Mandatory and Voluntary Prepayments. (a) To the extent permitted by Section 7.11(f) of the Revolving Credit Agreement, the Borrower shall make a prepayment of the Term Loans, to the extent the same are then outstanding, in an amount equal to twenty-five percent (25%) of Excess Cash Flow for each fiscal year of the Credit Parties (commencing with the fiscal year ending June 30, 2008). For purposes hereof, Excess Cash Flow will be computed by the Borrower and be subject to the review and reasonable approval of the Required Lenders, based on the Credit Parties’ Annual Audited Financial Statements for the applicable fiscal year. The Borrower shall submit such computation in reasonable detail to the Agent, along with the amount of such resulting prepayment of the Terms Loans required by this subparagraph (a) based on such calculations by the Borrower, at the same time the applicable Annual Audited Financial Statements of the Credit Parties are delivered to and received by the Agent in accordance with the terms of Section 6.3 hereof. Upon receipt of such payment, the Agent shall immediately apply such payment against the Term Loans in accordance with the terms hereof, reserving any right to require payment of any deficiency in such amount. Within ten (10) Business Days after receipt by the Agent of such calculations of and payment by the Borrower, the Agent, at the request of the Required Lenders, shall notify the Borrower in writing of any error by the Borrower in the computation of the amount of the prepayment of the Term Loans required by this subparagraph (a), and in the event of any such error, the Borrower shall pay to the Agent any deficiency in the amount of the requisite prepayment of the Term Loans within five (5) Business Days after receipt of such notification from the Agent. Any prepayments required by this subparagraph (a) shall be applied to outstanding Term Loans (together with any Consequential Loss resulting from such prepayment); provided, however, that the Borrower shall not be required to make any prepayment of any LIBOR Borrowings pursuant to this subparagraph (a) until the last day of the Interest Period with respect thereto so long as such prepayment is deposited by the Borrower in a cash collateral account with the Agent to be held in such account on terms satisfactory to the Agent, with all amounts in such cash collateral account (including any interest earned thereon, if any) to be automatically applied by the Agent against the applicable Term LIBOR Borrowings on the last...
Mandatory and Voluntary Prepayments. (a) The Borrower may, upon not less than three Business Days' and not more than five Business Days' prior written notice to the Lenders (which notice shall be irrevocable), at any time and from time to time, prepay the Loans in whole or in part, provided, however, that (i) each partial prepayment pursuant to this Section 2.02(a) shall be in an aggregate principal amount of at least $500,000 and, if greater, in integral multiples of $500,000, and (ii) no such prepayment shall be made unless (x) there is no Senior Indebtedness outstanding under the Credit Agreement and all commitments under the Credit Agreement have been terminated or (y) the Credit Agreement expressly permits such payments or the Bank has, in writing, consented to such payment. In connection with any voluntary prepayment, the Borrower shall prepay the Loan at the prepayment price set forth below (plus all accrued interest): % of Principal Prepayment Date During the Period Being Paid From the Funding Date to 105% but not including the first anniversary of the Funding Date From the first anniversary of the Funding 104% Date to but not including the second anniversary of the Funding Date From the second anniversary of the Funding 103% Date to but not including the third anniversary of the Funding Date From the third anniversary of the Funding 102% Date to but not including the fourth anniversary of the Funding Date From the fourth anniversary of the Funding 101% Date and at any time thereafter ; provided that on or prior to January 29, 2002, the Borrower may, at its option, prepay up to 33% of the initial aggregate principal amount of the Loans at a prepayment price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of prepayment solely with the net proceeds of a Qualified Public Equity Offering, with any additional prepayments of Loans with the net proceeds of such Qualified Public Equity Offering to be made at the relevant prepayment price as otherwise set forth in the table above.
(b) Notwithstanding the foregoing or the provisions of Section 2.02(d) below, the Lenders and the Borrower agree and acknowledge that the Credit Agreement prohibits any payments that would otherwise be made to the Lenders under Section 2.02(a) or (d) and, as a result thereof, no payment shall be made to the Lenders under Section 2.02(a) or (d) unless and only to the extent the Credit Agreement is amended or modified to provide that such amounts may be paid ...
