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. (a) On any day on which the sum of (I) the aggregate outstanding principal amount of Loans (after giving effect to all other repayments thereof on such date) and (II) the aggregate amount of all Letters of Credit Outstanding under the Revolving Facility exceeds the Total Commitment at such time, the Borrower shall repay on such date the principal of Loans in an amount equal to such excess. If, after giving effect to the repayment of all outstanding Loans, the aggregate amount of the Letters of Credit Outstanding under the Revolving Facility exceeds the Total 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 Letters of Credit Outstanding under the Revolving Facility 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 in a cash collateral account to be established by the Administrative Agent.
(b) On any day on which the aggregate outstanding principal amount of Loans (after giving effect to all other repayments thereof on such date) exceeds an amount equal to (I) $200,000,000 (or such lesser amount as is set forth in an applicable Extension Amendment to account for Commitments not extended pursuant to such Extension Amendment) plus (II) the aggregate outstanding amount of any Loans the proceeds of which were used to repay Unpaid Drawings under the Revolving Facility, the Borrower shall repay on such date the principal of Loans in an amount equal to such excess.
(c) With respect to each repayment of Loans required by this Section 5.02, the Borrower may designate the specific Borrowing or Borrowings to which such repayment shall apply, provided that (i) repayments of Loans pursuant to this Section 5.02 may only be made on the last day of an Interest Period applicable thereto unless all Loans with Interest Periods ending on such date of required repayment have been paid in full and (ii) each repayment of Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its sole discretion.
(d) Notwithstanding anything to the contrary contained elsewhere in this Agreement, all then outstanding Loans shall be repaid in ful...
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) If on any date the aggregate outstanding principal amount of Revolving Loans made by Non-Defaulting Banks (in each case after giving effect to all other repayments thereof on such date) exceeds the Adjusted Total Commitment as then in effect, the Company shall repay on such date the principal of Revolving Loans of Non-Defaulting Banks in an aggregate amount equal to such excess.
(ii) If on any date the aggregate outstanding principal amount of Revolving Loans made by any Defaulting Bank exceeds the Revolving Loan Commitment of such Defaulting Bank, the Company shall repay the Revolving Loans of such Defaulting Bank in an amount equal to such excess.
(b) In addition to any other mandatory repayments pursuant to this Section 3.02, the Company shall repay, on each date set forth below (provided that if any date set forth below is not a Business Day then the repayment shall occur on the first Business Day immediately succeeding such date set forth below) (each a "Scheduled TL Repayment Date"), the Term Loans in an amount equal to the product of (x) the aggregate principal amount of Revolving Loans converted to Term Loans on the Conversion Date pursuant to Section 1.01(b) hereof multiplied by (y) the percentage set forth below opposite such date (each such repayment, as the same may be reduced as provided in Sections 3.01, and 3.02(d), a "Scheduled TL Repayment"): Scheduled TL Repayment Date Percentage --------------------------- ---------- June 30, 2000 10% December 31, 2000 10% June 30, 2001 10% December 31, 2001 10% June 30, 2002 10% December 31, 2002 10% June 30, 2003 10% December 31, 2003 10% June 30, 2004 20%
(c) In the event that a Specified Change of Control Event occurs, the Company shall repay all outstanding Term Loans in their entirety on the date which is the earlier of (i) 30 days after any date on which such Specified Change of Control Event occurs and (ii) the date on which any Senior Notes or any other Indebtedness of the Company or its Restricted Subsidiaries are required to be repurchased, redeemed or prepaid as a result of any such Specified Change of Control Event.
(d) The aggregate principal amount of Term Loans shall be repaid at the times, and in the amounts, provided in Section 2.03(b). The amount of each principal repayment of Term Loans pursuant to this Section 3.02(d) shall be applied to reduce each of the remaining Scheduled TL Repayments on a pro rata basis (based upon the then remaining amount of each such Scheduled TL Repayme...
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. 39 5.3 Method and Place of Payment.................................................................... 43 5.4
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 the aggregate amount of the Letter of Credit Outstandings exceeds the Total L/C Commitment on any day, 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) In addition to any other mandatory repayments pursuant to this Section 4.02, on each date set forth below (each, a "Scheduled Repayment Date"), the Borrower shall be required to repay that principal amount of 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 in Section 4.01(a), 4.01(b) or 4.02(h), a "Scheduled Repayment"): Scheduled Repayment Date Amount ----------------------------------------------- ------------ March 31, 2005 $ 825,000 June 30, 2005 $ 825,000 September 30, 2005 $ 825,000 December 31, 2005 $ 825,000 March 31, 2006 $ 825,000 June 30, 2006 $ 825,000 September 30, 2006 $ 825,000 December 31, 2006 $ 825,000 March 31, 2007 $ 825,000 June 30, 2007 $ 825,000 September 30, 2007 $ 825,000 December 31, 2007 $ 825,000 March 31, 2008 $ 825,000 June 30, 2008 $ 825,000 September 30, 2008 $ 825,000 December 31, 2008 $ 825,000 March 31, 2009 $ 825,000 June 30, 2009 $ 825,000 September 30, 2009 $ 825,000 December 31, 2009 $ 825,000 March 31, 2010 $ 825,000 June 30, 2010 $ 825,000 September 30, 2010 $ 825,000 December 31, 2010 $ 825,000 March 31, 2011 $ 77,550,000 June 30, 2011 $ 77,550,000 September 30, 2011 $ 77,550,000 Final Maturity Date $ 77,550,000
(c) In addition to any other mandatory repayments pursuant to this Section 4.02, on each date on or after the Initial Borrowing Date upon which the Borrower or any of its Subsidiaries receives any cash proceeds from any capital contribution or any sale or issuance of its Equity Interests (other than cash proceeds from the issuance of Equity Interests to members of management or employees of the Borrower in an amount not to exceed $5,000,000 in any fiscal year of the Borrower), an amount equal to 100% of the Net Equity Proceeds of such capital contribution or sale or issuance of equity shall be applied on such date as a mandatory repayment of...
