Mandatory Prepayments Commitment Reductions Sample Clauses
Mandatory Prepayments Commitment Reductions. (a) No later than the tenth calendar day following the date of receipt by any Obligor or any of its Restricted Subsidiaries of any Net Asset Sale Cash Proceeds from any Asset Sale, the Company shall apply all such Net Asset Sale Cash Proceeds to repay any outstanding Loans as set forth in Section 2.13(a); provided that, if the Borrower provides written notice to the Administrative Agent within seven calendar days of the date any such Net Asset Sale Cash Proceeds are so received of its intention to undertake such an investment, then so long as no Event of Default shall have occurred and be continuing, the Company shall have the option, directly or indirectly or through one or more of its Restricted Subsidiaries, to invest such Net Asset Sale Cash Proceeds within twelve months of receipt thereof in assets of the general type used in the business of the Parent and its Restricted Subsidiaries; provided, further, that, if any portion of such Net Asset Sale Cash Proceeds have not been so reinvested at the end of such twelve-month period, the Borrower shall apply an amount equal to the amount of Net Asset Sale Cash Proceeds that have not been so reinvested as set forth in Section 2.13(a).
(b) No later than the tenth Business Day following the date of receipt by any Obligor or any of its Restricted Subsidiaries of any Net Equity Issuance Event Cash Proceeds from any Equity Issuance Event, the Company shall apply 33% of all such Net Equity Issuance Event Cash Proceeds (such amount, the “Equity Prepayment Amount”) to repay any outstanding Loans as set forth in Section 2.13(a), and each such prepayment shall be accompanied by a permanent reduction of the Revolving Commitments in an amount equal to such Equity Prepayment Amount.
(c) If at any time, the Aggregate Total Exposure exceeds the aggregate Revolving Commitments then in effect, the Borrower shall forthwith prepay first, Loans, and second Cash Collateralize the outstanding amount of Letter of Credit Usage at the Agreed L/C Cash Collateral Amount, to the extent necessary so that the Aggregate Total Exposure shall not exceed the Revolving Commitments then in effect (or, in the case of Letter of Credit Usage, such amounts are fully Cash Collateralized in compliance with the Agreed Cash Collateral Amount).
(d) If, after giving effect to any termination of or reduction of the Revolving Commitments, the Letter of Credit Sublimit exceeds the amount of the Revolving Commitments, such sublimit shall be automatically red...
Mandatory Prepayments Commitment Reductions. 15 2.7 Application of Prepayments/Reductions............................16
Mandatory Prepayments Commitment Reductions. (a) [Reserved.]
(b) [Reserved.]
Mandatory Prepayments Commitment Reductions. On or before each date set forth below, the Borrower shall prepay the aggregate unpaid principal amount of the Term Loans by the amount set forth below and applicable to such date
(i) on the last day of the Reinvestment Period for each Disposition described in Section 8.6(d), by an amount equal to 100% of the Adjusted Net Cash Proceeds with respect to such Disposition;
(ii) on the earlier of the date the annual financial statements in respect of each fiscal year, commencing with the fiscal year ending December 31, 1998, are delivered to the Administrative Agent pursuant to Section 7.1(a), or the 90th day following the end of each such fiscal year, by an amount equal to the following: (A) if the Leverage Ratio at the end of such fiscal year is greater than 2.50:1.00, 75% of Excess Cash Flow, and (B) if the Leverage Ratio at the end of such fiscal year is less than or equal to 2.50:1.00, 50% of Excess Cash Flow;
(iii) upon receipt by the Borrower or any Subsidiary Guarantor of Net Cash Proceeds attributable to any Equity Issuance, by an amount equal to the lesser of (A) $20,000,000 or (B) the amount of such Net Cash Proceeds;
(iv) upon receipt by the Borrower or any Subsidiary of Net Cash Proceeds of Refinancing Debt, by an amount equal to 100% of such Net Cash Proceeds;
(v) in an amount equal to all Applicable Proceeds (i) in excess of amounts used to replace or repair any properties or (ii) which are not used or designated to replace or repair properties within one year after receipt thereof, provided that the Borrower or the applicable Subsidiary Guarantor shall have commenced the restoration or replacement process (including the making of appropriate filings and requests for approval) within 45 days after such casualty or after the receipt of any such condemnation proceeds, as the case may be, and diligently pursues the same through completion; and
(vi) with respect to any Acquisition, upon receipt by the Borrower or any Subsidiary of proceeds from any reduction, or refund of any portion of, the Acquisition Consideration paid in respect thereof resulting from any post-closing adjustment made in connection therewith, by an amount equal to 100% of such proceeds; provided, however, that if on the date of such a reduction of the Aggregate Revolving Commitment, the Aggregate Revolving Exposure exceeds the Aggregate Revolving Com-
Mandatory Prepayments Commitment Reductions. Prior to the Payment-In-Full of First Lien Obligations, the Lenders agree that the mandatory prepayments and commitment reductions set forth in Section 2.12 (a) through (g) of this Agreement and the provisions relating to Preliminary IP Event Prepayments shall not apply to the Term Loans except to the extent permitted by Section 2.13(c) of the First Lien Credit Agreement or any similar provision in any Refinancing thereof; provided, that if so permitted, the subject mandatory prepayment shall be payable to the Lenders hereunder as set forth in relevant subsection of Section 2.12 below or, if applicable, Schedule 8.1(n) and the relevant provisions of Section 2.13 and 2.14 shall be applicable thereto. Notwithstanding the foregoing, immediately upon Payment-In-Full of First Lien Obligations, the mandatory prepayment and commitment reduction provisions set forth below and, if applicable, Schedule 8.1(n) shall apply to the Loans hereunder, and such amounts shall be due and payable to the Lenders in accordance with the terms hereof.
Mandatory Prepayments Commitment Reductions. Subject to the provisions of Section 2.14(f) below, the Term Loans shall be repaid in the manner provided in subsections 2.14(a) through 2.14(e) below.
Mandatory Prepayments Commitment Reductions. 57 2.14 Application of Prepayments and Reductions of Commitments ....
Mandatory Prepayments Commitment Reductions. Section 2.14(a) is hereby amended by deleting it in its entirety and substituting the following new clause 2.14(a):
Mandatory Prepayments Commitment Reductions. 40 ---- -------------------------------------------- 2.13. Application of Prepayments/Reductions. ................................... 41 ---- -------------------------------------- 2.
Mandatory Prepayments Commitment Reductions. (i) The Borrower shall immediately prepay the outstanding principal amount of the Advances (exclusive of undrawn Letters of Credit) in accordance with Section 2.3 on any date on which the Outstandings exceed the Facility Limit in effect at such time, in the amount of such excess.
(ii) The Borrower shall immediately prepay to the Swing Line Lender the outstanding principal amount of the Swing Line Advances on any date on which the aggregate outstanding principal amount of such Swing Line Advances exceed the Swing Line Commitment in effect at such time, in the amount of such excess.
(b) If, at any time, the Outstandings exceed the Borrowing Base as set forth in the Borrower's most recent Borrowing Base Certificate required to be delivered pursuant to Section 5.14 below (such amount is hereinafter referred to as the "Borrowing Base Excess"), then the Borrower shall immediately prepay the Advances (exclusive of undrawn Letters of Credit) in an aggregate amount equal to such Borrowing Base Excess. At the time of such required prepayment, the Borrower shall cash collateralize Letters of Credit, on terms satisfactory to the Administrative Agent, in the amount, if any, by which the Borrowing Base Excess exceeds the amount of non-