge Termination Amounts to the principal of the Senior Loans that were subject to such mandatory prepayment and (ii) may either (A) concurrently with such mandatory prepayment under this Section 4.10, pay to the Senior Secured IR Hedge Counterparties the P1 IR Hedge Termination Amounts payable in respect of any portion of the Senior Secured IR Hedge Transactions are permitted to be terminated in connection with such prepayment in accordance with Section 10(g) (Application of Replacement Debt to the Senior Secured Obligations) of the Collateral and Intercreditor Agreement and Section 4.19 or (B) (1) reserve an amount equal to 105% of the P1 IR Hedge Termination Amounts reasonably projected as of such date of prepayment to be payable in connection with such prepayment as a result of terminations of Senior Secured IR Hedge Transactions that are permitted in accordance with Section 10(g) (Application of Replacement Debt to the Senior Secured Obligations) of the Collateral and Intercreditor Agreement and Section 4.19 and (2) (x) within thirty days of the date of such prepayment, pay to the Senior Secured IR Hedge Counterparties the P1 IR Hedge Termination Amounts payable in respect of any Senior Secured IR Hedge Transactions permitted to be terminated in connection with such prepayment in accordance with Section 10(g) (Application of Replacement Debt to the Senior Secured Obligations) of the Collateral and Intercreditor Agreement and Section 4.19 and (y) on the date of such payment of the last such P1 IR Hedge Termination Amounts pursuant to clause (x) above, apply any amounts not applied to the payment of P1 IR Hedge Termination Amounts to the principal of the Senior Loans that were subject to such prepayment.
(e) Mandatory prepayments of the principal of the Construction/Term Loans will be applied (i) in the case of mandatory prepayments pursuant to Section 4.10(a)(iii), Section 4.10(a)(v), Section 4.10(a)(vi), or Section 4.10(b), pro rata against all remaining scheduled amortization payments in respect of the applicable Construction/Term Loans, (ii) in the case of all other mandatory prepayments, in inverse order of maturity, and (iii) in the case of mandatory prepayments pursuant to Section 4.10(a)(iii), (A) to outstanding Construction/Term Loans under Tranche A until all such outstanding Construction/Term Loans shall have been prepaid and (B) thereafter to all other outstanding Construction/Term Loans. |US-DOCS\137622719.74||
(f) The Borrower shall make the REMIC Payment as and provide notice (each a “Replacement Debt Prepayment Notice”) to the extent required hereunderP1 Administrative Agent of any anticipated mandatory prepayment pursuant to Section 4.10(a)(iii) by no later than 1:00 pm on the second Business Day prior to the date of such anticipated mandatory prepayment, which notice the P1 Administrative Agent shall promptly forward to each Senior Lender on the same day that it is received from the Borrower; provided, that such notice of prepayment by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or debt instruments, in which case such notice may be revoked by the Borrower (by notice to the P1 Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Each Specified Senior Lender may, by notice to the P1 Administrative Agent in writing or by telephone (confirmed in writing) no later than 5:00 pm one Business Day after receipt of a Replacement Debt Prepayment Notice elect to decline all (but not less than all) of such Replacement Debt with respect to the anticipated mandatory prepayment of its outstanding Construction/Term Loans pursuant to Section 4.10(a)(iii) (such declined prepayment amounts, the “Declined Replacement Debt Proceeds”). The aggregate amount of Declined Replacement Debt Proceeds shall be allocated to the Non-Declining Senior Lenders on a pro rata basis in accordance with the aggregate amount of their respective outstanding Construction/Term Loans; provided, that, if the amount of Declined Replacement Debt Proceeds exceeds the aggregate amount of outstanding Construction/Term Loans held by the Non-Declining Senior Lenders (such excess amounts (if any), the “Excess Replacement Debt Proceeds”), the Excess Replacement Debt Proceeds shall be allocated to the Specified Senior Lenders that have declined Replacement Debt on a pro rata basis in accordance with the aggregate amount of their respective outstanding Construction/Term Loans.
(g) Amounts of any Senior Loans prepaid pursuant to this Section 4.10 may not be reborrowed.
(h) No Prepayment Premium premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due payable in connection with any prepayment made under this Section 4.10.
(i) Any prepayments pursuant to this Section 2.7(c4.10(a)(iii) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) Senior Loans prior to the extent no Event prepayment of Default then existsany Replacement Debt, but Supplemental Debt, or Working Capital Debt not consisting of Senior Loans.
(j) In the event that a Trigger Period then existsmandatory prepayment of Senior Secured Debt is triggered pursuant to Section 4.10(b) and the Borrower does not have sufficient cash available pursuant to the P1 Accounts Agreement to make such mandatory prepayment, deposited the P1 Collateral Agent (at the direction of the P1 Intercreditor Agent) shall draw on each Distribution LC and Distribution Guaranty in-full and deposit the proceeds of such draws into the Cash Management P1 Debt Prepayment Account.
Appears in 1 contract
Sources: Credit Agreement (NextDecade Corp)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an the Plaza del Sol Property or any Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds (but, with respect to the Plaza del Sol Property, specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage (Plaza del Sol)) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for the Plaza del Sol Property or such Individual Continental Property, as applicable, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds (but, with respect to the Plaza del Sol Property, specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage (Plaza del Sol)) to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (IIIII) lastlysecond, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual a Puerto Rico Portfolio Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Loan Agreement (Retail Value Inc.)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution If at any time the aggregate amount of Net Proceeds relating outstanding Loans (other than Interest Loans) exceeds the Aggregate Commitment then in effect, the Borrower shall prepay, or cause the relevant Borrowing Subsidiaries to an Individual Continental Propertyprepay, and if Lender is not required as the case may be (including without limitation by providing funds to and does not make such Net Proceeds available to Borrower Borrowing Subsidiary for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in such payment) an amount equal to the excess of the aggregate amount of outstanding Loans (Aother than Interest Loans) the Net Proceeds up to an amount equal to the Minimum Release Price for over such Individual Continental PropertyAggregate Commitment, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to be made, together with accrued interest on the extent such amounts are amount prepaid through the date of prepayment, not paid to Lender in accordance with Article 7 hereof more than three Business Days following any date on which the aggregate amount of outstanding Loans (collectively, other than Interest Loans) exceeds the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to BorrowerAggregate Commitment.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) The Borrower shall make prepay, or cause the REMIC Payment relevant Borrowing Subsidiary to prepay, as and to the extent required hereunder. No Prepayment Premium or penalty case may be (including, without limitation, by providing funds to such Borrowing Subsidiary for such payment):
(I) until the Tranche D Loan has been repaid in full, an amount equal to the lesser of (A) one hundred percent (100%) of the net cash proceeds from any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) Offering (net of all costs of such Offering including, without limitation, underwriting fees (if any)) and (B) the remaining amount outstanding under the Tranche D Loan, PROVIDED that, (i) with respect to any "Equity Capital Market Transaction" that is not a Refinancing Private Equity Transaction, the Borrower shall not be required to prepay any amount in connection with any REMIC Payment). Any excess of the amount derived from the "Capital Markets Percentage" applicable thereto, and (ii) no prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for required in the Loan case of an Offering constituting an "Agency Capital Market Transaction" (the foregoing terms in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing quotation marks having the respective meanings assigned to them in the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and Common Agreement); and
(II) to the extent no Event not applied pursuant to clause (I) above, an amount equal to the Mandatory Prepayment Amount. Any prepayment required to be made pursuant to this Section 3(b)(ii) shall be made, together with accrued interest on the amount prepaid through the date of Default then existsprepayment, but not more than three Business Days following the closing of the Offering generating such proceeds, and shall be applied (A) in the case of a Trigger Period then existsprepayment pursuant to clause (I) above, deposited into to repayment of the Cash Management Account.Tranche D Loan and (B) in the case of a prepayment pursuant to clause (II) above, to the repayment of the Tranche A Loan, the Tranche B Loan and the Tranche C Loan (in that order of priority). For the purposes of this Section 3(b)(ii), the following terms have the following meanings:
Appears in 1 contract
Sources: Credit Facility Agreement (At&t Latin America Corp)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental PropertyDispositions. Immediately upon any Disposition by any Loan ------------ Party or any Restricted Subsidiary, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess outstanding principal of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the Net Cash Proceeds received by such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender Person in connection with such Disposition to the extent that the aggregate amount of Net Cash Proceeds received by all Loan Parties and Restricted Subsidiaries (and not paid to the Agent as a prepayment of the Loans) shall exceed $500,000 for all such Dispositions since the Effective Date. In addition, immediately upon any Disposition by any Unrestricted Subsidiary of the Parent, the Borrowers shall prepay the outstanding principal of the Loans in an amount equal to 100% of the Net Cash Proceeds received by such Unrestricted Subsidiary in connection with such Disposition to the extent that the aggregate amount of Net Cash Proceeds received by all Unrestricted Subsidiaries (and not paid to the Agent as a prepayment of the Loans) shall exceed $1,000,000 for all such Dispositions since the Effective Date.
(ii) Upon the loss, destruction or taking by condemnation of any Collateral, the Borrowers shall prepay the outstanding principal of the Loans in an amount equal to 100% of the proceeds received by any Loan Party in connection therewith, net of any reasonable expenses incurred in collecting such net proceeds; provided, that, (i) except during the continuance of a Default or an -------- ---- Event of Default, proceeds from insurance covering loss, destruction or taking of any Collateral shall not be required to be so prepaid on such date to the extent such amounts insurance proceeds are not paid either (A) deposited and remain in a Securities Account or (B) used to Lender replace or restore the properties or assets in accordance with Article 7 hereofrespect of which such proceeds were paid, provided, the Administrative Borrower -------- delivers a certificate to the Agent on or prior to such date stating that such proceeds shall be used to replace or restore any such properties or assets (which certificate shall set forth estimates of the proceeds to be so expended).
(iii) Simultaneously with the receipt by any Borrower shall make of any tax refund or the REMIC Payment as and to the extent required hereunder. No Prepayment Premium proceeds of any judgment, settlement or penalty (including, without limitation, other consideration of any Default Prepayment Premium) shall be due kind in connection with any prepayment made pursuant to this Section 2.7(c) causes of action arising under the Bankruptcy Code or otherwise (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date Avoidance Actions), the Borrower shall be held by Lender as collateral security for prepay the Loan outstanding principal of the Loans in an interest bearingamount equal to 100% of the net proceeds received.
(iv) The Borrowers will immediately prepay the Revolving Loans at any time when the aggregate principal amount of all Revolving Loans exceeds the Borrowing Base, Eligible Account at an Eligible Institution, with such interest accruing to the benefit full extent of Borrowerany such excess. On each day that any Revolving Loans are outstanding, the Borrowers shall hereby be deemed to represent and shall be applied by Lender on warrant to the next Monthly Payment Date, with any interest Agent and the Lenders that the Borrowing Base calculated as of such day equals or exceeds the aggregate principal amount of all Revolving Loans on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountday.
Appears in 1 contract
Sources: Financing Agreement (Lernout & Hauspie Speech Products Nv)
Mandatory Prepayment. (ia) On each date Subject to paragraph (b) below, if MCE at any time receives any Compensation, the Borrowers shall, on the last day of the first Interest Period to end after such receipt, prepay Loans in an aggregate principal amount equal to the amount of that Compensation (having promptly converted it into Dollars if received in any other currency or in non-cash form). Any such prepayment shall be applied against such Loans as the Facility Agent may designate.
(b) Paragraph (a) above shall not apply to any Compensation constituted by proceeds of insurance in respect of physical damage which Lender actually receives a distribution are to be applied in reinstatement of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower the Borrowing Base Asset in respect of which they were received (or in reimbursing MCE for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each caseexpenditure already made by it, in accordance with the applicable terms of the Project Documents and conditions hereofthe Finance Documents, Borrower for the purposes of such reinstatement) provided that no Default is subsisting. MCE shall notify the Facility Agent of the relevant incident promptly upon becoming aware of it and its proposal for reinstatement.
(c) Subject to paragraph (d) below, if, at any time before the B/C Discharge Date, MOCE receives any proceeds of any dividend or other distribution, or of any payment or repayment of borrowings, paid by Madison Turkey or MOTI, the Borrowers shall, at Lender’s optionon the last day of the first Interest Period to end after such receipt, prepay Loans outstanding under Tranche B and/or C in an aggregate principal amount equal to the Debt amount of that receipt (having promptly converted it into Dollars if received in any other currency).
(d) Paragraph (c) above shall not apply in respect of any particular proceeds to the extent that MOCE demonstrates to the satisfaction of the Majority Banks, before the proceeds in question are received by it, that:
(i) immediately upon such receipt, it will declare and pay a dividend of an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.those proceeds;
(ii) On each date on which Lender actually receives a distribution the proceeds of Net Proceeds relating that dividend are required by MPI in order to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account meet overheads of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), Group incurred in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% ordinary course of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.business; and
(iii) Borrower shall make the REMIC Payment as and to aggregate amount of all such dividends declared and/or paid during the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender 6 months' period ending on the next Monthly Payment Calculation Date, when aggregated with any interest on such funds (I) to all amounts payable under the extent Management Agreement during that no Trigger Period and no Event of Default then existsperiod, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountdoes not exceed $1,000,000.
Appears in 1 contract
Sources: Revolving Credit Facility (Toreador Resources Corp)
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.16 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any cash "boot" associated therewith shall be applied to prepayment of the Loans. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(b) Simultaneously with the closing of any sale of common shares of beneficial interest, preferred shares of beneficial interest, partnership interests, limited liability company interests, or other proceeds ownership or equity interests in the Borrower or the General Partner, the Borrower shall, simultaneously with such sale, prepay the Loans in an amount equal to 100% of the Net Offering Proceeds.
(c) in the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be --------- --- recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Lead Agent, for the account of the Prior Hurricane Damage)Banks, together an amount necessary to cause the Unsecured Debt Ratio to be in compliance within ninety (90) days of the date on which the Unsecured Debt Ratio failed to be maintained. Failure by the Borrower to comply with the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio within ninety (90) days of the actual reasonable costs date of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) non-compliance shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 1 contract
Mandatory Prepayment. (i) On each the next occurring Monthly Payment Date following the date on which Lender actually receives a distribution of Administrative Agent shall receive any Net Proceeds relating Prepayment that Administrative Agent is entitled to an Individual Continental Propertyapply in accordance with this Section 2.7(b) and not otherwise make available or deliver to Borrower pursuant to Section 7.4, and if Lender is not required Borrower shall prepay or authorize Administrative Agent to and does not make apply such Net Proceeds available to Borrower for Restoration Prepayment as a prepayment of all or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay outstanding principal balance of the Debt Loan in an amount equal to the aggregate of (A) the Net Proceeds Prepayment up to an amount equal to the Minimum Release Price Amount for such the affected Individual Continental Property, (B) the applicable all Additional Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender Administrative Agent in connection with such prepayment to the extent such amounts are not paid to Lender Administrative Agent in accordance with Article 7 hereof hereof, excluding any Breakage Costs and the Exit Fee (collectively, the “Mortgage Mandatory Prepayment Amount”). If, after giving effect to such mandatory prepayment in accordance with this Section 2.7(b), the outstanding principal amount of the Debt is less than the Minimum Loan Amount, Borrower shall be required to simultaneously prepay the Debt in full in accordance with Section 2.7(a) hereof. Amounts paid to or applied by Administrative Agent as a Mandatory Prepayment Amount shall first be applied to amounts required to be paid by Borrower to Administrative Agent pursuant to clause (D) above and then to the amounts set forth in clauses (A) - (C) simultaneously. Except during the continuance of an Event of Default, any Net Proceeds Prepayment to be applied pursuant to this Section 2.7(c2.7(b) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be paid to Mezzanine Lender and applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in Net Liquidation Proceeds After Debt Service or if the Mezzanine Loan Documents), to be applied has been paid in accordance with the Mezzanine Loan Documents, and (III) lastlyfull, to Borrower.
(ii) On each date on which Lender actually receives a distribution . During the continuance of Net Proceeds relating to an Individual Puerto Rico PropertyEvent of Default, and if Lender is not required to and does not make Administrative Agent may apply such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available Prepayment to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt (until paid in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and full) in any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender order or priority as Administrative Agent may determine in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderits sole discretion. No Prepayment Premium prepayment premium or penalty (including, without limitation, any Default Prepayment Premium) or Exit Fee shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(b). The Release Amount for the Individual Property with respect to which such Net Proceeds Prepayment was applied shall be reduced by an amount equal to the principal portion of such prepayment applied to the Loan; provided, that, nothing herein shall be construed to reduce the aggregate Release Amount for any Individual Property required to be paid to Administrative Agent prior to obtaining a release of the applicable Individual Property. Administrative Agent shall provide to Borrower, upon ten (10) days’ prior notice, (includingx) a release of the Individual Property if (I) at any time the Release Amount is reduced to zero, without limitationtogether with such additional documents and instruments evidencing or confirming the release as the Borrower shall reasonably request, or (II) Administrative Agent is required to deliver such release pursuant to a court order issued in connection with a Condemnation or (y) a release of the portion of an Individual Property that is subject to a Condemnation.
(ii) As provided in Section 7.4(e) hereof, each Casualty/Condemnation Prepayment tendered by Borrower to Administrative Agent in accordance with said Section 7.4(e) shall be in the amount of the Release Amount in respect of the applicable Individual Property. If, after giving effect to such Casualty/Condemnation Prepayment, the outstanding principal amount of the Debt is less than the Minimum Loan Amount, Borrower shall be required to simultaneously prepay the Debt in full in accordance with Section 2.7(a) hereof. No prepayment penalty or premium shall be due in connection with any REMIC Paymentsuch Casualty/Condemnation Prepayment or prepayment in full.
(iii) In connection with any release under this Section 2.7(b). Any prepayment received , in the event that such release would result in an Individual Borrower being an Unencumbered Borrower, such Unencumbered Borrower shall be released by Lender Administrative Agent from the obligations of the Loan Documents, except with respect to those obligations and liabilities which expressly survive the repayment of the Loan pursuant to this Section 2.7(c) on any Loan Document and shall no longer be a date other than a Monthly Payment Date shall be held by Lender as collateral security Borrower for the Loan purposes of this Agreement. In connection with a release or cancellation of each Unencumbered Borrower, Administrative Agent agrees to deliver (A) a UCC-3 financing statement termination or amendment releasing Administrative Agent’s and/or Lenders’ security interest in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing the collateral pledged to the benefit of Administrative Agent relating to each Unencumbered Borrower, and (B) instruments executed by Administrative Agent and/or Lender reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Administrative Agent and Lender in connection with such release shall be applied paid by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountBorrower.
Appears in 1 contract
Sources: Loan Agreement (Industrial Logistics Properties Trust)
Mandatory Prepayment. (a) Subject to the ECB Guidelines and the Borrower obtaining all requisite Consents from the RBI and AD Bank (as applicable) under the ECB Guidelines, the Borrower shall apply the following amounts in prepayment of the Loan within five (5) Business Days after the occurrence of any of the following events:
(i) On each date on which Lender actually receives a distribution if the Borrower fails to use the proceeds of Net Proceeds relating to an Individual Continental Propertyany Disbursement of the Loan for the Project within [***] after such Disbursement, and if Lender is not required to and does not make such Net Proceeds available to the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, shall prepay the Debt Loan in an the amount equal to of the aggregate unused portion of such Disbursement;
(ii) if (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, a Significant Loss occurs and (B) the applicable Interest Shortfall Borrower fails to provide within [***] evidence reasonably satisfactory to DFC of its intention and Breakage Costs and (C) ability to restore the actual reasonable costs of Lender in connection with such prepayment Project to its condition prior to the extent occurrence of the Event of Loss or Events of Loss comprising such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelySignificant Loss, the “Mortgage Mandatory Prepayment Amount”). Except during Borrower shall prepay the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess amount of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage)Loan, together with interest accrued thereon and all other amounts due under the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.Financing Documents; and
(iii) if, other than in relation to any force majeure event reported to DFC in compliance with clauses (a) through (c) of the definition of “Expected Commercial Operation Date,” the Borrower shall make voluntarily ceases to use the REMIC Payment as and to site upon which the extent required hereunder. No Prepayment Premium Project is located in the manner contemplated in the Financing Documents or penalty (including, without limitation, any Default Prepayment Premium) shall be due suspends all or substantially all of its activities in connection with the Project for a period of [***], the Borrower shall prepay the amount of the Loan, together with interest accrued thereon and all other amounts due under the Financing Documents; provided, for the avoidance of doubt, that retooling or the implementation of upgrades shall not be considered a cessation of use of the site or the suspension of activities in connection with the Project.
(b) The portion of each mandatory prepayment that is applied to Principal Installments shall be applied pro rata across outstanding Notes and to Principal Installments in the inverse order of maturity.
(c) The Borrower shall notify DFC of any mandatory prepayment required to be made pursuant to this Section 2.7(c2.05 (Mandatory Prepayment) at least three (3) Business Days prior to the date of such prepayment, which notice shall be given as soon as [***] the Borrower becomes aware that a prepayment is required to be made. Each such notice shall specify the date of such prepayment and provide the amount of such prepayment.
(d) If required under the ECB Guidelines, the Borrower shall as soon as reasonably practicable upon the occurrence of any event set forth in Section 2.05(a) (including, without limitation, Mandatory Prepayment) make all requisite applications in connection with any REMIC Payment). Any prepayment received by Lender pursuant prescribed form to this Section 2.7(cobtain the Consents of the RBI and AD Bank (as applicable) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to timely prepayment of the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountLoan.
