Release of Collateral Upon Partial Prepayment Sample Clauses

Release of Collateral Upon Partial Prepayment. The JGB Agent shall, upon written request of the Borrowers and provided that no Event of Default has occurred and is continuing, release the lien and security interest of the JGB Agent in (i) the Aircraft or the Michigan Property in the event that the Borrowers have made aggregate payments to the Lenders equal to the Release Price A and (ii) in the Florida Property, provided that the Borrowers have made aggregate payments to the Lenders equal to Release Price B. For clarity, the lien and security interest of the JGB Agent to be released in each of the Aircraft, Michigan Mortgage and Florida Mortgage shall each be independent and based upon the repayment of the amount specified in the preceding sentence and not cumulative.
Sample 1
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Release of Collateral Upon Partial Prepayment. Simultaneously with or --------------------------------------------- promptly following the cancellation of any Securities, whether pursuant to a partial repurchase of any Securities pursuant to Section 4.15 of the Indenture or otherwise, following a tender of Securities in payment of the Exercise Price of the Warrants or in connection with a tender offer for the Securities or otherwise, if the Company has complied with the Preconditions, and provided that -------- after giving effect to the release of such Collateral the Company will be in compliance with the Security Ratio requirements set forth in clause (b) of the definition thereof, Collateral Agent shall release from the Lien of this Pledge Agreement and assign and transfer to the Company or its designee all of the right, title and interest of the Collateral Agent in designated Collateral as set forth in Schedule 2 hereto (the "Released Collateral") based upon the reduction in the amount of Securities Outstanding to an amount equal to the level specified for the release of particular Collateral as set forth in said Schedule 2 (the "Collateral Release Trigger"). The Collateral Agent shall execute and deliver to the Company the proper instrument or instruments (including, without limitation, a Supplemental Pledge Agreement in the form of Exhibit B and Uniform Commercial Code statements on form UCC-3) to evidence the release of the Lien on the Released Collateral and to assign, transfer and deliver to the Company against receipt but without recourse, warranty or representation the Released Collateral and any other Property or proceeds received in respect thereof and then in the possession of the Collateral Agent.
Sample 1
Release of Collateral Upon Partial Prepayment. The JGB Agent shall, upon written request of the Borrowers and provided that no Event of Default has occurred and is continuing, release the lien and security interest of the JGB Agent in (i) one of the Aircraft or the Michigan Property (but not both) in the event that the Borrowers have made aggregate payments to the Lenders equal to the Release Price A, (ii) in the Florida Property, provided that the Borrowers have made aggregate payments to the Lenders equal to Release Price B and (iii) in the Circle 8 Pledged Interests, provided that the Borrowers have made aggregate payments to the Lenders equal to Release Price C. For clarity, the lien and security interest of the JGB Agent to be released in each of the Aircraft, Michigan Mortgage, Florida Mortgage and Circle 8 Pledged Interests shall each be independent and based upon the repayment of the amount specified in the preceding sentence and not cumulative.
Sample 1

Related to Release of Collateral Upon Partial Prepayment

  • Partial Prepayments Each partial prepayment of the Loans under §3.3 shall be in a minimum amount of $100,000.00 or an integral multiple of $100,000.00 in excess thereof, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of payment. Each partial payment under §3.2 and §3.3 shall be applied first to the principal of any Outstanding Swing Loans, then to the principal of Revolving Credit Loans. In the absence of instruction by the Borrower, prepayments shall be applied first to the principal of Base Rate Loans, and then to the principal of LIBOR Rate Loans.

  • Allocation of Partial Prepayments In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.

  • Optional Prepayment of Loans (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

  • Optional Prepayment The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without prepayment penalty or premium subject to the requirements of this Section and Section 2.15.

  • Optional Prepayments with Make-Whole Amount (a) The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of, any Series of the Notes, in an amount not less than 10% of the aggregate principal amount of such Series of the Notes then outstanding (but if in the case of a partial prepayment, then against each tranche within such Series of Notes in proportion to the aggregate principal amount outstanding of each tranche of such Series), at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to such principal amount. The Company will give each holder of the Series of Notes to be prepaid written notice of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such date, the aggregate principal amount of the Series of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of the Series of Notes to be prepaid a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date.

  • Voluntary prepayment of Loans 7.5.1 The Borrowers may, by giving the Facility Agent not less than five (5) Business Days’ prior notice, prepay the whole or part (but if in part, in a minimum amount of USD 1,000,000 and an integral multiple of USD 1,000,000 or such whole amount as, the Facility Agent may agree) of any Loan.

  • Optional Prepayments The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with Section 3.04(b).

  • Optional Prepayments of Loans The Borrower may prepay Loans, (i) upon at least two Business Days’ notice, in the case of Eurodollar Rate Revolving Loans, and (ii) upon notice not later than 12:00 noon (New York City Time) on the date of prepayment, in the case of Base Rate Revolving Loans, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and, if such notice is given, the Borrower shall prepay the outstanding principal amount of the Loans comprising part of the same Borrowing in whole or ratably in part, without penalty, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of $1,000,000 or an integral multiple of $100,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Loan, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Permitted Prepayment Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances, provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan Advances at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B) the Final Payment, (C) the Prepayment Fee, and (D) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts.

  • Required Prepayments On August 1, 2002, and on each August 1 thereafter to and including August 1, 2010, the Company will prepay $5,000,000 principal amount (or such lesser principal amount as shall then be outstanding) of the Notes at par and without payment of the Make-Whole Amount or any premium, provided that upon any partial prepayment of the Notes pursuant to Sections 8.2 or 10.2 or purchase of the Notes permitted by Section 8.5, the principal amount of each required prepayment of the Notes becoming due under this Section 8.1 on and after the date of such prepayment or purchase shall be reduced in the same proportion as the aggregate unpaid principal amount of the Notes is reduced as a result of such prepayment or purchase.

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