Further mandatory prepayment Clause Samples
Further mandatory prepayment. The Borrower is obliged to make the following prepayments:
(a) in respect of the Tranche A, an amount of $1,397,916.68; and (b) in respect of the Tranche B, an amount of $1,397,916.68, and the Agent hereby confirms that each such prepayment has been made in full prior to the date of the Fourth Supplement."
(f) by deleting clause 12.4 (dividends) of the Loan Agreement and replacing it with the following new clause 12.4 (dividends): "The Borrower shall not pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of share capital at any time on or prior to 31 December 2017 and thereafter shall not pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of share capital if:
(a) any Event of Default has occurred and is continuing at the time of the payment of such dividends or will result from such payment; or
(b) such dividend payment shall result in a breach of the financial covenants set out in Clauses 12.5, 12.6, 12.7 and 12.8." (g) by replacing "$50,000,000" in the third line of clause 12.5 (Minimum liquidity) of the Loan Agreement with "$25,000,000" and by replacing "$850,000" in the third line of that clause with "$700,000";
(h) by replacing “within 2 years following the date of this Agreement” in the first line of clause 12.10 (MFN) of the Loan Agreement with “at any time on or prior to 30 April 2017”;
(i) by deleting the word “or” in the third line of paragraph (f) of clause 12.3 (negative undertakings) of the Loan Agreement, by adding "(g)" in front of the final paragraph, by replacing the full stop in the second line of the final paragraph of clause 12.3 (negative undertakings) of the Loan Agreement by "; or" and by adding the following new paragraph (h) in clause 12.3 (negative undertakings) of the Loan Agreement:
Further mandatory prepayment. Without prejudice to the provision of Clause 14 (Security Cover), the Borrowers shall make the following prepayments:
(a) in respect of the Ship A Tranche, on or prior to the Drawdown Date applicable to the Ship A Tranche, an amount equal to the aggregate of the repayment instalments due during 2017;
(b) in respect of the Ship B Tranche on or prior to the Third Supplemental Effective Date, an amount of $878,680 which such amount is equal to the aggregate of all repayment instalments due in respect of such Tranche during 2017;
(c) in respect of the Ship C Tranche on or prior to the Third Supplemental Effective Date, an amount of $1,142,120 which such amount is equal to the aggregate of all repayment instalments due in respect of such Tranche during 2017; and
(d) in respect of the Ship D Tranche on or prior to the Third Supplemental Effective Date, an amount of $1,142,120 which such amount is equal to the aggregate of all repayment instalments due in respect of such Tranche during 2017."
Further mandatory prepayment. Without prejudice to the provisions of Clause 14 (Security Cover), the Borrowers shall make the following prepayments:
(i) in respect of the Ship A Tranche, on or prior to the Drawdown Date applicable to the Ship A Tranche, an amount of $846,532 which such amount is equal to the aggregate of the repayment instalments falling due during 2017 and on or prior to the Fifth Supplement Effective Date, an amount of $846,532 which such amount is equal to the aggregate of all repayment instalments falling due in respect of Tranche A during 2019;
(ii) in respect of the Ship B Tranche, on or prior to the Third Supplement Effective Date, an amount of $878,680 which such amount is equal to the aggregate of all repayment instalments falling due in respect of such Tranche during 2017 and on or prior to the Fifth Supplement Effective Date, an amount of $878,680 which such amount is equal to the aggregate of all repayment instalments falling due in respect of Tranche B during 2019;
(iii) in respect of the Ship C Tranche, on or prior to the Third Supplement Effective Date, an amount of $1,142,120 which such amount is equal to the aggregate of all repayment instalments falling due in respect of such Tranche during 2017 and on or prior to the Fifth Supplement Effective Date, an amount of $1,142,120 which such amount is equal to the aggregate of all repayment instalments falling due in respect of Tranche C during 2019; and
(iv) in respect of the Ship D Tranche, on or prior to the Third Supplement Effective Date, an amount of $1,142,120 which such amount is equal to the aggregate of all repayment instalments falling due in respect of such Tranche during 2017 and on or prior to the Fifth Supplement Effective Date, an amount of $1,142,120 which such amount is equal to the aggregate of all repayment instalments falling due in respect of Tranche D during 2019.";
(g) the definition of, and references throughout to, each Finance Document shall be construed as if the same referred to that Finance Document as amended and supplemented by this Agreement; and
(h) by construing references throughout to "this Agreement" and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Agreement.