Appears in 1 contract
Mandatory Prepayment. The outstanding Obligations shall be subject to prepayment as follows:
(ia) On each If on any date on which Lender actually receives a distribution of any Loan Party shall have received Net Proceeds relating from any sale, transfer or other disposition (including pursuant to an Individual Continental Property, a sale and if Lender is leaseback transaction) of any Collateral permitted pursuant to clause (q) of the definition of “Permitted Dispositions,” to the extent that such Net Proceeds are not required to and does not make such Net Proceeds available be applied to the payment of obligations of the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)other borrowers under the ABL Facility, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100%the Asset Sale Percentage of such Net Proceeds shall be applied within five Business Days after such date toward the aggregate prepayment of Term Loans as set forth in Section 2.17(f) unless (Aa) no Specified Default has occurred and is continuing, (i) the proceeds therefrom are utilized for purposes of replacing, restoring or repairing the assets in respect of which such proceeds were received or reinvesting in assets used or useful in any of the Loan Parties’ or Restricted Subsidiaries business within twelveeighteen (1218) months of the receipt of such proceeds (or within eighteentwenty-four (1824) months of receipt of such proceeds if a letter of intent or other binding commitment to reinvest such proceeds is entered into within twelveeighteen (1218) months of receipt of such proceeds) and (b) no such prepayment shall be required in respect of any Net Proceeds up unless and until such amount exceeds $10,000,000 in any Fiscal Year (and all amounts under such amount may be retained by the Borrower).
(b) If on any date any Loan Party shall have received Net Proceeds from any casualty or other insured damage to, or any taking under power of eminent domain or by condemnation, expropriation or similar proceeding of, any Collateral of a Loan Party, to the extent that such Net Proceeds are not required to be applied to the payment of obligations of the Borrower or other borrowers under the ABL Facility, an amount equal to 100%the Asset Sale Percentage of such Net Proceeds shall be applied within five Business Days after such date toward the Minimum Release Price for such Individual Continental Property, prepayment of Term Loans as set forth in Section 2.17(f) unless (Bi) the applicable Interest Shortfall and Breakage Costs and proceeds therefrom are required to be paid to the holder of a Lien on such property or asset having priority over the Lien of the Collateral Agent, or (Cii) the actual reasonable costs proceeds therefrom are utilized for purposes of Lender replacing, restoring or repairing the assets in connection with respect of which such proceeds, awards or payments were received or reinvesting in assets used or useful in any of the Loan Parties’ or their Restricted Subsidiaries’ business within twelveeighteen (1218) months of the receipt of such proceeds (or within eighteentwenty-four (1824) months of receipt of such proceeds if a letter of intent or other binding commitment to reinvest such proceeds is entered into within twelveeighteen (1218) months of receipt of such proceeds); provided that no such prepayment to the extent such amounts are not paid to Lender shall be required in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance respect of an Event of Default, any Net Proceeds to unless and until such amount exceeds $10,000,000 in any Fiscal Year (and all amounts under such amount may be applied pursuant to this Section 2.7(c) hereof in excess of retained by the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan DocumentsBorrower), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(iic) On each If on any date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such any Loan Party shall have received Net Proceeds (but specifically excluding the Casualty Proceeds and i) from any other proceeds on account Refinancing Term Loans or Indebtedness pursuant to clause (v)(i) of the Prior Hurricane Damagedefinition of “Permitted Indebtedness” or (ii) available to from the incurrence of any Indebtedness of the Borrower for Restoration or for disbursement as Rent Loss Proceeds any of its Subsidiaries (as applicableother than Permitted Indebtedness), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds shall be applied within five Business Days after such date toward the prepayment of Term Loans as set forth in Section 2.17(f).
(but specifically excluding the Casualty Proceeds and d) If, for any other proceeds on account Fiscal Year of the Prior Hurricane DamageBorrower commencing with the Fiscal Year ending January 28, 2012, there shall be Excess Cash Flow, the Borrower shall, on the relevant Excess Cash Flow Application Date (as defined below), together apply an amount, if positive, equal to the excess of (i) the ECF Percentage of such Excess Cash Flow minus (ii) the principal amount of Term Loans optionally prepaid pursuant to Section 2.16 during such Fiscal Year toward the prepayment of the Term Loans as set forth in Section 2.17(f) and the amount expended by the Borrower pursuant to Sections 2.16(d) and 9.04(g) during such Fiscal Year. Each such prepayment shall be made on a date (an “Excess Cash Flow Application Date”) no later than five Business Days after the date on which the compliance certificate of the Borrower has been delivered pursuant to Section 5.01(d).
(e) [Reserved].
(f) Any prepayment of any Term Loans pursuant to Sections 2.17(a) through (d) above shall be applied to repay Term Loans of each then outstanding Class, provided, that (i) any prepayment of any Term Loans pursuant to Section 2.17(c) shall be applied to repay Term Loans of only those Class(es) selected by the Borrower. Any prepayment of any Class of Term Loans in accordance with the applicable Interest Shortfall and Breakage Costs and foregoing shall be applied as directed by the actual reasonable costs of Lender in connection with such prepayment Borrower, (ii) to the extent any Qualifying Secured Debt that is secured on a pari passu basis with the Obligations requires a prepayment from Excess Cash Flow, the amount of the prepayment of the Term Loans required above shall be reduced in proportion of the ratio of the aggregate principal amount of the Term Loans then outstanding to the aggregate amount of the Term Loans and such amounts are not paid to Lender in accordance with Article 7 hereof.
Qualifying Secured Debt then outstanding and (iii) Borrower shall make the REMIC Payment as and any Lender may elect to decline its share of any prepayment pursuant to clause (a), (b) or (d) above by giving notice to the extent required hereunderAdministrative Agent within one Business Day following the date the Borrower gives notice of such prepayment (any amount declined by a Lender pursuant to this subclause (iii) a “Declined Amount”). Subject to the foregoing, outstanding Prime Rate Loans of any Class shall be prepaid before outstanding Term Benchmark Loans of such Class are prepaid. No Prepayment Premium or penalty (including, without limitation, prepayment of Term Benchmark Loans of any Default Prepayment Premium) Class shall be due in connection with any prepayment made permitted pursuant to this Section 2.7(c2.17 until the last day of an Interest Period applicable thereto, unless the Borrower reimburses the Lenders for all Breakage Costs associated therewith within fifteen (15) Business Days of receiving a written demand for such reimbursement which sets forth the calculation of such Breakage Costs in reasonable detail. In order to avoid such Breakage Costs, as long as no Specified Default has occurred and is continuing, at the request of the Borrower, the Administrative Agent shall hold all amounts required to be applied to Term Benchmark Loans of a particular Class in a Cash Collateral Account and will apply such funds to the applicable Term Benchmark Loans of such Class at the end of the then pending Interest Period therefor (including, without limitation, provided that the foregoing shall in connection with no way limit or restrict the Agents’ rights upon the occurrence and during the continuance of any REMIC Paymentother Event of Default).
(g) The Borrower shall prepay all Non-Converted Term B-56 Loans on the Amendment No. Any prepayment received by Lender pursuant to 911 Effective Date.
(h) Notwithstanding any other provisions of this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing2.17, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (IA) to the extent that no Trigger Period any or all of the Excess Cash Flow of a Foreign Subsidiary is prohibited or delayed by any requirement of law from being repatriated to the Loan Parties, an amount equal to the portion of Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided in clause (d) above, as the case may be, but only so long, as the applicable requirement of law will not permit repatriation to the Loan Parties (the Loan Parties hereby agreeing to cause the applicable Foreign Subsidiary to promptly take all actions reasonably required by the applicable requirement of law to permit repatriation), and no Event once a repatriation of Default then existsany of such affected Excess Cash Flow is permitted under the applicable requirement of law, paid an amount equal to Borrower such Excess Cash Flow will be promptly (and in any event not later than ten Business Days after such repatriation is permitted) applied (net of any taxes that would be payable or reserved against if such amounts were actually repatriated whether or not they are repatriated) to the repayment of the Term Loans, and (IIB) to the extent no Event that the Borrower has determined in good faith that repatriation of Default then existsany of or all the Excess Cash Flow of a Foreign Subsidiary could have an adverse tax consequence with respect to such Excess Cash Flow, but a Trigger Period then existsan amount equal to the Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary. For the avoidance of doubt, deposited into the Cash Management Accountnothing in this Agreement, including Section 2.17 shall be construed to require any Foreign Subsidiary to repatriate cash.
Appears in 1 contract
Mandatory Prepayment. (i) On each the next occurring Monthly Payment Date following the date on which Lender actually receives a distribution of shall receive any Net Proceeds relating to an Individual Continental Property, and if Prepayment that Lender is entitled to apply in accordance with this Section 2.7(b) and not required otherwise make available or deliver to and does not make Borrower pursuant to Section 7.4, Borrower shall prepay or authorize Lender to apply such Net Proceeds available to Borrower for Restoration Prepayment as a prepayment of all or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay outstanding principal balance of the Debt Loan in an amount equal to the aggregate of (A) the Net Proceeds Prepayment up to an amount equal to the Minimum Release Price Amount for such the affected Individual Continental Property, (B) the applicable all Additional Interest Shortfall and Breakage Costs (if applicable) and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Amounts paid to or applied by Len▇▇▇ ▇▇ a Mandatory Prepayment Amount shall first be applied to amounts required to be paid by Borrower to Lender pursuant to clause (C) above and then to the amounts set forth in clauses (A) and (B) simultaneously. Except during the continuance of an Event of Default, any Net Proceeds Prepayment to be applied pursuant to this Section 2.7(c2.7(b) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, paid to Borrower.
(ii) On each date on which . During the continuance of an Event of Default, Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make may apply such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available Prepayment to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt (until paid in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and full) in any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of order or priority as Lender may determine in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderits sole discretion. No Prepayment Yield Maintenance Premium, Default Yield Maintenance Premium or other premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(b). The Release Amount for the Individual Property with respect to which such Net Proceeds Prepayment was applied shall be reduced by an amount equal to the principal portion of such prepayment applied to the Loan; provided, that, nothing herein shall be construed to reduce the aggregate Release Amount for any Individual Property required to be paid to Lender prior to obtaining a release of the applicable Individual Property. Lender shall provide to Borrower, upon ten (10) days’ prior notice, (includingx) a release of the Individual Property if (I) at any time the Release Amount is reduced to zero, without limitationtogether with such additional documents and instruments evidencing or confirming the release as the Borrower shall reasonably request, or (II) Lender is required to deliver such release pursuant to a court order issued in connection with a Condemnation or (y) a release of the portion of an Individual Property that is subject to a Condemnation.
(ii) As provided in Section 7.4(e) hereof, each Casualty/Condemnation Prepayment tendered by Borrower to Lender in accordance with said Section 7.4(e) shall be in the amount of the Release Amount in respect of the applicable Individual Property. No Yield Maintenance Premium, Default Yield Maintenance Premium or other penalty or premium shall be due in connection with any REMIC Paymentsuch Casualty/Condemnation Prepayment.
(iii) In connection with any release under this Section 2.7(b). Any prepayment received , in the event that such release would result in an Individual Borrower being an Unencumbered Borrower, such Unencumbered Borrower shall be released by Lender from the obligations of the Loan Documents, except with respect to those obligations and liabilities which expressly survive the repayment of the Loan pursuant to this Section 2.7(c) on any Loan Document and shall no longer be a date other than a Monthly Payment Date shall be held by Lender as collateral security Borrower for the Loan purposes of this Agreement. In connection with a release or cancellation of each Unencumbered Borrower, Len▇▇▇ ▇▇rees to deliver (A) a UCC-3 financing statement termination or amendment releasing Len▇▇▇’▇ security interest in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing the collateral pledged to the benefit of Lender relating to each Unencumbered Borrower, and (B) instruments executed by Lender reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Lender in connection with such release shall be applied paid by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountBorrower.
Appears in 1 contract
Sources: Loan Agreement (Industrial Logistics Properties Trust)
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to The Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, shall prepay the Loans ratably in accordance with the applicable terms and conditions hereofaggregate outstanding principal balances thereof, with the Net Proceeds of: (i) any direct or indirect public offering or private placement of the Permanent Securities, or any other debt or equity securities of the Borrower, any Guarantor or any direct or indirect parent holding company of the Borrower shall, at Lender’s option, prepay issued after the Debt in an amount equal to the aggregate of Closing Date other than (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Propertyany issuance of directors' qualifying shares, (B) any issuance or sale of common stock (or common stock equivalents) or options to purchase common stock (or common stock equivalents) of the applicable Interest Shortfall Borrower to officers and Breakage Costs employees under employee benefit or compensation plans, (ii) the incurrence of any other Indebtedness by the Borrower, any of its Subsidiaries or any direct or indirect parent holding company of the Borrower (excluding Jupiter) after the Closing Date (other than (x) Indebtedness permitted to be incurred under the Credit Facility pursuant to Section 4.16(a) and (Cy) Indebtedness of the actual reasonable costs Borrower owed to and held by a Wholly Owned Subsidiary of Lender the Borrower and Indebtedness of a Wholly Owned Subsidiary of the Borrower owed to and held by the Borrower or another Wholly Owned Subsidiary of the Borrower) and (iii) any Asset Disposition by the Borrower or any of its Subsidiaries after the Closing Date (other than an Asset Disposition permitted under Section 4.19(c)) (each of the transactions in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof foregoing clauses (collectivelyi), the “Mortgage Mandatory Prepayment Amount”(ii) and (iii), a "Capital Markets Transaction"). Except during The Borrower shall, not later than the continuance of an Event of Defaultfourth Business Day following any Capital Markets Transaction, any apply such Net Proceeds to be applied prepay the Loans pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first2.4, without premium or penalty, by paying to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Lender's pro rata share of the Prior Hurricane Damage)aggregate principal amount of the Loans to be prepaid, together with the applicable Interest Shortfall plus accrued and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment unpaid interest thereon to the extent such amounts are not paid Prepayment Date.
(b) Subject to Lender and in accordance with Article 7 hereof.
(iii) Section 4.29, in the event of any Change of Control, the Borrower shall make offer to prepay the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Loans pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account4.29.
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Mandatory Prepayment. (a) If a Borrower Change of Control or Borrower Change of Ownership occurs:
(i) On each date on which Lender actually receives a distribution the Borrower shall promptly notify the Facility Agent upon becoming aware of Net Proceeds relating to an Individual Continental Property, and that event or if Lender is not required to and does not make the Facility Agent otherwise becomes aware of such Net Proceeds available to event the Facility Agent shall notify the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.accordingly;
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of Facility Agent shall promptly notify the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.Lenders thereof;
(iii) no Lender shall be obliged to fund any Utilisation; and
(iv) if a Lender so requires and notifies the Facility Agent within five Business Days of that Lender being notified by the Facility Agent of the event the Facility Agent shall, by not less than five Business Days’ notice to the Borrower, cancel the Commitment of that Lender and declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding amounts will become immediately due and payable.
(b) If at any time after the Final Completion Date the Tangible Net Worth of the Guarantor is less than US$1,000,000,000:
(i) the Borrower shall make promptly notify the REMIC Payment as Facility Agent upon becoming aware of that event or if the Facility Agent otherwise becomes aware of such event the Facility Agent shall notify the Borrower accordingly;
(ii) the Facility Agent shall promptly notify the Lenders thereof;
(iii) no Lender shall be obliged to fund any Utilisation; and
(iv) if a Lender so requires and notifies the Facility Agent within five Business Days of that Lender being notified by the Facility Agent of the event the Facility Agent shall, by not less than 45 days’ notice to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, cancel the Commitment of that Lender and shall declare the participation of that Lender in all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that Lender will be applied by Lender on the next Monthly Payment Date, with any interest on cancelled and all such funds (I) to the extent that no Trigger Period outstanding amounts will become immediately due and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountpayable.
Appears in 1 contract
Mandatory Prepayment. (a) Upon each receipt by the Borrower of claim proceeds with respect to a Total Loss of the Sulfide Project or the Current Operations, the Borrower shall within 30 days after such receipt apply the proceeds so received to prepay the Outstanding Advance Amounts of the Senior Facility Lenders.
(b) Upon each receipt by the Borrower of the proceeds of property Insurance for physical loss or damage (which shall not include any sum paid in settlement of a liability to a third party nor any sum representing the proceeds of business interruption Insurance), the Borrower shall promptly deposit all such proceeds into the Proceeds Account and:
(i) On Subject to paragraph (f) below, if the proceeds so received are in excess of US$10 million but not more than US$100 million, the Borrower shall within 60 days after receipt of such proceeds apply the proceeds so received to prepay the Outstanding Advance Amounts of the Senior Facility Lenders, unless the Borrower (x) intends to use such proceeds for the repair, reconstruction or replacement of the lost or damaged property, or to replenish the Proceeds Account to the extent of any such repair, reconstruction or replacement expenses actually paid with funds credited to the Proceeds Account and (y) notifies to the Administrative Agent in writing within 30 days after receipt of such proceeds its plans for the repair, reconstruction or replacement of the lost or damaged property or the status of implementation of such plans if already started; and
(ii) If the proceeds so received are in excess of US$100 million, the Borrower shall within 60 days after receipt of such proceeds apply the proceeds so received to prepay the Outstanding Advance Amounts of the Senior Facility Lenders, unless the Borrower submits a plan for the use of such proceeds to the Administrative Agent and the Independent Engineer within 30 days of receipt and such plan is approved by the Administrative Agent (acting upon instructions from the Majority Facility Lenders, taking into consideration the nature of the loss, the reasonableness of the Borrower's plan and the Outstanding Advance Amount and the ability to pay the Senior Facility Loans Obligations as and when they become due), provided that such approval shall be deemed given in the absence of a response from the Administrative Agent within 30 days from receipt of the Borrower's request for approval.
(c) Upon each date on which Lender actually receives a distribution receipt by Borrower of Net expropriation proceeds in connection with an expropriation by the Peruvian government of any of its asset or assets, the Borrower shall promptly deposit all such expropriation proceeds into the Proceeds relating Account and:
(i) Subject to paragraph (f) below, if the proceeds so received are in excess of US$10 million but below US$100 million, except if such proceeds related to an Individual Continental expropriation of Non-Replaceable Property, the Borrower shall within 60 days after receipt of such proceeds apply the proceeds so received to prepay the Outstanding Advance Amounts of the Senior Facility Lenders, unless the Borrower (x) intends to use such proceeds for the replacement of the expropriated property or to replenish the Proceeds Account to the extent of any replacement expenses actually paid with funds credited to the Proceeds Account and (y) notifies to the Administrative Agent in writing within 30 days after receipt of such proceeds its plans for the replacement of the expropriated property or the status of implementation of such plans if Lender already started; and
(ii) If the proceeds so received are in excess of US$100 million or in excess of US$10 million but relate to an expropriation of Non-Replaceable Property, the Borrower shall within 60 days after receipt of such proceeds apply the proceeds so received to prepay the Outstanding Advance Amounts of the Senior Facility Lenders, unless the Borrower submits a plan for the use of such proceeds to the Administrative Agent and the Independent Engineer within 30 days of receipt and such plan is not required approved by the Administrative Agent (acting upon instructions from the Majority Facility Lenders, taking into consideration the nature of the loss, the reasonableness of the Borrower's plan and the Outstanding Advance Amount and the ability to pay the Senior Facility Loans Obligations as and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicablewhen they become due), provided that such approval shall be deemed given in each casethe absence of a response from the Administrative Agent within 30 days from receipt of the Borrower's request for approval.
(d) If 90 days after the making of the Advance made on or immediately prior to the Availability Period End Date, in accordance with proceeds thereof have not been fully applied to the applicable terms and conditions hereofpayment of Project Costs, the Borrower shall, at Lender’s optionwithin 30 days, apply such remaining proceeds to prepay the Outstanding Advance Amounts of the Senior Facility Lenders.
(e) The Borrower may also be required to prepay the Outstanding Advance Amounts of one or several Senior Facility Lenders as and when contemplated in Section 3.12.
(f) During the Continuance of a Borrower Event of Default, but prior to delivery of an Enforcement Direction, the application of the proceeds in clauses (b)(i) and (c)(i) of this Section 3.06 shall be subject to the delivery by the Borrower, and approval by the Administrative Agent, of a plan for the use of such proceeds as provided in clauses (b)(ii) and (c)(ii), as applicable, of this Section 3.06; provided, however, that upon delivery of a Borrower Enforcement Direction the direction contained therein shall apply.
