Mandatory Repayments Clause Samples
The Mandatory Repayments clause requires a borrower to make certain payments to the lender under specified circumstances, regardless of the regular repayment schedule. Typically, this clause applies when the borrower receives unexpected funds, such as proceeds from asset sales, insurance claims, or excess cash flow, which must then be used to pay down the outstanding loan balance. Its core function is to accelerate loan repayment when the borrower's financial position improves, thereby reducing the lender's risk and ensuring timely recovery of the loaned funds.
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Mandatory Repayments. (a) On any day on which the aggregate outstanding principal amount of Loans exceeds the Total Commitment as then in effect, the Borrowers shall prepay principal of Loans made to the Borrowers in an aggregate amount equal to such excess, provided that, in the event that such repayment is required as a result of a partial reduction in the Total Commitment, (x) the allocation of such required prepayment of Loans of the Borrowers shall be determined by the Borrowers or (y) in the absence of a determination by the Borrowers, the Administrative Agent shall allocate such mandatory repayments to outstanding Loans in its discretion, with an eye toward, but no obligation to, minimize breakage costs owing pursuant to Section 1.11.
(b) On any day on which the aggregate outstanding principal amount of Loans made to any Borrower exceeds the Borrowing Base of such Borrower as then in effect, such Borrower shall prepay principal of such Loans equal to such excess.
(c) On any day upon which any Borrower has had any Loans in any principal amount outstanding for more than 45 consecutive days, such Borrower shall repay on such day all then outstanding Loans made to such Borrower, together with accrued interest thereon.
(d) Notwithstanding anything to the contrary contained elsewhere in this Agreement, all then outstanding Revolving Loans shall be repaid in full on the Expiry Date, and all then outstanding Swingline Loans shall be repaid on the Swingline Expiry Date.
Mandatory Repayments. The aggregate principal amount of the Revolving -------------------- Loans outstanding on the Maturity Date, together with accrued interest thereon, shall be due and payable in full on the Maturity Date. If at any time the aggregate outstanding Borrowings exceed the Revolving Commitment then in effect, the Borrower shall immediately repay the excess to the Bank without penalty or premium.
Mandatory Repayments. (a) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set forth below (each, a “Scheduled Repayment Date”), Borrower shall be required to repay to the Administrative Agent for the ratable account of the Lenders (i) on the last Business Day of each March, June, September and December, (a) commencing with December 31, 2021, an aggregate principal amount of Initial Term Loans equal to $5,312,500, and (ii) on the Initial Maturity Date for Initial Term Loans, the aggregate principal amount of all Initial Term Loans that remain outstanding on such date (each such repayment described in clauses (i) and (ii), as the same may be reduced as provided in this Agreement, including in Section 2.20, 2.21, 5.01 or 5.02(g), or as a result of the application of prepayments or otherwise in connection with any Extension as provided in Section 2.14, a “Scheduled Repayment”).
(b) In addition to any other mandatory repayments pursuant to this Section 5.02, Borrower shall be required to make, with respect to each new Tranche (i.e., other than Initial Term Loans, which are addressed in the preceding clause (a)) of Term Loans to the extent then outstanding, scheduled amortization payments of such Tranche of Term Loans to the extent, and on the dates and in the principal amounts, set forth in the Incremental Term Loan Amendment, Refinancing Term Loan Amendment or Extension Amendment applicable thereto.
(c) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10 days following each date on or after the Closing Date upon which Borrower or any of its Restricted Subsidiaries receives any cash proceeds from any issuance or incurrence of Indebtedness (other than Indebtedness permitted to be incurred pursuant to Section 10.04 (other than Refinancing Term Loans and Refinancing Notes/Loans)), an amount equal to 100% of the Net Debt Proceeds therefrom shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(g) and (h).
(d) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10 days following each date on or after the Closing Date upon which Borrower or any of its Restricted Subsidiaries receives any Net Sale Proceeds from any Asset Sale (other than in respect of ABL Collateral), an amount equal to the Applicable Asset Sale/Recovery Event Prepayment Percentage of the Net Sale Proceeds therefrom shall be applied as a mandatory repayment in accordance with ...
