Mandatory Prepayments from Asset Sales Sample Clauses

Mandatory Prepayments from Asset Sales. (a) To the extent required pursuant to Section 6.12.7, within 90 days before or 365 days after the receipt by the Borrower or any of its Subsidiaries of any Net Proceeds Amount from any Asset Sale, the Borrower shall prepay Term Loans in an aggregate amount equal to 100% of such Net Proceeds Amount; provided that if at the time that any such prepayment would be required, the Borrower is required to prepay or repurchase (or offer to prepay or repurchase) any other Senior Debt (other than the Term Loans), in each case pursuant to the terms of the documentation governing such Debt, with the Net Proceeds Amount from such Asset Sale (such other Senior Debt required to be prepaid or repurchased (or offered to be prepaid or repurchased, “Other Applicable Debt”), then the Borrower may apply such Net Proceeds Amount on a pro rata basis (determined on the basis of the aggregate outstanding principal amount of the Term Loans and Other Applicable Debt at such time; provided, further that the portion of such Net Proceeds Amount allocated to the Other Applicable Debt shall not exceed the amount of such Net Proceeds Amount required to be allocated to the Other Applicable Debt pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds Amount shall be allocated to the Term Loans in accordance with the terms hereof) to the prepayment of the Term Loans and to the repurchase or prepayment of Other Applicable Debt, and the amount of prepayment of the Term Loans that would have otherwise been required pursuant to this Section 2.4.4(a) shall be reduced accordingly; provided, further, that to the extent the holders of Other Applicable Debt decline to have such Other Applicable Debt repurchased or prepaid, the declined amount shall promptly (and in any event within five (5) Business Days after the date of such rejection) be applied to prepay the Term Loans in accordance with the terms hereof.
Sample 1Sample 2Sample 3See All (11)
AutoNDA by SimpleDocs
Mandatory Prepayments from Asset Sales. Within five (5) Business Days (or such longer period of time agreed to by the Banks) of each receipt by the Borrower or any of its Subsidiaries or Specified Affiliates of any Net Sale Proceeds from any Asset Sale, the Borrower shall prepay, or cause such Subsidiary or Specified Affiliate to prepay on behalf of the Borrower, to the Agent for the account of the Banks an amount equal to 100% of all Net Sale Proceeds from all such Asset Sales. Prepayments pursuant to this subsection (b)(i) shall be applied to prepay the Loans, together with interest accrued thereon to the date of prepayment; provided, however, that in the event of any such prepayment of a Eurodollar Loan other than on the last day of the Interest Period therefor, the Borrower shall be obligated to reimburse the Banks in respect thereof pursuant to Section 2.10.
Sample 1
Mandatory Prepayments from Asset Sales. Within five (5) Business Days (or such longer period of time agreed to by the Banks under the Term Loan Agreement) of each receipt by the Borrower or any of its Subsidiaries or Specified Affiliates of any Net Sale Proceeds from any Asset Sale, the Borrower shall prepay, or cause such Subsidiary or Specified Affiliate to prepay on behalf of the Borrower, to the Agent under the Term Loan Agreement for the account of the Banks thereunder an amount equal to 100% of all Net Sale Proceeds from all such Asset Sales. Prepayments pursuant to this subsection (b)(i) shall be applied to prepay the Term Loans as provided in the Term Loan Agreement until paid in full, including accrued interest and fees and other amounts owing thereunder, together with interest accrued thereon to the date of prepayment.
Sample 1
Mandatory Prepayments from Asset Sales. (a) The US Borrower shall (i) concurrently with each delivery of the Compliance Certificate pursuant to (S)9.4(c) hereof, deliver to the Administrative Agent and the US Banks a statement certified by the principal financial or accounting officer of the US Borrower setting forth (A) the aggregate gross consideration for all sales of any assets or group of related assets (excluding assets sold in the ordinary course of business and assets sold in connection with sale/leaseback transactions permitted under (S)10.6) of the US Borrower and any US Restricted Subsidiary during the most recently ended fiscal quarter where such asset sale is either permitted pursuant to (S)10.5.2 or is previously consented to in writing by the Majority Banks and (B) in reasonable detail, a computation of the aggregate Net Cash Proceeds from such asset sales and the deductions taken to arrive at such Net Cash Proceeds, and (ii) within two (2) US Business Days of delivery of the statement referred to above, prepay the US Loans and Reimbursement Obligations in accordance with (S)4.2.7 in an amount equal to the amount by which the aggregate amount of all Net Cash Proceeds from sales of assets during such fiscal year exceeds $5,000,000, after taking into account proceeds of assets sold in prior fiscal quarters of such fiscal year.
Sample 1
Mandatory Prepayments from Asset Sales. Within five (5) Business Days (or such longer period of time agreed to by the Banks entitled to proceeds in accordance with the provisions of this subsection as set forth below) of each receipt by HRT or any of its Subsidiaries or Specified Affiliates of any Net Sale Proceeds from any Asset Sale, HRT shall prepay, or cause such Subsidiary or Specified Affiliate to prepay on behalf of HRT, to the Agent hereunder for the account of the Banks hereunder an amount equal to 100% of all Net Sale Proceeds from all such Asset Sales as hereafter provided:
Sample 1
Mandatory Prepayments from Asset Sales. Immediately upon the occurrence of any Asset Disposition or series of Asset Dispositions the Net Cash Proceeds of which, in any fiscal year of the Borrower, exceed $1,000,000, the Borrower shall prepay the Loans in accordance with Section 8.4 in an amount equal to one hundred percent (100%) of the amount by which the Net Cash Proceeds of such Asset Disposition or series of Asset Dispositions exceeds $1,000,000.
Sample 1
Mandatory Prepayments from Asset Sales. The Borrower -------------------------------------- shall (a) concurrently with each delivery of its Compliance Certificate pursuant to ss.8.4(c) hereof, deliver to the Agent and the Banks a statement certified by the principal financial or accounting officer of the Borrower setting forth (i) the aggregate gross consideration for all sales of any of its or its Restricted Subsidiaries' assets or group of related assets (other than assets sold in the ordinary course of business) during the most recently ended fiscal quarter where such asset sale is either permitted pursuant to ss.9.5.2 or is previously consented to in writing by the Majority Banks and (ii) in reasonable detail, a computation of the aggregate Net Cash Proceeds from such assets sales and the deductions taken to arrive at such Net Cash Proceeds and (b) within two (2) Business Days of delivery of the statement referred to in clause (a) hereof, prepay the Loans in an amount equal to the amount by which the aggregate amount of such Net Cash Proceeds exceeds $6,500,000 during such fiscal year.
Sample 1
AutoNDA by SimpleDocs