(g) On the Debt Buy-Down Closing Date, the Borrower shall prepay the Outstanding Advance Amounts of the Senior Facility Lenders in an amount equal to the difference between the Retired Principal Senior Loan Amount and the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess portion of the Mortgage Mandatory Prepayment Purchased Principal Senior Loan Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, purchased and (III) lastly, to Borrowerpaid for by all Parent Companies.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually If at any time from and after the Closing Date, the Company, RMOP, the Borrower, or any of its Consolidated Subsidiaries receives a distribution proceeds from the sale or refinancing of Net Proceeds relating to an Individual Continental Propertyunencumbered Project, and if Lender is not the Borrower and/or RMOP shall be required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with prepay a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loan in an amount equal to the aggregate Net Cash Proceeds received; provided that RMOP shall only be obligated to apply Net Cash Proceeds from the sale or refinancing of an unencumbered Project owned by RMOP to prepay RMOP Revolving Credit Obligations. If at any time from and after the Closing Date: (Ai) the Net Proceeds up Company, RMOP or the Borrower merges or consolidates with another Person and the Company, RMOP or Borrower, as the case may be, is not the surviving entity, or (ii) the Company, the Borrower, any of its Affiliates or consolidated Subsidiaries or the Management Company ceases to an amount equal provide property management and leasing services to at least 80% of the total number of Projects in which the Borrower has a direct ownership interest (the date any such event shall occur being the "Prepayment Date"), the Borrower and/or RMOP, as the case may be, shall be required to prepay the Loans in their entirety as if the Prepayment Date were the Revolving Credit Termination Date and, the Revolving Credit Commitment thereupon shall be terminated; provided that RMOP shall not be liable to make any payment in excess of the RMOP Revolving Credit Obligations, and provided further that in the case of a merger or consolidation of RMOP pursuant to clause (i), RMOP shall have no further right to request Loans or Letters of Credit hereunder. The Borrower and RMOP shall immediately make such prepayment together with interest accrued to the Minimum Release Price for such Individual Continental Property, (B) date of the prepayment on the principal amount prepaid and shall return or cause to be returned all Letters of Credit to the applicable Interest Shortfall Lender; provided that RMOP shall not be liable to make any payment in excess of the RMOP Revolving Credit Obligations together with interest thereon, and Breakage Costs RMOP shall not be responsible to return or cause to be returned any Letters of Credit other than Letters of Credit issued for its account. In connection with the prepayment of any Loan prior to the maturity thereof, the Borrower and (C) the actual reasonable costs of Lender RMOP shall also pay any applicable expenses pursuant to Section 5.2(f); provided that RMOP shall not be liable for any such payment other than any such payments incurred in connection with the RMOP Revolving Credit Obligations. Each such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to shall be applied to prepay ratably the Loans of the Lenders. Amounts prepaid pursuant to this Section 2.7(c4.1(d) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, other than amounts prepaid pursuant to the Mezzanine Lenderfirst sentence of this Section 4.1(d)) may not be reborrowed. As used in this Section 4.1(d) only, in an amount equal to the Mezzanine Mandatory Prepayment Amount phrase "sells, transfers, assigns or conveys" shall not include (as such term is defined in the Mezzanine Loan Documents)i) sales or conveyances among Borrower or RMOP and any of their consolidated Subsidiaries, to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
or (ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico mortgages or other security interests secured by Real Property or other Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives So long as any Revolving A Loan is outstanding or the Bank shall have any Revolving A Commitment hereunder, the Borrowers will, unless the Bank shall otherwise consent in writing, maintain as collateral security for the Revolving A Loans, accrued interest thereon and the other related Obligations, Triarc Collateral with an Adjusted Triarc Collateral Value in excess of the unpaid principal balance of the Revolving A Loans and accrued interest thereon. If at any time the Bank determines that the aggregate principal amount of the outstanding Revolving A Loans equals or exceeds an amount equal to the Revolving A Margin Call Percentage of the Triarc Collateral Value, the Borrowers will, upon five (5) days' written notice from the Bank, either (A) prepay the Revolving A Loans by an amount sufficient such that, after such prepayment, the aggregate principal amount of the outstanding Revolving A Loans does not exceed the amount equal to the Revolving A Advance Percentage of the Triarc Collateral Value or (B) provide for a distribution of Net Proceeds relating grant to an Individual Continental Propertythe Collateral Agent, as collateral security for the Revolving A Loans, accrued interest thereon and the other related Obligations, a perfected, first priority security interest in, and if Lender lien on, additional collateral that is in such amounts and having such market values, liquidity, volatility, marketability and other characteristics as the Bank may in its sole discretion determine to be acceptable and sufficient to cause, after the grant of such additional security interest, the aggregate principal amount of the outstanding Revolving A Loans and accrued interest thereon not required to exceed the amount equal to the sum of (I) the Revolving A Advance Percentage of the then current Triarc Collateral Value, plus (II) the loan value assigned by the Bank (in its sole discretion) to any other Collateral provided to the Collateral Agent pursuant to clause (B) above (and does not make in connection with such Net Proceeds available grant, the Borrowers will execute and deliver such agreements, instruments, legal opinions and other documents as the Bank may reasonably request). Without limiting the generality of the foregoing, it is hereby understood and agreed that the Bank shall have no obligation whatsoever to Borrower for Restoration accept additional shares of Triarc stock as collateral, whether to satisfy any obligation of the Borrowers that may arise under this Section 2.1(d) or for disbursement as Rent Loss Proceeds otherwise.
(as applicable)ii) If on any date (A) the sum of the aggregate principal amount of outstanding Revolving A Loans exceeds (B) the amount of the Revolving A Commitment, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall immediately prepay the Debt Revolving A Loans in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofexcess.
(iii) If the shares of the Triarc Class A Common Stock shall cease to be listed on the New York Stock Exchange or the American Stock Exchange or included for trading on the NASDAQ Stock Market/National Market System (a "Delisting Event"), the Bank may at any time upon obtaining knowledge of the occurrence (or future occurrence) of such event decrease the Revolving A Advance Percentage and the Revolving A Margin Call Percentage (in either case, to such percentage as the Bank may in its sole and absolute discretion determine). The decrease of the Revolving A Advance Percentage shall be effective on the later to occur of (i) one Business Day after the Bank gives either Borrower notice of such decrease, or (ii) any Delisting Event, and the decrease in the Revolving A Margin Call Percentage shall make be effective on the REMIC Payment as and later to occur of (i) 20 Business Days after the Bank gives either Borrower notice of such decrease or (ii) any Delisting Event.
(iv) Each prepayment shall be accompanied by the payment of accrued interest to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any date of such prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, amount prepaid and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) subject to the extent that no Trigger Period and no Event provisions of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountSection 2.10.
Appears in 1 contract
Sources: Pledge and Security Agreement (Triarc Companies Inc)
Mandatory Prepayment. (i) On each date on which Lender actually receives First, any outstanding Advances of a distribution of Net Proceeds relating to an Individual Continental PropertyClass shall be prepaid, and second, if Lender is not required to any Commitments of a Class are outstanding and does not make no Advances of such Net Proceeds available to Borrower for Restoration Class are outstanding on (or for disbursement such Advances of such Class have been prepaid as Rent Loss Proceeds (as applicable)of) the applicable date, the Commitments of such Class shall be reduced, in each case, on a Sterling-for-Sterling basis (with amounts received in accordance non-Sterling currencies to be converted by the Borrower to Sterling for purposes of this calculation based upon foreign exchange rates actually received, in the case of a prepayment (or that would actually be received, in the case of a Commitment reduction) by the Borrower acting in good faith and in a commercially reasonable manner in consultation with the applicable terms Administrative Agent) within three Business Days of (in the case of a prepayment of Advances) or on the date of (in the case of a reduction of Commitments) receipt by the Consolidated Group of any Net Cash Proceeds (or in the case of clause (i)(y) below, commitments) referred to in this paragraph (d):
(i) (x) from 100.0% of the Net Cash Proceeds actually received by the Consolidated Group from the incurrence of Borrowed Debt by such entity (excluding (A) intercompany debt of such entities, (B) borrowings under AbbVie’s Existing Credit Agreement or any revolving facility in replacement thereof in an amount up to $4,000,000,000, (C) any other ordinary course borrowings under existing working capital or overdraft facilities, (D) issuances of commercial paper and conditions hereofrefinancings thereof, Borrower shall(E) purchase money indebtedness incurred in the ordinary course of business, at Lender’s option(F) indebtedness with respect to capital leases incurred in the ordinary course of business, prepay the (G) other Debt in an amount equal not to exceed $4,000,000,000 in the aggregate to the extent the Net Cash Proceeds of such indebtedness are utilized to refinance AbbVie’s Existing Public Notes and (H) other Debt in an amount not to exceed $3,000,000,000 in the aggregate) and (y) the aggregate amount of commitments received in respect of the New Term Loan Facility (provided the fully documented conditions to availability and drawing of the New Term Loan Facility are no more restrictive to the borrower thereunder than the conditions to availability and drawing the Advances);
(ii) from 100.0% of the Net Cash Proceeds actually received from the issuance of any Equity Interests by the Consolidated Group (other than (A) the Net Proceeds up issuances pursuant to an amount equal to the Minimum Release Price for such Individual Continental Propertyemployee stock plans or other benefit or employee incentive arrangements, (B) issuances among the applicable Interest Shortfall and Breakage Costs and Consolidated Group or (C) the actual reasonable costs of Lender issuances in connection with such prepayment the purchase price payable with respect to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”Acquisitions). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.; and
(iii) Borrower from 100.0% of the Net Cash Proceeds actually received by the Consolidated Group from Asset Sales outside the ordinary course of business (except for (A) Asset Sales between or among such entities and (B) Asset Sales, the Net Cash Proceeds of which do not exceed $20,000,000 in any single transaction or related series of transactions or $250,000,000 in the aggregate). All mandatory prepayments or Commitment reductions (a) in respect of the issuance of senior notes and/or mandatorily convertible securities and/or hybrid equity or Equity Interests shall make be applied first to Tranche 1 Advances and Tranche 1 Commitments, second to Tranche 2 Advances and Tranche 2 Commitments and third to ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇, (▇) in respect of the REMIC Payment as incurrence of New Term Loans shall be applied first to Tranche 2 Advances and Tranche 2 Commitments, second to the extent required hereunder. No Prepayment Premium Tranche 1 Advances and Tranche 1 Commitments and third to Tranche 3 Advances and Tranche 3 Commitments, and (c) in respect of other mandatory prepayments or penalty commitment reductions described in this clause (including, without limitation, any Default Prepayment Premiumd) shall be due in connection with any prepayment made pursuant applied first ratably to this Section 2.7(cTranche 1 Advances and Tranche 1 Commitments and Tranche 2 Advances and Tranche 2 Commitments and second to Tranche 3 Advances and Tranche 3 Commitments. All mandatory prepayments and Commitment reductions will be applied without penalty or premium (except for breakage costs and accrued interest, if any) and will be applied pro rata among the Lenders of the applicable Class of Advances (includingor, without limitationif applicable, in connection with any REMIC PaymentClass of Commitments). Any prepayment Mandatory prepayments of the Advances may not be reborrowed. If the Net Cash Proceeds are received by Lender pursuant to this Section 2.7(c) on a date any Person other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and the Bridge Commitments shall only be applied by Lender on reduced (or the next Monthly Payment Date, with any interest on such funds (IAdvances prepaid) to the extent that no Trigger Period such Net Cash Proceeds can be immediately transferred to the Borrower (with such amount net of the costs and no Event of Default then taxes associated therewith); it being understood that if such a restriction on transfer exists, paid upon such restriction ceasing to apply, the Commitments will be immediately reduced or, if applicable, the Advances will be repaid within three Business Days thereof, in the manner set forth above as if such Net Cash Proceeds were received by the Borrower and (II) on the date such restriction ceased to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountexist.
Appears in 1 contract
Mandatory Prepayment. (i) On each date In the event of a Qualifying Transaction occurring after the First LMA Closing Date, Bank shall be entitled to request that Borrower prepay, on which Lender actually receives account of the outstanding principal amount of 2013 Term Loan Advances (plus all interest accrued thereon), an amount equal to fifty percent (50.0%) of the Qualifying Proceeds in connection with such Qualifying Transaction. Borrower shall give Bank prior written notice of the Qualifying Transaction or of the potential occurrence of a distribution Qualifying Transaction (it being understood that such notice shall not constitute any assurance that the potential Qualifying Transaction will in fact occur and Borrower shall not be deemed to be in default of Net Proceeds relating to an Individual Continental Property, and if Lender is this Agreement should such potential Qualifying Transaction not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicableoccur), in each caseany event, in accordance with no later than the applicable terms and conditions hereof, date of Borrower’s receipt of any portion of such Qualifying Proceeds. Borrower shall, within five (5) Business Days if requested by Bank by notice to Borrower given within sixty (60) days of Bank’s receipt of the above-referenced notice from Borrower, make such prepayment. For the sake of clarity, if, from time to time, Borrower receives an additional portion from such Qualifying Proceeds, then the above notice requirement and other provisions apply equally to such additional Qualifying Proceeds.
(ii) In the event that, after the First LMA Closing Date, Borrower makes a distribution to all of its shareholders (by way of dividend or otherwise) (without limiting any provisions of this Agreement, including, without limitation, Section 7.6, provided however that no such distribution shall be made unless and until Borrower receives notice from Bank as provided below (or Bank fails to give such notice within the fourteen (14) day period for Bank to give notice as provided below)), whether with respect to Qualifying Proceeds or otherwise, Borrower shall notify Bank thereof simultaneously with its notice to the public declaring the distribution (and in any case, at Lenderleast fourteen (14) days prior to the date of the proposed distribution), and Borrower shall, simultaneously with the making of the distribution if requested by Bank by notice to Borrower given within fourteen (14) days of Bank’s optionreceipt of the above-referenced notice from Borrower, prepay repay the Debt outstanding principal amount of 2013 Term Loan Advances (plus all interest accrued thereon) in an amount equal to the aggregate of one hundred percent (A100.0%) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofdistribution.
(iii) In the event of an early prepayment whether at the request of Bank pursuant to Section 2.1.2(f)(i) above or at the request of Borrower pursuant to Section 2.1.2(d) above (the amount of principal and interest actually repaid in each such event, the “Early Prepayment Amount”), then Borrower shall be entitled to make a distribution to its shareholders in the REMIC Payment as and aggregate amount up to the extent Early Prepayment Amount without the obligation to make any payment to Bank pursuant to Section 2.1.2(f)(ii) above (for the avoidance of doubt, Borrower would still be required hereunder. No Prepayment Premium or penalty to give Bank notice of such distribution in accordance with Section 2.1.2(f)(ii)).
(includingiv) Notwithstanding the aforesaid, without limitation, in no event shall any Default Prepayment Premiumamount repaid by Borrower to Bank pursuant to the mandatory prepayment under this Section 2.1.2(f) exceed the then existing outstanding principal amount of 2013 Term Loan Advances (plus all interest accrued thereon).” 5 The Loan Agreement shall be due amended by deleting the following text, appearing in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.2.2 thereof:
Appears in 1 contract
Sources: Loan Modification Agreement (Elron Electronic Industries LTD /Ny/)
Mandatory Prepayment. (i) On each date on which Lender actually receives First, any outstanding Advances of a distribution of Net Proceeds relating to an Individual Continental PropertyClass shall be prepaid, and second, if Lender is not required to any Commitments of a Class are outstanding and does not make no Advances of such Net Proceeds available to Borrower for Restoration Class are outstanding on (or for disbursement such Advances of such Class have been prepaid as Rent Loss Proceeds (as applicable)of) the applicable date, the Commitments of such Class shall be reduced, in each case, on a Dollar-for-Dollar basis (with amounts received in accordance non-Dollar currencies to be converted by the Borrower to Dollars for purposes of this calculation based upon foreign exchange rates actually received, in the case of a prepayment (or that would actually be received, in the case of a Commitment reduction) by the Borrower acting in good faith and in a commercially reasonable manner in consultation with the applicable terms and conditions hereofAdministrative Agent) within three Business Days of (in the case of a prepayment of Advances) or on the date of (in the case of a reduction of Commitments) receipt by the Consolidated Group of any Net Cash Proceeds (or in the case of clause (i)(y) below, Borrower shall, at Lender’s option, prepay commitments) referred to in this paragraph (d):
(i) (x) from 100.0% of the Net Cash Proceeds actually received by the Consolidated Group from the incurrence of Borrowed Debt in an amount equal to the aggregate of by such entity (excluding (A) the Net Proceeds up to an amount equal to the Minimum Release Price for intercompany debt of such Individual Continental Propertyentities, (B) borrowings under the applicable Interest Shortfall and Breakage Costs and Borrower’s Existing Credit Agreement or any revolving facility in replacement thereof in an amount up to $1,000,000,000, (C) any other ordinary course borrowings under existing working capital or overdraft facilities, (D) issuances of commercial paper and refinancings thereof, (E) purchase money indebtedness incurred in the actual reasonable costs ordinary course of Lender business, (F) indebtedness with respect to capital leases incurred in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof ordinary course of business and (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(cG) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, other Indebtedness in an amount equal not to exceed $500,000,000 in the aggregate) and (y) the aggregate amount of commitments received in respect of the New Term Loan Facility (provided the fully documented conditions to availability and drawing of the New Term Loan Facility are no more restrictive or onerous to the Mezzanine Mandatory Prepayment Amount (as such term is defined in borrower thereunder than the Mezzanine Loan Documentsconditions to availability and drawing the Advances), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.;
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account from 100.0% of the Prior Hurricane DamageNet Cash Proceeds actually received from the issuance of any Equity Interests by the Consolidated Group (other than (A) available issuances pursuant to Borrower for Restoration employee stock plans or for disbursement as Rent Loss Proceeds other benefit or employee incentive arrangements, (as applicable), in each case, in accordance with B) issuances among the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds Consolidated Group or (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender C) issuances in connection with such prepayment the purchase price payable with respect to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.Target Acquisition); and
(iii) Borrower from 100.0% of the Net Cash Proceeds actually received by the Consolidated Group from Asset Sales outside the ordinary course of business (except for (A) Asset Sales between or among such entities and (B) Asset Sales, the Net Cash Proceeds of which do not exceed $20,000,000 in any single transaction or related series of transactions or $200,000,000 in the aggregate). All mandatory prepayments or Commitment reductions (a) in respect of the issuance of senior notes and/or mandatorily convertible securities and/or hybrid equity or Equity Interests shall make be applied first to Tranche 1 Advances and Tranche 1 Commitments and second to ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇, (▇) in respect of the REMIC Payment as incurrence of New Term Loans shall be applied first to Tranche 2 Advances and Tranche 2 Commitments and second to the extent required hereunder. No Prepayment Premium Tranche 1 Advances and Tranche 1 Commitments, and (c) in respect of other mandatory prepayments or penalty commitment reductions described in this clause (including, without limitation, any Default Prepayment Premiumd) shall be due in connection with any prepayment made pursuant applied ratably to this Section 2.7(cTranche 1 Advances and Tranche 1 Commitments and Tranche 2 Advances and Tranche 2 Commitments. All mandatory prepayments and Commitment reductions will be applied without penalty or premium (except for breakage costs and accrued interest, if any) and will be applied pro rata among the Lenders of the applicable Class of Advances (includingor, without limitationif applicable, in connection with any REMIC PaymentClass of Commitments). Any prepayment Mandatory prepayments of the Advances may not be reborrowed. If the Net Cash Proceeds are received by Lender pursuant to this Section 2.7(c) on a date any Person other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and the Commitments shall only be applied by Lender on reduced (or the next Monthly Payment Date, with any interest on such funds (IAdvances prepaid) to the extent that no Trigger Period such Net Cash Proceeds can be immediately transferred to the Borrower (with such amount net of the costs and no Event of Default then taxes associated therewith); it being understood that if such a restriction on transfer exists, paid upon such restriction ceasing to apply, the Commitments will be immediately reduced or, if applicable, the Advances will be repaid within three Business Days thereof, in the manner set forth above as if such Net Cash Proceeds were received by the Borrower and (II) on the date such restriction ceased to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountexist.
Appears in 1 contract
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.11 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds cash “boot” associated therewith shall be applied to prepayment of the Loans or such lesser amount of such cash “boot” as shall be required for the Borrower to remain in compliance with this Agreement. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(b) In the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Administrative Agent, for the account of the Prior Hurricane Damage)applicable Banks, together an amount necessary to cause the Unsecured Debt Ratio to be in compliance within ninety (90) days of the date on which the Unsecured Debt Ratio failed to be maintained. Failure by the Borrower to comply with the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio within ninety (90) days of the actual reasonable costs date of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) non-compliance shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
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Mandatory Prepayment. (i) On Subject to the Intercreditor Agreements and satisfaction of the Prepayment Conditions, within ten (10) Business Days after financial statements have been delivered pursuant to Section 7.01(a)(i)(A) (the “ECF Due Date”), but in any event not later than 120 calendar days plus ten (10) Business Days after the end of each Fiscal Year of the Lead Borrower beginning with the Fiscal Year ended December 31, 2026 (the “ECF Trigger Date”), the Borrowers shall prepay an aggregate principal amount of Loans in an amount equal to 25% of Excess Cash Flow for the Fiscal Year covered by such financial statements; provided that such amount shall, at the option of the Lead Borrower, be reduced on a dollar-for dollar basis by the aggregate amount of voluntary principal prepayments (other than prepayments financed with any long-term Indebtedness or any Equity Issuance of the Loans pursuant to Section 2.05(b)), to the extent permitted to be made hereunder and made during such Fiscal Year or, at the option of the Borrower, made during the period following the end of such Fiscal Year and prior to the ECF Due Date (without duplication in the next Fiscal Year). The Borrower shall promptly (and in any event, no later than five (5) Business Days after the ECF Trigger Date) determine whether the Prepayment Conditions will be satisfied on such prepayment date and if the Borrowers determine that, as of the prepayment date, the Prepayment Conditions will not be satisfied, the Borrowers shall deliver a certificate of an Authorized Officer of the Borrowers to the Administrative Agent attaching supporting calculations in respect of the Prepayment Conditions and determining the aggregate principal amount of Loans the Borrowers can prepay in satisfaction of the Prepayment Conditions on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Propertypro forma basis, and if Lender is not required such amount shall be prepaid on the date specified above.
