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. 17 4.03 Method and Place of Payment..................................... 18 4.04
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. (a) In addition to any other mandatory repayments pursuant to this Section 5.02, all then (i) outstanding Loans of a respective Class (other than Swingline Loans) shall be repaid in full on the respective Maturity Date for such Class of Loans and (ii) outstanding Swingline Loans shall be repaid in full on the earlier of (x) the tenth Business Day following the date of the incurrence of such Swingline Loans and (y) the applicable Maturity Date.
(b) If on any date the sum of (I) the aggregate outstanding principal amount of all Revolving Loans (after giving effect to all other repayments thereof on such date), (II) the aggregate outstanding principal amount of all Swingline Loans (after giving effect to all other repayments thereof on such date) and (III) the aggregate amount of all Letter of Credit Outstandings, exceeds the Total Revolving Loan Commitment at such time, then the Borrower shall prepay on such date the principal of outstanding Swingline Loans (without a reduction to the Total Revolving Loan Commitment) and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans (without a reduction to the Total Revolving Loan Commitment), in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment at such time, the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.
(c) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set forth below (each, a “Scheduled Initial Tranche B-1 Term Loan Repayment Date”), the Borrower shall be required to repay that principal amount of Initial Tranche B-1 Term Loans, to the extent then outstanding, as is set forth opposite each such date below (each such repayment, as the same may be reduced as provided herein, a “Scheduled Initial Tranche B-1 Term Loan Repayment”): The last day of the Borrower’s Fiscal Quarter ending September 30, 2013 $ 1,250,000.00 The last day of t...
Mandatory Repayments. (a) On any day on which the sum of (I) the aggregate outstanding principal amount of all Revolving Loans (after giving effect to all other repayments thereof on such date) and (II) the aggregate amount of all Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment at such time, the Borrower shall prepay on such day the principal of Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment at such time, the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.
(b) (i) In addition to any other mandatory repayments pursuant to this Section 4.02, on each date set forth below, the Borrower shall be required to repay a portion of the principal amount of A-1 Term Loans, to the extent then outstanding, equal to the aggregate principal amount of A-1 Term Loans incurred hereunder multiplied by the percentage set forth below opposite each such date (each such repayment, as the same may be reduced as provided in Sections 4.01 or 4.02, an “A-1 Term Loan Scheduled Repayment”):
A-1 Term Loan Scheduled Repayment Date
Mandatory Repayments. (a) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set forth below the Borrower shall be required to repay that principal amount of Tranche B Loans as is set forth below opposite such date (each such repayment, as the same may be reduced as provided in Sections 5.01 and 5.02, a "SCHEDULED REPAYMENT"), with any remaining amount of principal of the Tranche B Loans due on the Maturity Date:
(b) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date on or after the Effective Date upon which the Borrower or any of its Subsidiaries receives any cash proceeds from any incurrence by the Borrower or any of its Subsidiaries of Indebtedness for borrowed money (other than Indebtedness for borrowed money permitted to be incurred pursuant to Section 9.04(b) through Section 9.04(g)), an amount equal to 100% of the Debt Proceeds of the respective incurrence of Indebtedness shall be applied on each such date as a mandatory repayment in accordance with the provisions of Section 5.02(i).
(c) In addition to any other mandatory repayments pursuant to this Section 5.02, within two Business Days after each date on or after the Effective Date upon which the Borrower or any of its Subsidiaries receives any cash proceeds from any Asset Sale (including any sale by the Borrower or its Subsidiaries of capital stock of any of the Subsidiaries of the Borrower), an amount equal to 100% of the Net Cash Proceeds from such Asset Sale shall be applied on each such date as a mandatory repayment in accordance with the provisions of Section 5.02(i).
(d) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10 days following each date on or after the Effective Date upon which the Borrower or any of its Subsidiaries receives any cash proceeds from any Recovery Event, an amount equal to 100% of the Net Insurance Proceeds from such Recovery Event shall be applied on each such date as a mandatory repayment in accordance with the provisions of Section 5.02(i).
(e) In addition to any other mandatory repayments pursuant to this Section 5.02, 100% of Consolidated Cash Equity received by the Borrower or any of its Subsidiaries on each date on or after the Effective Date shall be applied on each such date as a mandatory repayment in accordance with the provisions of Section 5.02(i).
(f) In addition to any other mandatory repayments pursuant to this Section 5.02, within one Business Day after each da...
