Other Required Prepayments Clause Samples
The 'Other Required Prepayments' clause mandates that a borrower must make additional loan repayments under certain specified circumstances beyond the regular payment schedule. Typically, these circumstances might include events such as receiving insurance proceeds, selling collateral, or obtaining excess cash flow, which then must be used to pay down the outstanding loan balance. This clause ensures that lenders receive accelerated repayment when the borrower experiences financial gains or liquidity events, thereby reducing the lender's risk and improving the likelihood of full loan recovery.
Other Required Prepayments. If the terms of any agreement, instrument or indenture pursuant to which any Indebtedness pari passu with or junior in right of payment to the Loans is outstanding (or pursuant to which such Indebtedness is guaranteed) require prepayment of such Indebtedness out of the proceeds of any Disposition or otherwise unless such proceeds are used to prepay other Indebtedness, then, to the extent not otherwise required by this Section 2.10(a), the Loans shall be repaid in an amount not less than the minimum amount that would be required to be prepaid not later than the latest time as and upon such terms so that such other Indebtedness will not be required to be prepaid pursuant to the terms of the agreement, indenture or instrument or guarantee governing such other Indebtedness.
Other Required Prepayments. If the terms of any agreement, instrument or indenture pursuant to which any Indebtedness (other than the Obligations) pari passu with or junior in right of payment to the Loans is outstanding (or pursuant to which such Indebtedness is guaranteed) require prepayment of such Indebtedness out of the Net Available Proceeds of any Asset Sale unless such Net Available Proceeds are used to prepay other Indebtedness, then, to the extent not otherwise required by this Section 2.10(a), if the Companies shall not have reinvested the Net Available Proceeds thereof as permitted by Section 2.10(a)(v) within the time frame permitted thereby (but prior to the date required to be applied to such Indebtedness), the Loans shall be repaid in an amount not less than the minimum amount that would be required to be prepaid not later than the latest time as and upon such terms so that such other Indebtedness will not be required to be prepaid pursuant to the terms of the agreement, indenture or instrument or guarantee governing such other Indebtedness.
Other Required Prepayments. 56 Section 4.5 Payments by the Borrowers..................................57 Section 4.6 Payments as Revolving Loans................................57 Section 4.7 Apportionment, Application, and Reversal of Payments. ....57 Section 4.8 Indemnity for Returned Payments..........................
Other Required Prepayments. In the event the Company shall propose to make a payment to effect a permanent reduction in the Bank Indebtedness or a reduction of the aggregate principal amount of loans, advances and other financial accommodations available to the Company under the Bank Indebtedness Documents, or in the event the Company shall propose to permit or suffer to occur a set off in payment or satisfaction of the Bank Indebtedness or any portion thereof, the Company shall, on the date of such payment or set off, effect a prepayment of the principal amount of the Notes then outstanding, such prepayment to be in an aggregate amount equal to such outstanding principal amount of the Notes multiplied by a fraction, the numerator of which shall be the amount of the payment or set off to be made with respect to the Bank Indebtedness and the denominator of which shall be the principal amount of the Bank Indebtedness outstanding immediately prior to the payment or set off, together with accrued interest on the principal amount to be so prepaid to the date of such prepayment, and the Make-Whole Premium, if any. Contemporaneously with such prepayment, the Company shall provide each Holder written notice by facsimile transmission stating whether any Make-Whole Premium is payable in connection with such prepayment, and containing a reasonably detailed computation of any such Make-Whole Premium or the basis for determining that no such Make-Whole Premium is payable.
Other Required Prepayments. If the terms of any agreement, instrument or indenture pursuant to which any Indebtedness pari passu with or junior in right of payment to the Loans is outstanding (or pursuant to which such Indebtedness is guaranteed) require prepayment of such Indebtedness out of the proceeds of any Disposition or otherwise unless such proceeds are used to prepay other Indebtedness, then, to the extent not otherwise required by this Section 2.10(a), the Loans shall be repaid in an amount not less than the minimum amount that would be required to be prepaid not later than the latest time as and upon such terms so that such other Indebtedness will not be required to be prepaid pursuant to the terms of the agreement, indenture or instrument or guarantee governing such other Indebtedness. If the amount of funds actually used prior to the 33rd day after the Closing Date to consummate the Refinancing, the Existing Notes Redemption and the Tender Offer and to pay fees, expenses, interest and premiums in connection therewith is less than $447.0 million, then on the first Business Day after the 33rd day after the Closing Date Borrower shall apply the difference between $447.0 million and the amount so applied to repay the Loans in accordance with Section 2.10(b).
Other Required Prepayments. (a) Prepayments from Distributions or Loans from MRC. All proceeds or other cash payments received by the Parent constituting proceeds of a Distribution, loan, or other advance to the Parent by MRC shall be paid to the Agent, promptly upon such receipt, for application to the unpaid balance of the Revolving Loans.
Other Required Prepayments. (i) Borrower shall use all of the proceeds (net of reasonable selling expenses, estimated taxes and any amounts applied to repay Indebtedness secured by such assets) from any sale or other disposition or related series of sales or other dispositions (other than sales of inventory in the ordinary course of business, or intercompany sales permitted under Section 5.02(d)(i)) of more than 10% of Borrower's consolidated assets (computed on a consolidated basis either according to net book value, determined in accordance with GAAP consistently applied, or fair market value, determined by Borrower's Board of Directors in its reasonable good faith judgment) to prepay the Loan, without premium or penalty, in accordance with Section 2.04(d), except to the extent such proceeds are reinvested in accordance with Section 5.02(d)(ii) hereof; provided that -------- Borrower shall not be required to make, and Lender shall have no right to receive or retain, any such prepayment until all obligations constituting Senior Debt have been paid in full in cash and all obligations to make any extensions of credit under the Senior Loan Agreement that would constitute Senior Debt have been terminated, and then Borrower shall be required to make such prepayment only to the extent such proceeds have not been used to repay such Senior Debt.
(ii) The entire outstanding principal amount of the Loan shall be immediately due and payable (without premium or penalty) upon the sale or other disposition (other than intercompany sales permitted under Section 5.02(d)(i)), in one transaction or a series of related transactions, of more than 50% of Borrower's consolidated assets (computed on a consolidated basis either according to net book value, determined in accordance with GAAP consistently applied, or fair market value, determined by Borrower's Board of Directors in its reasonable good faith judgment) or upon the consummation of a Change in Ownership; provided that Borrower shall not be required to make, and Lender -------- shall have no right to receive or retain, any such prepayment until all obligations constituting Senior Debt have been paid in full in cash and all obligations to make any extensions of credit under the Senior Loan Agreement that would constitute Senior Debt have been terminated.
(iii) Except as otherwise provided herein, all such prepayments of the Loan under this Section 2.04(c) shall be made promptly (but in any event within five Business Days) after the consummation of...