(ii) Subject to and does not make such Net Proceeds available to Borrower for Restoration the Intercreditor Agreements, immediately upon any Disposition (excluding Dispositions which qualify as Permitted Dispositions) by any Loan Party or for disbursement as Rent Loss Proceeds (as applicable)its Subsidiaries, in each case, the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to 100% of the applicable terms Net Cash Proceeds received by such Person in connection with such Dispositions to the extent that the aggregate amount of Net Cash Proceeds received by all Loan Parties and conditions hereoftheir Subsidiaries (and not paid to the Administrative Agent as a prepayment of the Loans) shall exceed for all such Dispositions $500,000 any Fiscal Year. Nothing contained in this Section 2.05(c)(ii) shall permit any Loan Party or any of its Subsidiaries to make a Disposition of any property other than in accordance with Section 7.02(c)(ii).
(iii) Subject to the Intercreditor Agreements and solely, Borrower shallwith respect to an Equity Issuance, at Lender’s optionsatisfaction of the Prepayment Conditions, upon the issuance or incurrence by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness), or upon an Equity Issuance (other than any Excluded Equity Issuances), the Borrowers shall prepay the Debt outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to the Equity and Debt Prepayment Percentage of the Net Cash Proceeds received by such Person in connection therewith. The Borrower shall promptly (and in any event, no later than five (5) Business Days prior to the Equity Issuance) determine whether the Prepayment Conditions will be satisfied on the date of the Equity Issuance and if the Borrowers determine that, as of the date of the Equity Issuance, the Prepayment Conditions will not be satisfied, the Borrowers shall deliver a certificate of an Authorized Officer of the Borrowers to the Administrative Agent attaching supporting calculations in respect of the Prepayment Conditions and determining the aggregate principal amount of Loans the Borrowers can prepay in satisfaction of the Prepayment Conditions on a pro forma basis, and such amount shall be prepaid upon the issuance of such Equity Interests. The provisions of this Section 2.05(c)(iii) shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of this Agreement.
(iv) Subject to the Intercreditor Agreements, upon the receipt by any Loan Party or any of its Subsidiaries of (Ai) any Extraordinary Receipts, the Net Proceeds up to an Borrowers shall prepay the outstanding principal amount equal to of the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender Loans in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c2.05(d) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to 100% of the Mezzanine Mandatory Prepayment Amount Net Cash Proceeds received by such Person in connection therewith and (as such term is defined in ii) any ETI Litigation Extraordinary Receipts, the Mezzanine Loan Documents), to be applied Borrowers shall prepay the outstanding principal amount of the Loans in accordance with Section 2.05(d) in an amount equal to 50% of the Mezzanine Loan Documents, and (III) lastly, to BorrowerNet Cash Proceeds received by such Person in connection therewith.
(iiv) On each date on which Lender actually receives a distribution of Net Proceeds relating Subject to an Individual Puerto Rico Propertythe Intercreditor Agreements, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding immediately upon receipt by the Casualty Proceeds and any other proceeds on account Borrowers of the Prior Hurricane Damage) available proceeds of any Permitted Cure Equity pursuant to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)Section 9.02, in each case, the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Section 2.05(d) in an amount equal to 100% of such proceeds.
(vi) Subject to the Intercreditor Agreements, notwithstanding the foregoing, with respect to Net Cash Proceeds (but specifically excluding the Casualty Proceeds and received by any other proceeds on account Loan Party or any of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender its Subsidiaries in connection with such prepayment a Disposition or the receipt of Extraordinary Receipts consisting of insurance proceeds or condemnation awards that are required to be used to prepay the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Obligations pursuant to this Section 2.7(c2.05(c)(ii) or Section 2.05(c)(iv), as the case may be, up to (includingx) with respect to Net Cash Proceeds from all such Dispositions, without limitation$5,000,000 in the aggregate in any Fiscal Year and (y) with respect to Net Cash Proceeds from all such Extraordinary Receipts, $20,000,000 in the aggregate in any Fiscal Year shall, in connection with any REMIC Payment). Any prepayment received by Lender pursuant each case, not be required to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for so used to prepay the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) Obligations to the extent that such Net Cash Proceeds are used to replace, repair or restore properties or assets (other than current assets) used in such Person’s business, provided, that, (A) no Trigger Period and no Default or Event of Default then existshas occurred and is continuing on the date such Person receives such Net Cash Proceeds, paid to (B) the Administrative Borrower and (II) delivers a certificate to the extent Administrative Agent within 5 days after such Disposition or loss, destruction or taking, as the case may be, stating that such Net Cash Proceeds shall be used to replace, repair or restore properties or assets used in such Person’s business within a period specified in such certificate not to exceed 180 days after the date of receipt of such Net Cash Proceeds (which certificate shall set forth estimates of the Net Cash Proceeds to be so expended and state that no Default or Event of Default then existshas occurred and is continuing on the date such Person receives such Net Cash Proceeds), but (C) such Net Cash Proceeds are deposited in an account subject to a Trigger Period then existsControl Agreement, deposited into and (D) upon the earlier of (1) the expiration of the period specified in the relevant certificate furnished to the Administrative Agent pursuant to clause (B) above or (2) the occurrence of a Default or an Event of Default, such Net Cash Management AccountProceeds, if not theretofore so used, shall be used to prepay the Obligations in accordance with Section 2.05(c)(ii) or Section 2.05(c)(iv) as applicable.
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Mandatory Prepayment. (i) On each date If at any time within ninety (90) days after the Closing Date the Borrower shall receive Net Offering Proceeds (but only in connection with a private sale of equity interests in the Borrower or any Subsidiary or Minority Holding of the Borrower) on which Lender actually receives a distribution terms reasonably satisfactory to the Administrative Agent (the amount of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Offering Proceeds available up to Borrower for Restoration or for disbursement $100,000,000 being hereinafter referred to as Rent Loss Proceeds (as applicablethe "Permitted Private Placement"), in each casethen, in accordance with simultaneously therewith, the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay shall repay the Debt Loans in an amount equal to the aggregate lesser of (Ax) the aggregate Net Offering Proceeds up to an amount equal to received by the Minimum Release Price for such Individual Continental Property, (B) Borrower from and after the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) date hereof in excess of $100,000,000, and (y) the Mortgage Mandatory Prepayment Amount outstanding principal balance of the Loans. If at any time the Borrower shall be applied as follows: (I) first, receive Net Offering Proceeds other than pursuant to the Mezzanine LenderPermitted Private Placement in connection with a public or private sale of equity interests in the Borrower or any Subsidiary or Minority Holdings, then the Borrower shall repay the Loans in an amount equal to the Mezzanine Mandatory Prepayment Amount lesser of (as such term is defined in x) the Mezzanine Loan Documents), to be applied in accordance with aggregate Net Offering Proceeds received by the Mezzanine Loan DocumentsBorrower, and (IIIy) lastly, to Borrowerthe outstanding principal balance of the Loans.
(ii) On each date on which Lender actually receives a distribution If at any time during the term of this Agreement, the Borrower shall receive Net Proceeds Cash Proceeds, dividends or distributions relating to an Individual Puerto Rico Propertythe Borrower's interests in VANTAS or OSA, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding then, simultaneously therewith, the Casualty Proceeds and any other proceeds on account of Borrower shall repay the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% the lesser of such (x) the aggregate Net Proceeds Cash Proceeds, dividends or distributions relating to the Borrower's interests in VANTAS or OSA, as the case may be, received by the Borrower from and after the date hereof, and (but specifically excluding y) the Casualty Proceeds and outstanding Obligations. If at any time during the term of this Agreement, the Borrower shall receive Net Cash Proceeds, dividends or distributions relating to the Borrower's interests in any Subsidiaries or Minority Holdings (other proceeds on account of the Prior Hurricane Damagethan VANTAS or OSA), together with then, simultaneously therewith, the applicable Interest Shortfall Borrower shall, on a pro rata basis, (A) repay the Loans in an amount equal to the lesser of (x) the aggregate Net Cash Proceeds, dividends or distributions relating to the Borrower's interests in such Subsidiaries or Minority Holdings, as the case may be, received by the Borrower from and Breakage Costs after the date hereof, and (y) the outstanding Obligations, and (B) repay principal under the ROP Credit Agreement and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofRSVP Credit Agreement on a pari passu basis.
(iii) If at any time from and after the Closing Date:
(A) the Borrower merges or consolidates with another Person,
(B) any equity interests in the Borrower, any Subsidiary or Minority Holding (other than the Permitted Private Placement) are sold by the Borrower, any Subsidiary or Minority Holding, as the case may be,
(C) all or substantially all of the Property of the Borrower is sold,
(D) a material amount of the Property of VANTAS is sold,
(E) all or a substantial amount of the Property of OSA is sold,
(F) any Property of any Subsidiary or Minority Holdings is sold,
(G) the Persons holding the managerial positions of President, Chief Executive Officer and Chief Financial Officer of the Borrower shall make no longer continue to hold such managerial positions with the REMIC Payment Borrower,
(H) a majority of the Persons who hold positions on the Board of Directors of the Borrower no longer continue to hold such positions, or
(I) the Paribas Credit Agreement is either terminated or refinanced, provided that VANTAS shall be permitted to issue common Capital Stock and apply the proceeds thereof towards repayment of the loans under the Paribas Credit Agreement, (the date any of the foregoing events shall occur being the "Prepayment Date"), then the Borrower shall be required to prepay the Loans in their entirety as and if the Prepayment Date were the Termination Date and, the Credit Commitment thereupon shall be terminated. Notwithstanding anything contained in this subsection (iii) to the contrary, in the case of the sale of (x) any equity interests in any Subsidiary or Minority Holdings (other than VANTAS or OSA) described in clause (B) above or (y) Property described in clause (F) above, the Borrower shall be required to prepay the Loans in the manner set forth in the second sentence of Section 4.3(c)(ii) above only to the extent required hereunder. No Prepayment Premium of the Net Offering Proceeds or penalty (includingNet Cash Proceeds, without limitationas the case may be, any Default Prepayment Premium) shall be due received by the Borrower in connection with such sale. The Borrower shall immediately make such prepayment together with interest accrued to the date of the prepayment on the principal amount prepaid.
(iv) In the event of a contemplated merger or consolidation of VANTAS with another Person, the Borrower shall deliver written notice thereof to the Administrative Agent no less than thirty (30) days prior to the effectiveness of such transaction. Such notice shall set forth in reasonable detail all the material terms and conditions of such merger or consolidation. In the event that the terms and conditions of such transaction are not reasonably acceptable to the Administrative Agent, then, on the date of the effectiveness of such transaction, the Borrower shall be required to prepay the Loans in their entirety as if the date of the effectiveness of such transaction were the Termination Date and the Credit Commitment thereupon shall be terminated. The Borrower shall immediately make such prepayment together with interest accrued to the date of the prepayment on the principal amount prepaid and all other outstanding Obligations. In connection with the prepayment of any Loan prior to the maturity thereof, the Borrower shall also pay any applicable expenses pursuant to Section 5.2(f). Each such prepayment made shall be applied to prepay ratably the Loans of the Lenders. Amounts prepaid pursuant to this Section 2.7(c4.1(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall may not be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountreborrowed.
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Mandatory Prepayment. (ia) On If, as a result of acceleration, voluntary prepayment, scheduled payment or otherwise in respect of the Collateral Notes, Pechiney at any time or from time to time makes any payment of principal of a Collateral Note (each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable"PRINCIPAL PAYMENT"), the Borrower shall immediately prepay the principal amount of the Note. Such prepayment shall be equal to 85% of such Principal Payment, and, provided that no Default (under either this Agreement or under the Triarc Credit Agreement) or Event of Default has occurred and is continuing (and the Borrower shall immediately provide to the Bank a certificate confirming that no Default or Event of Default has occurred and is continuing), promptly and in each case, any event within three Business Days an amount (the "EXCESS PORTION") equal to 15% of such Principal Payment shall be paid to the Borrower. The Bank agrees to direct the Depositary Bank and the Collateral Agent to pay the Excess Portion of the Principal Payment to the Borrower in accordance with with, but subject to, the applicable terms foregoing sentence. It is understood and conditions hereofagreed that if the amount equal to 85% of the Principal Payment exceeds the outstanding principal amount of the Note, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to such excess shall be paid by the Borrower to NationsBank, N.
A. for application against the aggregate principal amount of the Demand Loans outstanding and other obligations under the Triarc Credit Agreement. .
(Ab) If any Default or Event of Default has occurred and is continuing when any Pechiney Proceeds are received or otherwise being held by the Net Depositary Bank, the Collateral Agent or the Bank, the entire amount of such Pechiney Proceeds up shall be paid to the Bank and applied by the Bank as a payment of principal of the Note or applied by the Bank as a payment of interest on the Note or other obligations of the Borrower hereunder, as the Bank in its sole discretion shall determine (it being understood that the Borrower shall have no right whatsoever to receive any portion of such proceeds, except pursuant to Section 15 of the Pledge Agreement). If the Pechiney Proceeds exceed the principal of and interest on the Note and the other obligations of the Borrower hereunder, the Borrower shall pay an amount equal to such excess to NationsBank, N.
A. for application against the Minimum Release Price for aggregate principal amount of Demand Loans and other obligations outstanding under the Triarc Credit Agreement. It is also understood that upon the payment of any Pechiney Proceeds in respect of the principal of the Collateral Notes, NationsBank, N.A. may at any time thereafter decrease the Original Advance Percentage (as defined in the Triarc Credit Agreement) and the Margin Call Percentage (as defined in the Triarc Credit Agreement)(in either case, to such Individual Continental Propertypercentage as the Bank may in its sole and absolute discretion determine) by giving either Borrower thereunder notice of such revised percentage. If such a decrease results in a "Default" under the Triarc Credit Agreement, then (i) the decrease will constitute a Default hereunder, (Bii) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with so long as any such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively"Default", the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an or any other Default or Event of Default, shall occur and be continuing, the Borrower shall no right to receive any Net portion of the Pechiney Proceeds, (iii) if any "Event of Default" (as defined in the Triarc Credit Agreement), or any other Event of Default shall occur and be continuing, such Pechiney Proceeds to may be applied pursuant to this Section 2.7(c) hereof in excess the payment of the Mortgage Mandatory Prepayment Amount shall be applied Borrower's obligations hereunder or to the obligations under the Triarc Credit Agreement, and (iv) if such "Default" under the Triarc Credit Agreement is cured or waived, and no other Default, Event of Default or "Event of Default" (as follows: (Idefined in the Triarc Credit Agreement) firsthas occurred and is continuing, the Bank will upon request promptly and in any event within three Business Days return to the Borrower the Excess Portion of such Principal Payment, to the Mezzanine Lender, in an amount equal extent not applied to the Mezzanine Mandatory Prepayment Amount (as such term is defined in Borrower's obligations hereunder or under the Mezzanine Loan Documents), to be applied Triarc Credit Agreement in accordance with clause (iii) hereof (and the Mezzanine Loan DocumentsBank agrees to direct the Depositary Bank and the Collateral Agent to pay the Excess Portion of the Principal Payment to the Borrower in accordance with, and but subject to, this clause (III) lastly, to Borroweriv)).
(iic) On each Each prepayment shall be accompanied by the payment of accrued interest to the date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding prepayment on the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borroweramount prepaid, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) subject to the extent that no Trigger Period and no Event provisions of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountSection 2.12 hereof."
Appears in 1 contract
Sources: Pledge and Security Agreement (DWG Acquisition Group L P)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shallIf, at Lender’s optionany time, prepay the Debt sum of the aggregate -------------------- principal amount of outstanding Revolving Loans plus the Letter of Credit Usage exceeds the Revolving Commitment then in effect, the Borrowers shall immediately repay Revolving Loans in an amount equal to the aggregate excess; provided, however, that -------- ------- if after repayment pursuant to this subsection of (A) all Revolving Loans then outstanding, the Net Proceeds up Letter of Credit Usage shall exceed the Revolving Commitment then in effect, the Borrowers shall immediately deliver to the Agent, to hold as cash collateral as security for the obligations of the Borrowers to reimburse the Issuing Bank for the amount of any drawings honored under any outstanding Letters of Credit, an amount such that the Letter of Credit Usage minus that ----- amount that is less than or equal to the Minimum Release Price Revolving Commitment then in effect; provided that in lieu of furnishing such cash collateral as aforesaid, the -------- Borrowers may deliver outstanding Letters of Credit for cancellation, so that the resulting Letter of Credit Usage is less than or equal to the Revolving Commitment then in effect. If, at any time after such Individual Continental Propertycash collateral is delivered to the Agent, the Revolving Commitment then in effect exceeds (Bi) the applicable Interest Shortfall and Breakage Costs aggregate principal amount of Revolving Loans outstanding (ii) the Letter of Credit Usage minus the cash collateral delivered to the Agent, then a portion of ----- the cash collateral held by the Agent for the purposes described above shall be paid to the Borrowers immediately, in the amount by which the Revolving Commitment exceeds the sum of clauses (i) and (Cii) the actual reasonable costs of Lender in connection with such prepayment specified above. Any amount delivered to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied Agent pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with bearing account established by the Agent and any interest paid on such interest accruing account shall be paid by the Agent to the benefit Borrowers promptly following receipt thereof by the Agent; provided, however, that noting herein shall require the Agent to -------- ------- obtain any particular rate of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountaccount.
Appears in 1 contract
Mandatory Prepayment. (ia) Upon the occurrence of any of the events set forth in Section 2.1 of the Common Agreement, the Company shall be required to prepay outstanding Bonds as set forth in Section 2.1 of the Common Agreement. All such prepayments of the Bonds shall be made in the manner set forth in Section 2.3 of the Common Agreement, together with accrued interest to the date of such prepayment. Amounts prepaid pursuant to this Section 3.05 and Section 2.1 of the Common Agreement may not be reborrowed. Amounts prepaid pursuant to this Section 3.05 shall be applied on a pro rata basis across maturities to the Bonds held by each Bondholder.
(b) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds Test Date (as applicabledefined below), the Company shall notify the Trustee in writing of the Gross Principal Due (as defined below) and the Cash Resources Available (as defined below), in each casecase as of such Test Date. If, on either Test Date, the Gross Principal Due exceeds the Cash Resources Available, in accordance with each case as of such Test Date, the Company shall, no later than forty-five (45) days after the applicable terms and conditions hereofTest Date (the “Mandatory Prepayment Date”) prepay all of the Bonds of all of the Bondholders, Borrower shallprovided that any Bondholder (each, at Lender’s optiona “Waiving Bondholder”) may, prepay on or before the Debt in an amount equal Mandatory Prepayment Date, by written notice to the aggregate of Company (A) the Net Proceeds up to an amount equal with a copy to the Minimum Release Price for such Individual Continental Property, Trustee) (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the a “Mortgage Mandatory Prepayment AmountWaiver Notice”). Except during ) waive the continuance of an Event of Default, any Net Proceeds to be applied requirement pursuant to this Section 2.7(c3.05(b) hereof for such mandatory prepayment with respect to the Bonds of such Waiving Bondholder, whereupon the Company shall have no obligation to prepay the Bonds of such Waiving Bondholder. Immediately after receipt thereof, the Trustee shall provide a copy of each Mandatory Prepayment Waiver Notice to each Bondholder. On the Mandatory Prepayment Date, the Company shall prepay the Bonds of all Bondholders (other than each Waiving Bondholder). All such prepayments shall be made to the Bondholders entitled thereto pro rata and shall otherwise be paid in excess the manner set forth in Section 2.1 of the Mortgage Mandatory Prepayment Amount Common Agreement. Such prepayments shall be applied as follows: (I) first, made together with accrued interest to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding prepayment on the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderprincipal amount prepaid. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made Amounts prepaid pursuant to this Section 2.7(c3.05(b) (including, without limitation, in connection with any REMIC Payment)may not be reborrowed. Any prepayment received by Lender pursuant to For the purposes of this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.3.05(b):
Appears in 1 contract
Sources: Trust Deed (Digicel Group LTD)
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.11 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds cash “boot” associated therewith shall be applied to prepayment of the Loans or such lesser amount of such cash “boot” as shall be required for the Borrower to remain in compliance with this Agreement. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(a) In the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Administrative Agent, for the account of the Prior Hurricane Damage)Banks, together an amount necessary to cause the Unsecured Debt Ratio to be in compliance within ninety (90) days of the date on which the Unsecured Debt Ratio failed to be maintained. Failure by the Borrower to comply with the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio within ninety (90) days of the actual reasonable costs date of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) non-compliance shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, The Borrowers will immediately prepay the Debt in an amount equal to Revolving Loans at any time when the aggregate principal amount of (A) all Revolving Loans exceeds the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) firstBorrowing Base, to the Mezzanine Lenderfull extent of any such excess. On each day that any Revolving Loans are outstanding, in an amount equal the Borrowers shall hereby be deemed to represent and warrant to the Mezzanine Mandatory Prepayment Amount (Lender that the Borrowing Base calculated as of such term is defined in day equals or exceeds the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borroweraggregate principal amount of all Revolving Loans outstanding on such day.
(ii) On each date on which Lender actually receives [intentionally omitted]
(iii) [intentionally omitted]
(iv) Immediately upon any Disposition by a distribution Borrower or any of Net Proceeds relating its Subsidiaries pursuant to an Individual Puerto Rico PropertySection 6.02(c)(ii) (other than clause (A) of such subsection), and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Borrowers shall prepay the outstanding principal of the Prior Hurricane DamageTerm Loan A and, if the Term Loan A has been paid in full, then the Term Loan B (or, if the Term Loans have been paid in full, the Revolving Loans) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such the Net Cash Proceeds (but specifically excluding received by the Casualty Proceeds and Parent or any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender its Subsidiaries or Affiliates in connection with such prepayment Disposition. Upon the loss, destruction or taking by condemnation of any Collateral, the Borrowers shall prepay the outstanding principal of the Term Loan A and, if the Term Loan A has been paid in full, then the Term Loan B (or, if the Term Loans have been paid in full, the Revolving Loans) in an amount equal to 100% of the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make proceeds received by the REMIC Payment as and to the extent required hereunder. No Prepayment Premium Parent its Subsidiaries or penalty (including, without limitation, any Default Prepayment Premium) shall be due Affiliates in connection with therewith, net of any reasonable expenses incurred in collecting such net proceeds. Any prepayment made of Revolving Loans pursuant to this Section 2.7(c2.05(c)(iv) shall automatically and immediately reduce the Revolving Credit Commitment permanently by an amount equal to such prepayment.
