Mandatory Prepayment of Advances. (a) No later than three Business Days after its receipt of any Net Cash Proceeds referred to in clause (i) below, the Borrower shall (if required by the Administrative Agent (acting on the instructions of the Required Lenders)) prepay Advances in an aggregate principal amount equal to:
Mandatory Prepayment of Advances. Notwithstanding any other provision of this Agreement, the aggregate outstanding principal balance of the Revolving Line of Credit Facility Advances shall not at any time exceed the Maximum Amount. If the aggregate outstanding principal balance of such Advances at any time exceeds the Maximum Amount as otherwise determined by the Bank, then the Borrower shall immediately pay to the Bank an amount equal to such excess. Borrower shall not be entitled to borrow or reborrow under the Revolving Line of Credit Facility so long as the aggregate outstanding principal balance of Advances exceeds the Maximum Amount nor if the result of any requested Advance would cause the aggregate outstanding principal balance of all Advances to exceed the Maximum Amount.
Mandatory Prepayment of Advances. Without duplication of any amounts required to be paid and deposited under Section 2.05(b)(iii) above, in the event of any Material Disposition by the Borrower or any of its Subsidiaries which is a Disposition of Oil and Gas Properties that have a positive value in the most recently delivered Engineering Report or in the Engineering Report evaluated for the then effective Borrowing Base, within three Business Days after receipt of the proceeds thereof, the Borrower shall prepay the outstanding Advances in an amount equal to the least of (i) 100% of the Net Cash Proceeds resulting from such Material Disposition, (ii) 100% of the value, if any, assigned to such Oil and Gas Properties under the then effective Borrowing Base, as reasonably determined by the Administrative Agent, and (iii) the principal amount of Advances outstanding at such time; provided that, the prepayment under this Section 2.06(b) shall not be required after the occurrence of the Second Lien Debt Payoff. For the avoidance of doubt, the prepayments required under this Section 2.06(b) shall not constitute nor be construed as a consent to any Disposition that would not be permitted under the terms of this Agreement.
Mandatory Prepayment of Advances. (a) If, after giving effect to any termination or reduction of the Maximum Facility Amount, the Revolving Credit Elected Commitments or the Borrowing Base, as the case may be, pursuant to Section 2.11, the Aggregate Revolving Credit Exposure exceeds the Revolving Credit Aggregate Commitment, then Borrower shall immediately (and in any event on the Business Day of such termination or reduction) prepay, subject to any funding indemnification amounts required by Section 11.1, the principal amount of the Advances to the extent necessary to eliminate such excess.
Mandatory Prepayment of Advances. If at any time the ----------------------------------- outstanding principal amount of all Revolving Credit Advances exceeds the Revolving Credit Commitment, the Borrower shall immediately prepay the amount of excess plus accrued and unpaid interest on the amount so prepaid. Any such mandatory prepayments shall be applied to such excess in the following order: first to Prime Rate Advances and then to LIBOR Advances. Section 5.4.
Mandatory Prepayment of Advances. If at any time the outstanding principal amount of all Advances exceeds the Commitment, the Borrower shall prepay the amount of excess plus accrued and unpaid interest on the amount so prepaid. Any such mandatory prepayments shall be applied first to Prime Rate Advances and then to Eurodollar Advances.
Mandatory Prepayment of Advances. (a) If at any time and for any reason the Aggregate Credit Exposure exceeds the Revolving Credit Aggregate Commitment, then the Borrower shall immediately reduce any pending request for a Revolving Credit Advance on such day by the amount of such excess and, to the extent any excess remains thereafter as a result of the funding of such Revolving Credit Advance, the Borrower shall prepay any Revolving Credit Advances and Swing Line Advances in an amount equal to the lesser of the outstanding amount of such Advances and the amount of such remaining excess, with such amounts to be applied between the Revolving Credit Advances and Swing Line Advances as determined by Administrative Agent and then, to the extent that any excess remains after payment in full of all Revolving Credit Advances and Swing Line Advances, to provide cash collateral in support of any Letter of Credit Obligations in an amount equal to the lesser of (x) 100% of the amount of such Letter of Credit Obligations and (y) the amount of such remaining excess, with such cash collateral to be provided on the basis set forth in Section 9.2. Borrower acknowledges that, in connection with any prepayment required under this Section 2.10(a), it shall also be responsible for the reimbursement of any prepayment or other costs required under Section 11.1. Any payments made pursuant to this Section shall be applied first to outstanding Base Rate Advances under the Revolving Credit, next to Swing Line Advances carried at the Base Rate and then to Eurodollar-based Advances of the Revolving Credit, and then to Swing Line Advances carried at the Quoted Rate.
Mandatory Prepayment of Advances. (a) Prepay the Indebtedness in accordance with clauses (e) and (f) below in an amount equal to the lesser of (i) the Applicable Recapture Percentage of Excess Cash Flow for each Fiscal Year and (ii) $850,000, such prepayments to be payable in respect of each Fiscal Year beginning with the Fiscal Year ending January 31, 2011, and each Fiscal Year thereafter, and to be due on June 15 of the following Fiscal Year.
Mandatory Prepayment of Advances. (a) If, after giving effect to any termination or reduction of the Maximum Facility Amount or the Borrowing Base, as the case may be, pursuant to Section 2.11 the Aggregate Credit Exposure exceeds the Revolving Credit Aggregate Commitment, then Borrower shall immediately (and in any event on the Business Day of such termination or reduction) prepay, subject to any funding indemnification amounts required by Section 11.1, the principal amount of the Advances to the extent necessary to eliminate such excess. MRC Energy Company Credit Agreement
Mandatory Prepayment of Advances. If at any time the outstanding principal amount of (i) all Revolving Credit Advances exceeds the Revolving Credit Commitment or (ii) all Real Estate Loan Advances exceeds the Real Estate Loan Commitment, the Borrower shall prepay the amount of excess plus accrued and unpaid interest on the amount so prepaid. Any such mandatory prepayments shall be applied to such excess in the following order: first to Prime Rate Advances and then to Eurodollar Advances.
