Mandatory Payments on Loans Sample Clauses

Mandatory Payments on Loans. (a) If at any time there shall exist a Borrowing Base Deficiency, the Borrower shall (i) within ninety (90) calendar days after the Agent gives notice of such Borrowing Base Deficiency to the Borrower, prepay the principal outstanding on the Loans to the Agent in an amount at least equal to fifty percent (50%) of such Borrowing Base Deficiency, and (ii) from the 90th calendar day up to but excluding the 180th calendar day after the Agent gives notice of such Borrowing Base Deficiency to the Borrower, prepay the principal outstanding on the Loans to the Agent in an amount equal to at least the remaining fifty percent (50%) of such Borrowing Base Deficiency, and, if the prepayment of all of the outstanding Loans is less than such Borrowing Base Deficiency, the Borrower shall prepay to the Agent an additional amount equal to such remaining Borrowing Base Deficiency, to be applied as the Agent elects to any of the various LC Obligations then due and payable; provided, however, that all such amounts applied by the Agent to the LC Obligations shall be applied (i) first to the Matured LC Obligations, and (ii) second as LC Collateral, to be held by the Agent for the benefit of the Banks until such other LC Obligations have either (aa) become Matured LC Obligations, at which time LC Collateral in the amount of such Matured LC Obligations shall be applied to such Matured LC Obligations, or (bb) expired undrawn, at which time an amount of such LC Collateral equal to such expired and undrawn LC Obligations shall be promptly returned to the Borrower. Each prepayment of principal under this section shall be accompanied by all interest then accrued and unpaid on the principal so prepaid.
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Mandatory Payments on Loans. (a) In the event that the --------------------------- Revolving Credit Outstandings hereunder ever exceeds the Available Commitment as then in effect, Borrower shall, at its election, either (1) make mandatory prepayments (commencing no later than sixty (60) days after the applicable Redetermination Date) of principal on the Loans on a pro rata basis on or before the last day of each 60 day period, in an amount equal to one-third (_) of such excess (together with accrued interest on the principal amount of the Loans so prepaid to the date of prepayment) or (2) prepay (no later than sixty (60) days after the applicable Redetermination Date) the principal of the Loans on a pro rata basis in an aggregate amount equal to such excess (together with accrued interest on the principal amount of the Loans so prepaid to the date of prepayment), or (3) add to the Oil and Gas Interests covered by the Reserve Reports, additional Oil and Gas Interests of a value, as reasonably determined by the Agent, equal to or exceeding such excess, or (4) if such condition arises, in part or in whole, by reason of a Designated Borrowing Base being in effect, increase the Designated Borrowing Base by an amount equal to the lesser of (i) such excess or (ii) the difference between the Borrowing Base and the Designated Borrowing Base or (5) any combination of (1) through (4) or any other solution acceptable to Required Banks and Borrower. Borrower shall give prompt written notice to the Agent of each election made by it pursuant to this Section ------- 2.13(a). If Borrower shall fail to give notice to the Agent as aforesaid, ------- Borrower shall be deemed to have elected to prepay the Loans in accordance with clause (1) of the first sentence of Section 2.13(a). ---------------
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Related to Mandatory Payments on Loans

  • Mandatory Payments The Loans shall be subject to mandatory repayment or prepayment (in the case of any partial prepayment conforming to the requirements as to the amounts of partial prepayments set forth in Section 2.13(a) above), and the LC Outstandings shall be subject to cash collateralization requirements, in accordance with the following provisions:

  • Mandatory Payments and Prepayments (a) Except to the extent due or paid sooner pursuant to the provisions of this Agreement, the aggregate outstanding principal of the Loans shall be due and payable in full on the Maturity Date.

