Mandatory Commitment Reductions and Prepayments Relating to Issuances of Debt Sample Clauses

Mandatory Commitment Reductions and Prepayments Relating to Issuances of Debt. In addition to any other mandatory repayments or commitment reductions pursuant to this Section 2.5, but subject to Section 2.5(o), on the date of the receipt of any cash proceeds by Holdings, the Borrower or any of their respective Subsidiaries from the incurrence of Indebtedness by Holdings, the Borrower or any of their respective direct or indirect Subsidiaries (other than Indebtedness permitted to be incurred under Section 8.3 as in effect on the Effective Date), an amount equal to 100% of the Net Debt Proceeds therefrom shall be applied to repay outstanding Term Loans in accordance with the requirements of Section 2.5(g)(iii).
Sample 1
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Mandatory Commitment Reductions and Prepayments Relating to Issuances of Debt. In addition to any other mandatory repayments or commitment reductions pursuant to this Section 2.5, on the date of the receipt of any cash proceeds by Holdings, the Borrower or any of their respective Subsidiaries from the incurrence of Indebtedness by Holdings, the Borrower or any of their respective direct or indirect Subsidiaries (other than Indebtedness permitted to be incurred under Section 8.3 as in effect on the Effective Date), an amount equal to 100% of such Net Debt Proceeds therefrom shall be applied to repay outstanding Term Loans in accordance with the requirements of Section 2.5(g)(iii).
Sample 1
Mandatory Commitment Reductions and Prepayments Relating to Issuances of Debt. In addition to any other mandatory repayments or commitment reductions pursuant to this Section 2.5, on the date of the receipt thereof by Holdings, the Borrower or any of their respective Subsidiaries, an amount equal to 100% of the cash proceeds (net of all investment banking fees, legal fees, consulting fees, underwriting discounts and commissions and other reasonable costs associated therewith) of the incurrence of Indebtedness by Holdings, the Borrower or any of their respective direct or indirect Subsidiaries (other than (i) Indebtedness incurred pursuant to the Financing Transactions or (ii) Indebtedness permitted to be incurred by Section 8.3 as in effect on the Restatement Effective Date) shall be applied ratably, subject to the provisions of Section 2.5(m), as a mandatory reduction to the Total Commitments (with the amount to be applied to reduce the Total Commitments to be equal to the Revolving Credit Percentage of the amount required to be applied pursuant to this clause (j)) and to mandatorily prepay principal of then outstanding Term Loans (in an amount equal to the Term Loan Percentage of the amount to be applied pursuant to this Section 2.5(j)), provided that, at any time while any Term Loans remain outstanding hereunder, at the option of the Borrower, any amount required to be applied pursuant to this Section 2.5(j) may instead be applied (without being subject to the provisions of Section 2.5(m)) first, to the mandatory prepayment of principal of Term Loans then outstanding and second, to the extent in excess thereof, as a mandatory reduction to the Total Commitments.
Sample 1

Related to Mandatory Commitment Reductions and Prepayments Relating to Issuances of Debt

  • Mandatory Prepayments and Commitment Reductions 28 2.11 Conversion and Continuation Options............................... 29 2.12 Minimum Amounts and Maximum Number of Eurodollar Tranches......... 30 2.13 Interest Rates and Payment Dates.................................. 30 2.14 Computation of Interest and Fees.................................. 30 2.15 Inability to Determine Interest Rate.............................. 31 2.16 Pro Rata Treatment and Payments................................... 31 2.17

  • 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.

  • Reduction of Commitment Prepayment of Loans Section 2.05 of the Financing Agreement is hereby amended as follows:

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • Payments Reductions of Commitments Prepayments 16 2.5. Promise to Pay; Promissory Notes. 26

  • Mandatory Commitment Reductions (a) Scheduled Reductions in Facility A Commitment. Commencing March 31, 2000 and at the end of each calendar quarter thereafter, the Facility A Commitment shall be automatically and permanently reduced by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as set forth below: Amount of Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- --------------- March 31, 2000, June 30, 2000, September 30, 2000 and December 31, 2000 2.500% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 5.000% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.250% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 7.500%

  • Application of Mandatory Prepayments by Type of Loans Except as provided in subsection 2.4D, any amount required to be applied as a mandatory prepayment of the Loans and/or a reduction of the Revolving Loan Commitment Amount pursuant to subsections 2.4B(iii)(a)-(f) shall be applied first to prepay the Term Loans to the full extent thereof, second, to the extent of any remaining portion of such amount, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, third, to the extent of any remaining portion of such amount, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, fourth, to the extent of any remaining portion of such amount, to further permanently reduce the Revolving Loan Commitment Amount to the full extent thereof and fifth, to the extent of any remaining portion of such amount, to cash collateralize any outstanding Letters of Credit. Any mandatory reduction of the Revolving Loan Commitment Amount pursuant to this subsection 2.4B shall be in proportion to each Revolving Lender’s Pro Rata Share.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Limitation on Prepayment of LIBOR Rate Loans The Borrower may not prepay any LIBOR Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

  • Mandatory Prepayment of Loans (a) Subject to Section 2.06(c), on the date of receipt by the Borrower or any Restricted Subsidiary (or affiliate thereof) of any Net Cash Proceeds, the Borrower shall prepay the Loans in an aggregate amount equal to such Net Cash Proceeds (together with any amounts due pursuant to Section 2.07 or Section 2.09); provided that the Borrower shall have no obligation to prepay the Loans (i) to the extent that such Net Cash Proceeds are attributable to a Disposition permitted by clauses (a), (c), (e), (f), (g), (h) and (j) of Section 7.04, (ii) to the extent that such Net Cash Proceeds for any Disposition are not in excess of $1,000,000 individually or $10,000,000 in the aggregate for all such Dispositions or (iii) with respect to any Casualty Event or any Disposition permitted pursuant to clause (k) (but only with respect to Dispositions of Core Assets that were acquired by the Borrower or any Restricted Subsidiary following the Availability Date (it being understood that any Net Cash Proceeds received from other Dispositions pursuant to clause (k) shall not be able to be reinvested pursuant to this clause (iii)) and clause (l) of Section 7.04, if, within 365 days after receipt of such Net Cash Proceeds, the Borrower uses such Net Cash Proceeds to purchase, or otherwise reinvests such Net Cash Proceeds in, Oil and Gas Interests useful in the business of the Credit Parties (in each case, as certified by the Borrower in a certificate of a Responsible Officer delivered to the Administrative Agent and the Lead Lender); provided further that, if all or any portion of such Net Cash Proceeds are not so reinvested within the time period specified (or such earlier date, if any, as the applicable Credit Party determines not to reinvest such Net Cash Proceeds as set forth above), such remaining portion shall be applied on the last date of such period (or such earlier date, as the case may be) as provided in this Section 2.06(a) without regard to this proviso.

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