Mandatory Repayments. (i) All Net Cash Proceeds from the sale or casualty or condemnation loss of any Collateral or other assets of any Borrower Party (other than (A) the sale of Inventory in the ordinary course of business (B) other asset dispositions in a aggregate amount not to exceed $2,500,000 per fiscal year and (C) solely with respect to assets that do not constitute Collateral, such Net Cash Proceeds that are required to be paid in connection with any other Funded Debt permitted hereunder) shall be paid within three (3) Business Days of receipt of the proceeds thereof by the Borrower Parties as a mandatory payment of the Obligations. So long as no Event of Default exists, all such Net Cash Proceeds (other than Net Cash Proceeds from the sale of Inventory in the ordinary course of business or other asset dispositions in an aggregate amount not to exceed $2,500,000 per fiscal year) shall be applied first to repay outstanding Agent Advances, second to outstanding Swing Loans and then to repay outstanding Revolving Loans. So long as no Event of Default exists, all such other Net Cash Proceeds shall be applied in the manner set forth in Section 2.11(a). Notwithstanding the foregoing, if an Event of Default exists, all such Net Cash Proceeds shall be applied in the manner set forth in Section 2.11(b). The Revolving Loan Commitment shall not be permanently reduced by the amount of any payment of the Agent Advances, Swing Loans or Revolving Loans due under this Section 2.6(b)(i).
(ii) Within three (3) Business Days of the date of receipt by any Borrower Party, any of its Subsidiaries, or the Administrative Agent of any proceeds of any Eligible Life Insurance Policy, whether such proceeds are received as a result of the death of a Person covered thereby, the surrender and termination of such policy, a policy loan taken out under such policy, or otherwise, 100% of such proceeds shall be used first to prepay the outstanding principal amount of the Obligations in the manner set forth in Section 2.11(a) or 2.11(b), as applicable, and second, subject to the terms of any applicable Life Insurance Assignment, any additional proceeds shall be returned to the Borrowers. The provisions of this Section 2.6(b)(ii) shall not be deemed to constitute consent to any action otherwise prohibited by the terms and conditions of this Agreement.
Mandatory Repayments. (a) [Reserved]
(b) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set forth below (each, a “Scheduled Initial Term Loan Repayment Date”), the Borrower shall be required to repay that principal amount of Initial Term Loans as is set forth opposite each such date below (as such principal amounts may be reduced or increased as otherwise provided herein) (each such repayment, as the same may be reduced or increased as provided herein, a “Scheduled Initial Term Loan Repayment”): March 31, 2015 $ 250,000 June 30, 2015 $ 250,000 September 30, 2015 $ 250,000 December 31, 2015 $ 250,000 March 31, 2016 $ 250,000 June 30, 2016 $ 250,000 September 30, 2016 $ 250,000 December 31, 2016 $ 250,000 March 31, 2017 $ 250,000 June 30, 2017 $ 250,000 September 30, 2017 $ 250,000 December 31, 2017 $ 250,000 March 31, 2018 $ 250,000 June 30, 2018 $ 250,000 September 30, 2018 $ 250,000 December 31, 2018 $ 250,000 March 31, 2019 $ 250,000 June 30, 2019 $ 250,000 September 30, 2019 $ 250,000 December 31, 2019 $ 250,000 March 31, 2020 $ 250,000 June 30, 2020 $ 250,000 September 30, 2020 $ 250,000 December 31, 2020 $ 250,000 March 31, 2021 $ 250,000 June 30, 2021 $ 250,000 September 30, 2021 $ 250,000 Initial Term Loan Maturity Date $ 93,250,000 Table of Contents Without limiting the foregoing, to the extent not previously paid, all Initial Term Loans shall be due and payable on the Initial Term Loan Maturity Date.
(c) [Reserved].
