Mandatory Prepayments Relating to Asset Sales Sample Clauses

Mandatory Prepayments Relating to Asset Sales. In addition to any other mandatory repayments or commitment reductions pursuant to this Section 2.5, on each date after the Restatement Effective Date upon which Holdings, the Borrower or any of their respective Subsidiaries receives Net Sale Proceeds from any Asset Sale (including capital stock and securities held thereby and all assets sold as part of Permitted Sale-Leaseback Transactions (other than as explicitly set forth in clause (iv) below), but excluding (i) Asset Sales so long as, and to the extent that, the aggregate amount of Net Sale Proceeds from all Asset Sales excluded pursuant to this clause (i) during the respective fiscal year of the Borrower in which the Net Sale Proceeds are received does not exceed $1,000,000, (ii) sales of Rental Equipment in the ordinary course of business and consistent with past practices, (iii) sales or other dispositions of assets which do not constitute Collateral, (iv) sales of assets as part of Permitted Sale-Leaseback Transactions consummated after the 60th day following the Original Effective Date and (v) sales of real property under clauses (v), (vi) and (vii) of Section 8.1(m), in each case to the extent that the Borrower has delivered a certificate to the Administrative Agent on or prior to such date stating that it intends to reinvest the Net Sale Proceeds therefrom in Inventory, replacement equipment, Rental Equipment, or property, plant and equipment as the case may be, within 180 days after the respective date of sale or disposition or, in lieu thereof, commit to so invest such Net Sale Proceeds within 180 days after such date of sale and actually expend the funds pursuant to such commitment within 365 days after such date of sale or disposition), an amount equal to 100% of the Net Sale Proceeds from such Asset Sale shall be applied ratably, subject to the provisions of Section 2.5(m), as a mandatory reduction to the Total Commitments (with the amount to be applied to reduce the Total Commitments to be equal to the Revolving Credit Percentage of the amount required to be applied pursuant to this clause (k)) and to mandatorily prepay principal of then outstanding Term Loans (in an amount equal to the Term Loan Percentage of the amount to be applied pursuant to this Section 2.5(k)), provided that to the extent that such Asset Sale relates to Eligible Rental Equipment (other than Rental Equipment described in clause (ii) above), such amount shall be applied as a mandatory reduction to the Total Commitmen...
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Mandatory Prepayments Relating to Asset Sales. Reductions of ------------------------------------------------------------ Revolving Credit Commitments. ----------------------------
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Mandatory Prepayments Relating to Asset Sales. If the --------------------------------------------- Revolving Credit Commitments have been terminated and all Obligations payable to the Revolving Credit Lenders have been Paid In Full, to the extent and on the date the Borrowers would otherwise be required to effect a reduction in the Revolving Credit Commitments as a result of an Asset Sale pursuant to Section ------- 4.8(c) if the Revolving Credit Commitments were still in effect, the Term Loan ------ Borrowers shall make a mandatory prepayment of the Term Loans which mandatory prepayment shall be applied to the unpaid installments of the Term Loans in the inverse order of maturity and shall permanently reduce the Term Loan Outstandings of each Term Loan Lender ratably in accordance with its Term Loan Proportionate Share.
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Related to Mandatory Prepayments Relating to 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.

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

  • Application of Mandatory Prepayments by Type of Loans Except as provided in subsection 2.4D, any amount required to be applied as a mandatory prepayment of the Loans and/or a reduction of the Revolving Loan Commitment Amount pursuant to subsections 2.4B(iii)(a)-(f) shall be applied first to prepay the Term Loans to the full extent thereof, second, to the extent of any remaining portion of such amount, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, third, to the extent of any remaining portion of such amount, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, fourth, to the extent of any remaining portion of such amount, to further permanently reduce the Revolving Loan Commitment Amount to the full extent thereof and fifth, to the extent of any remaining portion of such amount, to cash collateralize any outstanding Letters of Credit. Any mandatory reduction of the Revolving Loan Commitment Amount pursuant to this subsection 2.4B shall be in proportion to each Revolving Lender’s Pro Rata Share.

  • Mandatory Prepayment of Loans Clause (a) of Section 2.10 of the Credit Agreement shall be and it hereby is amended and restated in its entirety to read as follows:

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

  • Mandatory Prepayments and Commitment Reductions 22 2.7 Conversion and Continuation Options............................ 23 2.8 Limitations on Eurodollar Tranches............................. 23 2.9 Interest Rates and Payment Dates............................... 23 2.10 Computation of Interest and Fees............................... 24 2.11 Inability to Determine Interest Rate........................... 24 2.12 Pro Rata Treatment and Payments................................ 25 2.13

  • Mandatory Prepayment The Borrower shall be obliged to prepay the Relevant Amount if a Ship is sold or becomes a Total Loss:

  • Mandatory Prepayments of Loans If for any reason the Total Revolving Outstandings at any time exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay Revolving Loans and/or Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Loans and Swing Line Loans the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect. All amounts required to be paid pursuant to this Section 2.05(b) shall be applied first, ratably to the L/C Borrowings and the Swing Line Loans, second, to the outstanding Revolving Loans, and, third, to Cash Collateralize the remaining L/C Obligations; and Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

  • Mandatory Prepayments Commitment Reductions 68 2.13 Application of Prepayments/Reductions ..............................................70 2.14 Allocation of Certain Payments and Proceeds.........................................71 2.15

  • Payments Reductions of Commitments Prepayments 63 2.5. Promise to Pay; Promissory Notes. 68

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