Mandatory Prepayment and Cancellation Sample Clauses
The Mandatory Prepayment and Cancellation clause requires a borrower to repay part or all of a loan ahead of schedule under certain specified circumstances, and may also result in the cancellation of undrawn loan commitments. Typically, this clause is triggered by events such as asset sales, receipt of insurance proceeds, or a change of control, obligating the borrower to use those funds to reduce outstanding debt or cancel future borrowing rights. Its core function is to protect the lender by ensuring that unexpected inflows or significant changes in the borrower's situation are used to reduce credit risk and exposure.
Mandatory Prepayment and Cancellation. (A) For the purpose of this Clause 7.4:
Mandatory Prepayment and Cancellation. 7.8.1 In the event that either or both of the conditions set out in clause 3.6 are not satisfied in accordance with such clause (i) the Borrowers shall within a period of 3 months (the "GRACE PERIOD") from the expiry of the six month or nine month period (as applicable) either ensure that the relevant outstanding conditions are satisfied or prepay or repay all outstanding Advances and procure the irrevocable discharge and return to the Working Capital Bank of any Bank Guarantees and (ii) on the expiry of the Grace Period, unless the relevant outstanding conditions have been satisfied, the Total Commitments shall be reduced to zero and pending such satisfaction (a) no further Bank Guarantees may be issued hereunder and (b) no Advances may be drawn hereunder under the Revolving Credit Facility or the Working Capital Facility (as the case may be) if following the making of any such Advance under such Facility the aggregate Dollar Amount of Advances would exceed the aggregate Dollar Amount of Advances outstanding under such Facility prior to the making of such Advance (after taking account of any Advance due under the relevant Facility to be made or repaid on the Utilisation Date of such Advance).
7.8.2 In the event that any person acquires or persons acting in concert acquire control of the Ultimate Shareholder, unless such person is a recognised and experienced international telecommunications operator the credit rating of whose long term debt is rated at least "A3" by Mood▇'▇ and "A-" by Standard and Poor's, the Borrowers shall immediately prepay or repay all outstanding Advances and procure the irrevocable discharge and return to the Working Capital Bank of any Bank Guarantee and the Total Commitments shall be reduced to zero. For the purposes of this clause 7.8.2 "acting in concert" shall have the meaning given to such expression in the City Code on Takeovers and Mergers and "control" means (i) the beneficial ownership, directly or indirectly, of shares of corporate stock or other equity participations with
Mandatory Prepayment and Cancellation. (a) Upon the occurrence of:
(i) a Change of Control; or
(ii) other than the Merger, the sale of all or substantially all of the assets of the Group or the Target Group whether in a single transaction or a series of related transactions (for the avoidance of doubt, (i) the disposal of Posterscope (Hong Kong) Ltd. and (ii) the disposal and/or restructuring of Nanning Jetlong and its subsidiaries shall not require any mandatory prepayment pursuant to this Clause 7.8), the Borrower shall promptly upon becoming aware of its occurrence notify the Lender and the Lender may, by three (3) Business Days’ (or such other period as agreed by the Lender and the Borrower) prior written notice to the Borrower, cancel the Facility whereupon the Facility shall immediately be cancelled and/or declare all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents to be immediately due and payable, whereupon they shall become immediately due and payable.
Mandatory Prepayment and Cancellation. Total Loss or sale
Mandatory Prepayment and Cancellation. (a) The Company shall ensure that the Borrowers prepay Loans equal to the Disposal Proceeds unless the Company makes an election under paragraph (c) below, promptly upon receipt of those proceeds.
(b) A prepayment made under this Clause 9.3 shall be applied in the following order:
(i) first, in prepayment and cancellation pro rata of Loans under Facility A and Facility B, applied against instalments referred to in paragraph (a) of Clause 8.1 (Repayment of the Term Facility Loans) pro rata;
(ii) second, in cancellation of pro rata Available Commitments under the Revolving Facilities (and the Available Commitment of the Lenders under each Revolving Facility will be cancelled rateably), provided that prior to the ▇▇▇▇▇▇▇▇▇ Upstream Guarantee Date (until such time that the Available Commitments for the Revolving Facilities are cancelled in full) no cancellation shall be permitted under this paragraph (b)(ii) in respect of Facility D if it would cause the Available Commitment for Facility D to be less than €250,000,000 and any cancellation that would otherwise be applied against Facility D pursuant to this paragraph (b)(ii) shall instead be applied pro rata against Facility C and Facility E pursuant to this paragraph (b)(ii) and thereafter in accordance with paragraph (b)(iii) below;
(iii) third, in prepayment of Revolving Facility Loans pro rata between the Revolving Facilities; and
(iv) then, in repayment and cancellation of the Ancillary Outstandings and Ancillary Commitments, provided that prior to the ▇▇▇▇▇▇▇▇▇ Upstream Guarantee Date any required prepayments by members of the ▇▇▇▇▇▇▇▇▇ Group (A) shall only be required to be applied in prepayment on and from the ▇▇▇▇▇▇▇▇▇ Accession Date; (B) shall only be applied towards prepayment and cancellation of Revolving Facility Loans and Term Loans borrowed by members of the ▇▇▇▇▇▇▇▇▇ Group; and (C) may be applied pro rata between prepayment and cancellation of Revolving Facility Loans and Term Loans borrowed by members of the ▇▇▇▇▇▇▇▇▇ Group and prepayment or purchase and cancellation of ▇▇▇▇▇▇▇▇▇ Notes.
(c) Subject to paragraph (d) below the Company may, by giving the Agent not less than three Business Days (or such shorter period as the Agent may agree) prior written notice, elect that any prepayment under this Clause 9.3 be applied in prepayment of one or more Loans on the last day of the Interest Periods relating to the relevant Loans that fall within 30 days of the relevant Disposal (or such later date as th...
Mandatory Prepayment and Cancellation. HIGH YIELD/SIT
(a) The Facility will be automatically terminated and the Total Commitments then not cancelled shall be automatically reduced and cancelled at the close of business on the Special Mandatory Cancellation Date.
(b) If the relevant member of the Group does not comply with its obligations under the drag along and/or tag along rights granted to SIT in respect of shares in Cegetel and/or the Acquired Shares, then the Total Commitments shall be cancelled in full forthwith and the Company shall forthwith repay each Loan made to it in full to the Facility Agent for the Lenders.
(c) The provisions of paragraphs (a) and (b), above, shall apply and remain in force at all times throughout the term of this Agreement (notwithstanding, for the avoidance of doubt, the occurrence of a Release Condition Date).
Mandatory Prepayment and Cancellation. SALE OR TOTAL LOSS........12 6.4
Mandatory Prepayment and Cancellation. (a) For the purposes of this Clause 7.11 "Cancellation Date" means the earlier of (i) the occurrence of the Closing Date in relation to the last Sale of Security; and (ii) 15 November 2003, if the Closing Date for each the Sale of Security by a member of the Group to a third person has not occurred by that date.
Mandatory Prepayment and Cancellation. 27 8. RESTRICTIONS .......................................................................................................................................................... 32 9. INTEREST ................................................................................................................................................................... 33 10. CHANGES TO THE CALCULATION OF INTEREST ............................................................................................. 34 11. FEES............................................................................................................................................................................. 34 12. TAX .............................................................................................................................................................................. 35 13.
Mandatory Prepayment and Cancellation. The Borrower shall prepay Utilisations and/or cancel Available Commitments under the Facilities on the dates and in accordance, and otherwise comply, with the provisions of Schedule 4 (Mandatory Prepayment).