Mandatory Prepayments definition

Mandatory Prepayments means the prepayments of the Loans required by Section 3.5 hereof.

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Mandatory Prepayments has the meaning given to such term in Section 1.2(b).

Mandatory Prepayments. An amount equal to (a) 100% of the net --------------------- proceeds received from the sale or other disposition of all or any part of the assets of Borrower or any of its subsidiaries after the Closing Date other than exceptions and a basket to be agreed by the Lenders and Borrower, (b) 100% of the net proceeds received by Borrower or any of its subsidiaries from the issuance of debt or preferred stock after the Closing Date, other than the Notes or other Qualifying Subordinated Debt (to be defined in the Bank Documentation) which refinances borrowings under the Bridge Facility and other exceptions to be agreed upon by the Lenders and Borrower, (c) a percentage to be determined of the net proceeds received from the issuance of common equity (including, but not limited to, upon the exercise of warrants and options), by Borrower or any of its subsidiaries after the Closing Date, other than any amount thereof which is applied to the repayment of the Bridge Facility, (d) 100% of all insurance recoveries in excess of amounts applied within a period of time to be mutually agreed to replace or restore any properties in re- spect of which such proceeds are paid to Borrower and its subsidiaries, and (e) a percentage to be determined of excess cash flow of Borrower and its subsidiaries (defined in a manner to be agreed upon by UBSW and Borrower). Percentages of equity proceeds and excess cash flow required to be applied to mandatory prepayments as provided above will be reduced based on leverage in a manner to be determined. Mandatory prepayments under clauses (a), (b), (c), (d) and (e) shall be applied: first, to prepay Term Loans and, second, to reduce the commitments under the Revolving Credit Facility (and to repay loans thereunder and/or cash collateralize letters of credit, in each case, in an amount equal to the excess of such loans or letters of credit over the commitment thereunder as so reduced).

Examples of Mandatory Prepayments in a sentence

• Interest on mandatory prepayments of principal under Section 5.7 [Mandatory Prepayments] shall be due on the date such mandatory prepayment is due.

• Any partial prepayment by the Borrower of Advances hereunder, other than with respect to Mandatory Prepayments, shall be in a minimum amount of $500,000 with integral multiples of $100,000 above such amount.

• Interest on mandatory prepayments of principal under Section 5.5 [Mandatory Prepayments] shall be due on the date such mandatory prepayment is due.

• The Administrative Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and on dates on which mandatory prepayments are due under Section 5.6.4 [Mandatory Prepayments] and may at its option effect settlement on any other Business Day.

• The Administrative Agent may, from time to time after funds are deposited in any Cash Collateral Account, apply funds then held in such Cash Collateral Account to the payment of any amounts, in accordance with Section 2.9(d) (Mandatory Prepayments) and Section 2.13(g) (Payments and Computations), as shall have become or shall become due and payable by the Borrower to the Issuers or Lenders in respect of the Letter of Credit Obligations.

More Definitions of Mandatory Prepayments

Mandatory Prepayments means the prepayments of the Loans required by Section 2.13 hereof.

Mandatory Prepayments has the meaning provided to such term in Section 2.06.3 of this Agreement.

Mandatory Prepayments has the meaning specified in Section 2.09.

Mandatory Prepayments as defined in Section 2.04(b) hereof.

Mandatory Prepayments. Customary asset sale mandatory prepayments and Excess Cash Flow mandatory prepayments (commencing with the first full fiscal year of the Borrower after the Closing Date, and subject to a minimum threshold to be agreed), on terms and definitions consistent with Documentation Precedent, with Excess Cash Flow to be calculated for these purposes after any Mandatory REIT Distributions. Excess Cash Flow payments will be made ratably between the Term Loans and the First Lien Notes (and ratably among the Lenders and holders of the First Lien Notes).

Mandatory Prepayments. Same as set forth in the Credit Agreement.

Mandatory Prepayments. The following amounts shall be applied to replenish the Interest Reserve Account (as defined below) and to prepay the Loans: