Mandatory Prepayment Upon Certain Events. (i) The Borrower shall make a prepayment of the Loans (in each case, without premium or penalty except as otherwise expressly provided in Section 2.01 (d)(iii), Section 2.01 (d)(iv), Section 2.01 (f), Section 2.02(b) or Section 2.02 (f)) upon the occurrence of any of the following at the following times and in the following amounts:
Mandatory Prepayment Upon Certain Events. (i) The Borrowers shall make a prepayment of the Term Loans (in each case, without premium or penalty except as otherwise expressly provided in Section 2.01(f) or Section 2.02(f)) upon the occurrence of any of the following at the following times and in the following amounts:
(1) Within two (2) Business Days after the receipt by Parent or any of its Subsidiaries of any Net Cash Proceeds from any Asset Disposition, in an amount equal to 100% of such Net Cash Proceeds. Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing at the time of such Asset Disposition and at the time of such reinvestment, such prepayment shall not be required to the extent Parent or any such Subsidiary delivers to the Lender in writing, within one (1) month after receipt by Parent or such Subsidiary of any Net Cash Proceeds from any Asset Disposition, notice of Parent’s or any such Subsidiary’s intent to reinvest the Net Cash Proceeds of such Asset Disposition (which such notice shall specify the assets in which such Net Cash Proceeds are reinvested, the amount of Net Cash Proceeds to be reinvested and the date on which such reinvestment shall occur) and subsequently reinvests the Net Cash Proceeds of such Asset Disposition in assets of the same or similar function, within one hundred eighty (180) days after the date of such Asset Disposition; provided, that Parent and its Subsidiaries shall only be permitted to reinvest up to [***]of Net Cash Proceeds otherwise required to prepay the Term Loans pursuant to this clause (1) in any fiscal year; provided further, that any Net Cash Proceeds received by Parent or any such Subsidiary and not specified in the notice delivered to the Lender shall immediately be remitted to the Lender as a prepayment of the Term Loans.
(2) Within two (2) Business Days of the receipt by Parent or any of its Subsidiaries of any Net Cash Proceeds of insurance or condemnation awards, in an amount equal to 100% of such Net Cash Proceeds. Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing at the time of receipt by Parent or any such Subsidiary of such insurance or condemnation awards and at the time of such reinvestment, such prepayment shall not be required to the extent Parent or such Subsidiary delivers to the Lender in writing, within one (1) month after receipt by Parent or such Subsidiary of any Net Cash Proceeds from any insurance or condemnation awards, notice of Parent’s or ...
Mandatory Prepayment Upon Certain Events. In the event the Bonds are subject to mandatory redemption for any reason described in Section 301 of the Indenture, the Company shall (except to the extent Bonds are purchased in lieu of redemption as provided in paragraph (f) of Section 301 of the Indenture) prepay Lease Payments in whole at the time and at the prepayment price sufficient to redeem all of the Bonds then Outstanding in accordance with Section 3.01
Mandatory Prepayment Upon Certain Events. Subject to the prior written approval of the Director, following the consummation of a Life Transaction, the Company shall prepay the lesser of (x) the outstanding principal of and accrued and unpaid interest on this Surplus Note and (y) an amount equal to the increase in the Company’s statutory surplus as a result of the Life Transaction. “Life Transaction” means the disposition, through one or more sales of assets or subsidiary stock or through a reinsurance transaction or other transfer or disposition, of all or portions of the businesses of selling financial protection to individuals through term life insurance, universal life insurance, annuities and other products. The Company shall give the Noteholder prior written notice of the closing of the Group Transaction. See Attachment A for an example of the methodology of the mandatory prepayment.
Mandatory Prepayment Upon Certain Events. Subject to the prior written approval of the Director, following the consummation of a Group Transaction, the Company shall prepay the lesser of (x) the outstanding principal of and accrued and unpaid interest on this Surplus Note and (y) an amount equal to the increase in the Company’s statutory surplus as a result of the Group Transaction. Such determination shall be made based upon the Company’s underlying statutory equity, adjusted for unamortized goodwill, of CNA Group Life Assurance Company, a subsidiary of the Company, as reflected in its third quarter 2003 statutory financial statement filed with its domiciliary regulator. “Group Transaction” means the disposition, through one or more sales of assets or subsidiary stock or through a reinsurance transaction or other transfer or disposition, of all or portions of the businesses of providing group life and group health insurance and related services to employers, affinity groups and other entities that purchase insurance as a group. The Company shall give the Noteholder prior written notice of the closing of the Group Transaction. See Attachment A for an example of the methodology of the mandatory prepayment.
