Mandatory Repayments and Commitment Reductions Sample Clauses

Mandatory Repayments and Commitment Reductions. (a) In addition to any other mandatory repayments pursuant to this Section 4.02 or any other Section of this Agreement, the outstanding Loans shall be repaid on each Repayment Date (or such other date as may be agreed between the Facility Agent and the Borrower) (without further action of the Borrower being required) in 24 equal semi-annual installments commencing on either (i) the first Business Day that is on or after the sixth month anniversary of the Borrowing Date in relation to the Delivery Date or, (ii) if requested by the Borrower no later than five days prior to the anticipated Delivery Date, such date falling less than 6 months after the Delivery Date as the Borrower may select, and ending on the Maturity Date (each such repayment, a “Scheduled Repayment”). (b) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this Agreement, but without duplication, on (i) the Business Day following the date of a Collateral Disposition (other than a Collateral Disposition constituting an Event of Loss) and (ii) the earlier of (A) the date which is 150 days following any Collateral Disposition constituting an Event of Loss involving the Vessel (or, in the case of an Event of Loss which is a constructive or compromised or arranged total loss of the Vessel, if earlier, 180 days after the date of the event giving rise to such damage) and (B) the date of receipt by the Borrower, any of its Subsidiaries or the Facility Agent of the insurance proceeds relating to such Event of Loss, the Borrower shall repay the outstanding Loans in full and the Total Commitment shall be automatically terminated (without further action of the Borrower being required). (c) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02 or any other Section of this Agreement, but without duplication, if (x) the Construction Contract is terminated prior to the Delivery Date, (y) the Vessel has not been delivered to the Borrower by the Yard pursuant to the Construction Contract by the Commitment Termination Date or (z) any of the events described in Sections 11.05, 11.10 or 11.11 shall occur in respect of the Yard at any time prior to the Delivery Date, within five Business Days of the occurrence of such event the Borrower shall repay the outstanding Loans in full and the Total Commitment shall be automatically terminated (without further action of the Borrower being required). (d...

Mandatory Repayments and Commitment Reductions. (a) On any day on which the sum of the aggregate outstanding principal amount of the Revolving Loans and Swingline Loans and the Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment as then in effect, the Borrower shall prepay on such day principal of Swingline Loans in an amount up to the amount of such excess and, after all Swingline Loans have been repaid in full, Revolving Loans in an amount equal to such excess minus the principal amount of Swingline Loans so prepaid. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment as then in effect, the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash or Cash Equivalents to be held as security for all obligations of the Borrower to the Issuing Banks and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent. (b) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02, on each date set forth below, the Borrower shall be required to repay that principal amount of Term Loans, to the extent then outstanding, as is set forth opposite such date (each such repayment, as the same may be reduced as provided in Sections 4.01(a) and 4.02(i), a "Scheduled Repayment," and each such date, a "Scheduled Repayment Date"): Scheduled Repayment Date Amount ------------------------ ------ July 31, 2002 $10,000,000 October 31, 2002 $ 3,750,000 January 31, 2003 $ 3,750,000 23 30 April 30, 2003 $ 3,750,000 July 31, 2003 $ 3,750,000 October 31, 2003 $ 6,250,000 January 31, 2004 $ 6,250,000 April 30, 2004 $ 6,250,000 Term Loan Maturity Date $ 6,250,000 (c) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02, on each date on or after the Effective Date upon which the Borrower or any of its Subsidiaries receives any cash proceeds from any incurrence by the Borrower or any of its Subsidiaries of Indebtedness for borrowed money (other than Indebtedness for borrowed money permitted to be incurred pursuant to Section 9.04 as such Section is in effect on the Effective Date), an amount equal to 100% of the Net Debt Proceeds of such Indebtedness shall be ...

Mandatory Repayments and Commitment Reductions. (a) (i) If on any date the sum of (x) the aggregate outstanding principal amount of Revolving Loans made by Non-Defaulting Lenders and Swingline Loans (after giving effect to all other repayments thereof on such date) and (y) the WC Letter of Credit Outstandings on such date, exceeds the Adjusted Total Revolving Loan Commitment as then in effect, the Borrower shall repay on such date the principal of Swingline Loans, and if no Swingline Loans are or remain outstanding, the principal of Revolving Loans of Non-Defaulting Lenders in an aggregate amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and all outstanding Revolving Loans of Non-Defaulting Lenders, the aggregate amount of WC Letter of Credit Outstandings exceeds the Adjusted Total Revolving Loan Commitment as then in effect, the Borrower shall pay to the Administrative Agent at the Payment Office on such date an amount in cash and/or Cash Equivalents equal to such excess (up to the aggregate amount of WC Letter of Credit Outstandings at such time) and the Administrative Agent shall hold such payment as security for the obligations of the Borrower to Non-Defaulting Lenders hereunder pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Administrative Agent.