(d) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date on or after the Closing Date upon which the Borrower or any of its Restricted Subsidiaries receives any cash proceeds from any issuance or incurrence by the Borrower or any of its Restricted Subsidiaries of Indebtedness (other than Indebtedness permitted to be incurred pursuant to Section 10.04 (excluding Credit Agreement Refinancing Indebtedness in respect of Term Loans)), an amount equal to 100% of the Net Debt Proceeds of the respective incurrence of Indebtedness shall be applied on such date as a mandatory repayment of Term Loans in accordance with the requirements of Sections 5.02(h) and (i).
(e) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 5.02, within five Business Days after each date on or after the Closing Date upon which the Borrower or any of its Restricted Subsidiaries receives any cash proceeds from any Asset Sale, an amount equal to 100% of the Net Sale Proc...
Mandatory Repayments. (a) The Borrower shall repay the principal of all of the Revolving Advances on the Revolving Loan Termination Date. Additionally, if at any time the sum of (i) the aggregate principal amount of all Revolving Advances owed to any Revolving Lender plus (ii) such Revolving Lender's Ratable Revolving Percentage of the sum of (A) the outstanding Swingline Advances plus (B) the outstanding Letter of Credit Liabilities exceeds its Revolving Commitment, the Borrower shall ratably repay to the Revolving Lenders the Revolving Advances in an amount necessary so that no Revolving Lender is owed a principal amount of Revolving Advances that exceeds the sum of (y) its Revolving Commitment minus (z) such Revolving Lender's Ratable Revolving Percentage of the sum of (A) the outstanding Swingline Advances plus (B) the outstanding Letter of Credit Liabilities.
(b) The Borrower shall repay each Swingline Advance on the 30th Business Day following the date such Swingline Advance is made.
(c) The Borrower shall repay to the Term Lenders the principal of all of the Term Advances in 28 consecutive quarterly installments, the first of which shall be due and payable on October 7, 2004, the next 26 of which shall be due on the 7th day of each January, April, July and October thereafter, and the final one of which shall be due and payable on July 7, 2011, with the first 27 installments being in the aggregate principal amount of $750,000 and the final installment being in the amount necessary to repay in full the unpaid principal amount of all Term Advances.
(d) Subject to Sections 2.04(h) and 2.04(i), the Borrower shall repay Advances in a principal amount equal to 100% of Net Debt Proceeds of any Mandatory Prepayment Debt on the first Business Day (or if such payment would result in the imposition of additional charges under Section 10.04(b) and if no Event of Default exists, on the last day of the Interest Period then in effect, provided that such Net Debt Proceeds are held in a segregated bank account until such later payment date) following issuance of such Mandatory Prepayment Debt.
(e) Subject to Sections 2.04(h) and 2.04(i), the Borrower shall repay Advances in a principal amount equal to 100% of all Net Cash Proceeds from (i) each Asset Disposition (other than a Land Rig Disposition) on the third Business Day after the later of (A) the occurrence of such Asset Disposition and (B) if the exception to the definition of Asset Disposition set forth in clause (f) thereof could ap...
Mandatory Repayments. 21 4.03 Method and Place of Payment.................................................................. 21 4.04
Mandatory Repayments. On the date of each Revolving Loan Commitment reduction provided for in this Subsection 1.6, Borrower shall repay Revolving Loans in an amount at least sufficient to reduce the aggregate principal balance of Revolving Loans then outstanding to the amount of the Revolving Loan Commitment as so reduced. If at any time the aggregate outstanding amount of Revolving Loans exceeds the Revolving Loan Commitment, Borrower shall repay Revolving Loans in an amount at least sufficient to reduce the aggregate principal balance of Revolving Loans then outstanding to the amount of the Revolving Loan Commitment, and until such repayment is made, Lenders shall not be obligated to make Revolving Loans. Any repayments pursuant to this Subsection 1.6(D) shall be applied in accordance with Subsection 1.8, and shall be accompanied by accrued interest on the amount repaid and any applicable Breakage Fees.