Related to Mandatory Prepayments from Asset Sales

  • Mandatory Prepayments (a) If on any date the Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, with respect to an amount equal to 75% of such Net Cash Proceeds (“Allocated Proceeds”; provided that the Borrower or such Subsidiary may instead deem a portion of such Net Cash Proceeds equal to the first 75% of the Total Net Proceeds to the Borrower or such Subsidiary from such Asset Sale or Recovery Event, when and as received, to be the Allocated Proceeds of such Asset Sale or Recovery Event), (i) if such Allocated Proceeds are not Reinvestment Proceeds, such Allocated Proceeds shall be applied on the fifth Business Day after the date such proceeds are received toward the prepayment of the Term Loans or (ii) if such Allocated Proceeds are Reinvestment Proceeds, on each Reinvestment Prepayment Date, an amount equal to the relevant Reinvestment Prepayment Amount shall be applied toward the prepayment of the Term Loans in the manner specified in Section 2.9(c); provided that, notwithstanding clauses (i) and (ii) above, to the extent that the terms of the documentation for any First Lien Notes or Pre-Existing Debt that is secured on a pari passu basis with the Obligations under this Agreement require that a portion of such Allocated Proceeds be applied to purchase First Lien Notes or Pre-Existing Debt pursuant to a mandatory offer to purchase such First Lien Notes or Pre-Existing Debt, such Allocated Proceeds may be applied to prepay Term Loans in accordance with Section 2.9(c) and purchase First Lien Notes and/or Pre-Existing Debt on a pro rata basis based on the respective amounts of Term Loans and First Lien Notes and/or Pre-Existing Debt then outstanding.

  • Prepayments, Etc of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement and (b) regularly scheduled or required repayments or redemptions of Indebtedness set forth in Schedule 7.03 and refinancings and refundings of such Indebtedness in compliance with Section 7.03(b).

  • Other Mandatory Prepayments In addition to and without limiting any provision of any Loan Document:

  • Application of Mandatory Prepayments All amounts required to be paid pursuant to this Section 2.05(b) shall be applied as follows:

