Mandatory Payment of Loans Sample Clauses

Mandatory Payment of Loans. 21 2.11 Voluntary Designation of Borrowing Base; Mandatory Cancellation of Revolving Credit Facility............... 22 2.12
Sample 1
AutoNDA by SimpleDocs
Mandatory Payment of Loans. If, at any time, the unpaid principal -------------------------- balance of Note A shall exceed the Tranche A Commitment, then, Borrowers shall immediately repay, without premium or penalty, Tranche A Revolving Credit Loans or the Term Loan in an amount equal to such excess, along with accrued unpaid interest on the amount so repaid to the date of such repayment. If, at any time the unpaid principal balance of Note B shall exceed the Tranche B Commitment, then, Borrowers shall immediately repay, without premium or penalty, Tranche B Revolving Loans in an amount equal to such excess, along with accrued unpaid interest on the amount so repaid to the date of such repayment. If, at any time, a Borrowing Base Deficiency shall occur, then, Borrowers shall (i) within ninety (90) days after the date such Borrowing Base Deficiency first occurs, either (A) provide additional collateral as security for the Obligation, the value of which shall be determined by Lender in its sole discretion, or (B) prepay, without premium or penalty, Tranche A Revolving Credit Loans or the Term Loan, or a combination thereof, which additional collateral or prepayment shall be in an amount equal to at least fifty percent (50%) of the amount of such Borrowing Base Deficiency, and (ii) within one hundred eighty (180) days after the date such Borrowing Base Deficiency first occurs either (A) provide additional collateral as security for the Obligation, the value of which shall be determined by Lender in its sole discretion, or (B) prepay, without premium or penalty, Tranche A Revolving Credit Loans or the Term Loan, or a combination thereof, which additional collateral or prepayment shall be in an amount sufficient to eliminate such deficiency; and each such prepayment shall be made along with accrued unpaid interest on the amount so repaid to the date of such repayment. Any prepayment of the Term Loan pursuant to the preceding sentence shall be applied to the payments otherwise due under the Term Loan in inverse order of maturity. Borrowers shall immediately repay Note B in the amount of the Net Proceeds from the issuance of any Debt or equity securities issued by any Credit Party after the Closing Date other than the issuance of debt securities evidencing Permitted Purchase Money Debt. Notwithstanding anything to the contrary contained herein, the Tranche B Commitment shall be permanently reduced simultaneously with the issuance by any Credit Party of debt or equity securities by an amou...
Sample 1
Mandatory Payment of Loans. Leasco shall pay to -------------------------- Xxxxx, as a repayment of principal of its Loans, an amount equal to:
Sample 1
Mandatory Payment of Loans. Voluntary Prepayments of Loans; Reductions of Commitments..........36 4.9 Maintenance of Loan Account; Statements of Account.............................................38 4.10 Payment Procedures.............................................................................38 4.11
Sample 1
Mandatory Payment of Loans. On the Franchisee Loan Default Date, the Borrower shall make the payments required by Sections 2.08(b) and (e) in respect of such Approved Franchisee Loan.
Sample 1
Mandatory Payment of Loans. In addition to amounts otherwise -------------------------- required to be paid hereunder, each of the Borrowers promises to pay (i) on the First Revolver Reduction Date, and there shall become absolutely due and payable on the First Revolver Reduction Date, $5,000,000 of the Bank Loans, and (ii) on the Termination Date, and there shall become absolutely due and payable on the Termination Date, all of the Revolving Credit Loans and all of the Swing Line Loans outstanding on such date, together with any and all accrued and unpaid interest thereon."
Sample 1

Related to Mandatory Payment of Loans

  • Payment of Loans The Borrower shall punctually pay the principal and interest on the Loans, and all other sums falling due hereunder or under any other documents executed in connection with the Loans, in accordance with the terms hereof and thereof.

  • 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.

  • Payment of Loan 1. The Loan Issuing Account The borrower shall open the following loan account with the lender through which the loan issuance and payment shall be handled. Account Name: Shengfeng Logistics Group Co., Ltd Account Number: **********

  • Prepayment of Loans (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

  • Repayment of Loans (a) The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of Committed Loans outstanding on such date.

  • Permitted Prepayment of Loans Borrowers shall have the option to prepay all, but not less than all, of the Loans, provided Borrowers provide written notice to Administrative Agent of its election to prepay the Loans at least thirty (30) days prior to such prepayment, and pay, on the date of such prepayment, to Lenders, ratably, an amount equal to the sum of:

  • Prepayment of Loan Section 10.1 Options to Prepay Loan 28 Section 10.2 Additional Option to Prepay Loan 29 Section 10.3 Obligations to Prepay Loan 29 Section 10.4 Notice of Prepayment; Redemption Procedures 31 Section 10.5 Relative Position of this Article and Indenture 31 Section 10.6 Concurrent Discharge of First Mortgage Bonds 31 ARTICLE XI

  • Repayment of Loan 6.1.1 Upon the occurrence of either an Event of Default or a decision by Party A, in its sole discretion, to demand repayment of the Loan or any portion of the Loan, Party A may at its discretion issue a notice (Repayment Notice) to Party B requiring repayment of the Loan or any portion of the Loan and any other payment in arrears under this Agreement.

  • Notes; Repayment of Loans (a) All Revolving Credit Loans made by a Lender to the Borrowers shall be evidenced by a single Revolving Credit Note, duly executed on behalf of the Borrowers, dated the Closing Date, in substantially the form of EXHIBIT B annexed hereto, delivered and payable to such Lender in a principal amount equal to its Revolving Credit Commitment on such date. The outstanding balance of each Revolving Credit Loan, as evidenced by any such Revolving Credit Note, shall mature and be due and payable on the Revolving Credit Termination Date if such date occurs earlier than the Conversion Date or, subject to the terms and conditions of this Agreement, including, without limitation, that no Default or Event of Default shall then exist, shall be converted to a Term Loan on the Conversion Date. The Term Loan made by a Lender on the Conversion Date shall be evidenced by a single Term Note, duly executed on behalf of the Borrowers, dated the Conversion Date, in substantially the form of EXHIBIT A annexed hereto, delivered and payable to such Lender in a principal amount equal to its PRO RATA share (based on its Revolving Credit Commitment) of the Revolving Credit Loans being converted on such date; PROVIDED, HOWEVER, that the failure of the Borrowers to deliver Term Notes pursuant to the provisions of this Section shall not affect the liability of the Borrowers to repay the amount of Revolving Credit Loans being converted.

  • Mandatory Prepayments of Loans If for any reason the Total Revolving Outstandings at any time exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay Revolving Loans and/or Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Loans and Swing Line Loans the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect. All amounts required to be paid pursuant to this Section 2.05(b) shall be applied first, ratably to the L/C Borrowings and the Swing Line Loans, second, to the outstanding Revolving Loans, and, third, to Cash Collateralize the remaining L/C Obligations; and Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

Time is Money Join Law Insider Premium to draft better contracts faster.