(includingv) Upon the issuance or incurrence by the Parent, without limitationany Borrower or any of its Subsidiaries of any Indebtedness (except as permitted by Section 6.02(b)), or the sale or issuance by the Parent or any of its Subsidiaries of any shares of its Capital Stock (except as permitted by Section 6.02(1)), the Borrowers shall prepay the outstanding amount of the Term Loan A and, if the Term Loan A has been paid in full, then the Term Loan B (or, if the Term Loans have been paid in full, the Revolving Loans) in an amount equal to 100% of the Net Cash Proceeds received by the Parent or any of its Subsidiaries or Affiliates in connection with therewith. The provisions of this subsection (v) shall not be deemed to be implied consent to any REMIC Payment)such issuance, incurrence or sale otherwise prohibited by the terms and conditions hereof. Any prepayment received by Lender of Revolving Loans pursuant to this Section 2.7(c2.05(c)(v) on a date other than a Monthly Payment Date shall be held automatically and immediately reduce the Revolving Credit Commitment permanently by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with amount equal to such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountprepayment.
Appears in 1 contract
Sources: Financing Agreement (Enherent Corp)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution Upon the consummation of Net Proceeds relating the Loan Refinancing prior to an Individual Continental Propertythe Maturity Date for the Bridge Notes, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall prepay the Debt Loan in an amount equal to the aggregate then outstanding principal amount of the Loan together with accrued interest to the date of such prepayment on the principal amount prepaid and all fees, expenses and other payments due to the Lenders under the Loan Documents (Athe "Refinancing Amount"). If the Loan Refinancing is consummated prior to the consummation of the Merger, any cash then held in the Securities Account and delivered to the Administrative Agent in accordance with the Securities Account Agreement shall thereupon be applied toward such prepayment of the Loan.
(ii) In the event that the Merger shall not have been consummated in accordance with the terms set forth in Section 3.02(a) on or prior to the Exchange Date, any cash in the Securities Account which is delivered to the Administrative Agent in accordance with the Securities Account Agreement shall thereupon be applied to prepay the Loan, and the Borrowers shall pay all accrued and unpaid interest on the principal amount of the Loan so prepaid to the date of such prepayment and all fees, expenses and other payments due and payable to the holders of the Notes under the Loan Documents on such date.
(iii) Upon receipt by the Parent or any of its Subsidiaries prior to the Maturity Date for the Bridge Notes of the Net Proceeds up to an amount equal to from the Minimum Release Price for such Individual Continental Property, issuance or incurrence by the Parent or any of its Subsidiaries of any Indebtedness (Bother than Indebtedness issued or incurred as permitted by Section 5.02(b)) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount Borrowers shall be applied as follows: (I) first, to the Mezzanine Lender, prepay outstanding Notes in an amount equal to the Mezzanine Mandatory Prepayment Amount lesser of (as A) 100% of the aggregate principal amount of all Notes outstanding on the date of such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, prepayment and (IIIB) lastlythe amount of such Net Proceeds, in either case plus all accrued and unpaid interest on the principal amount of the Notes so prepaid to Borrowerthe date of such prepayment and all fees, expenses and other payments due and payable to the holders of the Notes under the Loan Documents on such date.
(iiiv) On each date on which Lender actually receives a distribution Upon receipt by the Parent or any of its Subsidiaries prior to the Maturity Date for the Bridge Notes of the Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make from the issuance or sale by the Parent or any of its Subsidiaries of any Equity Interests of any such Net Proceeds (but specifically excluding Person or from any capital contribution received by the Casualty Proceeds and Parent from any other proceeds on account Person or received by any Subsidiary of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicableParent from any Person other than the Parent in a transaction permitted by Section 5.02(f), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall prepay the Debt outstanding Notes in an amount equal to the lesser of (A) 100% of the aggregate principal amount of all Notes outstanding on the date of such prepayment and (B) the amount of such Net Proceeds (but specifically excluding Proceeds, in either case plus all accrued and unpaid interest on the Casualty Proceeds and any other proceeds on account principal amount of the Prior Hurricane DamageNotes so prepaid to the date of such prepayment and all fees, expenses and other payments due and payable to the holders of the Notes under the Loan Documents on such date.
(v) Upon receipt by the Parent or any of its Subsidiaries prior to the Maturity Date for the Bridge Notes of the Net Proceeds from any Asset Sale (other than Asset Sales permitted under clauses (iii) through (vi) of Section 5.02(c)), together with the applicable Interest Shortfall and Breakage Costs and Borrowers shall prepay outstanding Notes in an amount equal to the actual reasonable costs lesser of Lender in connection with (A) 100% of the aggregate principal amount of all Notes outstanding on the date of such prepayment and (B) the amount of such Net Proceeds.
(vi) Nothing contained in this Section 2.05(b) shall affect any of the Borrowers' Obligations under Section 5.02 or permit the Parent or any of its Subsidiaries to the extent such amounts are not paid issue or incur Indebtedness, issue or sell any Equity Interests or to Lender sell any Property other than in accordance with Article 7 hereof.
Section 5.02. Prepayments described in paragraphs (iiii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty through (including, without limitation, any Default Prepayment Premiumv) of this Section 2.05(b) shall be due allocated among all the Notes at the time outstanding in connection with any prepayment made pursuant to this Section 2.7(c) (includingproportion, without limitationas nearly as practicable, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountunpaid principal amounts thereof not theretofore called for prepayment or redemption.
Appears in 1 contract
Sources: Loan Agreement (Inamed Corp)
Mandatory Prepayment. (a) So long as any Note remains outstanding, in the event that the Borrower receives any payment from (i) On each date on any Transfer of Purchaser Ordinary Shares or securities of SouFun beneficially owned by the Borrower or (ii) any dividend or other distributions from SouFun or the Purchaser, the Borrower hereby agrees that all proceeds from such payment shall be used to first prepay any outstanding principal amount under such Note.
(b) So long as any Note remains outstanding, in the event that the Borrower or any of its Affiliates makes any prepayment under the New Investor Financing, the Lender shall have the right to request the Borrower to prepay a pro rata portion of the outstanding principal amount under such Note. For purposes of this Section 5.3(b), the pro rata portion shall mean a fraction, of which (i) the numerator is the aggregate amount of the pre-payment made by the Borrower or any of its Affiliates under the New Investor Financing and (ii) the denominator is the outstanding principal amount under the New Investor Financing.
(c) In connection with any issuance of Securities to a New Investor pursuant to the Overall Private Placements, in the event that such New Investor's Financing Ratio, if applicable, is lower than the Financing Ratio of the Lender, the Borrower shall prepay an amount of the Note(s) so that the Financing Ratio of the Lender actually receives shall be reduced to be equal to such New Investor's Financing Ratio. For purposes of this Error! Reference source not found.(c), “Financing Ratio,” with respect to a distribution Person, shall mean a fraction, of Net Proceeds relating to an Individual Continental Propertywhich (i) the numerator is the total subscription price paid by the Founder, the Borrower or any of their respective Affiliates under the Purchaser Subscription Agreement, and if Lender (ii) the denominator is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate amount of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for funds paid by or sourced from such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs Person or any of Lender its Affiliates in connection with such prepayment the Overall Private Placements, including the amount under (i). For the avoidance of doubt, if a New Investor does not extend any loan to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelyFounder, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance Borrower or any of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender their respective Affiliates in connection with the Overall Private Placements, such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) New Investor’s Financing Ratio shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountzero.
Appears in 1 contract
Mandatory Prepayment. (i) On Within three Business Days of each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental PropertyPayment Date, and if Lender is not required to and does not make such Net Proceeds available to the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, shall prepay the Loans in accordance with the applicable terms Section 2.05(d) and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Section 2.05(e) in an amount equal to 25% of Excess Cash Flow (or, from and after the aggregate Cash Sweep Trigger Event, 100% of (AExcess Cash Flow) for the Net Proceeds up to an amount equal to the Minimum Release Price for Quarterly Period ended on such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to BorrowerPayment Date.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico PropertyUpon any Disposition (other than Permitted Dispositions) by the Borrower or its Subsidiaries, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of Borrower shall prepay the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, Loans in accordance with the applicable terms Section 2.05(d) and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Section 2.05(e) in an amount equal to 100% of such the Net Cash Proceeds (but specifically excluding received by the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender Borrower in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofDisposition within three Business Days of receipt thereof.
(iii) Upon the incurrence by the Borrower or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness), the Borrower shall make prepay the REMIC Payment as Loans in an amount equal to 100% of the Net Cash Proceeds received by the Borrower in connection therewith in accordance with Section 2.05(d) and Section 2.05(e).
(iv) Upon the incurrence by the Borrower or any of its Subsidiaries of any Permitted Subsidiary Debt that causes the Consolidated LTV Ratio, calculated on a 737240988 pro forma basis after giving effect to the extent incurrence of such Permitted Subsidiary Debt (and applicable exclusion of such Permitted Subsidiary Debt in accordance with the proviso in the definition of “Consolidated LTV Ratio”) and any transactions occurring on the date of incurrence thereof, to exceed the Sizing LTV Ratio, the Borrower shall immediately prepay the Loans in the amount necessary to cause the Consolidated LTV Ratio to equal the Sizing LTV Ratio, in accordance with Section 2.05(d) and Section 2.05(e).
(v) Upon the receipt by the Borrower or any of its Subsidiaries of any Extraordinary Receipts, the Borrower shall prepay the Loans in an amount equal to 100% of the Net Cash Proceeds in respect thereof received by the Borrower in accordance with Section 2.05(d) and Section 2.05(e) within three Business Days of receipt thereof.
(vi) The Borrower shall prepay the entire outstanding principal balance of the Loans in accordance with Section 2.05(d) and Section 2.05(e) immediately upon the occurrence of any Change of Control.
(vii) Within three Business Days of each Payment Date, the Borrower shall prepay the Loans in accordance with Section 2.05(d) and Section 2.05(e) in amount equal to 100% of amounts that have been held on deposit in the Borrower Account for four consecutive Payment Dates solely as a result of the failure of the Borrower to satisfy the conditions set forth in clause (e) of the definition of “Permitted Restricted Payment” during each of the most recently elapsed four Quarterly Periods.
(viii) Upon the incurrence of any Permitted Subsidiary Debt the proceeds of which are used to refinance the Permitted Subsidiary Debt described in clauses (a) or (b) of the definition thereof, if the outstanding principal amount of the Loans on such date is less than $[***], or after giving pro forma effect to the application of any mandatory prepayment required hereunder. No Prepayment Premium or penalty pursuant to Section 2.05(c)(iv) the outstanding principal amount of the Loans on such date would be less than $[***] (includingsuch event, without limitationthe “Refinancing Cash Sweep Trigger Event”), any Default Prepayment PremiumSection 2.05(c)(iv) shall not be due applicable to the Net Cash Proceeds of such Permitted Subsidiary Debt, and 100% of the Net Cash Proceeds from such Permitted Subsidiary Debt shall be applied to prepay the Loans in connection accordance with Section 2.05(d) and Section 2.05(e).
(ix) The Borrower shall give written notice to the Administrative Agent not less than one (1) Business Day prior to any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment2.05(c). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Loan Agreement (Vivint Solar, Inc.)
Mandatory Prepayment. (ia) On each date on which Lender actually receives In the event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a distribution part of Net Proceeds relating to an Individual Continental Unencumbered Asset Pool Property) is sold, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration transferred or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with released from the applicable terms and conditions restrictions of Section 5.11 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds sale or transfer, in the event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with the financial covenants set forth in Section 5.8, in the event of such a sale, transfer or release. Such prepayments shall be applied to either the Revolving Credit Facility or the Term Loan Facility (but specifically excluding if any) as directed by the Casualty Proceeds Borrower; provided, however, that if Borrower fails to give such direction, such prepayments shall first be applied to the Revolving Credit Facility, and then to the Term Loan Facility (if any) if such prepayment amounts are needed for the Borrower to remain in compliance with the financial covenants set forth in Section 5.8. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds cash “boot” associated therewith shall be applied to prepayment of the Loans or such lesser amount of such cash “boot” as shall be required for the Borrower to remain in compliance with the financial covenants set forth in Section 5.8. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(b) In the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Administrative Agent, for the account of the Prior Hurricane Damage)applicable Banks, together with an amount necessary to cause the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio to be in compliance within ninety (90) days of the actual reasonable costs of Lender in connection with such prepayment date on which the Unsecured Debt Ratio failed to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderbe maintained. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and Such prepayments shall be applied to either the Revolving Credit Facility or the Term Loan Facility (if any) as directed by Lender on the next Monthly Payment DateBorrower; provided, with any interest on however, that if Borrower fails to give such funds (I) direction, such prepayments shall first be applied to the extent that no Trigger Period Revolving Credit Facility, and no then to the Term Loan Facility (if any) if such prepayment amounts are needed for the Borrower to remain in compliance with the financial covenants set forth in Section 5.8. Failure by the Borrower to comply with the Unsecured Debt Ratio within ninety (90) days of the date of such non-compliance shall be an Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to The Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, will immediately prepay the Debt outstanding principal amount of the Term Loan in the event that the Revolving Loan Obligations become due and payable or the Revolving Commitments are terminated or the Revolving Loan Agreement is terminated.
(ii) Upon any Disposition by the Borrower or its Subsidiaries, the Borrower shall prepay the outstanding principal amount of the Term Loan in an amount equal to the aggregate 100% of (A) the Net Cash Proceeds up to an amount equal to the Minimum Release Price for received by such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender Person in connection with such prepayment Disposition to the extent such amounts are that the aggregate amount of Net Cash Proceeds received by the Borrower and its Subsidiaries (and not paid to Lender the Agent as a prepayment of the Term Loan) shall not have been applied to repay or redeem the Mortgage Notes. Nothing contained in accordance with Article 7 hereof this Subsection 2.05(c)(ii) shall permit the Borrower or any of its Subsidiaries to make a Disposition of any property that is not otherwise permitted hereunder.
(collectivelyiii) Upon the issuance or incurrence by the Borrower or any of its Subsidiaries of any Indebtedness (other than Indebtedness described in Section 6.02(d)(ii)), or the sale or issuance by the Borrower or any of its Subsidiaries of any shares of its Capital Stock (other than to the Borrower), the “Mortgage Mandatory Prepayment Amount”). Except during Borrower shall prepay the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess outstanding amount of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, Term Loan in an amount equal to 100% of the Mezzanine Mandatory Prepayment Amount (as Net Cash Proceeds received by such term is defined Person in the Mezzanine Loan Documents), connection therewith. The provisions of this Section 2.05(c)(iii) shall not be deemed to be applied in accordance with implied consent to any such issuance, incurrence or sale that is not otherwise permitted by the Mezzanine Loan Documents, terms and (III) lastly, to Borrowerconditions of this Agreement.
(iiiv) On each date on which Lender actually receives a distribution Upon the receipt by the Borrower or any of Net Proceeds relating to its Subsidiaries of any Extraordinary Receipt in an Individual Puerto Rico Propertyamount in excess of $100,000, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Borrower shall prepay the outstanding principal of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Term Loan in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and Extraordinary Receipt, net of any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender expenses incurred in connection with collecting such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofExtraordinary Receipt.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Term Loan Agreement (Anchor Glass Container Corp /New)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, The Borrower shall, upon five Business Days’ notice from the Agent given at Lender’s optionthe request or with the consent of the Required Lenders, pay to the Agent the Collateral Shortfall Amount at such time, which funds shall be held in the Facility LC Collateral Account, and prepay the Debt Aggregate Outstanding Credit Exposures (other than the undrawn stated amount under all Facility LCs outstanding at such time) plus all interest thereon and all other amounts payable hereunder or under the Notes, in an amount equal the event that any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d‑3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934), directly or indirectly, of Voting Stock of the Borrower (or other securities convertible into such Voting Stock) representing 30% or more of the combined voting power of all Voting Stock of the Borrower. If at any time subsequent to the aggregate foregoing payment of (A) the Net Proceeds up Collateral Shortfall Amount, the Agent determines that the Collateral Shortfall Amount at such time is greater than zero, the Agent may make demand on the Borrower to an amount equal pay, and the Borrower will, forthwith upon such demand and without any further notice or act, pay to the Minimum Release Price for Agent the Collateral Shortfall Amount at such Individual Continental Propertytime, (B) which funds shall be deposited in the applicable Interest Shortfall and Breakage Costs and (C) Facility LC Collateral Account. The Agent may at any time or from time to time after funds are deposited in the actual reasonable costs of Lender in connection with Facility LC Collateral Account, apply such prepayment funds to the extent such payment of the Obligations and any other amounts are not paid as shall from time to Lender time have become due and payable by the Borrower to the Lenders or the LC Issuers under the Loan Documents. Neither the Borrower nor any Person claiming on behalf of or through the Borrower shall have any right to withdraw any of the funds held in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied Facility LC Collateral Account pursuant to this Section 2.7(c) hereof in excess 2.09(b); provided, however, that after all of the Mortgage Mandatory Prepayment Amount Obligations have been indefeasibly paid in full and the aggregate Commitments have been terminated, any funds remaining in the Facility LC Collateral Account shall be applied as follows: (I) first, returned by the Agent to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereofwhomever may be legally entitled thereto at such time.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Credit Agreement (Dte Energy Co)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating Immediately upon any Disposition by Borrower or its Subsidiaries pursuant to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicableSection 7.02(c), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, shall prepay the Debt outstanding principal amount of the Loan in an amount equal to the aggregate 100% of (A) the Net Cash Proceeds up to an amount equal to the Minimum Release Price for received by such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender Person in connection with such prepayment Disposition. Nothing contained in this subsection (i) shall permit Borrower or any of its Subsidiaries to the extent such amounts are not paid to Lender make a Disposition of any property other than in accordance with Article 7 hereof Section 7.02(c).
(collectivelyii) Upon the sale or issuance by Borrower or any of its Subsidiaries of any shares of its Capital Stock other than the Excluded Issuances, the “Mortgage Mandatory Prepayment Amount”). Except during Borrower shall prepay the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess outstanding amount of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, Loan in an amount equal to 100% of the Mezzanine Mandatory Prepayment Amount Net Cash Proceeds received by such Person in connection therewith. The provisions of this subsection (as such term is defined in the Mezzanine Loan Documents), ii) shall not be deemed to be applied in accordance with implied consent to any such issuance, incurrence or sale otherwise prohibited by the Mezzanine Loan Documents, terms and (III) lastly, to Borrowerconditions of this Agreement.
(iiiii) On each date on which Lender actually receives a distribution Upon the receipt by Borrower or any of Net Proceeds relating to an Individual Puerto Rico Propertyits Subsidiaries of any Extraordinary Receipts, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Borrower shall prepay the outstanding principal of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loan in an amount equal to 100% of such Net Proceeds Extraordinary Receipts, net of any reasonable expenses incurred in collecting such Extraordinary Receipts.
(but specifically excluding iv) Notwithstanding the Casualty Proceeds and foregoing, in connection with a receipt by Borrower or any other of its Subsidiaries of insurance proceeds on account constituting Extraordinary Receipts pursuant to Section 2.05(c)(iii), up to $2,500,000, in the aggregate in any Fiscal Year, in each case, such proceeds shall not be required to be applied to the prepayment of the Prior Hurricane DamageLoan on such date to the extent such proceeds are used to replace, repair or restore the properties or assets subject to the casualty event; provided that (x) no Default or Event of Default has occurred and is continuing on the date such Person receives such proceeds or on the date such proceeds are to be released to the Loan Parties pursuant to this paragraph, (y) the Borrower delivers a certificate to the Agent within 30 days after the date of such loss, destruction or taking, stating that such proceeds shall be used to replace, repair or restore any such properties or assets subject to the casualty event, within a period specified in such certificate not to exceed 120 days after the receipt of such proceeds (which certificate shall set forth estimates of the proceeds to be so expended), together and (z) the Agent is notified in writing that such proceeds will be delivered to the Agent and such proceeds are deposited in an account subject to the sole dominion of the Agent until such time as such proceeds are used to replace, repair or restore the properties or assets subject to the casualty event. If all or any portion of such proceeds not so applied to the prepayment of the Loan are not used in accordance with the applicable Interest Shortfall and Breakage Costs and preceding sentence within the actual reasonable costs period specified in the relevant certificate furnished pursuant hereto, such remaining portion shall be applied to the Loan in accordance with Section 2.05(c)(iii), on the last day of Lender such specified period.
