Mandatory Prepayment of Principal. In the event that Borrower receives Earmarked Funds, Borrower shall use the Earmarked Funds to prepay principal, plus accrued interest, within two business days after such Earmarked Funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.
Mandatory Prepayment of Principal. The Principal of this Note may be required to be prepaid, in whole or in part, at any time and from time to time in accordance with Section 2.02(b) of the Loan Agreement.
Mandatory Prepayment of Principal. Borrowers shall cause the direct payment by the insurer to Collateral Agent of any proceeds of life insurance on Xxxx Daily that is assigned to Collateral Agent to secure the Obligations, and these proceeds shall be applied to expenses, then interest, and then principal included in the Obligations as a prepayment of the Obligations.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $1,000,000 but less than $2,000,000 from sources described in clauses (A) through (C) of paragraph (b) of this Section 1, Borrower shall use the funds in excess of $1,000,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall not be available for further Draws by Borrower during the Draw Period.
Mandatory Prepayment of Principal. The Principal of this Note may be required to be prepaid in accordance with Section 2.07 of the Loan Agreement, and such prepayment shall, unless made with the proceeds received from the sale of any business unit or units, be subject to the payment of a prepayment premium as provided in Section 2.03(c) of the Loan Agreement. In addition, Principal and accrued interest of this Note shall be required to be prepaid in the event and to the extent that and at the same time as there shall be paid any amounts pursuant to Section 2.2 of that certain Stock Purchase Agreement dated as of August 17, 2009 by and among MTS Acquisition Company, Inc., the Maker, General Environmental Management, Inc. (a Delaware corporation), and GEM Mobile Treatment Services, Inc. (as same may be amended, modified, supplemented and/or restated from time to time, the “Stock Purchase Agreement”), and no prepayment premium shall be required in respect thereof.
Mandatory Prepayment of Principal. (1) On receipt of Net Cash Proceeds of any Equity Offering, the Borrower shall prepay the Loans in an amount equal to 50% of such Net Cash Proceeds. Any such prepayment shall be applied to the Term Loans in payment of the required monthly installments of principal in the inverse order of maturity, and after the Term Loans have been repaid in full, shall next be applied to the Revolving Loans. In addition, the Borrower shall make a mandatory prepayment on account of Revolving Loans outstanding on any date upon which the aggregate amount of outstanding Revolving Loans, Outstanding Letters of Credit and unrepaid L/C Borrowings exceeds the Aggregate Revolving Commitments on such date, said mandatory prepayment to be in the amount of such excess.
(2) From time to time, the Borrower shall (i) immediately repay Revolving Loans or, if all Revolving Loans have been repaid, Cash Collateralize Letters of Credit in the amount by which the aggregate principal amount of Revolving Loans outstanding plus all L/C Obligations is greater than the Aggregate Revolving Commitments and (ii) immediately prepay Delayed Draw Loans in the amount by which the aggregate principal amount of Delayed Draw Loans outstanding is greater than the Aggregate Delayed Draw Commitments.
(3) Each mandatory prepayment under this Paragraph 5(d) as well as any other prepayment of LIBOR Loans made prior to the last day of the relevant Interest Period shall be accompanied by a prepayment premium calculated as set forth in Paragraph 4(c) above as well as any other amounts payable under this Agreement in connection with such payment.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $300,000 but less than $600,000 from (A) the sale of capital stock, (B) the collection of license fees, signing fees, milestone fees, or similar fees under Borrower's Exclusive License Agreement with Abbott Laboratories, or under any other present or future agreement xxxxxxnt to which Borrower grants one or more licenses to use Borrower's patents or technology, (C) funds borrowed from other lenders, or (D) any combination of sources under clauses (A) through (C), Borrower shall use the funds in excess of $300,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $300,000 but less than $600,000 from (A) the sale of capital stock, (B) the collection of license fees, signing fees, milestone fees, or similar fees under Borrower's Exclusive License Agreement with Xxxxxx Laboratories, or under any other present or future agreement pursuant to which Borrower grants one or more licenses to use Borrower's patents or technology, (C) funds borrowed from other lenders, or (D) any combination of sources under clauses (A) through (C), Borrower shall use the funds in excess of $300,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $300,000 but less than $600,000 from sources described in clauses (A) through (C) of paragraph (b) of this Section 1, Borrower shall use the funds in excess of $300,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall not be available for further Draws by Borrower during the Draw Period.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $1,000,000 but less than $2,000,000 from (A) the sale of capital stock, (B) the collection of license fees, signing fees, milestone fees, or similar fees under Borrower's Exclusive License Agreement with Abbott Laboratories, Exclusive License Agreement with Horus, B.V., or unxxx xxy other present or future agreement pursuant to which Borrower grants one or more licenses to use Borrower's patents or technology, (C) funds borrowed from other lenders, or (D) any combination of sources under clauses (A) through (C), Borrower shall use the funds in excess of $1,000,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.
