Mandatory Prepayments and Reductions of Commitments. (a) If, at any time, the aggregate principal amount of Loans outstanding exceeds the aggregate amount of the Commitments, the Borrowers will, within one (1) Business Day, prepay an amount of Loans (together with accrued interest thereon and amounts payable pursuant to Section 5.05) such that, after giving effect thereto, the aggregate principal amount of Loans outstanding to all Borrowers does not exceed such aggregate amount of the Commitments.
(b) The Borrowers shall repay the aggregate principal amount of all Loans to the Borrowers hereunder (together with accrued interest thereon) and any other amounts owing to any Lender that shall have declined to extend the Termination Date as set forth in Section 2.12 on the Termination Date in effect with respect to such Lender without giving effect to such extension.
(c) If, on any Business Day, the aggregate principal amount of Swing Line Loans outstanding exceeds the Swing Line Commitment in effect on such Business Day (other than by reason of the application of the proceeds of any Syndicated Loans made to the Borrower on such Business Day) the Borrowers shall, within one (1) Business Day after notice thereof delivered by the Agent to the Borrowers, prepay an amount of Swing Line Loans (together with accrued interest thereon and amounts payable pursuant to Section 5.05) such that, after giving effect thereto, the aggregate principal amount of such Swing Line Loans does not exceed such Swing Line Commitment.
(d) If, on any Business Day on which any Syndicated Loans are made or are to be made to any Borrower, the effect of the making of any such Loan is or would be to cause the aggregate amount of the Syndicated Loans and the Swing Line Loans of the Swing Line Lender to exceed the greater of the Swing Line Lender's Commitment or the Swing Line Commitment in effect on such Business Day after giving effect to the making of such Loan, such Borrower shall, on such Business Day, apply such portion of the proceeds of such Syndicated Loans as is required to prepay an amount of Swing Line Loans (together with accrued interest thereon and amounts payable pursuant to Section 5.05) such that, after giving effect thereto, the aggregate principal amount of the Syndicated Loans and Swing Line Loans of the Swing Line Lender does not exceed the greater of the Swing Line Lender's Commitment or the Swing Line Commitment in effect at such time. Each Borrower hereby irrevocably authorizes and directs the Agent to apply such portion ...
Mandatory Prepayments and Reductions of Commitments. (a) [Intentionally Omitted]
Mandatory Prepayments and Reductions of Commitments. The Company will apply Net Available Proceeds described in subsections (a) through (d) of this Section 2.13. as provided in subsection (e) of this Section 2.13.
Mandatory Prepayments and Reductions of Commitments. Section 2.8
Mandatory Prepayments and Reductions of Commitments. (a) Prepayments from the Sweep Accounts. Borrowers hereby irrevocably authorize Lender to apply or direct the application, as applicable, of all available funds on deposit in the Sweep Accounts to the prepayment of Loans then outstanding on a daily basis, in accordance with subsection 6.10 B. Subject to subsection 2.4A(iii)(c) below, any prepayment of the Loans pursuant to this clause (a) shall be applied first, to repay Overadvance Loans to the full extent thereof and, thereafter, to repay Borrowing Base Loans to the full extent thereof. Borrowers acknowledge that amounts applied pursuant to this subsection 2.4A(iii) will include only amounts actually transferred to Lender from the Sweep Accounts.
Mandatory Prepayments and Reductions of Commitments. (a) Series C Commitments. If the amount of the Series C Letter of Credit is reduced, the aggregate amount of the Series C Commitments shall automatically reduce by an equal amount. Upon the expiry or drawing under the Series C Letter of Credit, the aggregate amount of the Series C Commitments shall automatically reduce in the amount, if any, by which (i) the amount of the Series C Letter of Credit immediately prior to such expiry or drawing exceeds (ii) the amount of the drawing, if any.
Mandatory Prepayments and Reductions of Commitments. The Borrowers shall make prepayments on the Loans necessary so that on any date, the Loan to Collateral Value Ratio shall be no less than 1.00:1.
Mandatory Prepayments and Reductions of Commitments. If (a) the Company shall sell, assign, transfer or otherwise dispose of all or any portion of the Preferred Stock, (b) the Administrative Agent shall sell the Preferred Stock to State Auto Mutual pursuant to the Put Agreement or (c) the Preferred Stock shall at any time be repurchased, redeemed or otherwise retired by State Auto Financial (whether pursuant to the terms of such Preferred Stock or otherwise), the Company will prepay Loans in a principal amount equal to the aggregate Redemption Value of the Preferred Stock so sold, assigned, transferred or otherwise disposed of. In addition, if the aggregate outstanding principal amount of the Loans shall at any time exceed either (i) the aggregate amount of the Commitments or (ii) the aggregate Redemption Value of the Preferred Stock issued and outstanding at such time, the Company will prepay the Loans in an amount equal to such excess. Prepayments of the Loans shall be applied to the installments of the Loans in the inverse order or the maturities of the installments thereof.
Mandatory Prepayments and Reductions of Commitments. Upon any ---------------------------------------------------- Debt Issuance or Equity Issuance, (a) the Company shall prepay the Loans, and (b) the Commitments shall be subject to automatic reduction, in either case in an aggregate amount equal to 100% of the Net Available Proceeds thereof. Any such prepayment shall be paid to the Administrative Agent for account of the Banks and shall be accompanied by the aggregate amount of accrued interest and facility fee thereon, together with any amounts payable under Section 5.05 hereof.
Mandatory Prepayments and Reductions of Commitments