  • Mandatory Prepayment of Loans (a) Subject to Section 2.06(c), on the date of receipt by the Borrower or any Restricted Subsidiary (or affiliate thereof) of any Net Cash Proceeds, the Borrower shall prepay the Loans in an aggregate amount equal to such Net Cash Proceeds (together with any amounts due pursuant to Section 2.07 or Section 2.09); provided that the Borrower shall have no obligation to prepay the Loans (i) to the extent that such Net Cash Proceeds are attributable to a Disposition permitted by clauses (a), (c), (e), (f), (g), (h) and (j) of Section 7.04, (ii) to the extent that such Net Cash Proceeds for any Disposition are not in excess of $1,000,000 individually or $10,000,000 in the aggregate for all such Dispositions or (iii) with respect to any Casualty Event or any Disposition permitted pursuant to clause (k) (but only with respect to Dispositions of Core Assets that were acquired by the Borrower or any Restricted Subsidiary following the Availability Date (it being understood that any Net Cash Proceeds received from other Dispositions pursuant to clause (k) shall not be able to be reinvested pursuant to this clause (iii)) and clause (l) of Section 7.04, if, within 365 days after receipt of such Net Cash Proceeds, the Borrower uses such Net Cash Proceeds to purchase, or otherwise reinvests such Net Cash Proceeds in, Oil and Gas Interests useful in the business of the Credit Parties (in each case, as certified by the Borrower in a certificate of a Responsible Officer delivered to the Administrative Agent and the Lead Lender); provided further that, if all or any portion of such Net Cash Proceeds are not so reinvested within the time period specified (or such earlier date, if any, as the applicable Credit Party determines not to reinvest such Net Cash Proceeds as set forth above), such remaining portion shall be applied on the last date of such period (or such earlier date, as the case may be) as provided in this Section 2.06(a) without regard to this proviso.

  • Mandatory Prepayments due to Borrowing Base Deficiency In the event that at any time any Borrowing Base Deficiency shall exist, the Borrower shall, within five Business Days after delivery of the applicable Borrowing Base Certificate, prepay the Loans (or provide Cash Collateral for Letters of Credit as contemplated by Section 2.05(k)) or reduce Other Covered Indebtedness or any other Indebtedness that is included in the Covered Debt Amount at such time in such amounts as shall be necessary so that such Borrowing Base Deficiency is cured; provided that (i) the aggregate amount of such prepayment of Loans (and Cash Collateral for Letters of Credit) shall be at least equal to the Revolving Percentage times the aggregate prepayment of the Covered Debt Amount, and (ii) if, within five Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency, the Borrower shall present the Lenders with a reasonably feasible plan acceptable to the Required Lenders in their sole discretion to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall include the five Business Days permitted for delivery of such plan), then such prepayment or reduction shall not be required to be effected immediately but may be effected in accordance with such plan (with such modifications as the Borrower may reasonably determine), so long as such Borrowing Base Deficiency is cured within such 30-Business Day period.

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • Mandatory Prepayment The Borrower shall be obliged to prepay the Relevant Amount of the Loan:

  • Mandatory Prepayments and Commitment Reductions 28 2.11 Conversion and Continuation Options............................... 29 2.12 Minimum Amounts and Maximum Number of Eurodollar Tranches......... 30 2.13 Interest Rates and Payment Dates.................................. 30 2.14 Computation of Interest and Fees.................................. 30 2.15 Inability to Determine Interest Rate.............................. 31 2.16 Pro Rata Treatment and Payments................................... 31 2.17

  • Waivable Mandatory Prepayment Anything contained herein to the contrary notwithstanding, so long as any Tranche A Term Loans are outstanding, in the event Borrower is required to make any mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Tranche B Term Loans, not less than five Business Days prior to the date (the “Required Prepayment Date”) on which Borrower is required to make such Waivable Mandatory Prepayment, Borrower shall notify Administrative Agent of the amount of such prepayment, and Administrative Agent will promptly thereafter notify each Lender holding an outstanding Tranche B Term Loan of the amount of such Lender’s Pro Rata Share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving written notice to Borrower and Administrative Agent of its election to do so on or before the third Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify Borrower and Administrative Agent of its election to exercise such option on or before the third Business Day prior to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, Borrower shall pay to Administrative Agent the amount of the Waivable Mandatory Prepayment, which amount shall be applied (i) in an amount equal to that portion of the Waivable Mandatory Prepayment payable to those Lenders that have elected not to exercise such option, to prepay the Tranche B Term Loans of such Lenders (which prepayment shall be applied to the scheduled Installments of principal of the Tranche B Term Loans in accordance with Section 2.15(b)), and (ii) in an amount equal to that portion of the Waivable Mandatory Prepayment otherwise payable to those Lenders that have elected to exercise such option, to prepay the Tranche A Term Loans (which prepayment shall be further applied to the scheduled installments of principal of the Tranche A Term Loans in accordance with Section 2.15(b)), with any excess after such prepayment of the Tranche A Term Loans being further applied in accordance with clauses second through sixth of Section 2.15(b).

Time is Money Join Law Insider Premium to draft better contracts faster.