(v) Immediately upon the sale by Borrower or any of its Subsidiaries of any ▇▇▇▇▇▇ D8.2 wind turbine nacelles, the Borrower shall prepay the outstanding principal amount of the Loan as follows: (A) if the Net Turbine Nacelle Sales Proceeds are less than or equal to $1,000,000 per unit, such prepayment shall be in an amount equal to 100% of the Net Turbine Nacelle Sales Proceeds received by such Person in connection with such Disposition; or (B) if the Net Turbine Nacelle Sales Proceeds are greater than $1,000,000 per unit, such prepayment shall be in an amount equal to 25% of the extent Net Turbine Nacelle Sales Proceeds received by such amounts are not paid to Lender Person in accordance connection with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereundersuch Disposition in excess of $1,000,000 per unit. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment PremiumThe Borrower’s prepayment obligation under this Section 2.05(c)(v) shall be due in connection with any prepayment made pursuant and payable on a pro rata basis relative to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment the amount of the proceeds actually received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing Party relative to the benefit projected receipts from such sale transaction. The Loan Parties shall not ship any ▇▇▇▇▇▇ D8.2 wind turbine nacelles or related D8.2 turbine towers or blade sets without having received at least 90% of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, aggregate purchase price therefor already paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountin cash.
Appears in 1 contract
Mandatory Prepayment. (ia) On each any date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with after the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent Closing Date such amounts are not received by, or for the account of, Borrower, the following amounts shall be paid to Lender in accordance the form received with Article 7 hereof any endorsement or assignment: (collectively, i) 100% of the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(cfrom the issuance of any Debt (other than Permitted Debt); (ii) hereof in excess 100% of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) firstproceeds from any Insurance Proceeds in respect of any casualty event affecting Collateral; provided that, subject to the Mezzanine Lenderdraw and disbursement requirements below, in an amount equal to so long as there is not then any Potential Default or Default under the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, Borrower shall be permitted to Borrower.
(ii) On each date on which Lender actually receives a distribution use applicable Insurance Proceeds to purchase like kind replacement Collateral or repair any such Collateral affected by such casualty event of Net Proceeds relating the same or substantially similar quality so that such Collateral is usable to an Individual Puerto Rico Propertythe same extent as it was usable before suffering such casualty event, and if Lender is not required such proceeds are used or committed to and does not make be used for such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration purchase or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% repair of such Net Collateral within ninety (90) days after the date such proceeds are received; provided, however, that in the event that the amount of any such Insurance Proceeds (but specifically excluding the Casualty in respect of any such casualty event available for any such purchase or repair exceeds $2,500,000, such Insurance Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for and thereafter be provided to Borrower pursuant to draw and disbursement procedures reasonably agreed to by Lender and Borrower following customary practices in the Loan real estate lending market in an interest bearingthe State of Texas; (iii) 100% of all Eminent Domain Proceeds in respect of any Eminent Domain Event affecting Collateral; and (iv)100% of the Net Proceeds from the Disposition of any Collateral (other than proceeds of a Disposition permitted by Section 9.4). The non-cash portion of all Net Proceeds that Lender is entitled to receive under this Section 2.4(a), Eligible Account at an Eligible Institution, shall be pledged to Lender concurrently with such interest accruing to the benefit of Borrower, and applicable Disposition.
(b) All prepayments under Section 2.4(a) shall be applied to prepay the outstanding Obligations in the order and manner elected by Lender.
(c) Borrower shall provide written notice to Lender of, promptly after Borrower receives notice of or otherwise becomes aware of, any matters regarding any casualty event affecting the Collateral and the receipt or expected receipt of Insurance Proceeds related thereto set forth in Section 2.4(a)(ii) above and shall provide a detailed written account as to the cause of such casualty event, the damage resulting therefrom, the repairs or replacements that will need to be made in respect thereof, the expected time periods with respect thereto, the costs and expenses related thereto, together with such other details and disclosures requested by Lender on the next Monthly Payment Date, with any interest on such funds respect thereto.
(Id) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountAll prepayments under this Section 2.4 shall be without premium or penalty.
Appears in 1 contract
Sources: Credit Agreement (iBio, Inc.)
Mandatory Prepayment. The Borrowers (or, subject to Clause 29.2, each Affected Borrower) shall be obliged to prepay the Relevant Amount:
(a) in the case of a sale at any time after the Delivery Date relative to that Ship, on or before the date on which the sale is completed by delivery of that Ship to the buyer; or
(b) in the case of a Total Loss, on the earlier of the date falling 180 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss;
(c) if any of the following occurs, unless otherwise instructed by the Facility Agent (acting on the instructions of the Lenders):
(i) On each without their prior consent and other than as the result of a Dropdown, a change has occurred after the date of this Agreement in the legal ownership of the Intermediate Shareholder or in the legal and beneficial ownership of any of the shares in any Borrower or the ultimate beneficial ownership of the Guarantor or any of them, in the control of the voting rights attaching to any of those shares unless such change results in the ultimate beneficial owners (or their immediate family members including their descendants) of any Borrower, the Intermediate Shareholder or the Guarantor (the identity of which has been disclosed to the Facility Agent in writing on which Lender actually receives the date of this Agreement) owning more shares in the capital of the Guarantor than any other person (save for any passive institutional investor)) and holding executive power in any Borrower, the Intermediate Shareholder or the Guarantor provided that the above shall only apply to the Intermediate Shareholder following a distribution Dropdown; and/or
(ii) the ultimate beneficial owners (or their immediate family members including their descendants) of Net Proceeds relating the largest number of common units in the Substitute Guarantor as at the date of this Agreement, whose identities have been disclosed to the Facility Agent in writing on the date of this Agreement, ceases to own more common units in the Substitute Guarantor than any other person (save for any passive institutional investor); and/or
(iii) any person or group of persons acting in concert gains directly or indirectly Control of the Guarantor or the Substitute Guarantor, and for the purpose this paragraph “acting in concert” means a group of persons who, pursuant to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration agreement or for disbursement as Rent Loss Proceeds understanding (as applicablewhether formal or informal), actively co-operate, through the acquisition (directly or indirectly) of shares in each casethe Guarantor or the Substitute Guarantor, by any of them, either directly or indirectly, to obtain or consolidate Control of the Guarantor or the Substitute Guarantor; and/or
(iv) following a Dropdown, (A) Capital GP LLC has ceased to be the Substitute Guarantor’s general partner or (B) the Guarantor has ceased to hold legal ownership of the common units of Capital GP LLC; and
(v) following a Dropdown, the Substitute Guarantor ceases to wholly own or control any of the Affected Borrowers. In this Clause 8.9, “Relevant Amount” means:
(a) in accordance with the applicable terms cases of sub-paragraphs (a) and conditions hereof(b), Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate higher of (A) the Net Proceeds up outstanding amount of the Advance which has been used in part-financing the Ship which has become subject to an amount equal any of the events referred to the Minimum Release Price for in such Individual Continental Property, sub-paragraphs and (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment an amount, which after giving credit to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds prepayment required to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (includingClause 8.9, without limitation, results in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing applicable Security Cover Ratio being equal to the benefit minimum Security Cover Ratio; and
(b) in the case of Clause 8.9(c), the Loan; and
(c) in the case of Clause 8.9(c)(i), the Advance owing by any Affected Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. If at any time the Aggregate Total Outstandings under all Facilities combined (calculated as of the most recent Computation Date) exceeds either the Aggregate Commitment or the Borrowing Base, then (A) the US-Borrower shall be obligated to immediately repay Advances under the US Facility, and (B) each Non-US Borrower shall be jointly and severally obligated to immediately repay Advances under all Non-US Facilities, in each case in a principal amount that is, together with any other Borrower's repayment pursuant to this sentence, sufficient to eliminate any such excess; provided that no Non-US Borrower shall be required to repay any amount with respect to a Facility (other than its own Facility) to the extent prohibited by applicable law. If at any time (in each case measured as of the most recent Computation Date) (i) On the Aggregate Total Outstandings in respect of the Canada Facility exceeds the Aggregate Canada Facility Commitment, (ii) the Aggregate Total Outstandings in respect of the Euro Facility exceed the Aggregate Euro Facility Commitment, (iii) the Aggregate Total Outstandings in respect of the Japan Facility exceed the Aggregate Japan Facility Commitment, (iv) the Aggregate Total Outstandings in respect of the Krona Facility exceed the Aggregate Krona Facility Commitment, (iv) the Aggregate Total Outstandings in respect of the UK Facility exceed the Aggregate UK Facility Commitment, or (vi) the Aggregate Total Outstandings in respect of the US Facility exceed the Aggregate US Facility Commitment, each date on which Lender actually receives Borrower that is a distribution of Net Proceeds relating party to such affected Facility shall be jointly and severally obligated to repay Advances under the affected Facility in an Individual Continental Propertyamount or amounts sufficient to eliminate any such excess. Until such time as an excess in an affected Facility is so eliminated, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in Aggregate US Facility Commitment shall be reduced by an amount equal to the aggregate Dollar Amount of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borroweraffected Facility.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Revolving Credit Agreement (Richardson Electronics LTD/De)
Mandatory Prepayment. Borrowers shall not permit the sum of (i) On each date on which Lender actually receives a distribution the aggregate amount of Net Proceeds relating Letter of Credit Obligations plus (ii) the aggregate principal amount of Loans outstanding under the Revolving Credit Facility at any time to an Individual Continental Propertyexceed the then current Availability. Borrowers agree, jointly and if Lender is not required severally, to and does not make such Net Proceeds available payments to Borrower for Restoration Agent on the Loans outstanding under the Revolving Credit Facility which are necessary to cure any such excess within two (2) Business Days after the occurrence thereof. To the extent that any payment made under the previous sentence is insufficient to cause the Letter of Credit Obligations to be equal to or for disbursement as Rent Loss Proceeds (as applicable)less then the Availability, in each caseBorrowers agree, in accordance jointly and severally, to immediately deposit with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in Agent an amount of cash equal to the aggregate entire Letter of Credit Obligation with respect to one or more Letters of Credit which are causing the deficiency (which, for this purpose, shall be deemed to be Cash Collateralized Letters of Credit) in the Cash Collateral Account. To the extent that one or more Cash Collateralized Letter(s) of Credit expire (and are not drawn upon) and are not extended or are otherwise terminated without any continuing liability to Agent, the Issuing Lender or Lenders, which results in the sum of (Ai) the Net Proceeds up to an aggregate principal amount equal to of Loans outstanding under the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
Revolving Credit Facility plus (ii) On each date on which Lender actually receives a distribution the aggregate amount of Net Proceeds relating Letter of Credit Obligations being equal to an Individual Puerto Rico Propertyor less than the Availability as of such date, and if Lender is not required Agent shall refund the cash held in the Cash Collateral Account with respect to and does not make such Net Proceeds Cash Collateralized Letter of Credit to the Borrowers within five (but specifically excluding 5) Business Days less any Letter of Credit Fees applicable thereto. In addition, following any such deposit of cash in the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shallCash Collateral Account, at Lender’s option, prepay any time and from time to time that the Debt in an sum of
(i) the aggregate principal amount of Loans outstanding under the Revolving Credit Facility plus (ii) the aggregate principal amount of Letter of Credit Obligations becomes equal to 100% or less than the sum of (x) the Availability plus (y) the amount of cash held in the Cash Collateral Account as of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage)date, together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment Agent shall refund to the extent Borrowers within (5) Business Days a sum of cash held in the Cash Collateral Account equal to such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderexcess less any Letter of Credit Fees applicable thereto. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) Lender shall be due under an obligation to make Loans under the Revolving Credit Facility or to issue any Letter of Credit during the period that any such excess described in connection with any prepayment made pursuant to the first sentence of this Section 2.7(c3.2(C) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for exists or would result from the making of an additional Loan in under the Revolving Credit Facility or issuing an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit additional Letter of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountCredit.
Appears in 1 contract
Mandatory Prepayment. (a) If at any time the aggregate outstanding principal balance of all Revolving Credit Advances exceeds the Maximum Revolving Credit Amount less the Letter of Credit Exposure, the Borrowers, jointly and severally, shall immediately repay to the Administrative Agent for the ratable accounts of the Lenders an amount equal to such excess.
(b) The Borrowers shall make all required principal payments on the Term Loans on the dates when due.
(c) The Borrowers, jointly and severally, shall also make prepayments as follows:
(i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental PropertyExcess Cash Payment Date for each Excess Cash Payment Period, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall prepay the Debt Loans in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess 75% of the Mortgage Mandatory Prepayment Excess Cash Flow Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, clauses (iii) and (IIIiv) lastlybelow; PROVIDED, HOWEVER, that such prepayment shall be reduced to Borrower.50% of the Excess Cash Flow Amount if the Consolidated Leverage Ratio for such period is equal to or less than 1.75-to-1;
(ii) On each date on which Lender actually receives a distribution At any time, if URHC and its Subsidiaries receive proceeds from (A) the disposition of Net Proceeds relating to an Individual Puerto Rico Propertyassets after the Closing Date, and if Lender is not required to and does not make such Net Proceeds excluding proceeds from the disposition of assets in the ordinary course of business, (but specifically B) the issuance of equity interests, excluding the Casualty Proceeds first $10,000,000 of proceeds from the issuance of equity interests after the Closing Date, (C) the incurrence of Indebtedness other than the Loans and any Indebtedness permitted under Section 9.1, (D) tax refunds or insurance claims, excluding proceeds from tax refunds and insurance claims which the Borrowers reinvest within 270 days of receipt into other proceeds on account of operating assets, the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, Borrowers shall prepay the Debt Loans in an amount equal to 100% of such the Net Cash Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment therefrom to the extent such amounts are not paid to Lender be applied in accordance with Article 7 hereof.clause (iii) below;
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made All mandatory prepayments pursuant to this Section 2.7(c4.1(c) shall (includingA) be applied PRO RATA to reduce the outstanding principal amounts of the Term Loans 34 PROVIDED, without limitationHOWEVER, that such mandatory prepayments made pursuant to Section 4.1(c)(ii) shall be applied to the required principal repayments of the Term Loans in inverse order of maturity, (B) after the Term Loans have been repaid in full, be applied to mandatory reductions of the Maximum Revolving Credit Amount, and (C) except as otherwise provided in clause (i) above, be made ten (10) days following the notice to the Administrative Agent described in clause (iv) below;
(iv) The Borrowers shall, on the Excess Cash Payment Date and within three (3) Business Days of the occurrence of any event described in clause (ii) of this Section 4.1(c), provide the Administrative Agent with written notice of the Excess Cash Flow Amount for the relevant Excess Cash Payment Period and the proceeds received or to be received in connection with the occurrence of any REMIC Payment). Any prepayment received by Lender pursuant to event described in clause (ii) of this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing4.1(c), Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountrespectively.
Appears in 1 contract
Mandatory Prepayment. (a) So long as the Note remains outstanding, in the event that the Borrower receives any payment from (i) On each date on any Transfer of securities of SouFun beneficially owned by the Borrower or (ii) any dividend or other distributions from SouFun, the Borrower hereby agrees that all proceeds from such payment shall be used to first prepay any outstanding principal amount under such Note.
(b) So long as the Note remains outstanding, in the event that the Borrower or any of its Affiliates makes any prepayment under the New Investor Financing, the Lender shall have the right to request the Borrower to prepay a pro rata portion of the outstanding principal amount under such Note. For purposes of this Section 5.3(b), the pro rata portion shall mean a fraction, of which (i) the numerator is the aggregate amount of the pre-payment made by the Borrower or any of its Affiliates under the New Investor Financing and (ii) the denominator is the outstanding principal amount under the New Investor Financing.
(c) In connection with any issuance of Securities to a New Investor pursuant to the Overall Private Placements, in the event that such New Investor's Financing Ratio, if applicable, is lower than the Financing Ratio of the Lender, the Borrower shall prepay an amount of the Note so that the Financing Ratio of the Lender actually receives shall be reduced to be equal to such New Investor's Financing Ratio. For purposes of this Error! Reference source not found.(c), “Financing Ratio,” with respect to a distribution Person, shall mean a fraction, of Net Proceeds relating to an Individual Continental Propertywhich (i) the numerator is the total subscription price paid by the Founder, the Borrower or any of their respective Affiliates under the SouFun Subscription Agreement, and if Lender (ii) the denominator is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate amount of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for funds paid by or sourced from such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs Person or any of Lender its Affiliates in connection with such prepayment the Overall Private Placements, including the amount under (i). For the avoidance of doubt, if a New Investor does not extend any loan to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelyFounder, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance Borrower or any of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender their respective Affiliates in connection with the Overall Private Placements, such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) New Investor’s Financing Ratio shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountzero.
Appears in 1 contract
Mandatory Prepayment. (a) So long as any Note remains outstanding, in the event that the Borrower receives any payment from (i) On each date on any Transfer of Purchaser Ordinary Shares or securities of SouFun beneficially owned by the Borrower or (ii) any dividend or other distributions from SouFun or the Purchaser, the Borrower hereby agrees that all proceeds from such payment shall be used to first prepay any outstanding principal amount under such Note.
(b) So long as any Note remains outstanding, in the event that the Borrower or any of its Affiliates makes any prepayment under the New Investor Financing, the Lender shall have the right to request the Borrower to prepay a pro rata portion of the outstanding principal amount under such Note. For purposes of this Section 5.3(b), the pro rata portion shall mean a fraction, of which (i) the numerator is the aggregate amount of the pre-payment made by the Borrower or any of its Affiliates under the New Investor Financing and (ii) the denominator is the outstanding principal amount under the New Investor Financing.
(c) In connection with any issuance of Securities to a New Investor pursuant to the Overall Private Placements, in the event that such New Investor's Financing Ratio, if applicable, is lower than the Financing Ratio of the Lender, the Borrower shall prepay an amount of the Note(s) so that the Financing Ratio of the Lender actually receives shall be reduced to be equal to such New Investor's Financing Ratio. For purposes of this Section 5.3(c), “Financing Ratio,” with respect to a distribution Person, shall mean a fraction, of Net Proceeds relating to an Individual Continental Propertywhich (i) the numerator is the total subscription price paid by the Founder, the Borrower or any of their respective Affiliates under the Purchaser Subscription Agreement, and if Lender (ii) the denominator is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate amount of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for funds paid by or sourced from such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs Person or any of Lender its Affiliates in connection with such prepayment the Overall Private Placements, including the amount under (i). For the avoidance of doubt, if a New Investor does not extend any loan to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelyFounder, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance Borrower or any of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender their respective Affiliates in connection with the Overall Private Placements, such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) New Investor’s Financing Ratio shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountzero.
Appears in 1 contract
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution Except as restricted or as otherwise required -------------------- by the Indentures or the Certificate of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)Designation, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal addition to the aggregate of (A) scheduled principal payments provided in Section 2.3 above, the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such following amounts are not shall be paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to and shall be applied to prepay outstanding principal amount of the Loan:
(a) all Net Cash Proceeds of the sale or issuance of equity by the Borrower or any Restricted Subsidiary (excepting any issuance of equity pursuant to this Section 2.7(ca Plan or any other employee benefit plan);
(b) hereof all Net Cash Proceeds of any new borrowings by the Borrower or any Restricted Subsidiary in excess of Five Million Dollars ($5,000,000.00);
(c) all Net Cash Proceeds of the Mortgage Mandatory Prepayment Amount shall be applied as follows: sale or other disposition by Borrower or any Restricted Subsidiary of any assets having an aggregate fair market value in excess of Ten Million Dollars (I$10,000,000.00) first, which proceeds are not reinvested or committed to reinvestment by the Mezzanine Lender, Borrower or any Restricted Subsidiary in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined productive assets used or usable in the Mezzanine Loan Documents), to be applied in accordance with business of the Mezzanine Loan Documents, and (III) lastly, to Borrower.Borrower or any Restricted Subsidiary within 180 days after receipt thereof; or
(iid) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other all insurance proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) in-orbit and launch insurance proceeds in excess of Five Million Dollars ($5,000,000.00), which are not reinvested or committed to reinvestment by the Borrower or any Restricted Subsidiary in productive assets used or usable in the business of the Borrower or any Restricted Subsidiary within 180 days after receipt thereof. Any mandatory prepayment shall be applied to scheduled principal payments in reverse order of maturity. Notwithstanding the foregoing, the provisions of Section 3.2(c) above shall not apply to the sale or other disposition of assets (i) by the Borrower to a Restricted Subsidiary, (ii) by a Restricted Subsidiary to the Borrower or (iii) by a Restricted Subsidiary to another Restricted Subsidiary. In addition to the foregoing, in the event that any sale, spin-off, disposition or other transaction whereby ▇▇▇▇▇▇ Electronics Corporation will no longer beneficially own directly or indirectly at least fifty one percent (51%) of the Voting Stock shall have occurred, then the Loan and all accrued interest thereon and all other liabilities and obligations outstanding under this Agreement shall, thereupon, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, if not otherwise then due and payable, together with all reasonable costs and expenses (including breakage and funding costs and other costs in connection with the relending, reborrowing, funding or other employing of funds) incurred by the Lender as a result thereof, anything herein or in any prepayment made pursuant other agreement, contract, indenture, document or instrument contained to this the contrary notwithstanding. In the event that any such sale, spin-off, disposition or other transaction occurs whereby ▇▇▇▇▇▇ Electronics Corporation no longer beneficially owns directly or indirectly at least fifty-one percent (51%) of the Voting Stock, Borrower shall receive a refund of a portion of the facility fee paid in accordance with Section 2.7(c) (including, without limitation2.5 above, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) an amount determined on a prorata basis as of the date other than a Monthly Payment Date shall be held of such prepayment by Lender as collateral security for dividing the Loan remaining number of full months in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit original loan term by the number of Borrowerfull months in the original loan term, and shall be applied multiplying the quotient thereof by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event amount of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountsaid facility fee.