  • Payments of Principal and Interest Prepayments Fees Section 3.01 Repayment of Loans 35 Section 3.02 Interest 35 Section 3.03 Alternate Rate of Interest 36 Section 3.04 Prepayments 37 Section 3.05 Fees 38 ARTICLE IV PAYMENTS; PRO RATA TREATMENT; SHARING OF SET-OFFS

  • Sharing of Reimbursement Obligation Payments Whenever the Agent receives a payment from the Borrower on account of reimbursement obligations in respect of a Letter of Credit or Credit Support as to which the Agent has previously received for the account of the Letter of Credit Issuer thereof payment from a Lender, the Agent shall promptly pay to such Lender such Lender’s Pro Rata Share of such payment from the Borrower. Each such payment shall be made by the Agent on the next Settlement Date.

  • Payments on Notes 37 Section 14.1. Place of Payment................................................................................ 37 Section 14.2. Home Office Payment........................................................................ 37 SECTION 15.

  • Prepayments of the Loans (a) Immediately upon receipt by Borrower or its Subsidiaries of proceeds of any (i) sale or other disposition of Collateral (excluding Accounts and Inventory) permitted under Section 7.9 in excess of $1,000,000 in the aggregate in any Fiscal Year, (ii) sale of the stock of any Subsidiary of Borrower or (iii) issuance of equity securities (other than equity issued in connection with Borrower’s Plans) or issuance of Debt (other than Guaranties) permitted under the last sentence of Section 7.13 (excluding proceeds of equity or Debt issued to finance a Permitted Acquisition but only to the extent such proceeds are received and paid to the sellers of the Target contemporaneously with the consummation of the Permitted Acquisition or contemporaneously with the date on which any other consideration is required to be paid to such sellers in connection with such Permitted Acquisition), Borrower shall prepay the Obligations in an amount equal to all such proceeds, net of (A) commissions and other reasonable and customary transaction costs, fees and expenses properly attributable to such transaction and payable by Borrower in connection therewith (in each case, paid to non-Affiliates), (B) transfer taxes, (C) amounts payable to holders of senior Liens (to the extent such Liens constitute Permitted Liens hereunder), if any, and (D) an appropriate reserve for income taxes in accordance with GAAP in connection therewith (“Net Proceeds”). Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, all Net Proceeds from a sale of Collateral subject to clause (i) above shall be applied to the Obligations without regard to the $1,000,000 exclusion set forth above. Any such prepayment required by this Section 3.3(a) shall be applied in accordance with Section 3.7.

  • Repayments Prepayments Interest and Fees SECTION 3.1.

  • Payment of Amounts Drawn Under Letters of Credit In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify the Applicable Borrower and the Administrative Agent on or before the date on which such Issuing Bank intends to honor such drawing, and the Applicable Borrower shall reimburse such Issuing Bank on the day on which such drawing is honored in an amount in same day funds equal to the amount of and in the same currency as such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the Applicable Borrower shall have notified the Administrative Agent and such Issuing Bank prior to Noon (New York time) on the Business Day of the date of such drawing that the Applicable Borrower intends to reimburse such Issuing Bank for the amount of such drawing with funds other than the proceeds of Revolving Loans, the Applicable Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting the Banks having Revolving Loan Commitments to make Revolving Loans that are Base Rate Loans on the Business Day following the date on which such drawing is honored in an amount equal to the Dollar Equivalent amount of such drawing, and (ii) the Banks shall, on the date of such drawing, make Revolving Loans that are Base Rate Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse such Issuing Bank for the Dollar Equivalent amount of such drawing; and further provided that if, for any reason, proceeds of Revolving Loans are not received by such Issuing Bank on such date in an amount equal to the amount of such drawing, such Issuing Bank shall be entitled to reimbursement in accordance with Section 1.04, on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that are so received, plus accrued interest on such amount at the rate set forth in Section 1.13(f)(1)(i).

  • Mandatory Payment (a) If, at any time, the Revolving Credit Exposure shall exceed the Total Commitment Amount as then in effect, Borrowers shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Loans sufficient to bring the Revolving Credit Exposure within the Total Commitment Amount.

  • Payments Prepayments (a) Payment, when paid, shall be applied first to the payment of all interest accrued and unpaid on this Note and then to payment on account of the principal hereof.

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