Common use of Mandatory Prepayment Clause in Contracts

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 or under Section 2.12 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 5 contracts

Samples: Credit and Security Agreement (Digital Angel Corp), Credit and Security Agreement (Digital Angel Corp), Credit and Security Agreement (Metretek Technologies Inc)

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Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.12 or under Section 2.12 2.11 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 3 contracts

Samples: Credit and Security Agreement (Pro Dex Inc), Credit and Security Agreement (Pro Dex Inc), Credit and Security Agreement (Educational Insights Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.13, or under Section 2.12 2.12, may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 3 contracts

Samples: Credit and Security Agreement (Hc2 Holdings, Inc.), Credit and Security Agreement (HC2 Holdings, Inc.), Credit and Security Agreement (Schuff International Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 hereunder or under Section 2.12 2.10 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 2 contracts

Samples: Credit and Security Agreement (Staar Surgical Co), Credit and Security Agreement (uBid.com Holdings, Inc.)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 hereunder or under Section 2.12 2.9 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 2 contracts

Samples: Credit and Security Agreement (Christopher & Banks Corp), Credit and Security Agreement (Christopher & Banks Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.15 or under Section 2.12 2.14 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 2 contracts

Samples: Credit and Security Agreement (Bionova Holding Corp), Credit and Security Agreement (Zila Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.17 or under Section 2.12 2.16 may be applied to the Obligations, in such order and in such amounts as the Lender, in its reasonable discretion, may from time to time determine.

Appears in 2 contracts

Samples: Credit and Security Agreement (Landec Corp \Ca\), Credit and Security Agreement (Landec Corp \Ca\)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.17 or under Section 2.12 2.16 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 2 contracts

Samples: Credit and Security Agreement (Bionova Holding Corp), Credit and Security Agreement (International Displayworks Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.17 or under Section 2.12 2.16 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 2 contracts

Samples: Credit and Security Agreement (Netlist Inc), Credit and Security Agreement (Sportsmans Guide Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment voluntary or mandatory prepayment received by the Lender under this Section 2.13 or under Section 2.12 may be applied to the ObligationsIndebtedness, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 2 contracts

Samples: Credit and Security Agreement (Qsgi Inc.), Credit and Security Agreement (Pure Earth, Inc.)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.12 or under Section 2.12 2.10 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Lectec Corp /Mn/)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount amount shall at any time exceed the Borrowing Base, then, in any such case, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; , and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, the Borrower shall pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 or under Section 2.12 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Revolving Credit Agreement (Zareba Systems Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; excess and (ii) then, if prepayment in full of the [Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.12 or under Section 2.12 2.10 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Nebo Products Inc)

Mandatory Prepayment. Without notice or demand, if -------------------- the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.15 or ------------ under Section 2.12 2.14 may be applied to the ObligationsObligations then due and payable, in ------------ such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Primesource Healthcare Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (ia) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (iib) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.16 or under Section 2.12 2.15 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Leather Factory Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.18 or under Section 2.12 2.17 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Smtek International Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) first, first immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.20 or under Section 2.12 may 2.18 will be applied to the Obligations, in such order and in such amounts as the Lender, in its reasonable discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Luminant Worldwide Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus PLUS the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) firstFIRST, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) SECOND, if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 SECTION 2.12 or under Section 2.12 SECTION 2.11 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Allis Chalmers Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.14 or under Section 2.12 2.13 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Nortech Systems Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.8 or under Section 2.12 2.6 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine."

Appears in 1 contract

Samples: Credit and Security Agreement (Nu Kote Holding Inc /De/)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.17 or under Section 2.12 2.16 may be applied to the ObligationsIndebtedness, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Corsair Components, Inc.)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.15 or under Section 2.12 2.14 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (U S Plastic Lumber Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 0 or under Section 2.12 0 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Exabyte Corp /De/)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 or under Section 2.12 2.11 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Sportsmans Guide Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.21 or under Section 2.12 2.19 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Eagle Geophysical Inc)

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Mandatory Prepayment. The Borrower shall repay the Revolving Advances immediately upon demand of the Lender. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.8 or under Section 2.12 2.7 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine."

Appears in 1 contract

Samples: Credit and Security Agreement (Dakotah Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 hereunder or under Section 2.12 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Gardenburger Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment voluntary or mandatory prepayment received by the Lender under this Section 2.13 or under Section 2.12 may be applied to the ObligationsIndebtedness, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime."

Appears in 1 contract

Samples: Credit and Security Agreement (Misonix Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment voluntary or mandatory prepayment received by the Lender under this Section 2.13 or under Section 2.12 Agreement may be applied to the ObligationsIndebtedness, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Rf Monolithics Inc /De/)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower Borrowers shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 hereunder or under Section 2.12 2.9 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Orion Energy Systems, Inc.)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 or under Section 2.12 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Cost U Less Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.10 or under Section 2.12 2.9 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Exabyte Corp /De/)

Mandatory Prepayment. Without notice or demand, if the --------------------- sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 or under Section 2.12 2.11 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Rockshox Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; excess and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. .. Any payment received by the Lender under this Section 2.13 or under Section 2.12 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Dynamic Materials Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.16 or under Section 2.12 2.15 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (2nd Swing Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.14 or under Section 2.12 2.13 may be applied to the Obligations, in such order and in such amounts as the Lender, Lender in its discretion, sole discretion may determine from time to time determinetime.

Appears in 1 contract

Samples: Credit and Security Agreement (Waters Instruments Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.12 or under Section 2.12 2.10 may be applied to the Obligations, in such order and in such amounts as the Lender, in its reasonable discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Telular Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.14 or under Section 2.12 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Micro Component Technology Inc)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing Base, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.12 or under Section 2.12 2.10 may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Fourth Shift Corp)

Mandatory Prepayment. Without notice or demand, if the sum of the outstanding principal balance of the Revolving Advances plus the L/C Amount shall at any time exceed the Borrowing BaseAvailability, the Borrower shall (i) first, immediately prepay the Revolving Advances to the extent necessary to eliminate such excess; and (ii) if prepayment in full of the Revolving Advances is insufficient to eliminate such excess, pay to the Lender in immediately available funds for deposit in the Special Account an amount equal to the remaining excess. Any payment received by the Lender under this Section 2.13 2.14 or under Section 2.12 (c) may be applied to the Obligations, in such order and in such amounts as the Lender, in its discretion, may from time to time determine.

Appears in 1 contract

Samples: Credit and Security Agreement (Ciber Inc)

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