Mandatory Repayments. (a) If on any date, the Tranche 1 Letter of Credit Outstandings exceeds the Total Tranche 1 Commitment as then in effect, the Parent Borrower shall pay, or cause one or more Borrowers for whose account Tranche 1 Letters of Credit were issued to pay, to the Administrative Agent at the Payment Office on such date an amount of cash and/or Cash Equivalents equal to the amount of such excess, such cash and/or Cash Equivalents to be held as security for all obligations of the respective Borrower to the Tranche 1 Lenders hereunder in the Collateral Account applicable to such Borrower.
(b) If on any date, the sum of the aggregate outstanding principal amount of Revolving Loans plus the Tranche 2 Letter of Credit Outstandings exceeds the Total Tranche 2 Commitment as then in effect, the Parent Borrower shall repay, or cause one or more Borrowers to whom Revolving Loans were made and/or for whose account Tranche 2 Letters of Credit were issued to repay, on such day the outstanding Revolving Loans in an aggregate principal amount equal to the amount by which the aggregate outstanding principal amount of Revolving Loans plus the Tranche 2 Letter of Credit Outstandings exceeds the Total Tranche 2 Commitment as then in effect. If, after giving effect to the prepayment of all outstanding Revolving Loans, as set forth above, the Tranche 2 Letter of Credit Outstandings exceeds the Total Tranche 2 Commitment, the Parent Borrower shall pay, or cause one or more Borrowers for whose account Tranche 2 Letters of Credit were issued to pay, to the Administrative Agent at the Payment Office on such date an amount of cash and/or Cash Equivalents equal to the amount of such excess, such cash and/or Cash Equivalents to be held as security for all obligations of the respective Borrowers to the Tranche 2 Lenders hereunder in a cash collateral account to be established by the Administrative Agent on terms reasonably satisfactory to the Administrative Agent.
(c) If on any date and for any reason (including any fluctuations in the U.S. Dollar Equivalent of any amount of any Optional Currency), the aggregate outstanding amount of all Letters of Credit Outstanding (less the amount of any cash and/or Cash Equivalents previously paid to, and currently held by, the Administrative Agent as contemplated by this sentence) issued in currencies other than U.S. Dollars exceeds the Aggregate Multicurrency Letter of Credit Limit (as such amount may be increased as provided for in Sections 1.15(a) and ...
Mandatory Repayments. (i) At no time shall (a) the amount of any individual Revolving Credit Loan outstanding exceed the related individual Borrowing Base, or (b) the amount of the aggregate Revolving Credit Loans outstanding exceed the aggregate Borrowing Base. The Company shall make such repayments of an individual Revolving Credit Loan or of the aggregate Revolving Credit Loans as are necessary to reduce the principal amount of such individual Revolving Credit Loan or the aggregate Revolving Credit Loans, as applicable, to an amount which does not exceed the related individual Borrowing Base or the aggregate Borrowing Base, as applicable.
(ii) The Company shall use the proceeds from the sale of Pooled Interest Certificates to repay all or a portion of the principal amount of, and accrued interest on, related outstanding Revolving Credit Loans. The Company shall be required to repay the entire principal amount of each outstanding Revolving Credit Loan within six months following the date on which the related Asset-Specific Trust Interests were purchased with the proceeds of such Revolving Credit Loan; provided, however, that the Company may elect at the time Eligible Leases related to such Asset-Specific Trust Interests are being reallocated to the Pooled Interest Portfolio evidenced by such Pooled Interest Certificates to reallocate Eligible Leases having an aggregate Eligible Lease Amount of up to $1,000,000 to new Asset-Specific Trust Interests in which event the principal amount of the then outstanding Revolving Credit Loans may be reduced to an amount which does not exceed the Borrowing Base of such reallocated Eligible Leases. In no event may an Eligible Lease be reallocated to a new Asset-Specific Trust Interest more than once. The Lender understands that in order for the Trust to create a Pooled Interest Portfolio evidenced by such Pooled Interest Certificates, it will be necessary for the Lender to release its security interest in those Asset- Specific Trust Interests related to Trust Assets being reallocated to such Pooled Interest Portfolio. Except during the occurrence and continuation of an Event of Default, the Lender's consent to the release of such security interest shall not be unreasonably withheld.