Additional Mandatory Prepayments Clause Samples
Additional Mandatory Prepayments. In addition to any other mandatory prepayments required pursuant to this Section 5.7, the applicable Borrower or the Company shall make mandatory prepayments of principal as follows:
(i) If the Borrower or any of its Subsidiaries receives Net Cash Proceeds from any sale of assets authorized under clauses (iv) and (vi) of Section 8.2.7 [Disposition of Assets or Subsidiaries], within thirty (30) Business Days of receipt of Net Cash Proceeds from such sale or the aggregate Net Cash Proceeds of all such sales in any fiscal year exceeding Five Million and 00/100 Dollars ($5,000,000.00), the Borrowers shall make a mandatory prepayment of principal on the Loans to be applied in accordance with Section 5.7.2 [Application Among Interest Rate Options] equal to 100% of such Net Cash Proceeds of such sale(s) together with accrued interest on such principal amount. The foregoing shall not be deemed to be implied consent to any such sale of assets otherwise prohibited by the terms and conditions hereof;
(ii) If the Borrower or any of its Subsidiaries receives proceeds from any issuance of equity securities of the Loan Parties, within five (5) Business Days of receipt of Net Cash Proceeds from such equity issuance, the Borrowers shall make a mandatory prepayment of principal on the Loans to be applied in accordance with Section 5.7.2 [Application Among Interest Rate Options] equal to 50% of the Net Cash Proceeds of such equity issuance together with accrued interest on such principal amount;
(iii) If the Borrower or any of its Subsidiaries receives Net Cash Proceeds from a Recovery Event, within thirty (30) Business Days after receipt of such Net Cash Proceeds exceeding $5,000,000 in any fiscal year, the Borrowers shall make a mandatory prepayment of principal on the Loans to be applied in accordance with Section 5.7.2 [Application Among Interest Rate Options] equal to 100% of such Net Cash Proceeds exceeding $5,000,000 together with accrued interest on such principal amount; and
(iv) commencing with the fiscal year ending December 31, 2017 and each fiscal year of the Company ending thereafter, if any portion of the Term Loan is outstanding, the Term Loan shall be prepaid in an amount equal to seventy-five percent (75%) of Excess Cash Flow of the Company and its Subsidiaries within five (5) Business Days of delivery of the Company’s annual financial statements for each such fiscal year, but in any event no later than ninety (90) days after the end of each fiscal year; pr...
Additional Mandatory Prepayments. In addition to the foregoing, the Borrower shall prepay the Loans in accordance with Section 8.2(b).
Additional Mandatory Prepayments. In addition to those mandatory prepayments required under Section 2.06, and notwithstanding anything in Section 2.06 or otherwise herein or in any other Loan Document to the contrary, the Borrower shall make such additional mandatory prepayments as required to fully comply with each of the provisions set forth below:
Additional Mandatory Prepayments. If for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in effect, the Borrower shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(c) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate Commitments then in effect.
Additional Mandatory Prepayments. (a) Promptly following the occurrence of any Equity Offering or Debt Offering of the Company or any of its Subsidiaries (following the obtaining of any necessary consents or approvals hereunder or under any other applicable agreements) which results in a Bank Debt Prepayment, the Company shall prepay (or cause any of its applicable Subsidiaries to prepay) the Notes in an amount equal to the holders' Pro Rata
Additional Mandatory Prepayments. The Borrowers shall be required to prepay the outstanding principal amount of the Loans under the following circumstances:
Additional Mandatory Prepayments. In addition to the payment provided for under Section 1.5(b), Borrower shall prepay the Loan in the following amounts:
(i) Fifty percent (50%) of the net proceeds realized from the collections of Ventura Accounts Receivable,
(ii) Fifty percent (50%) of the net proceeds realized from the sale or other disposition of Ventura Inventory; (hereinafter, the “Ventura Proceeds Sweep”); provided, however, Borrower, Agent and Lenders agree that the Ventura Proceeds Sweep shall not apply to the first one million dollars ($1,000,000) in the aggregate of cash proceeds realized from the Ventura Accounts Receivable and Ventura Inventory and in existence on the Closing Date (the “Ventura Sweep Threshold”), but such sweep shall nevertheless apply to any and all such proceeds (1) in excess of the Ventura Sweep Threshold and (2) realized by the Borrower at any time on or after the Closing Date until the Loans are repaid in full.
Additional Mandatory Prepayments. In addition to Borrower's prepayment obligations under Section 3.1(f), Borrower shall apply 50% of any and all collections received by Borrower with respect to its asset in the amount of $1,750,000 identified by Borrower in the Projections as collection on prior year non-recourse sale of technology; FIRST to reduce Term Loan A and Term Loan B in the inverse order of maturity of payment thereof (i.e., without relieving Borrower of its obligation to make the next succeeding principal payment required under the New Term Loan Note) until such Loans are paid in full, and thereafter to reduce the Revolving Loans, which latter reduction shall cause a permanent dollar-for-dollar reduction of the Revolving Commitment. Borrower also shall reduce the Obligations, in the order and manner set forth in the preceding sentence, by 100% of the Net Cash Sales Proceeds realized by Borrower from any sale of Borrower's holdings of shares of Integrity Software, Inc."
8. AMENDMENT TO REFINANCE LOAN PROVISION. Section 8.2(e)(i) of the Loan Agreement is hereby amended to read in full as follows:
(i) a Leverage Ratio of not more than 2.50 to 1.00; and"
Additional Mandatory Prepayments. The Borrower shall also make mandatory prepayments as required under clause 11.2(j)(ii)(B).
Additional Mandatory Prepayments. To reflect the agreement of the parties hereto to include certain additional mandatory prepayment requirements in the Credit Agreement, effective as of the Effective Date Section 2.18 of the Credit Agreement is hereby amended to delete subsections (ii) and (iii) thereof and to replace them with new subsections (ii) and (iii) to read in their entirety as follows: