Application of mandatory prepayments and cancellations Sample Clauses
Application of mandatory prepayments and cancellations. Note Repurchases and Asset dispositions
(a) Prepayments of Utilisations and cancellations of Commitments made pursuant to Clause 9.4 (Notes Repurchases) or Clause 9.5 (Asset Sales) shall be applied in the following order:
(i) firstly, in cancellation of the Available Commitments (and the Available Commitment of the Lenders will be cancelled rateably);
(ii) secondly, in permanent prepayment and cancellation of Revolving Facility Utilisations and cancellation of Commitments under the Revolving Facility;
(iii) thirdly, in prepayment and cancellation of the Ancillary Outstandings and Ancillary Commitments; and
(iv) then, subject to clause 3.2 (Rolled Loan – restrictions) of the Intercreditor Agreement, in permanent prepayment of the Facility A Loan.
(b) Unless the Borrower makes an election under paragraph (c) below, the Borrower shall make prepayments under Clause 9.5 (Asset Sales) promptly upon receipt of the relevant proceeds.
(c) Subject to paragraph (d) below, the Borrower may, by giving the Agent not less than three (3) Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, elect that any prepayment under Clause 9.5 (Asset Sales) be applied in prepayment of a Loan on the last day of the Interest Period relating to that Loan. If the Borrower makes such an election, then a proportion of the Loan equal to the amount of the relevant prepayment will be due and payable on the last day of its Interest Period.
(d) If the Borrower has made an election under paragraph (c) above but an Event of Default has occurred and is continuing, that election shall no longer apply and a proportion of the Loan in respect of which the election was made equal to the amount of the relevant prepayment shall be immediately due and payable (unless the Majority Lenders otherwise agree).
Application of mandatory prepayments and cancellations. (a) A prepayment of the Loan made under Clause 8.2 (Disposal, Insurance and Recovery Proceeds), Clause 8.3 (Permitted Restructuring Proceeds), Clause 8.4 (Cure Amount), Clause 8.5 (Secondary Permitted Subsidiary Capital Raising Proceeds) shall be applied in prepayment of the Loan as contemplated in paragraphs (b) to (d) inclusive below.
(b) Unless the Borrower makes an election under paragraph (c) below, the Borrower shall prepay the Loan, in the case of any prepayment relating to, in respect of or on account of any Disposal Proceeds, Insurance Proceeds, Recovery Proceeds, Disposal of Listco Shares Proceeds, Permitted Pre-IPO Sale Proceeds, Permitted Holdco Sale Proceeds, Opcos Reorganisation Proceeds, Cure Amount or Secondary Permitted Subsidiary Capital Raising Proceeds, as soon as reasonably practicable upon receipt or recovery of the same by any Relevant Obligor, any Holdco Group Member or any Group Member or (in the case of any Recovery Proceeds) by any Report Addressee or (in the case of any Disposal of Listco Shares Proceeds or any Permitted Pre-IPO Sale Proceeds) by any Offshore SPV, any Onshore SPV or any PRC Ultimate Management Shareholder (each as defined in Schedule 14 (Permitted Restructuring)) or (in the case of any Permitted Holdco Sale Proceeds) by the Borrower and/or the Offshore ESOP SPV1 (or, in the case of any Excluded Disposal Proceeds, Excluded Insurance Proceeds or Excluded Recovery Proceeds which cease to constitute Excluded Disposal Proceeds, Excluded Insurance Proceeds or, as the case may be, Excluded Recovery Proceeds, promptly upon such cessation) and (without prejudice to the foregoing) such prepayment of the Loan shall be made in any event within:
(i) (in the case of any prepayment relating to, in respect of or on account of any Cure Amount) two Business Days of such receipt or recovery;
(ii) (in the case of any prepayment relating to, in respect of or on account of any Disposal Proceeds, Insurance Proceeds, Recovery Proceeds, Disposal of Listco Shares Proceeds, Permitted Pre-IPO Sale Proceeds, Permitted Holdco Sale Proceeds, Opcos Reorganisation Proceeds or Secondary Permitted Subsidiary Capital Raising Proceeds received or recovered outside of the PRC) ten Business Days of such receipt or recovery, provided that (in the case of any Wholly-Own Time Proceeds only) such prepayment of the Loan relating to, in respect of or on account of such Wholly-Own Time Proceeds shall, subject to paragraph (c) below, be made upon the later o...
Application of mandatory prepayments and cancellations. (a) A prepayment under Clause 8.4 (Mandatory Prepayment – Distributions), Clause 8.5 (Mandatory Prepayment – Disposal Proceeds), Clause 8.6 (Mandatory Prepayment – Permitted ▇▇▇.▇▇▇▇ Sale and Permitted Euronav Sale) and Clause 8.7 (Mandatory Prepayment – Acquisition Proceeds) shall be applied to prepay the SPA Acquisition Bridge Facility Loan and Margin Loan Bridge Facility Loan pro rata and, when all SPA Acquisition Bridge Facility Loans and Margin Loan Bridge Facility Loans have been prepaid in full, to prepay the Bid Acquisition Bridge Facility Loan.
