Common use of Repayment of Term Loan Clause in Contracts

Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) in consecutive monthly installments of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment being due on the first Business Day of each month thereafter until June 1, 2020 with a final payment due on the applicable Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the foregoing, upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan. First Business Day Principal Amortization Month and Year Amount per Month May 2016 – April 2017 $41,667.67 May 2017 – April 2018 $125,000.00 May 2018 – August 2018 $166,666.67 September 2018 – June 2020 $175,000.00”

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

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Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) in consecutive monthly installments of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment being due on the first Business Day of each month thereafter until June 1, 2020 2021 with a final payment due on the applicable Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the foregoing, upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan. First Business Day Principal Amortization Month and Year Principal Amortization Amount per Month May 2016 – April 2017 $41,667.67 May 2017 – April 2018 $125,000.00 May 2018 – August 2018 $166,666.67 September 2018 – June 2020 2021 $175,000.00”

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) (i) in consecutive monthly installments of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment being due on the first Business Day of each month thereafter until June 1the Term Loan has been paid in full, 2020 with (ii) in the amount of $750,000 in three installments of $250,000 on the last Business Day of each of November 2021, December 2021 and March 2022, (iii) in the amount of $750,000 in three installments of $250,000 on the last Business Day of each of September 2022, December 2022 and March 2023 (the payments provided for in Section 2.7 (ii) and (iii) are referred to herein as the “Special Principal Payments”) and (iv) as a final payment due on the applicable Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan, if any. Notwithstanding the foregoing, upon BorrowerBxxxxxxx’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan. First Business Day Principal Amortization Month and Year Principal Amortization Amount per Month May 2016 – April 2017 $41,667.67 May 2017 – April 2018 $125,000.00 May 2018 – August 2018 $166,666.67 September 2018 – June 2020 2021 $175,000.00175,000.00 July 2021 – May 2023 June 2023 $200,000.00 $83,333.32 or an amount equal to the then outstanding principal balance of the Term Loan

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) (i) in consecutive monthly installments of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment being due on the first Business Day of each month thereafter until June December 1, 2020 with 2022, (ii) in the amount of $750,000 in three installments of $250,000 on the last Business Day of each of November 2021, December 2021 and March 2022, (iii) in the amount of $750,000 in three installments of $250,000 on the last Business Day of each of September 2022, December 2022 and March 2023 (the payments provided for in Section 2.7 (ii) and (iii) are referred to herein as the “Special Principal Payments”) and (iv) as a final payment due on the applicable Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the foregoing, upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan. First Business Day Principal Amortization Month and Year Principal Amortization Amount per Month May 2016 – April 2017 $41,667.67 May 2017 – April 2018 $125,000.00 May 2018 – August 2018 $166,666.67 September 2018 – June 2020 2021 $175,000.00175,000.00 July 2021 – December 2022 $200,000.00

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

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Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) in consecutive monthly installments of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment being due on the first Business Day of each month thereafter until June May 1, 2020 2022 with a final payment due on the applicable Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the foregoing, upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan. First Business Day Principal Amortization Month and Year Amount per Month May 2016 – April 2017 $$ 41,667.67 May 2017 – April 2018 $$ 125,000.00 May 2018 – August 2018 $$ 166,666.67 September 2018 – June 2020 $175,000.002021 $ 175,000.00 July 2021-Maturity $ 200,000.00

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

Repayment of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) (i) in consecutive monthly installments of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding installment being due on the first Business Day of each month thereafter until June December 1, 2020 with 2022, (ii) in the amount of $750,000 in three installments of $250,000 on the last Business Day of each of November 2021, December 2021 and March 2022, and (iii) as a final payment due on the applicable Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the foregoing, upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term Loan. First Business Day Principal Amortization Month and Year Principal Amortization Amount per Month May 2016 – April 2017 $41,667.67 May 2017 – April 2018 $125,000.00 May 2018 – August 2018 $166,666.67 September 2018 – June 2020 2021 $175,000.00175,000.00 July 2021 – December 2022 $200,000.00

Appears in 1 contract

Samples: Credit Agreement (Cpi Aerostructures Inc)

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