Mandatory Prepayment of Term Loan. (a) Subject to clauses (c) and (d) hereof, immediately upon receipt by any Credit Party of any Net Cash Proceeds from any Asset Sales, which are not Reinvested as described in the following sentence, the Borrowers shall prepay the Term Loan by an amount equal to one hundred percent (100%) of such Net Cash Proceeds to the extent the Net Cash Proceeds from Asset Sales exceed $2,000,000 in the aggregate in the calendar year in which such prepayment is to be made or $5,000,000 in the aggregate during the term of this Agreement, provided, however, that the Borrowers shall not be obligated to prepay the Term Loan with such Net Cash Proceeds if the following conditions are satisfied: (i) promptly following the sale, the Administrative Borrower provides to the Administrative Agent a certificate executed by a Responsible Officer of the Administrative Borrower (“Reinvestment Certificate”) stating (x) that the sale has occurred, (y) that no Default or Event of Default has occurred and is continuing either as of the date of the sale or as of the date of the Reinvestment Certificate, and (z) a description of the planned Reinvestment of the proceeds thereof, (ii) the Reinvestment of such Net Cash Proceeds is commenced within the Initial Reinvestment Period and completed within the Reinvestment Period, and (iii) no Default or Event of Default has occurred and is continuing at the time of the sale and at the time of the application of such proceeds to Reinvestment. If any such proceeds have not been Reinvested at the end of the Reinvestment Period, the Borrowers shall promptly pay such proceeds to the Administrative Agent, to be applied to repay the Term Loan in accordance with clauses (c) and (d) hereof.
Mandatory Prepayment of Term Loan. (a) Subject to clauses (e) and (f) hereof, the Term Loan shall be subject to required principal reductions in the amount of the Applicable Excess Cash Flow Percentage of Excess Cash Flow for each Fiscal Year, such prepayments to be payable in respect of each Fiscal Year beginning with the Fiscal Year ending March 31, 2020, and each Fiscal Year thereafter, and to be due on the tenth (10th) Business Day after the required date of delivery of Borrower’s annual financial statements under Section 7.1(a) for the applicable Fiscal Year.
Mandatory Prepayment of Term Loan. Upon the sale, disposition or Total Loss of any Vessel or any other asset (having a fair market value equal or exceeding One Hundred Thousand Dollars ($100,000) directly or indirectly owned by the Borrower, the Borrower shall prepay the Term Loan, in part and without penalty, in amount equal to the proceeds of the sale, disposition or insurance net of taxes payable as a result of any such sale or disposition.
Mandatory Prepayment of Term Loan. (a) Subject to clauses (e) and (f) hereof, promptly upon receipt by Borrower or any Domestic Subsidiary of any Net Cash Proceeds from any Asset Sale occurring after the Effective Date, individually or collectively, in excess of $1,000,000 in any Fiscal Year, Borrower shall prepay the Term Loan by an amount equal to one hundred percent (100%) of such Net Cash Proceeds in excess of $1,000,000 until the Term Loan has been paid in full, with the remainder to be applied as provided in Section 2.14(a); provided, however, that (x) Borrower may use all or any portion of the Net Cash Proceeds of any Asset Sale permitted under Section 8.5(f)(i) to purchase replacement assets used or to be used by Borrower or such Domestic Subsidiary, as the case may be, in the business as permitted under Section 7.4(a) so long as (i) no Default or Event of Default has occurred and is continuing, (ii) each such purchase is made within 180 days following the date of such Asset Sale and (iii) Borrower delivers to the Agent, concurrently with or prior to the date of such Asset Sale, a certificate of an authorized officer of Borrower stating that such Net Cash Proceeds will be so used and (y) except to the extent used to purchase replacement assets in compliance with clause (x) of this proviso, in each case, Borrower shall comply with the mandatory prepayments provisions of this Section 3A.11(a).
Mandatory Prepayment of Term Loan. In addition to the payments of principal required under the Term Note, Borrower shall be obligated to prepay the outstanding principal balance of the Term Loan, such payments being applied in inverse order of maturity to the principal payments due under the Term Note, in an amount equal to twenty-five percent (25%) of the Excess Cash Flow of Borrower (as reflected in the annual audited financial statements of Borrower, in form and substance satisfactory to Lender), measured at the end of each fiscal year of Borrower. Each such prepayment of principal shall be due within ten (10) days of the receipt by Lender of Borrower's annual audited financial statements, such payments to commence with respect to Borrower's fiscal year ended December, 2001.
Mandatory Prepayment of Term Loan. If the Term Loan has become due and payable according to the terms hereof because of the occurrence and continuance of an Event of Default, Borrower shall pay to Bank (i) the Final Payment, (ii) any other expenses or fees then-owing, and (iii) a prepayment fee in an amount equal to (A) if such prepayment occurs on or prior to the First Anniversary, two percent (2.00%) of the Term Loan Amount (i.e. One Million Dollars ($1,000,000.00)); and (B) if such prepayment occurs at any time after the First Anniversary, one percent (1.00%) of the Term Loan Amount (i.e. Five Hundred Thousand Dollars ($500,000.00)).
Mandatory Prepayment of Term Loan. (a) Subject to clauses (e) and (f) hereof, the Term Loan shall be subject to required principal reductions in the amount of Applicable Recapture Percentage of Excess Cash Flow for each Fiscal Year, such prepayments to be payable in respect of each Fiscal Year beginning with the Fiscal Year ending December 31, 2015, and each Fiscal Year thereafter, and to be due on April 1 of the following Fiscal Year. However, if and to the extent the Unused US Revolving Credit Availability would be less than US$6,000,000 immediately after giving effect to all or a portion of such prepayment of the Term Loan otherwise required under the immediately preceding sentence for any fiscal year (the portion of the required prepayment that would cause the Unused US Revolving Credit Availability not to exceed US$6,000,000, the “ECF Deferred Portion”), then (x) the US Borrowers shall not be required to apply such prepayment to the Term Loan up to the amount of the ECF Deferred Portion for such fiscal year and (y) on the first Business Day of each fiscal quarter thereafter, the US Borrowers shall be required to prepay the Term Loan up to the cumulative ECF Deferred Portion for all Fiscal Years that has not been previously prepaid pursuant to this clause (y) to the extent, immediately after giving effect any portion of the proposed prepayment, the Unused US Revolving Credit Availability would exceed US$6,000,000.
Mandatory Prepayment of Term Loan. Borrower shall repay the entire unpaid principal balance of the Term Loan, if any, and all accrued but unpaid interest thereon, on the Termination Date. If the Term Loan is made, Borrower shall also be required to prepay the principal balance of the Term Loan, in inverse order of their maturities, as follows:
Mandatory Prepayment of Term Loan. Borrowers shall, in addition to the required principal payments described in Section 2.4.3, on each February 1, 2012, 2013 and 2014, make an additional payment of principal in an amount calculated as follows: (A) the sum of all dividends paid by Bancinsurance to Fenist for the prior fiscal year less the principal payment of $2,500,000 multiplied by (B) thirty percent (30%).
Mandatory Prepayment of Term Loan. The Borrowers shall prepay the Term Loan on each of June 30, 2007 in the amount of $100,000; September 30, 2007 in the amount of $200,000; and December 31, 2007 in the amount of $300,000, each such prepayment to be applied to the Term Loan of each Term Loan Lender based on its Pro Rata Share thereof. The prepayments required by this subsection (a) shall be in addition to, and shall not be reduced by, any other prepayments made pursuant to this clause (iii).