Mandatory Repayments and Commitment Reductions. (a) If on any date the sum of (i) the aggregate outstanding principal amount of Revolving Loans and Swing line Loans (after giving effect to all other repayments thereof on such date) and (ii) the Letter of Credit Outstandings on such date exceeds the Total Revolving Loan Commitment as then in effect, the Borrower shall repay on such date the principal of Swingline Loans, and if no Swingline Loans are or remain outstanding, Revolving Loans in an aggregate amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment as then in effect, the Borrower shall pay to the Agent on such date an amount in cash and/or Cash Equivalents equal to such excess (up to the aggregate amount of Letter of Credit Outstandings at such time) and the Agent shall hold such payment as security for the obligations of the Borrower hereunder pursuant to a cash collateral agreement to be entered into in form and substance satisfactory to the Agent. (b) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02, on each date set forth below, the Borrower shall be required to repay that principal amount of Term Loans, to the extent then outstanding, as is set forth opposite such date (each such repayment, as the same may be reduced as provided in Sections 4.01 and 4.02(i), a "Scheduled Repayment"): SCHEDULED REPAYMENT DATE AMOUNT ------------------------ ------ last Business Day in September 1997 $500,000 last Business Day in September 1998 $500,000 last Business Day in September 1999 $500,000 last Business Day in September 2000 $500,000 last Business Day in September 2001 $500,000 last Business Day in September 2002 $500,000 Final Maturity Date $47,000,000 (c) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02, on each date on or after the Effective Date upon which Parent or any of its Subsidiaries receives Net Sale Proceeds from any Asset Sale, an amount equal to 100% of the Net Sale Proceeds from such Asset Sale shall be applied as a mandatory repayment and/or commitment reduction, as the case may be, of outstanding Term Loans and the Total Revolving Loan Commitment in accordance with the requirements of Sections 4.02(i) and (j); PROVIDED that during any fiscal year of the Borrower ending after September 30, 1996, up to $1,000,000 in a...

Mandatory Repayments and Commitment Reductions. (a) (i) On any day on which the (other than during an Agent Advance Period) Aggregate Exposure exceeds the lesser of (x) the Total Commitment at such time and (y) the Borrowing Base at such time (based on the Borrowing Base Certificate last delivered), the Borrower shall prepay on such day the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the lesser of (A) the Total Commitment at such time, and (B) the Borrowing Base at such time (based on the Borrowing Base Certificate (as delivered)), the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.

Mandatory Repayments and Commitment Reductions. (i) On any day on which the Aggregate Revolving Credit Exposure exceeds the Total Revolving Loan Commitment as then in effect, the Revolving Loan Borrowers shall repay the principal of outstanding Revolving Loans (other than Bankers' Acceptance Loans where the underlying Bankers' Acceptances have not yet matured) (allocated between Dollar Revolving Loans and Canadian Revolving Loans as the Revolving Loan Borrowers may elect) in an amount (for this purpose, taking the Dollar Equivalent of payments made with respect to the Canadian Revolving Loans) equal to such excess but if any such repayment shall effect a repayment of a Eurodollar Loan prior to the expiration of the applicable Interest Period, such repayment may be delayed until the date of such expiration subject to compliance with the provisions of Section 5.02(d), provided, that in determining whether such excess exists, the Dollar Equivalent of Canadian Revolving Loans shall be determined quarterly on each March 31, June 30, September 30 and December 31 except as otherwise provided in the definition of the term "Dollar Equivalent". If, after giving effect to the prepayment of all outstanding Revolving Loans (other than Bankers' Acceptance Loans as referenced in the immediately preceding sentence), the sum of the outstanding Bankers' Acceptance Loans (for this purpose, using the Dollar Equivalent of the Face Amounts thereof) and Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment then in effect, (x) an amount equal to the lesser of such excess and the then outstanding Face Amount of all Bankers' Acceptances shall be deposited (and, so long as no Default or Event of Default has occurred and is continuing, on any subsequent date on which any such excess is determined, any such cash collateral shall be returned to the applicable Borrower to the extent it exceeds the excess, if any, determined on such subsequent date) by the respective Borrower with the Administrative Agent as cash collateral for the obligations of the respective Canadian Revolving Loan Borrower or Borrowers to the Canadian Lenders (rounded up to the nearest integral multiple of Cdn.$100,000) in respect of an equivalent Face Amount of outstanding Bankers' Acceptances accepted by the Canadian Lenders which shall be paid to and applied by the Canadian Lenders, in satisfaction of the obligations to the Canadian Lenders of the respective Canadian Revolving Loan Borrower or Borrowers in respect of such Banker's Acceptance...