Mandatory Prepayment Upon Certain Events. In the event of (i) any Transfer of Borrower’s “StrongBox” product line without the prior written consent of Lender or (ii) the occurrence of any ‘972 Patent Monetization Event, then the net cash proceeds thereof shall be promptly applied by Borrower to repay principal amounts under the Terms Loans, as to all such Transfers or monetization events (as applicable) collectively, not to exceed (A) in the case of clause (i) preceding, the lesser of $5,000,000 or an amount equal to half of the aggregate outstanding principal amount of the Term Loans immediately prior to such prepayment or (B) in the case of clause (ii) preceding, the lesser of the amount necessary to ensure that the aggregate outstanding principal amount of the Term Loans after giving effect to such prepayment does not exceed $5,000,000 or the entirety of such net cash proceeds.
Mandatory Prepayment Upon Certain Events. 23 Section 9.4 Purchase of Project; Required Prepayment.................24 Section 9.5 Notice of Prepayment.....................................25 Section 9.6 Precedence of this Article...............................25 ARTICLE X MISCELLANEOUS
Mandatory Prepayment Upon Certain Events. If the Bonds or any portion thereof are subject to mandatory redemption for any other reason described in Section 302 of the Indenture, the Lessee shall (except to the extent Bonds are purchased in lieu of redemption as provided in Section 302(e) of the Indenture) prepay Lease Payments in whole at the time and at the prepayment prices sufficient to redeem all of the Bonds then Outstanding in accordance with Section 302 of the Indenture. The Lessee will promptly notify the Issuer, the Letter of Credit Provider and the Trustee in writing of the occurrence and existence of any event or condition which could result in mandatory prepayment under this Section.
Mandatory Prepayment Upon Certain Events. Subject to the terms hereof, Borrower shall prepay the Obligations concurrently with receipt of, and in an amount equal to:
(i) 100% of Net Cash Proceeds of any Debt (other than Permitted Debt) of any Obligor;
(ii) 90% of the Net Cash Proceeds received by any Obligor in connection with insurance proceeds which are paid out with respect to the life insurance maintained on any one or more Key Person; or
(iii) 100% of Net Cash Proceeds received by any Obligor in connection with any Asset Disposition; and
(iv) 100% of the Net Cash Proceeds received by any Obligor in connection with the sale of any Equity Interests of such Obligor, provided that if no Event of Default has occurred and is continuing at the time of such equity issuance, then the Borrower is only required to use 25% of the Net Cash Proceeds of such equity issuance to prepay the Obligations under this clause (iv).. All prepayments made pursuant to this Section 3.2(b) will be applied in accordance with the priority set forth in Section 3.1.
Mandatory Prepayment Upon Certain Events. In the event of (i) any Transfer of Borrower’s “StrongBox” product line without the prior written consent of Lender; (ii) the occurrence of any ‘972 Patent Monetization Event (other than with respect to the Huawei Settlement), then the net cash proceeds thereof shall be promptly applied by Borrower to repay principal amounts under the Term Loans, as to all such Transfers or monetization events (as applicable) collectively, not to exceed (A) in the case of clause (i) preceding, the lesser of $5,000,000 or an amount equal to half of the aggregate outstanding principal amount of the Term Loans immediately prior to such prepayment or (B) in the case of clause (ii) preceding, the lesser of the amount necessary to ensure that the aggregate outstanding principal amount of the Term Loans after giving effect to such prepayment does not exceed $5,000,000 or the entirety of such net cash proceeds; or (iii) the occurrence of a ‘972 Patent Monetization Event resulting from the Huawei Settlement, then half of the net cash proceeds thereof shall be promptly applied by Borrower to repay principal amounts under the Term Loans.
