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 June 30, 2009, and each Fiscal Year thereafter, and to be due on October 1 of the following Fiscal Year.
(b) Subject to clauses (e) and (f) 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, Borrowers shall prepay the Term Loan by an amount equal to one hundred percent (100%) of such Net Cash Proceeds provided, however that 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, Borrowers provides to Agent a certificate executed by a Responsible Officer of the Borrower Representative (“Reinvestment Certificate”) stating (x) that the sale has occurred, (y) that no 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 completed within the Reinvestment Period, and (iii) no 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, Borrowers shall promptly pay such proceeds to Agent, to be applied to repay the Term Loan in accordance with clauses (e) and (f) hereof.
(c) Subject to clauses (e) and (f) hereof, immediately upon receipt by any Credit Party of Net Cash Proceeds generated from the issuance of any Equity Interests of any Credit Party (other than Equity Interests under any stock option or employee incentive plans listed on Schedule 6.12 hereto (or any successor plans) or in connection with the conversion of any Subordinated Debt to equity) or Net Cash Proceeds from the issuance of any Subordinated Debt after the Effective Date, Borrowers shall prepay the Term Loan by (i) an amount equal to fifty percent (50%) of such Net Cash Proceeds from the issuance of any Equity Interests; provided, however, that Borrowers may, to the extent permitted under Section 8.11 hereof, first apply suc...
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. 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 Fee, (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. Three Hundred Thousand Dollars ($300,000.00)); and (B) if such prepayment occurs at any time after the First Anniversary, one percent (1.00%) of the Term Loan Amount (i.e. One Hundred Fifty Thousand Dollars ($150,000.00)).
Mandatory Prepayment of Term Loan. (a) As a condition to the amendments and modifications set forth in this Amendment, Borrowers agree to make a mandatory prepayment of the Term Loan on the Fifth Amendment Effective Date in an amount equal to $10,000,000 (the “Mandatory Term Loan Payment”). The Mandatory Term Loan Payment shall be made by wire transfer to Agent’s account as set forth more fully in the Payment Notification attached hereto as Exhibit A. Agent shall apply the Mandatory Term Loan Payment ratably among Term Loan Tranche 1, Term Loan Tranche 2 and Term Loan Tranche 3 in the inverse order of maturity, in accordance with the terms of Section 2.1(a)(iii) of the Credit Agreement. Agent and Lenders agree to waive the requirement set forth in Section 2.2(g) to pay a Prepayment Fee on account of the Mandatory Term Loan Payment; provided that such accommodation made by Agent and Lenders shall be limited to the Mandatory Term Loan Payment and shall not create a course of conduct or expectation with respect to any future prepayments of the Term Loan, whether mandatory or optional. VP/#37280726.4
Mandatory Prepayment of Term Loan. (a) Promptly upon its receipt thereof, but in any event not later than two (2) Business Days after the date thereof, the Borrower will make a mandatory prepayment of the outstanding principal amount of the Term Loan (i) in an amount equal to the Net Cash Proceeds from the issuance, sale or other disposition of its capital stock or other equity securities or of any rights, warrants or options to purchase or acquire any shares of its capital stock or other equity securities, other than the issuance of up to 1,500,000 shares of common stock of the Borrower (and options or other rights to purchase such shares) pursuant to an Employee Plan and (ii) in an amount equal to any income tax refund received by the Borrower with respect to the application of NOLs arising in the fiscal year ending December 31, 1994.
(b) Concurrently with the delivery pursuant to Section 6.1(b) of its annual financial statements after the end of each fiscal
Mandatory Prepayment of Term Loan. (a) The Borrower shall promptly, and in any event no later than two (2) Business Days after the occurrence of the receipt of any refunds, prepayments from customers under the Truck Program contracts, in full or in part, of the incremental cost of trucks under the Truck Program or in the case of a casualty with respect to any trucks under the Truck Program, insurance proceeds, apply such amounts, or procure that such amount be applied, to the prepayment of the outstanding Obligations. Notwithstanding anything to the contrary, Borrowings prepaid may not be reborrowed.
(b) All prepayments required to be made pursuant to Section 2.09(a) shall be applied to reduce the subsequent scheduled repayments of Term Loans in inverse order of maturity.
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:
(a) Borrower shall prepay the Term Loan in connection with dispositions of Equipment by Borrower subsequent to the first Term Loan advance in an amount equal to the Net Proceeds of such disposition, except for dispositions of obsolete or worn out Equipment in the ordinary course of business; provided, however, that the foregoing prepayment requirement shall not apply with respect to the disposition of Equipment in a single transaction resulting in Net Proceeds of less than $10,000.
(b) Borrower shall prepay the Term Loan in an amount equal to the Net Proceeds of insurance or condemnation awards paid subsequent to the first Term Loan advance in respect of any Equipment, except to the extent that such Net Proceeds are applied to purchase replacement Equipment; provided, that the foregoing prepayment requirement shall not apply with respect to an insurance or condemnation award resulting in Net Proceeds of less than $10,000.
(c) The terms of this Section 2.6.4 shall be not be deemed to evidence Bank’s consent to any disposition of any Collateral, if Borrower is otherwise required by the terms of this Agreement to obtain such prior consent from Bank. Any Net Proceeds due to be turned over to Bank for prepayment of the Obligations hereunder shall be applied to the Term Loan in Bank’s sole and absolute discretion.
Mandatory Prepayment of Term Loan. The Borrower will be required to pay to the Administrative Agent, for the benefit of the Lenders, the following amounts, on the dates indicated, as a mandatory prepayment of the Obligations under the Term Loan (collectively, “Mandatory Prepayments”):
(i) On June 30, 2013, fifty percent (50%) of the Excess Cash Flow for the period from April 1, 2012 and March 31, 2013; and
(ii) On June 30, 2014, fifty percent (50%) of the Excess Cash Flow for the period from April 1, 2013 to March 31, 2014. All Mandatory Prepayments shall be applied to permanently reduce the Term Loan in inverse order of maturity.”
(f) Section 5.03(a)
(a) the Borrower’s Adjusted EBITDA for the period from September 1, 2012 and ending September 30, 2012 shall be not less than $600,000 and for the period from September 1, 2012 and ending December 31, 2012 shall not be less than $2,300,000 and for the Fiscal Year ending March 31, 2013 shall be not less than $6,100,000.”
Mandatory Prepayment of Term Loan. If funding of the Term Loan occurs prior to the time of the Sedco Forex Merger, and the Sedco Forex Merger has not been consummated as provided in the Sedco Forex Merger Agreement prior to April 30, 2000, then the Borrower shall prepay in full the entire outstanding principal amount of the Term Loan on May 1, 2000, together with all interest accrued and unpaid thereon (including payment of all breakage fees and funding losses provided for in Section 2.11), and all fees, expense reimbursements, indemnity payments, and other Obligations then outstanding under this Agreement and the other Credit Documents. Except for the foregoing amounts, such prepayment shall be made by the Borrower without penalty or premium.