Appears in 1 contract
Sources: Loan Agreement (General Motors Corp)
Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution of Net Proceeds relating Promptly (and in any event not more than two Business Days) after any Disposition by any Loan Party or its Subsidiaries referred to in Section 7.02(c)(ii)(F) (other than an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicableExcluded Disposition), subject to the reinvestment rights set forth in each case, clause (c)(v) below the Borrowers shall prepay the outstanding principal amount of the Term Loans in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of clause (Ad) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt below in an amount equal to 100% of the Net Cash Proceeds received by such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender Person in connection with such prepayment Disposition, to the extent such amounts are that the aggregate amount of Net Cash Proceeds received by all Loan Parties and their Subsidiaries (and not paid to Lender the Administrative Agent as a prepayment of the Loans) shall exceed for all such Dispositions $100,000 in any Fiscal Year. Nothing contained in this Section 2.05(c)(ii) shall permit any Loan Party or any of its Subsidiaries to make a Disposition of any property other than in accordance with Article 7 hereofSection 7.02(c)(ii) or to make a Disposition of any property for consideration other than cash.
(ii) Upon the issuance or incurrence by any Loan Party or any of its Subsidiaries of any Indebtedness (other than Permitted Indebtedness), the Borrowers shall prepay the outstanding amount of the Term Loans in accordance with clause (d) below in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection therewith. The provisions of this subsection (iv) shall not be deemed to be implied consent to any such issuance, incurrence or sale otherwise prohibited by the terms and conditions of this Agreement.
(iii) Borrower Upon the consummation of an IPO, the Borrowers shall make prepay the REMIC Payment as and outstanding amount of the Term Loans in accordance with clause (d) below in an amount equal to 100% of the extent required hereunderNet Cash Proceeds received by a Loan Party in connection therewith. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment PremiumThe provisions of this Section 2.05(c)(iii) shall not be due deemed to be implied consent to any such issuance, incurrence or sale of Equity Interests otherwise prohibited by the terms and conditions of this Agreement.
(iv) Upon the receipt by any Loan Party or any of its Subsidiaries of any Extraordinary Receipts, the Borrowers shall prepay the outstanding principal of the Loans in accordance with clause (d) below an amount equal to 100% of such Extraordinary Receipts, net of any reasonable expenses incurred or reasonably reserved for in connection with the collection of, or taxes paid or reasonably and in good faith reserved for with respect to, such Extraordinary Receipts, provided that such reserves shall be disclosed in writing by the Administrative Borrower to the Origination Agent and upon release of any prepayment made pursuant such reserve the amount released shall be considered Extraordinary Receipts,
(v) Notwithstanding the foregoing, with respect to this Section 2.7(c) (including, without limitation, Net Cash Proceeds received by any Loan Party or any of its Subsidiaries in connection with any REMIC Payment). Any prepayment received by Lender a Disposition or the receipt of Extraordinary Receipts consisting of insurance proceeds or condemnation awards that are required to be used to prepay the Obligations pursuant to this Section 2.7(c2.05(c)(ii) on a date other than a Monthly Payment Date or Section 2.05(c)(iv), as the case may be, up to $200,000 in the aggregate in any Fiscal Year (or, in the case of Extraordinary Receipts consisting of insurance proceeds, such greater amount as may be required pursuant to any binding Lease to be used to replace, repair or restore insured assets, if and only if such Lease requires such Loan Party to use such insurance proceeds to replace, repair or restore the premises subject to such Lease) of the Net Cash Proceeds from all such Dispositions and Extraordinary Receipts shall not be held by Lender as collateral security for required to be so used to prepay the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) Obligations to the extent that such Net Cash Proceeds and Extraordinary Receipts are used to replace, repair or restore properties or assets used in such Person's business, provided that (A) no Trigger Period and no Default or Event of Default then existshas occurred and is continuing on the date such Person receives such Net Cash Proceeds or Extraordinary Receipts, paid (B) the Administrative Borrower delivers a certificate to Borrower the Administrative Agent within 5 Business Days after any Loan Party's receipt of such Net Cash Proceeds or Extraordinary Receipts, as the case may be, stating that such Net Cash Proceeds or Extraordinary Receipts shall be used to replace, repair or restore properties or assets used in such Person's business within a period specified in such certificate not to exceed 90 days after the date of receipt of such Net Cash Proceeds or Extraordinary Receipts (which certificate shall set forth estimates of the Net Cash Proceeds or Extraordinary Receipts to be so expended), (C) such Net Cash Proceeds or Extraordinary Receipts are deposited in a Controlled Deposit Account, and (IID) upon the earlier of (1) the expiration of the period specified in the relevant certificate furnished to the extent no Administrative Agent pursuant to clause (B) above or (2) the occurrence of a Default under Section 9.01(a), (f) or (g) or any Event of Default then existsDefault, but a Trigger Period then existssuch Net Cash Proceeds or Extraordinary Receipts, deposited into if not theretofore so used, shall be used to prepay the Obligations in accordance with Section 2.05(c)(i) or Section 2.05(c)(iv) as applicable.
(vi) Contemporaneously with the delivery to the Agents and the Lenders of audited annual financial statements pursuant to Section 7.01(a)(iii), commencing with the delivery to the Agents and the Lenders of the financial statements for the Fiscal Year ended December 31, 2013 or, if such financial statements are not delivered to the Agents and the Lenders on the date such statements are required to be delivered pursuant to Section 7.01(a)(iii), on the date such statements are required to be delivered to the Agents and the Lenders pursuant to Section 7.01(a)(iii) (such date of delivery or required date of delivery, as applicable, the "ECF Deadline"), if the aggregate amount of cash and Cash Management AccountEquivalents of Peekay Acquisition and its Subsidiaries at the close of business on the ECF Deadline exceeds $4,000,000 (such excess is hereinafter referred to as the "Available Cash on Hand"), the Borrowers shall prepay the outstanding principal amount of the Loans in accordance with clause (d) below in an amount equal to the lesser of (A) 50% of the Excess Cash Flow of the Parent and its Subsidiaries for such Fiscal Year (the "Excess Cash Flow Amount"), and (B) the Available Cash on Hand.
Appears in 1 contract
Sources: Financing Agreement (Dico, Inc.)
Mandatory Prepayment. (i) On each the next occurring Monthly Payment Date following the date on which Lender actually receives a distribution of shall receive any Net Proceeds relating to an Individual Continental Property, and if Prepayment that Lender is entitled to apply in accordance with this Section 2.7(b) and not required otherwise make available or deliver to and does not make Borrower pursuant to Section 7.4, Borrower shall prepay or authorize Lender to apply such Net Proceeds available to Borrower for Restoration Prepayment as a prepayment of all or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with a portion of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay outstanding principal balance of the Debt Loan in an amount equal to the aggregate of (A) the Net Proceeds Prepayment up to an amount equal to the Minimum Release Price Amount for such the affected Individual Continental Property, (B) the applicable all Additional Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof hereof, excluding any Breakage Costs (collectively, the “Mortgage Mandatory Prepayment Amount”). Amounts paid to or applied by Len▇▇▇ ▇▇ a Mandatory Prepayment Amount shall first be applied to amounts required to be paid by Borrower to Lender pursuant to clause (C) above and then to the amounts set forth in clauses (A) and (B) simultaneously. Except during the continuance of an Event of Default, any Net Proceeds Prepayment to be applied pursuant to this Section 2.7(c2.7(b) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be paid to Mezzanine Lender and applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in Net Liquidation Proceeds After Debt Service or if the Mezzanine Loan Documents), to be applied has been paid in accordance with the Mezzanine Loan Documents, and (III) lastlyfull, to Borrower.
(ii) On each date on which . During the continuance of an Event of Default, Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make may apply such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available Prepayment to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt (until paid in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and full) in any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of order or priority as Lender may determine in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunderits sole discretion. No Prepayment Premium or other premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c2.7(b). The Release Amount for the Individual Property with respect to which such Net Proceeds Prepayment was applied shall be reduced by an amount equal to the principal portion of such prepayment applied to the Loan; provided, that, nothing herein shall be construed to reduce the aggregate Release Amount for any Individual Property required to be paid to Lender prior to obtaining a release of the applicable Individual Property. Lender shall provide to Borrower, upon ten (10) days’ prior notice, (includingx) a release of the Individual Property if (I) at any time the Release Amount is reduced to zero, without limitationtogether with such additional documents and instruments evidencing or confirming the release as the Borrower shall reasonably request, or (II) Lender is required to deliver such release pursuant to a court order issued in connection with a Condemnation or (y) a release of the portion of an Individual Property that is subject to a Condemnation.
(ii) As provided in Section 7.4(e) hereof, each Casualty/Condemnation Prepayment tendered by Borrower to Lender in accordance with said Section 7.4(e) shall be in the amount of the Release Amount in respect of the applicable Individual Property. No Prepayment Premium or other penalty or premium shall be due in connection with any REMIC Paymentsuch Casualty/Condemnation Prepayment.
(iii) In connection with any release under this Section 2.7(b). Any prepayment received , in the event that such release would result in an Individual Borrower being an Unencumbered Borrower, such Unencumbered Borrower shall be released by Lender from the obligations of the Loan Documents, except with respect to those obligations and liabilities which expressly survive the repayment of the Loan pursuant to this Section 2.7(c) on any Loan Document and shall no longer be a date other than a Monthly Payment Date shall be held by Lender as collateral security Borrower for the Loan purposes of this Agreement. In connection with a release or cancellation of each Unencumbered Borrower, Len▇▇▇ ▇▇rees to deliver (A) a UCC-3 financing statement termination or amendment releasing Len▇▇▇’▇ security interest in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing the collateral pledged to the benefit of Lender relating to each Unencumbered Borrower, and (B) instruments executed by Lender reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Lender in connection with such release shall be applied paid by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountBorrower.
Appears in 1 contract
Sources: Loan Agreement (Industrial Logistics Properties Trust)
Mandatory Prepayment. amalgamation, demerger or merger
(a) If any Obligor has taken an irrevocable decision to enter into any amalgamation, demerger or merger, that Obligor must notify, as soon as legally able to do so, the Facility Agent of such proposed amalgamation, demerger or merger.
(b) Upon receipt of such notice from the relevant Obligor, the Facility Agent must within five Business Days notify each of the Lenders of such proposed amalgamation, demerger or merger who must within 20 days indicate whether or not it consents to continue to participate in this Agreement upon such amalgamation, demerger or merger.
(c) If the Majority Lenders fail to give such consent, the Majority Lenders may, by instructions to the Facility Agent, at such time as the proposed amalgamation, demerger or merger becomes unconditional, cancel the Total Commitments and declare that all the Loans, together with accrued interest and all other amounts accrued or outstanding under the Finance Documents (including any Break Costs but excluding future Margin, which, for the avoidance of doubt, shall be payable until the date of the prepayment) be immediately due and payable, provided that in the case of a merger or amalgamation as a result of which the Obligor is the surviving entity, the Repeating Representations are correct in all material respects by reference to the facts and circumstances then subsisting, and in respect of which at least two of the Rating Agencies provide an indication that such surviving entity is likely to be given at least the same long term debt credit rating from that Rating Agency which the Obligor had immediately preceding such merger or amalgamation, such consent from the Majority Lenders shall not be required.
(d) The preceding sub-clauses of this Clause 8.5 (Mandatory prepayment – amalgamation, demerger or merger) shall not apply in respect of any amalgamation, demerger or merger by an Obligor:
(i) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess another member of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.Group; and
(ii) On each date on which Lender actually receives a distribution where the surviving entity is bound by the obligations of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs that Obligor under this Agreement and the actual reasonable costs of Lender Repeating Representations are correct in connection with such prepayment all material respects by reference to the extent such amounts are not paid to Lender in accordance with Article 7 hereoffacts and circumstances then subsisting.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Mandatory Prepayment. (a) Upon receipt by Borrower of Net Sales Proceeds or other asset sale proceeds as contemplated pursuant to Section 7.11 hereof, Borrower shall prepay the Loans (other than the Revolving Credit Loan) with such proceeds and, with respect to any Net Sales Proceeds or other asset sale proceeds remaining after such prepayments, Borrower shall prepay the Revolving Credit Loan. Such prepayments shall be applied in the following manner: (i) On each date on which Lender actually receives a distribution FIRST, to the then outstanding principal amount of Net Proceeds relating to an Individual Continental Propertythe remaining Term Loans, in such orders and as among the portions of such Loans as GE Capital shall determine, and if Lender is not required (ii) SECOND to and does the then outstanding principal amount of the Revolving Credit Loan. Notwithstanding the foregoing, Borrower shall not make a prepayment otherwise required pursuant to this Section 2.4(a) with the proceeds of asset sales to the extent that such Net Proceeds prepayment is waived by Agent (at the direction or with the consent of the Required Lenders) in writing. Any prepayments of any Loan pursuant to this Section 2.4(a) shall be applied FIRST, to those portions of such Loan that constitute Index Rate Advances, and NEXT, to those portions of such Loan that constitute LIBOR Advances. Notwithstanding the foregoing, if any prepayment of a LIBOR Advance in the manner and at the times provided above would result in any such prepayment occurring prior to the last day of the Interest Period for such Advance, such prepayment shall instead be made on the last day of the Interest Period therefor (unless the Agent, at the direction or with the consent of the Required Lenders, otherwise directs). Any prepayment of any Loan from the proceeds of asset sales pursuant to this Section 2.4(a) shall be accompanied by all accrued and unpaid interest on the principal amounts so prepaid. Any prepayments of Revolving Credit Advances pursuant to this Section 2.4(a) shall not be available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)be reborrowed, in each case, in accordance with and the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in Maximum Revolving Credit Loan shall be permanently reduced by an amount equal to the aggregate maximum amount of the proceeds of asset sales available to be applied to reduce Revolving Credit Advances pursuant to clause (Aii) the Net Proceeds up above (even if all or a portion of such proceeds of asset sales available pursuant to an amount equal clause (ii) above shall not have been applied in prepayment of Revolving Credit Advances due to the Minimum Release Price for outstanding amount of Revolving Credit Advances being less than the amount of such Individual Continental Propertyproceeds of asset sales available pursuant to clause (ii) above). Borrower shall use reasonable good faith efforts to select Interest Periods in respect of its LIBOR Advances in order to avoid circumstances whereby (or to minimize, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectivelypossible, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, extent to which) any Net Proceeds to be applied mandatory prepayments pursuant to this Section 2.7(c2.4(a) hereof would result in excess a LIBOR Advance being prepaid prior to the last day of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance Interest Period with the Mezzanine Loan Documents, and (III) lastly, to Borrowerrespect thereto.
(iib) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such No prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) fee shall be due payable in connection with respect of any mandatory prepayment made pursuant to under this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account2.4.
Appears in 1 contract
Mandatory Prepayment. Upon the occurrence of a qualifying event prior to Maturity Date described in this Section 4, the Notes, including principal, accrued interest thereon, plus the Premium Amount required under Section 3 above, must be paid in the manner and to the extent provided herein. Any proceeds remaining from the sale of the Pledge Shares after meeting Mandatory Prepayment requirements shall be retained by the Company.
(i) On each date on which Lender actually receives a distribution of Net Proceeds relating Qualifying event related to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds Initial Public Offering (as applicabledefined below) or Merger Event (as defined below):
(1) In the event that Wugen, Inc. completes its Initial Public Offering or undergoes Merger Event prior to the Maturity Date, which results in a price per share for the Pledged Shares of at least $5.00 (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification), the Company shall sell the Pledged Shares for cash and apply the proceeds of the sale of the Pledged Shares, pro rata, first to prepay in full the indebtedness evidenced by the Notes, including any accrued and unpaid interest thereon, plus the Premium Amount. 4131-2309-9215.4
(2) Pledged Shares must be freely tradeable, with all marketing restrictions expired, including a 180-day lockup requirement that is typical of Initial Public Offerings and Merger Events.
(3) All Purchasers will participate in the Mandatory Prepayment event and the Notes, including principal, accrued interest thereon and Premium Amount, will be prepaid to Purchasers as provided in this Section 4.
(4) In order to effect the sale of the Pledged Shares, Purchasers agree to release the Pledged Shares from escrow so that the Company may sell the Pledged Shares. Company shall notify Purchasers of a qualifying event and agrees to effect the sale of Pledged Shares within fifteen (15) business days from the time the Pledged Shares are removed from escrow. The Company will instruct the institutional broker to wire proceeds directly to each casePurchaser in the amount of Note, in accordance with the applicable terms including principal, accrued interest thereon and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal Premium Amount. Any proceeds remaining will be wired directly to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to BorrowerCompany.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment Qualifying event related to the extent such amounts are not paid acquisition of Wugen Inc. by another entity for cash or publicly-traded securities:
(1) In the event that Wugen Inc. is acquired by an entity for cash or publicly-traded securities prior to Lender in accordance with Article 7 hereofthe Maturity Date, the Company will pay Purchaser full indebtedness evidenced by the Notes, including any accrued and unpaid interest thereon, plus Premium Amount.
(iii2) Borrower shall make In the REMIC Payment as and event that Wugen Inc. is acquired by an entity for publicly-traded securities prior to the extent required hereunderMaturity Date, the Company will follow the same procedures described in Subsection (i) above. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to For purposes of this Section 2.7(c) (including4, without limitation, the following terms used in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for Agreement have the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.respective meanings set forth below:
Appears in 1 contract
Sources: Senior Secured Note Purchase Agreement (HCW Biologics Inc.)
Mandatory Prepayment. As from the time this Judicial Reorganization Agreement starts to apply, the Debtor Company, at its own behest or through the corresponding subsidiary, shall be authorized to transfer the following assets securing the International Bonds, i.e., shares of the company Baluma S.A., properties corresponding to the Coquimbo Casino and Hotel and the Pucón Casino and Grand Hotel or shares of the companies owning said properties, Inmobiliaria Proyecto Integral Coquimbo S.p.A and Inmobiliaria Kuden S.p.A (the “Special Assets”), provided that: (i) On each date on which Lender actually receives the Debtor Company obtain a distribution report from an independent third party well known in the Chilean or international market, that said sale was carried out at arms’ length and at fair market value. This report shall not be subject to approval by the Trustee or any of Net Proceeds relating to an Individual Continental Propertythe New International Bondholders; and (b) the Debtor Company undertakes (within 10 business days after receipt of the proceeds of the sale) a redemption of the New International Bonds in accordance with the terms described below. In the event that any of these sales may be considered as a Change of Control (as defined in the Indenture), the provisions of this chapter shall prevail, and Section 3.7 of the New Indenture (Change of Control Repurchase Event) shall not apply. The assets identified above may be transferred to any party related to the Company as part of a corporate restructuring, and shall not be considered as a sale of assets subject to a mandatory prepayment provided that /i/ said party related to the Company is some personal guarantor of the New Instruments; and /ii/ all guarantees and prohibitions established on these assets are corrected and modified as required by the Trustee and Guarantee Agent, with a view to their remaining in full force and effect. The funds from the sale of the Special Assets shall be paid in cash by the Company in US dollars, regardless of the currency in which the Company received the price of the respective sale. The funds obtained from the sale of the Special Assets must be deposited with the New Indenture Guarantee Agent for use, if Lender is not required necessary, in the redemption of the New International Bonds and as guarantee of the Debtor Company’s obligations to and does not make such Net Proceeds available effect said redemption. The amortization value of the New International Bonds shall be the principal amount of the New International Bonds plus all interest accrued as of the date of payment of the redemption. In the event of sale of the assets in accordance with the terms described in this Chapter, the International Bondholders undertake to Borrower proceed, at the time of the sale, provided that sufficient security has been granted thereto for Restoration or for disbursement as Rent Loss Proceeds the corresponding prepayment (as applicablein accordance with the terms described in this Chapter), to lift the guarantees and prohibitions applied on these assets. Upon transfer of the assets as stipulated in each case, the Debtor Company shall be required to undertake the prepayment or partial payment on account of the International Bonds, at no cost or prepayment premium whatsoever, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.following terms:
Appears in 1 contract
Sources: Judicial Reorganization Agreement
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution So long as the Discharge of Net Proceeds relating ABL Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any ABL Grantor, any net proceeds of any sale or other disposal by any ABL Grantor of ABL Priority Collateral other than inventory in the ordinary course of business shall be applied to an Individual Continental Property, prepay the ABL Obligations to the extent required under and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms provisions of Section 2.21(a) of the ABL Credit Agreement, and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt amount of any prepayment required under and in an amount equal to accordance Table of Contents with the aggregate provisions of (ASection 6.2.3(b) of the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender Term Loan Agreement in connection with such prepayment asset sale or other disposal will be reduced by the amount of such proceeds applied to permanently repay the ABL Obligations (for the avoidance of doubt, without a permanent reduction of the commitments under the ABL Credit Agreement) or cash collateralize outstanding letter of credit obligations constituting ABL Obligations in such order as specified in the ABL Credit Agreement. Upon the Discharge of ABL Obligations, the ABL Collateral Agent shall, in the following order, (i) unless a Discharge of Term Loan Obligations has already occurred, deliver any remaining proceeds thereof held by it to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds Term Loan Collateral Agent to be applied pursuant to this Section 2.7(c) hereof in excess of by the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, Term Loan Collateral Agent to the Mezzanine LenderTerm Loan Obligations in such order as specified in the Term Loan Documents until a Discharge of Term Loan Obligations and (ii) if a Discharge of Term Loan Obligations has already occurred, in an amount equal deliver such proceeds to the Mezzanine Mandatory Prepayment Amount ABL Grantor, its successors or assigns from time to time, or to whomever may be lawfully entitled to receive the same.