Mandatory Repayments. (a) Borrower shall repay all outstanding Obligations on the earliest to occur of (i) the Maturity Date, (ii) a Change of Control, and (iii) the date on which Borrower terminates the Commitment pursuant to Section 2.6.
(b) Borrower shall immediately prepay the principal amount of each Advance on the date of closing of the Whole Loan Sale of the specific Mortgage Loan(s) supporting such Advance. The proceeds of any such sale, unless otherwise directed by Lender to writing, shall be paid directly to Lender (and Borrower shall so notify each Approved Investor of this requirement) by wire transfer to the Investor Funding Account, pursuant to the wire transfer instructions set forth on Exhibit F. Such wire, among other things, shall --------- specify Borrower's name, the last name(s) of each Obligor and loan number(s) for the applicable Mortgage Loan(s); provided, however, Lender may change the wire -------- ------- transfer instructions from time to time. Lender shall have the sole right of withdrawal with regard to funds from time to time in the Investor Funding Account.
(c) Notwithstanding any other provisions of this Agreement, Borrower shall immediately prepay: (i)
(A) Sublimit A Advances to the extent that the aggregate outstanding principal amount of Sublimit A Advances exceeds the maximum amount of Sublimit A, (B) Sublimit B Advances to the extent that the aggregate outstanding principal amount of Sublimit B Advances exceeds the maximum amount of Sublimit B, (C) Sublimit C Advances to the extent that the aggregate outstanding principal amount of Sublimit C Advances exceeds the maximum amount of Sublimit C, (D) Sublimit D Advances to the extent that the aggregate outstanding principal amount of Sublimit D Advances exceeds the maximum amount of Sublimit D, and (ii) Advances to the extent that the aggregate outstanding principal amount of such Advances exceeds the Commitment. Further, Borrower shall immediately upon demand pay to Lender all amounts necessary from time to time to compensate for any resulting deficiency between the proceeds of sale of the Mortgage Loans and the principal amount advanced under the Line of Credit related to such Mortgage Loans.
(d) Notwithstanding any other provision of this Agreement, Lender shall not be required to accept or to continue to hold as security for repayment of Advances under Section 4.3 any Mortgage Loan which (i) has aged more than the length of the Warehouse Period, unless specifically agreed otherwise by Lende...
Mandatory Repayments. (a) [Reserved]
(b) If the Borrower or any Subsidiary shall incur any Indebtedness after the Closing Date (other than Indebtedness permitted under Section 7.1), one hundred percent (100%) of the Net Cash Proceeds received by the Borrower or such Subsidiary from such incurrence shall be paid to the Administrative Agent on the date of receipt of the proceeds thereof by the Borrower or such Subsidiary as a mandatory payment of the Loans. All such payments shall be applied to the Obligations in the order set forth in Section 2.12(g) below. Nothing in this Section 2.12(c) shall authorize the Borrower or any Subsidiary to incur any Indebtedness except to the extent permitted by this Agreement.
(c) One hundred percent (100%) of the Net Cash Proceeds from any Disposition by any Loan Party made after the Closing Date which (together with the Net Cash Proceeds from all other Dispositions which were not reinvested in accordance with the following sentence) exceed $25,000,000 in the aggregate, shall be paid to the Administrative Agent on the date of receipt thereof by such Loan Party as a mandatory payment of the Obligations. Notwithstanding the foregoing and provided no Default or Event of Default has occurred and is continuing on the date of such Disposition or on the date of, or any date after such Disposition and prior to, any reinvestment permitted pursuant to this clause (c), such Loan Party shall not be required to pay such Net Cash Proceeds to the Administrative Agent for payment of the Obligations to the extent such Loan Party reinvests such Net Cash Proceeds (the “Disposition Reinvestment Amount”), in productive assets of a kind then used or usable in the business of the Loan Parties, within one year after the date of such Disposition; provided that pending any such reinvestment, such Disposition Reinvestment Amount shall be held at all times prior to such reinvestment in a deposit account subject to a Blocked Account Agreement. In the event that the Disposition Reinvestment Amount is not reinvested by the applicable Loan Party as permitted pursuant to the foregoing sentence prior to the last day of such one year period, or a Default or Event of Default occurs prior to such reinvestment, the Borrower shall immediately pay such Disposition Reinvestment Amount to the Administrative Agent as a mandatory payment of the Obligations. All payments made in accordance with this clause (c) shall be applied to the Obligations in the order set forth in Section 2.12(g) be...