Mandatory and Voluntary Prepayments. (a) If the US Revolving Credit Exposure applicable to a US Lender at any time exceeds such Lender’s US Revolving Credit Commitment, the Administrative Agent shall notify the US Borrower of such excess amount (such notice being permitted to be given orally and need not be in writing) and the US Borrower shall immediately make a prepayment on such Lender’s US Revolving Credit Note or otherwise reimburse such Lender for US Letter of Credit Advances or cause one or more Swingline Loans to be prepaid or one or more US Letters of Credit to be canceled and surrendered in an amount sufficient to reduce such Lender’s US Revolving Credit Exposure to an amount no greater than such Lender’s US Revolving Credit Commitment. If the Canadian Revolving Credit Exposure applicable to a Canadian Lender at any time exceeds such Lender’s Canadian Revolving Credit Commitment, the Administrative Agent shall notify the Canadian Borrower of such excess amount (such notice being permitted to be given orally and need not be in writing) and the Canadian Borrower shall immediately make a prepayment on such Lender’s Canadian Revolving Credit Note or otherwise reimburse such Canadian Lender for Canadian Letter of Credit Advances to be prepaid or one or more Canadian Letters of Credit to be canceled and surrendered in an amount sufficient to reduce such Lender’s Canadian Revolving Credit Exposure to an amount no greater than such Lender’s Canadian Revolving Credit Commitment. Any prepayments of US Revolving Loans required by this subparagraph (a) shall be applied to outstanding Alternate Base Rate Borrowings up to the full amount thereof before such prepayments are applied to outstanding LIBOR Borrowings (together with any Consequential Loss resulting from such prepayment). Any prepayments of Canadian Revolving Loans required by this subparagraph (a) shall be applied to outstanding Canadian Prime Rate Borrowings or US Base Rate (Canada) Borrowings, as applicable, up to the full amount thereof before such prepayments are applied to outstanding CDOR Rate Borrowings (together with any Consequential Loss resulting from such prepayment).
(b) The US Borrower shall make prepayments of the US Revolving Loans and the Swingline Loans from time to time so that the US Availability equals or exceeds zero at all times. Specifically, if the US Availability at any time is less than zero, the Administrative Agent shall notify the US Borrower of the deficiency (such notice being permitted to be given orall...
Mandatory and Voluntary Prepayments. 25 2.6 Revolving Note; Payments.......................................................................26 2.7
Mandatory and Voluntary Prepayments. 5 2.03 Method and Place of Payment................................................................6 2.04
Mandatory and Voluntary Prepayments. If a Borrowing Deficiency occurs (a) because of Lenders' exclusion under SECTION 1.2(A)(I) of any receivables then included in the Borrowing Base, then Borrower shall prepay such Borrowing Deficiency within 30 days, and (b) for any other reason then Borrower shall prepay such Borrowing Deficiency on demand. Borrower may otherwise prepay the Principal Debt from time to time, without penalty, and, prior to the Termination Date, may reborrow same, subject to the following conditions:
a. The amount to be re-borrowed, together with the then-existing Principal Debt, may never exceed the limitations in SECTION 1.1;
b. Agent must receive Borrower's written payment notice by 10:00 a.m. on the third Business Day preceding the date of payment if a LIBOR Rate is in effect with respect to any portion of the amount to be prepaid, which notice shall specify the payment date and the amount of the prepayment, and which shall constitute an irrevocable and binding obligation of Borrower to make such prepayment on the designated date;
c. each partial prepayment of an Advance bearing interest at a LIBOR Rate must be in a minimum amount of at least $500,000 or a greater integral multiple of $500,000;
Mandatory and Voluntary Prepayments. 12 2.05 Use of Proceeds of Loan . . . . . . . . . . . . . . . . . . . . 12 2.06 Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 2.07 The Term Note . . . . . . . . . . . . . . . . . . . . . . . . . 13 2.08 Payments; Application of Payments . . . . . . . . . . . . . . . 13 2.09 Computations. . . . . . . . . . . . . . . . . . . . . . . . . . 14 2.10
Mandatory and Voluntary Prepayments. (a) In the event that the Coverage Ratio for Borrower at any time is less than 2.00 to 1.00, Borrower shall, within three (3) Business Days of such occurrence, prepay the Term Loan in the amount necessary to increase the Coverage Ratio to 2.00 to 1.00.
(b) Borrower shall have the right to prepay the Term Loan from time to time, in whole or in part, provided that (i) Borrower shall give Lender notice of each such prepayment as provided in Section 2.03(a) and (ii) each such voluntary partial prepayment shall be in an aggregate principal amount of at least $100,000, or such lesser amount which repays the Term Loan in full.
(c) All prepayments of the Term Loan, shall be made together with all interest accrued on the amount prepaid through the date of prepayment.
Mandatory and Voluntary Prepayments. (a) The Borrower and the Ultimate Parent shall have the right, at their option and subject to the requirements of Section 2.4, to prepay the Term Loan as provided in this Section 3.2. Any prepayment under this subsection shall applied to the prepayment of the aggregate unpaid principal amount of the Term Note. Prepayment under this subparagraph (a) shall be subject to the following additional conditions:
(1) In no event shall the Term Note be partially prepaid.
(2) Prepayment applied to the Term Note may be made on any Business Day, provided, that (i) the Borrower shall have given the Lender at least five (5) Business Days' prior irrevocable written or telecopied notice of such prepayment, specifying the principal amount of the Term Note to be prepaid, which shall be the entire amount of the outstanding principal of the Term Note, and (ii) if such prepayment is made on any day other than the Term Loan Maturity Date, the Borrower shall pay directly to the Lender, on the date of such prepayment, the Consequential Loss as a result of such prepayment.
(b) Notice of any prepayment having been given, the principal amount specified in such notice, together with interest thereon to the date of prepayment, shall be due and payable on such prepayment date.
Mandatory and Voluntary Prepayments. Section 2.20 of the Credit Agreement is hereby amended as follows:
