Common use of Repayment of Revolver Loans Clause in Contracts

Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Subject to Section 2.1.5, if an Overadvance exists at any time, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay Revolver Loans in an amount sufficient to reduce Revolver Usage to the Borrowing Base. For any Asset Disposition of Accounts or Inventory, Borrowers shall apply the Net Proceeds of such Asset Disposition of Accounts or Inventory to repay Revolver Loans equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in Borrowing Base resulting from the disposition; provided that, any such Net Proceeds shall be applied first to any Base Rate Loans, and, then to any LIBOR Loans, provided, further that if application of such Net Proceeds toward payment of a LIBOR Loan would be on a day other than the last day of the applicable Interest Period and would result in Borrowers having any liability under Section 3.9, Agent shall, unless a Default or Event of Default has occurred and is continuing or unless otherwise requested by Borrower Agent, hold the amount of such payment of Net Proceeds as Cash Collateral for the Obligations until the last day of such Interest Period and then apply such Net Proceeds to the payment of the applicable LIBOR Loan on such last day.

Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Concurrently with (a) any Asset Disposition of ABL Priority Collateral (including any Machinery) (i) that occurs during a Trigger Period or the immediate effect of which disposition will be the commencement of a Trigger Period or (ii) which disposition is not permitted by the provisions of this Agreement or (b) any other Asset Disposition of (i) Trucks that have a fair market or book value (whichever is more) of at least $1,000,000 or (ii) Inventory that has a fair market or book value (whichever is more) of at least $1,000,000, or (iii) Accounts that have a fair market or book value (whichever is more) of at least $250,000 or (iv) Machinery that has a fair market or book value (whichever is more) of at least $1,000,000, Borrowers shall prepay Revolver Loans in an amount equal to the Net Proceeds of such Asset Disposition, provided that any such prepayment shall not waive any Default or Event of Default otherwise arising under this Agreement due to such Asset Disposition. Subject to Section 2.1.5, notwithstanding anything herein to the contrary, if an Overadvance exists at any timeexists, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an amount sufficient to reduce the principal balance of Revolver Usage Loans to the Borrowing Base. For any Asset Disposition of Accounts or Inventory, Borrowers shall apply the Net Proceeds of such Asset Disposition of Accounts or Inventory to repay Revolver Loans equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in Borrowing Base resulting from the disposition; provided that, any such Net Proceeds shall be applied first to any Base Rate Loans, and, then to any LIBOR Loans, provided, further that if application of such Net Proceeds toward payment of a LIBOR Loan would be on a day other than the last day of the applicable Interest Period and would result in Borrowers having any liability under Section 3.9, Agent shall, unless a Default or Event of Default has occurred and is continuing or unless otherwise requested by Borrower Agent, hold the amount of such payment of Net Proceeds as Cash Collateral for the Obligations until the last day of such Interest Period and then apply such Net Proceeds to the payment of the applicable LIBOR Loan on such last day.

Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid at any time from time to time, without penalty or premium. Subject to Section 2.1.5, if an Overadvance exists at If any time, Borrowers shall, on Disposition (including any Involuntary Disposition) includes the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay Revolver Loans in an amount sufficient to reduce Revolver Usage to the Borrowing Base. For any Asset Disposition of Accounts or Inventory, Borrowers shall apply the Net Proceeds of such Asset Disposition disposition of Accounts or Inventory to repay Revolver Loans (other than Inventory sold in the Ordinary Course of Business), then Net Cash Proceeds equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in the Borrowing Base resulting from upon giving effect to such Disposition (or Involuntary Disposition), shall be applied to the dispositionRevolver Loans; provided thatprovided, however, that if (i) no Cash Dominion Trigger Event then exists, and (ii) immediately after giving effect to such Disposition (or Involuntary Disposition) and any reduction in the Borrowing Base which has resulted or will result (determined as of the time of such Disposition or Involuntary Disposition) therefrom in accordance with this Agreement, no Overadvance will exist, then such Net Cash Proceeds shall be applied first deposited into a Springing Dominion Account and may thereafter be expended or otherwise used by Borrowers in any manner not prohibited by this Agreement. Notwithstanding anything herein to any Base Rate Loansthe contrary, andif an Overadvance exists, then to any LIBOR Loans, provided, further that if application of such Net Proceeds toward payment of a LIBOR Loan would be on a day other than the last day of the applicable Interest Period and would result in Borrowers having any liability under Section 3.9, Agent shall, unless a Default on the sooner of Agent’s demand or Event of Default the first Business Day after any Borrower has occurred and is continuing or unless otherwise requested by Borrower Agentknowledge thereof, hold repay the outstanding Revolver Loans in an amount of such payment of Net Proceeds as Cash Collateral for the Obligations until the last day of such Interest Period and then apply such Net Proceeds sufficient to reduce Revolver Usage to the payment of the applicable LIBOR Loan on such last dayBorrowing Base.

Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Concurrently with (a) any Asset Disposition of ABL Priority Collateral or, after the occurrence of the Machinery Qualifying Date, Machinery (i) that occurs during a Trigger Period or the immediate effect of which disposition will be the commencement of a Trigger Period or (ii) which disposition is not permitted by the provisions of this Agreement or (b) any other Asset Disposition of (i) Trucks that have a fair market or book value (whichever is more) of at least $1,000,000 or (ii) Inventory that has a fair market or book value (whichever is more) of at least $1,000,000, or (iii) Accounts that have a fair market or book value (whichever is more) of at least $250,000 or (iv) after the occurrence of the Machinery Qualifying Date, Machinery that has a fair market or book value (whichever is more) of at least $1,000,000, Borrowers shall prepay Revolver Loans in an amount equal to the Net Proceeds of such Asset Disposition, provided that any such prepayment shall not waive any Default or Event of Default otherwise arising under this Agreement due to such Asset Disposition. Subject to Section 2.1.5, notwithstanding anything herein to the contrary, if an Overadvance exists at any timeexists, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an amount sufficient to reduce the principal balance of Revolver Usage Loans to the Borrowing Base. For any Asset Disposition of Accounts or Inventory, Borrowers shall apply the Net Proceeds of such Asset Disposition of Accounts or Inventory to repay Revolver Loans equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in Borrowing Base resulting from the disposition; provided that, any such Net Proceeds shall be applied first to any Base Rate Loans, and, then to any LIBOR Loans, provided, further that if application of such Net Proceeds toward payment of a LIBOR Loan would be on a day other than the last day of the applicable Interest Period and would result in Borrowers having any liability under Section 3.9, Agent shall, unless a Default or Event of Default has occurred and is continuing or unless otherwise requested by Borrower Agent, hold the amount of such payment of Net Proceeds as Cash Collateral for the Obligations until the last day of such Interest Period and then apply such Net Proceeds to the payment of the applicable LIBOR Loan on such last day5.3.

Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Concurrently with (a) any Asset Disposition of ABL Priority Collateral (i) that occurs during a Trigger Period or the immediate effect of which disposition will be the commencement of a Trigger Period or (ii) which disposition is not permitted by the provisions of this Agreement or (b) any other Asset Disposition of (i) Trucks that have a fair market or book value (whichever is more) of at least $1,000,000 or (ii) Inventory that has a fair market or book value (whichever is more) of at least $1,000,000, or (iii) Accounts that have a fair market or book value (whichever is more) of at least $250,000, Borrowers shall prepay Revolver Loans in an amount equal to the Net Proceeds of such Asset Disposition, provided that any such prepayment shall not waive any Default or Event of Default otherwise arising under this Agreement due to such Asset Disposition. Subject to Section 2.1.5, notwithstanding anything herein to the contrary, if an Overadvance exists at any timeexists, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an amount sufficient to reduce the principal balance of Revolver Usage Loans to the Borrowing Base. For any Asset Disposition of Accounts or Inventory, Borrowers shall apply the Net Proceeds of such Asset Disposition of Accounts or Inventory to repay Revolver Loans equal to the greater of (a) the net book value of such Accounts and Inventory, or (b) the reduction in Borrowing Base resulting from the disposition; provided that, any such Net Proceeds shall be applied first to any Base Rate Loans, and, then to any LIBOR Loans, provided, further that if application of such Net Proceeds toward payment of a LIBOR Loan would be on a day other than the last day of the applicable Interest Period and would result in Borrowers having any liability under Section 3.9, Agent shall, unless a Default or Event of Default has occurred and is continuing or unless otherwise requested by Borrower Agent, hold the amount of such payment of Net Proceeds as Cash Collateral for the Obligations until the last day of such Interest Period and then apply such Net Proceeds to the payment of the applicable LIBOR Loan on such last day.

Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium. Concurrently with (a) any Asset Disposition of ABL Priority Collateral (i) that occurs during a Trigger Period or the immediate effect of which disposition will be the commencement of a Trigger Period or (ii) which disposition is not permitted by the provisions of this Agreement or (b) any other Asset Disposition of (i) Trucks that have a fair market or book value (whichever is more) of at least $1,000,000 or (ii) Inventory that has a fair market or book value (whichever is more) of at least $1,000,000, or (iii) Accounts that have a fair market or book value (whichever is more) of at least $250,000, Borrowers shall prepay Revolver Loans in an amount equal to the Net Proceeds of such Asset Disposition, provided that any such prepayment shall not waive any Default or Event of Default otherwise arising under this Agreement due to such Asset Disposition. Subject to Section 2.1.5, notwithstanding anything herein to the contrary, if an Overadvance exists at any timeexists, Borrowers shall, on the sooner of Agent’s demand or the first Business Day after any Borrower has knowledge thereof, repay the outstanding Revolver Loans in an amount sufficient to reduce the principal balance of Revolver Usage Loans to the Borrowing Base. For Payment of Other Obligations. Obligations other than Loans and LC Obligations, shall be paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, within five (5) Business Days of demand. Marshaling; Payments Set Aside. None of Agent or Lenders shall be under any Asset Disposition obligation to marshal any assets in favor of Accounts any Obligor or Inventoryagainst any Obligations. If any payment by or on behalf of Borrowers is made to Agent, Borrowers shall apply Issuing Bank or any Lender, or Agent, Issuing Bank or any Lender exercises a right of setoff, and such payment or the Net Proceeds proceeds of such Asset Disposition of Accounts setoff or Inventory any part thereof is subsequently invalidated, declared to repay Revolver Loans equal to the greater of be fraudulent or preferential, set aside or required (a) the net book value of such Accounts and Inventory, or (b) the reduction in Borrowing Base resulting from the disposition; provided that, any such Net Proceeds shall be applied first including pursuant to any Base Rate Loanssettlement entered into by Agent, andIssuing Bank or such Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then to any LIBOR Loans, provided, further that if application the extent of such Net Proceeds toward payment of a LIBOR Loan would recovery, the Obligation originally intended to be on a day other than the last day of the applicable Interest Period satisfied, and would result all Liens, rights and remedies relating thereto, shall be revived and continued in Borrowers having any liability under Section 3.9, Agent shall, unless a Default or Event of Default has occurred full force and is continuing or unless otherwise requested by Borrower Agent, hold the amount of effect as if such payment of Net Proceeds as Cash Collateral for the Obligations until the last day of had not been made or such Interest Period and then apply such Net Proceeds to the payment of the applicable LIBOR Loan on such last daysetoff had not occurred. 5.1.