Mandatory Repayments and Commitment Reductions. 24 4.03 Method and Place of Payment..................................... 32 4.04 Net Payments.................................................... 32

Mandatory Repayments and Commitment Reductions. (a) The Borrowers shall prepay all Existing Loans that are not Converted Term Loans on the Amendment No. 4 Effective Date together with all accrued interest and fees owing as of the Amendment No. 4 Effective Date under the Credit Agreement prior to giving effect to this Amendment No. 4 (including in respect of Converted Term Loans). (b) (i) On each date set forth below, the U.S. Borrower shall repay the principal amount of Tranche B-2 Term Loans set forth opposite such date (each such repayment, as the same may be reduced as provided in Sections 4.01 and 4.02(g), a “Tranche B-2 Term Loan Scheduled Repayment”): Tranche B-2 Term Loan Scheduled Repayment Date Amount Last Business Day of September, 2011 $787,500 Last Business Day of December, 2011 $787,500 Last Business Day of March, 2012 $787,500 Last Business Day of June, 2012 $787,500 Last Business Day of September, 2012 $787,500 Last Business Day of December, 2012 $787,500 Tranche B-2 Term Loan Scheduled Repayment Date Amount Last Business Day of March, 2013 $787,500 Last Business Day of June, 2013 $787,500 Last Business Day of September, 2013 $787,500 Last Business Day of December, 2013 $787,500 Last Business Day of March, 2014 $787,500 Last Business Day of June, 2014 $787,500 Last Business Day of September, 2014 $787,500 Last Business Day of December, 2014 $787,500 Last Business Day of March, 2015 $787,500 Last Business Day of June, 2015 $787,500 Last Business Day of September, 2015 $787,500 Last Business Day of December, 2015 $787,500 Last Business Day of March, 2016 $787,500 Last Business Day of June, 2016 $787,500 Last Business Day of September, 2016 $787,500 Last Business Day of December, 2016 $787,500 Last Business Day of March, 2017 $787,500 Last Business Day of June, 2017 $787,500 Last Business Day of September, 2017 $787,500 Last Business Day of December, 2017 $787,500 Last Business Day of March, 2018 $787,500 Last Business Day of June, 2018 $787,500 Tranche B-2/C-2 Term Loan Maturity Date $292,950,000

Mandatory Repayments and Commitment Reductions. (a) (i) If on any date the Aggregate Multicurrency Facility RL Exposure exceeds the Applicable Prepayment Percentage of the Total Multicurrency Facility Revolving Loan Commitment as then in effect, the U.S. Borrower shall prepay on such date the principal of outstanding U.S. Borrower Multicurrency Facility Revolving Loans and/or U.S. Borrower Multicurrency Facility Swingline Loans, and/or the Bermuda Borrower shall prepay on such date the principal of outstanding Bermuda Borrower Multicurrency Facility Revolving Loans and/or Bermuda Borrower Multicurrency Facility Swingline Loans, in an amount (in the case of payments made with respect to Euro Denominated Loans, taking the Dollar Equivalent of the amounts paid in Euros in which payments on such Loans are owing) equal to such excess (with such repayment of Multicurrency Facility Revolving Loans and Multicurrency Facility Swingline Loans to be allocated among U.S. Borrower Multicurrency Facility Revolving Loans, U.S. Borrower Multicurrency Facility Swingline Loans, Bermuda Borrower Multicurrency Facility Revolving Loans and Bermuda Borrower Multicurrency Facility Swingline Loans as the Borrowers may elect). If, after giving effect to the prepayment of all outstanding Multicurrency Facility Swingline Loans and Multicurrency Facility Revolving Loans, the aggregate amount of the Multicurrency Facility Letter of Credit Outstandings and Bank Guaranty Outstandings exceeds the Applicable Prepayment Percentage of the Total Multicurrency Facility Revolving Loan Commitment as then in effect, the U.S. Borrower agrees (as to U.S. Borrower Multicurrency Facility Letters of Credit and U.S. Borrower Bank Guaranties), and the Bermuda Borrower agrees (as to Bermuda Borrower Multicurrency Facility Letters of Credit and Bermuda Borrower Bank Guaranties), to pay to the Administrative Agent at the Payment Office on such date an amount of cash or Cash Equivalents (in Dollars or in the respective currencies in which the Multicurrency Facility Letter of Credit Outstandings or Bank Guaranty Outstandings are denominated) equal to the amount of such excess (up to a maximum amount equal to (x) in the case of the U.S. Borrower, the Multicurrency Facility Letter of Credit Outstandings with respect to U.S. Borrower Multicurrency Facility Letters of Credit and the Bank Guaranty Outstandings with respect to U.S. Borrower Bank Guaranties at such time and (y) in the case of the Bermuda Borrower, the Multicurrency Facility Letter of Credit Out...