(b) Amounts required to be applied in accordance with this Clause shall be applied in the following order:
(i) first, in cancellation of Available Commitments (and the Available Commitment of the Lenders will be cancelled rateably); and
(ii) secondly, in prepayment of Loans and cancellation of Commitments.
Application of mandatory prepayments and cancellations. (a) A prepayment of the Loan or cancellation of Available Commitments made under Clause 8.2 (Disposal, Insurance and Recovery Proceeds and Excess Cashflow) or under paragraph (c) of Clause 8.1 (Exit and Flotation) shall be applied in prepayment of the Loan as contemplated in paragraphs (b) to (e) inclusive below.
(b) Unless the Borrower makes an election under paragraph (d) below, the Borrower shall prepay the Loan at the following times:
(i) in the case of any prepayment relating to the amounts of Recovery Proceeds, Disposal Proceeds, Insurance Proceeds or Qualifying Flotation Proceeds, promptly upon (and in any event within five Business Days of) receipt of those proceeds; and
(ii) in the case of any prepayment relating to an amount of Excess Cashflow, on or prior to 30 June.
(c) A prepayment under Clause 8.2 (Disposal, Insurance and Recovery Proceeds and Excess Cashflow) or under paragraph (c) of Clause 8.1 (Exit and Flotation) shall prepay the Loan in reducing the relevant repayment instalment for each Repayment Date falling after the date of prepayment on a pro rata basis in the manner contemplated by paragraph (e) of Clause 6.2 (Effect of cancellation and prepayment on scheduled repayments and reductions).
Application of mandatory prepayments and cancellations. (a) A prepayment of Loans made under clause 9.2 (Disposal and Insurance Proceeds) shall be applied, promptly upon receipt of the relevant proceeds, in the following order:
(i) first, in prepayment of the Facility B Loan;
(ii) secondly, in prepayment of the Facility A Loan; and
(iii) thirdly, in prepayment of the Facility C Loan (to the extent made available and drawn);
(b) Subject to paragraph (c) below, the Company may elect that any prepayment under clause 9.2 (Disposal and Insurance Proceeds) be applied in prepayment of a Loan on the last day of the Interest Period relating to that Loan. If the Company makes that election then a proportion of the Loan equal to the amount of the relevant prepayment will be due and payable on the last day of its Interest Period.
(c) If the Company has made an election under paragraph (b) above but a Default has occurred and is continuing, that election shall no longer apply and a proportion of the Loan in respect of which the election was made equal to the amount of the relevant prepayment shall be immediately due and payable (unless the Facility A Lender otherwise agrees in writing).
Application of mandatory prepayments and cancellations the amount of Asset Sale Proceeds;
Application of mandatory prepayments and cancellations. (a) A prepayment under Clause 7.4 (Mandatory Prepayment – Distributions), Clause 7.5 (Mandatory Prepayment – Free Liquid Assets), Clause 7.6 (Mandatory Prepayment – Permitted Take-Out Financing) and Clause 7.7 (Mandatory Prepayment – Acquisition Proceeds) shall be applied to prepay the SPA Acquisition Bridge Facility Loan and the Additional Share Purchase Facility Loan pro rata.
(b) Amounts required to be applied in accordance with this Clause shall be applied in the following order:
(i) first, in prepayment of Loans; and
(ii) secondly, in cancellation of Available Commitments (and the Available Commitment of the Lenders will be cancelled rateably).
Application of mandatory prepayments and cancellations. 8.5.1 A prepayment of Loans or cancellation of Available Commitments made under Clause 8.3 (Disposal and Insurance Proceeds) shall be applied in prepayment of Term Loans as contemplated in Clauses 8.5.2 to 8.5.5 inclusive.
8.5.2 Unless the Borrower makes an election under Clause 8.5.4, the Borrower shall prepay Loans in the case of any prepayment relating to the amounts of Disposal Proceeds or Insurance Proceeds, promptly upon receipt of those proceeds.
8.5.3 A prepayment under Clause 8.3 (Disposal and Insurance Proceeds) shall prepay the Term Loans in the order determined by the Borrower.
Application of mandatory prepayments and cancellations. (a) A prepayment of Loans or cancellation of Available Commitments made under Clause 8.2 (Application of Proceeds) shall be applied in the following order:
(i) first, in prepayment of the Facility B Loans as contemplated in paragraphs (b), (d) and (e) below; and
(ii) second, in prepayment of the Facility A Loans as contemplated in paragraphs (b) to (e) inclusive below.
(b) Unless the Borrower makes an election under paragraph (d) below, the Borrower shall prepay Loans promptly upon receipt of the relevant Buyback Proceeds, required to be prepaid and in the case of Insurance Proceeds required to be prepaid promptly upon the expiry of the applicable reinvestment period provided in the definitions of those terms (if any).
(c) A prepayment under Clause 8.2 (Application of Proceeds) shall prepay the Facility A Loans by reducing the relevant Repayment Instalment for each Repayment Date falling after the date of prepayment in chronological order.
Application of mandatory prepayments and cancellations and Clause 9.5 (Mandatory Prepayment Accounts):