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 4.02, on each Payment Date (including, for the avoidance of doubt, the Maturity Date) set forth below, the Borrower shall be required to repay Loans to the extent then outstanding in the amount set forth opposite each such Payment Date in the table below (each such repayment, as the same may be reduced in accordance with Section 4.02(e), a “Scheduled Repayment”): December 31, 2015 $ 29,050,000.00 March 31, 2016 $ 29,050,000.00 June 30, 2016 $ 29,050,000.00 September 30, 2016 $ 29,050,000.00 December 31, 2016 $ 29,050,000.00 March 31, 2017 $ 29,050,000.00 June 30, 2017 $ 29,050,000.00 September 30, 2017 $ 29,050,000.00 December 31, 2017 $ 18,156,250.00 March 31, 2018 $ 18,156,250.00 June 30, 2018 $ 18,156,250.00 September 30, 2018 $ 18,156,250.00 December 31, 2018 $ 18,156,250.00 March 31, 2019 $ 18,156,250.00 June 30, 2019 $ 18,156,250.00 September 30, 2019 $ 18,156,250.00 December 31, 2019 $ 18,156,250.00 March 31, 2020 $ 18,156,250.00 June 30, 2020 $ 18,156,250.00 Maturity Date $ 148,881,250.00 44
(b) In addition to any other mandatory repayments pursuant to this Section 4.02, but without duplication, on (i) the date of any Collateral Disposition involving a Collateral Vessel (other than a Collateral Disposition constituting an Event of Loss) and (ii) with respect to a Collateral Disposition constituting an Event of Loss, the earlier of (A) the date which is 120 days following such Event of Loss and (B) the date of receipt by the Borrower, any of its Subsidiaries or the Facility Agent of the insurance proceeds relating to such Event of Loss, the Borrower shall be required (subject to the first proviso below) to repay an aggregate principal amount of outstanding Loans in accordance with the requirements of Section 4.02(e) in an amount equal to the sum of the then outstanding aggregate principal amount of Loans multiplied by a fraction (x) the numerator of which is equal to the Fair Market Value (as determined in accordance with the most recent Appraisals delivered to the Facility Agent (or obtained by the Facility Agent) pursuant to Section 7.01(c) of the Collateral Vessel or Collateral Vessels which is/are the subject of such Collateral Disposition and (y) the denominator of which is equal to the Aggregate Collateral Vessel Value (as determined in accordance with the most recent Appraisals delivered to the Facility Agent (or obtained by the Facility Agent) pursuant to Section 7.01...
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) Subject to Section 4.13, if on any date on which a Borrowing Base Certificate is delivered pursuant to Section 7.2(c), the aggregate outstanding principal amount of the Revolving Credit Loans exceeds the Borrowing Base, the Borrower shall repay the Revolving Credit Loans in an amount equal to the amount of such excess no later than the Business Day immediately following the date of delivery of such Borrowing Base Certificate. For purposes of this Section 4.5(a), in the event that the assets of Beck▇▇ ▇▇▇luded in the calculation of the Borrowing Base exceed the Beck▇▇ ▇▇▇ercorporate Indebtedness, the Borrowing Base will be reduced by an amount equivalent to such excess.
(b) Subject to Section 4.13, if on any date the aggregate outstanding principal amount of the Revolving Credit Loans exceeds the Revolving Credit Commitments, the Borrower shall immediately repay the Revolving Credit Loans in an amount equal the amount of such excess.
(c) Unless the Required Lenders otherwise agree, the Borrower shall prepay the Revolving Credit Loans and reduce the Revolving Credit Commitments in an amount equal to (i) provided that there has not occurred a Default or an Event of Default, 50% and, otherwise, 100% of the Net Proceeds of any sale or issuance of debt securities, and 50% of the Net Proceeds of any sale or issuance of any equity securities, in either case by any Loan Party, whether in a public offering, a private placement or otherwise, (ii) 100% of the Net Proceeds of any sale, lease, assignment, exchange or other disposition for cash of any asset or group of assets not made in the ordinary course of business by any Loan Party, (iii) 100% of the Net Proceeds of any insurance proceeds paid as a result of any destruction, casualty or taking of any property of any Loan Party; in any such case no later than 3 Business Days following receipt by such Loan Party of such proceeds, together with accrued interest to such date on the amount prepaid; provided, however, that (i) no such prepayment shall be required pursuant to subclause (ii) or (iii) of this Section 4.5(c) unless the aggregate amount of such Net Proceeds received and the reduction of the Revolving Credit Commitments pursuant to Section 4.5(c)(ii) is at least $100,000 and (ii) no such prepayment shall be required pursuant to subclause (iii) of this Section 4.5(c) if the Agent consents to the Loan Party in question utilizing the insurance proceeds to replace or repair the property in question, which conse...