(b) So long as such term is defined in the Mezzanine Loan Documents)Discharge of ABL Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any ABL Grantor, any net cash proceeds of any issuance and/or incurrence of indebtedness for borrowed money by any ABL Grantor other than indebtedness permitted to be applied incurred in accordance with the Mezzanine Loan Documents, ABL Credit Agreement shall be applied to prepay the ABL Obligations to the extent required under and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% provisions of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account Section 2.21(b) of the Prior Hurricane Damage)ABL Credit Agreement, together and the amount of any prepayment required under and in accordance with the applicable Interest Shortfall and Breakage Costs and provisions of Section 6.2.3(c) of the actual reasonable costs of Lender Term Loan Agreement in connection with the issuance and/or incurrence of such prepayment indebtedness will be reduced by the amount of such proceeds applied to permanently repay the ABL Obligations (for the avoidance of doubt, without a permanent reduction of the commitments under the ABL Credit Agreement) or cash collateralize outstanding letter of credit obligations constituting ABL Obligations in such order as specified in the ABL Credit Agreement. Upon the Discharge of ABL Obligations, the ABL Collateral Agent shall, in the following order, (i) unless a Discharge of Term Loan Obligations has already occurred, deliver any remaining proceeds thereof held by it to the extent such amounts are not paid Term Loan Collateral Agent to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) Term Loan Collateral Agent to the extent that no Trigger Period and no Event Term Loan Obligations in such order as specified in the Term Loan Documents until a Discharge of Default then exists, paid to Borrower Term Loan Obligations and (IIii) if a Discharge of Term Loan Obligations has already occurred, deliver such proceeds to the extent no Event of Default then existsABL Grantor, but a Trigger Period then existsits successors or assigns from time to time, deposited into or to whomever may be lawfully entitled to receive the Cash Management Accountsame.
Appears in 1 contract
Mandatory Prepayment. On the first (1st) Payment Date occurring after the fourth (4th) anniversary of the Closing Date (the "Mandatory Prepayment Date"), Borrower shall be required to prepay in whole the Debt, unless Borrower shall have satisfied each of the following terms and conditions on or prior to the Mandatory Prepayment Date:
(a) no Event of Default shall be continuing on the Mandatory Prepayment Date;
(b) if the Interest Rate Cap Agreement is scheduled to mature on or prior to the Mandatory Prepayment Date, Borrower shall obtain and deliver to Lender not later than the first day following the Mandatory Prepayment Date (provided that the form of such Replacement Interest Rate Cap shall have been delivered to Lender not later than ten (10) Business Days prior to the first day following the Mandatory Prepayment Date), one or more Replacement Interest Rate Cap Agreements at the Strike Price from an Acceptable Counterparty, which Replacement Interest Rate Cap Agreements shall be effective commencing on the first day following the Mandatory Prepayment Date and shall have a maturity date not earlier than the Maturity Date;
(c) the Debt Service Coverage Ratio for the trailing twelve (12) full calendar months as of the date immediately preceding the Mandatory Prepayment Date shall not be less than 1.45:1.00, provided that Borrower shall have the right on the Mandatory Prepayment Date to repay a portion of the Loan on a pro rata basis with the Mortgage Loan and each Other Mezzanine Loan based on the respective original principal amounts of the Loan, the Mortgage Loan and each Other Mezzanine Loan in an amount necessary to cause the foregoing Debt Service Coverage Ratio requirement to be satisfied;
(d) Borrower shall have delivered to Lender as of the Mandatory Prepayment Date an Officer's Certificate in form reasonably acceptable to Lender certifying that each of the representations and warranties of Borrower contained in the Loan Documents is true, complete and correct in all material respects as of the date of such Officer's Certificate to the extent such representations and warranties are not matters which by their nature can no longer be true and correct as a result of the passage of time or are no longer true and correct as a result of factual circumstances or events that have occurred subsequently, provided such circumstances and events that have occurred subsequently do not constitute a Default or an Event of Default that is continuing;
(i) On each date on which Lender actually receives a distribution Each of Net Proceeds relating to an Individual Continental PropertyMortgage Borrower and Maryland Owner, First Mezzanine Borrower, Second Mezzanine Borrower and Third Mezzanine Borrower shall have contemporaneously extended the term of the Mortgage Loan, the First Mezzanine Loan, the Second Mezzanine Loan and the Third Mezzanine Loan, respectively, and if Lender is (ii) each of the Fourth Mezzanine Borrower, the Fifth Mezzanine Borrower and the Sixth Mezzanine Borrower shall have satisfied the conditions set forth in Section 2.4.4 of the Fourth Mezzanine Loan Agreement, the Fifth Mezzanine Loan Agreement and the Sixth Mezzanine Loan Agreement, respectively, such that they are not required to and does not make such Net Proceeds available repay their respective Mezzanine Loan; and
(f) Borrower shall have paid to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual Lender all reasonable costs of incurred by Lender in connection with such prepayment to the extent such amounts are not paid to Lender requirements set forth in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c2.4.4 (including reasonable attorneys' fees) hereof in excess of the Mortgage Mandatory Prepayment Amount shall excluding any Spread Maintenance Premium, prepayment penalty or breakage fees which might otherwise be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrowerdue.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.
Appears in 1 contract
Sources: Loan Agreement (Hcp, Inc.)
Mandatory Prepayment. If at any time any Loan Party shall receive any cash proceeds from any equity issuances by such Loan Party and/or any sale of assets by such Loan Party (other than sale of Inventory in the ordinary course of business) and/or the incurrence of any Subordinated Debt and/or any Permitted Secured Mezzanine Debt by any one or more Loan Parties (in each case to the extent any such equity issuance or sale of assets or incurrence of Subordinated Debt or Permitted Secured Mezzanine Debt is permitted under the terms of the Loan Agreement), Loan Parties shall remit to Lender one hundred percent (100%) of such cash proceeds (net of any reasonable costs and expenses of such equity issuance or sale of assets or Subordinated Debt or Permitted Secured Mezzanine Debt) as a mandatory prepayment of the Loan or such lesser amount as may be necessary to repay in full all Loans outstanding under the Loan Agreement; provided, however, (i) On each date on which Lender actually receives a distribution of Net Proceeds relating the foregoing mandatory prepayment shall not apply to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal any funds provided to the aggregate of (A) Loan Parties by the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall Lender and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on the Lender may, at its option (which Lender actually receives a distribution option shall be in the sole and absolution discretion of Net Proceeds relating to an Individual Puerto Rico Propertythe Lender), waive such mandatory prepayment. Any prepayment of the Loans under this Section 2(e) shall prepay the Loans, which amounts may be re-borrowed, and if Lender is all such prepayments shall include payment of accrued interest and applicable Prepayment Fee on the principal amount being prepaid; provided, however, such Prepayment Fee shall not required apply to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made under this Section 2(e) with proceeds resulting from the exercise of currently issued and outstanding options and warrants or from the exercise of any employee stock options to be issued in the future. All payments made pursuant to this Section 2.7(c2(e) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event payment of Default then exists, paid interest before application to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountprincipal.
Appears in 1 contract
Mandatory Prepayment. (ia) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Continental Property, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)Provided that the Revolving Credit Agreement shall have been repaid in full, in each casethe event that an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of an Unencumbered Asset Pool Property) is sold, in accordance with transferred or released from the applicable terms and conditions restrictions of Section 5.11 hereof, the Borrower shall, at Lender’s optionsimultaneously with such sale, transfer or release, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Loans in an amount equal to 100% of the net proceeds of such Net Proceeds (but specifically excluding sale or transfer, in the Casualty Proceeds event of a sale or transfer, or such lesser amount as shall be required for the Borrower to remain in compliance with this Agreement, in the event of such a sale, transfer or release. Notwithstanding the foregoing, a simultaneous like-kind exchange under Section 1031 of the Internal Revenue Code will not be subject to the provisions of this Section 2.10(a), provided that the exchanged property has qualified as a New Acquisition and any other proceeds cash “boot” associated therewith shall be applied to prepayment of the Loans or such lesser amount of such cash “boot” as shall be required for the Borrower to remain in compliance with this Agreement. Sale of an Unencumbered Asset Pool Property (or any Separate Parcel that originally formed a part of a Unencumbered Asset Pool Property) in violation of this Section 2.10 shall constitute an Event of Default.
(b) Provided that the Revolving Credit Agreement shall have been repaid in full, in the event that the Unsecured Debt Ratio is not maintained as of the last day of a calendar quarter, either (i) the Borrower will add a Real Property Asset to the Unencumbered Asset Pool Properties in accordance with this Agreement which, on a pro forma basis (i.e. the Unsecured Debt Ratio shall be recalculated to include such Real Property Asset as though the same had been an Unencumbered Asset Pool Property for the entire applicable period) would result in compliance with the Unsecured Debt Ratio, or (ii) the Borrower shall prepay to the Administrative Agent, for the account of the Prior Hurricane Damage)Banks, together an amount necessary to cause the Unsecured Debt Ratio to be in compliance within ninety (90) days of the date on which the Unsecured Debt Ratio failed to be maintained. Failure by the Borrower to comply with the applicable Interest Shortfall and Breakage Costs and Unsecured Debt Ratio within ninety (90) days of the actual reasonable costs date of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) non-compliance shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management AccountDefault.
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Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution Upon the consummation of Net Proceeds relating to an Individual Continental Propertythe Loan Refinancing, and if Lender is not required to and does not make such Net Proceeds available to the Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, shall prepay the Debt Note in an amount equal to the aggregate then outstanding principal amount of the Note together with accrued interest to the date of such prepayment on the principal amount prepaid and all fees, expenses and other payments due to the Lender hereunder (Athe "Refinancing Amount").
(ii) Upon receipt by the Borrower or any of its Subsidiaries of the Net Proceeds up to an amount equal to from the Minimum Release Price for such Individual Continental Property, (B) issuance or incurrence by the applicable Interest Shortfall and Breakage Costs and (C) Borrower or any of its Subsidiaries of any Indebtedness the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount Borrower shall be applied as follows: (I) first, to the Mezzanine Lender, prepay outstanding Note in an amount equal to the Mezzanine Mandatory Prepayment Amount lesser of (as A) 100% of the aggregate principal amount of the Note outstanding on the date of such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, prepayment and (IIIB) lastlythe amount of such Net Proceeds, in either case plus all accrued and unpaid interest on the principal amount of the Note so prepaid to Borrowerthe date of such prepayment and all fees, expenses and other payments due and payable to Lender hereunder on such date.
(iiiii) On each date on which Lender actually receives a distribution Upon receipt by the Borrower or any of its Subsidiaries prior to the Maturity Date of the Net Proceeds relating to an Individual Puerto Rico Property, and if Lender is not required to and does not make from the issuance or sale by the Borrower or any of its Subsidiaries of any Equity Interests of any such Net Proceeds (but specifically excluding Person or from any capital contribution received by the Casualty Proceeds and Borrower from any other proceeds on account Person or received by any Subsidiary of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable)from any Person, in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, shall prepay the Debt outstanding Note in an amount equal to the lesser of (A) 100% of the aggregate principal amount of all Note outstanding on the date of such prepayment and (B) the amount of such Net Proceeds (but specifically excluding Proceeds, in either case plus all accrued and unpaid interest on the Casualty Proceeds and any other proceeds on account principal amount of the Prior Hurricane Damage), together with Note so prepaid to the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs date of Lender in connection with such prepayment and all fees, expenses and other payments due and payable to the extent such amounts are not paid to Lender in accordance with Article 7 hereofholders of the Note hereunder.
(iiiiv) Upon receipt by the Borrower or any of its Subsidiaries prior to the Maturity Date for the Bridge Note of the Net Proceeds from any Asset Sale (other than Asset Sales permitted under clauses Section 3.02(i)), the Borrower shall make the REMIC Payment as and prepay outstanding Note in an amount equal to the extent required hereunder. No Prepayment Premium or penalty lesser of (including, without limitation, any Default Prepayment PremiumA) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for 100% of the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit aggregate principal amount of Borrower, and shall be applied by Lender all Note outstanding on the next Monthly Payment Date, with any interest on date of such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower prepayment and (IIB) to the extent no Event amount of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Accountsuch Net Proceeds.
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Mandatory Prepayment. (i) On each date on which Lender actually receives a distribution Notwithstanding the provisions of Net Proceeds relating this Clause Two, the Borrower shall prepay the outstanding principal amount of the Loan pursuant to an Individual Continental Propertythe following cases, amounts, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds terms (as applicable“Mandatory Prepayment”), in each casetogether with any interest, in accordance with the applicable terms and conditions hereofexpenses, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to the aggregate of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental Property, (B) the applicable Interest Shortfall and Breakage Break Funding Costs and (C) the actual reasonable costs of Lender any Taxes incurred in connection with such prepayment prepayments, as defined in this subsection (without the payment of any fees).
1. The Borrower shall pay a Mandatory Prepayment to Bancomext on the Principal Payment Date immediately following the date on which the Borrower actually receives any amount due to:
i. Any Insurance Indemnity in connection with insurance to be maintained by the Borrower or the Joint and Several Obligors pursuant to the extent such amounts are not paid provisions of this Agreement and the other Financing Documents, only for the amount by which the Insurance Indemnity exceeds the repair of the corresponding loss.
ii. Any indemnification (or other substantially equivalent benefit or amount) payable to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Borrower arising from any Divestiture; provided that the amount of Mandatory Prepayment Amount”)shall be only up to the lesser of (a) the amount of the indemnification for Divestiture actually received by the Borrower and (b) the outstanding balance of the Loan as of the date on which the Borrower actually receives such indemnification for Divestiture.
iii. Except during Any claim, indemnification, liquidated damages (or other substantially equivalent benefit or amount) payable to the continuance of an Event of DefaultBorrower resulting from any early termination, penalties, interest, fines, or for any Net Proceeds to be applied other reason not scheduled under the Investments and Disbursements Schedule pursuant to this Section 2.7(cany of the Transaction Documents, except in the event that the funds derived from such early termination, liquidated damages, interest or fines replace income foregone by the Borrower (which shall be validated by an advisor to the satisfaction of the Creditor); on the understanding that the amount of the Mandatory Prepayment shall only be up to the lesser of (a) hereof the amount of such funds actually received by the Borrower, and (b) the unpaid balance of the Loan on the date on which the Borrower actually receives such funds.
2. The Borrower shall pay a Mandatory Prepayment to Bancomext on the Principal Payment Date immediately following the date on which (i) the cost of the Hotel Remodeling has been adjusted downward, which amount of the Mandatory Prepayment will be the amount of the downward adjustment of such cost; or (ii) amounts of the Loan have been borrowed in excess of what is required for the Mortgage Hotel Remodeling, as indicated by the Construction Supervisor in the respective report or opinion, and the amount of such Mandatory Prepayment Amount shall will be applied as follows: (I) firstthe amount of such excess.
3. As of May 25, to 2023 and until the Mezzanine Lenderdate that is the first anniversary of the commencement of operations of the Project, in the event that the Debt Service Coverage Ratio is less than 1.2 to 1.0, the Borrower agrees to pay a Mandatory Prepayment equivalent to 100% (one hundred percent) of the Project Annual Excess Cash Flow, which determination must occur by January 15 of each calendar year. The foregoing on the understanding that, at all times, a cash balance of at least USD$500,000.00 (five hundred thousand and 00/100 Dollars) must be maintained, and therefore the Mandatory Prepayment referred to in this paragraph shall not cause the cash balance to be reduced to less than USD$500,000.00 (five hundred thousand and 00/100 Dollars).
4. As from the first anniversary of the operations commencement date of the Project, if the Debt Service Coverage Ratio is less than 1.2 to 1.0 during at least one quarter, the Borrower agrees to pay a Mandatory Prepayment equivalent to 100% (one hundred percent) of the Annual Project Surplus Cash Flow, which must be paid within 15 (fifteen) calendar days following the date of determination of the Annual Project Surplus Cash Flow.
5. In the event that at any time during the term of this Agreement as from 120 (one hundred and twenty) calendar days following the last Borrowing of the Loan, the Leverage Ratio (considering Tranche A, Tranche B, and Tranche C) is less than 2.0 to 1.0, the Borrower agrees to pay a Mandatory Prepayment, for an amount equal that is sufficient for the Leverage Ratio to be at least 2.0 to 1.0, which must be paid within the Mezzanine Mandatory Prepayment Amount first 5 (as such term is defined five) Business Days following the date of determination of the Leverage Ratio where the measurement has been less than 2.0 to 1.0, on the understanding that the measurement of the Leverage Ratio will be made based on the appraisal delivered in the Mezzanine Loan Documentsterms of Clause 4.01(h), and its subsequent renewals, on the understanding that, if as a result of the corresponding appraisal value the Leverage Ratio of this subsection is not met, then at the election of the Creditor (i) the amount of Tranche C will be adjusted in order to be applied in accordance comply with the Mezzanine Loan Documents, and (III) lastly, to Borrower.
Leverage Ratio or (ii) On each date on which Lender actually receives the Borrower shall contribute additional real properties to the Bancomext Trust and/or grant additional guarantees with a distribution of Net Proceeds relating value that is sufficient to an Individual Puerto Rico Property, and if Lender is not required to and does not make such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, in accordance comply with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal to 100% of such Net Proceeds (but specifically excluding the Casualty Proceeds and any other proceeds on account of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs and the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.
(iii) Borrower shall make the REMIC Payment as and to the extent required hereunder. No Prepayment Premium or penalty (including, without limitation, any Default Prepayment Premium) shall be due in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.corresponding Leverage Ratio..
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Mandatory Prepayment. Sections 2.11(a) through (d) of the Credit Agreement shall be and hereby are amended and restated in their entirety as follows:
(a) In the event a Borrowing Base Deficiency exists as a result of a Scheduled Redetermination or Special Redetermination of the Borrowing Base, the Borrowers shall, within thirty (30) days after written notice from the Administrative Agent to the Borrowers of such Borrowing Base Deficiency, take any of the following actions or a combination thereof to eliminate the Borrowing Base Deficiency:
(i) On each date on which Lender actually receives a distribution prepay, without premium or penalty, the principal amount of Net Proceeds relating to an Individual Continental Propertythe Loans (and after all Loans are repaid in full, and if Lender is not required to and does not make such Net Proceeds available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicable), in each case, provide cash collateral in accordance with Section 2.06(j)) representing Borrowers’ Pro Rata Share of the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt Combined Credit Exposure in an amount equal sufficient to the aggregate eliminate Borrowers’ Pro Rata Share of (A) the Net Proceeds up to an amount equal to the Minimum Release Price for such Individual Continental PropertyBorrowing Base Deficiency, (B) the applicable Interest Shortfall and Breakage Costs and (C) the actual reasonable costs of Lender in connection with such prepayment to be made in full on or before the extent 30th day after the Borrowers’ receipt of notice of such amounts are not paid to Lender in accordance with Article 7 hereof (collectively, the “Mortgage Mandatory Prepayment Amount”). Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.7(c) hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (I) first, to the Mezzanine Lender, in an amount equal to the Mezzanine Mandatory Prepayment Amount (as such term is defined in the Mezzanine Loan Documents), to be applied in accordance with the Mezzanine Loan Documents, and (III) lastly, to Borrower.Borrowing Base Deficiency;
(ii) On each date on which Lender actually receives a distribution of Net Proceeds relating notify the Administrative Agent that it intends to an Individual Puerto Rico Propertyprepay, and if Lender is not required to and does not make such Net Proceeds without premium or penalty (but specifically excluding the Casualty Proceeds and subject to any other proceeds on account of the Prior Hurricane Damage) available to Borrower for Restoration or for disbursement as Rent Loss Proceeds (as applicablefunding indemnification amounts required by Section 2.16), in each case, in accordance with the applicable terms and conditions hereof, Borrower shall, at Lender’s option, prepay the Debt in an amount equal sufficient to 100% eliminate Borrowers’ Pro Rata Share of such Net Proceeds Borrowing Base Deficiency in not more than six (but specifically excluding 6) equal monthly installments plus accrued interest thereon and make the Casualty Proceeds and any other proceeds first such monthly payment on account the 30th day after the Borrowers’ receipt of the Prior Hurricane Damage), together with the applicable Interest Shortfall and Breakage Costs notice of such Borrowing Base Deficiency and the actual reasonable costs of Lender in connection with subsequent installments to be due and payable at one month intervals thereafter until such prepayment to the extent such amounts are not paid to Lender in accordance with Article 7 hereof.Borrowing Base Deficiency has been eliminated; or
(iii) Borrower shall make the REMIC Payment as give notice to Administrative Agent that Borrowers desire to provide Administrative Agent with deeds of trust, mortgages, security agreements, financing statements and other security documents in form and substance satisfactory to Administrative Agent, granting, confirming, and perfecting first and prior Liens or security interests in collateral acceptable to Required Lenders, to the extent required hereunder. No Prepayment Premium or penalty needed to cover the Minimum Collateral Amount (including, without limitation, any Default Prepayment Premium) shall be due as they in connection with any prepayment made pursuant to this Section 2.7(c) (including, without limitation, in connection with any REMIC Payment). Any prepayment received by Lender pursuant to this Section 2.7(c) on a date other than a Monthly Payment Date shall be held by Lender as collateral security for the Loan in an interest bearing, Eligible Account at an Eligible Institution, with such interest accruing to the benefit of Borrower, and shall be applied by Lender on the next Monthly Payment Date, with any interest on such funds (I) to the extent that no Trigger Period and no Event of Default then exists, paid to Borrower and (II) to the extent no Event of Default then exists, but a Trigger Period then exists, deposited into the Cash Management Account.their reasonable discretion deem
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