Mandatory Prepayments of Excess Cash Flow Sample Clauses

Mandatory Prepayments of Excess Cash Flow. Commencing with the fiscal year ending December 31, 2013, for any fiscal year of the Borrowers that the Total Cash Flow Leverage Ratio is greater than or equal to 3.00 to 1.00, calculated as of the last day of such fiscal year, not later than March 31 of the immediately following fiscal year, the Borrowers shall prepay the Terms Loans and Converted Term Loans by an amount equal to (A) 50% of Excess Cash Flow, if any, for such fiscal year, less (B) the amount of all prepayments made by the Borrowers pursuant to Section 2.6.5 that were applied to the Term Loans or the Converted Term Loans during the period from the last Excess Cash Flow payment date to the current Excess Cash Flow payment date. Any such prepayment shall be applied first to the outstanding Term Loans and then to the Converted Term Loans, in each case on a pro rata basis to all remaining scheduled principal payments of the Term Loans or Converted Term Loans, as applicable.
Sample 1
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Mandatory Prepayments of Excess Cash Flow. In addition to the regular payments of principal and interest required in respect of the Term Loans, Borrower shall remit to Lender on or before the 15th day after the close of each fiscal quarter, all Excess Cash Flow earned in the immediately preceding quarter. All such Excess Cash Flow payments remitted to Lender shall be applied by Lender pro rata among the four Term Loans as a reduction in the outstanding principal thereof.
Sample 1
Mandatory Prepayments of Excess Cash Flow. Commencing with the Fiscal Year ending December 31, 2011, the Borrower shall apply an amount equal to the Excess Cash Flow Percentage of its Excess Cash Flow for such Fiscal Year as a mandatory prepayment of the Loans within five Business Days after the earlier of (i) the date on which financial statements in respect of such Fiscal Year have been delivered pursuant to Section 5.01(a) and the related Compliance Certificate has been delivered pursuant to Section 5.01(f) and (ii) the date by which such financial statements and Compliance Certificate are required to be delivered pursuant to Sections 5.01(a) and 5.01(f), respectively.
Sample 1
Mandatory Prepayments of Excess Cash Flow. Following the end of each Fiscal Year of the Borrower, commencing with the Fiscal Year ending December 31, 2012, the Borrower shall prepay Term Borrowings, ratably based upon the outstanding principal amount of the Term Loans at the time of prepayment, in an aggregate amount equal to 50% of Excess Cash Flow for such fiscal year, provided that (i) such amount shall be reduced by the aggregate amount of prepayments during such Fiscal Year of (x) Term Loans made pursuant to Sections 2.09(b) and 2.10(a) and (y) Revolving Credit Loans or Extending Revolving Credit Loans made pursuant to Section 2.08(a) to the extent that the Revolving Credit Commitments or the Extended Revolving Credit Commitments, as applicable, are permanently reduced by the amount of such prepayments, (ii) the amount of such prepayment shall be reduced to 25% of Excess Cash Flow for any Fiscal Year, if the Consolidated Leverage Ratio as of the last day of such Fiscal Year is less than 2.25 to 1.00, and (iii) no such prepayment shall be required if the Consolidated Leverage Ratio at the end of such Fiscal Year is less than 1.25 to 1.00. Each prepayment pursuant to this paragraph shall be made on or within five Business Days after the earlier of (i) the date on which financial statements in respect of such Fiscal Year have been delivered pursuant to Section 5.01(a) and the related Compliance Certificate has been delivered pursuant to Section 5.01(c) and (ii) the date by which such financial statements and Compliance Certificate are required to be delivered pursuant to Sections 5.01(a) and 5.01(c), respectively.
Sample 1
Mandatory Prepayments of Excess Cash Flow. Commencing with the fiscal year ending December 31, 2013, on December 31 and June 30 of each fiscal year, for the twelve month period ending December 31, 2013 and for any six-month period ending on December 31 or June 30 thereafter that the Total Cash Flow Leverage Ratio is greater than or equal to 3.00 to 1.00, calculated as of the last day of such twelve-month or six-month period, not later than 90 days immediately following the last day of such twelve-month or six-month period, the Borrowers shall prepay the Terms Loans and Converted Term Loans by an amount equal to (A) 62.5% of Excess Cash Flow, if any, for such twelve-month or six-month period, less (B) the amount of all prepayments made by the Borrowers pursuant to Section 2.6.5 that were applied to the Term Loans or the Converted Term Loans during the period from the last Excess Cash Flow payment date to the current Excess Cash Flow payment date. Any such prepayment shall be applied first to the outstanding Term Loans and then to the Converted Term Loans, in each case on a pro rata basis to all remaining scheduled principal payments of the Term Loans or Converted Term Loans, as applicable.
Sample 1

Related to Mandatory Prepayments of Excess Cash Flow

  • Mandatory Prepayments (a) If on any date the Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, with respect to an amount equal to 75% of such Net Cash Proceeds (“Allocated Proceeds”; provided that the Borrower or such Subsidiary may instead deem a portion of such Net Cash Proceeds equal to the first 75% of the Total Net Proceeds to the Borrower or such Subsidiary from such Asset Sale or Recovery Event, when and as received, to be the Allocated Proceeds of such Asset Sale or Recovery Event), (i) if such Allocated Proceeds are not Reinvestment Proceeds, such Allocated Proceeds shall be applied on the fifth Business Day after the date such proceeds are received toward the prepayment of the Term Loans or (ii) if such Allocated Proceeds are Reinvestment Proceeds, on each Reinvestment Prepayment Date, an amount equal to the relevant Reinvestment Prepayment Amount shall be applied toward the prepayment of the Term Loans in the manner specified in Section 2.9(c); provided that, notwithstanding clauses (i) and (ii) above, to the extent that the terms of the documentation for any First Lien Notes or Pre-Existing Debt that is secured on a pari passu basis with the Obligations under this Agreement require that a portion of such Allocated Proceeds be applied to purchase First Lien Notes or Pre-Existing Debt pursuant to a mandatory offer to purchase such First Lien Notes or Pre-Existing Debt, such Allocated Proceeds may be applied to prepay Term Loans in accordance with Section 2.9(c) and purchase First Lien Notes and/or Pre-Existing Debt on a pro rata basis based on the respective amounts of Term Loans and First Lien Notes and/or Pre-Existing Debt then outstanding.

  • Mandatory Prepayments Commitment Reductions 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • Mandatory Prepayments of Loans If for any reason the Total Revolving Outstandings at any time exceed the Aggregate Revolving Commitments then in effect, the Borrower shall immediately prepay Revolving Loans and/or Swing Line Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless after the prepayment in full of the Revolving Loans and Swing Line Loans the Total Revolving Outstandings exceed the Aggregate Revolving Commitments then in effect. All amounts required to be paid pursuant to this Section 2.05(b) shall be applied first, ratably to the L/C Borrowings and the Swing Line Loans, second, to the outstanding Revolving Loans, and, third, to Cash Collateralize the remaining L/C Obligations; and Within the parameters of the applications set forth above, prepayments shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

  • Other Mandatory Prepayments In addition to and without limiting any provision of any Loan Document:

  • Voluntary Prepayments of Borrowings 25 Section 3.08 Payments, etc................................................................................26 Section 3.09 Interest Rate Not Ascertainable, etc.........................................................28 Section 3.10 Illegally....................................................................................28 Section 3.11

  • Mandatory Prepayment The Borrower shall be obliged to prepay the Relevant Amount of the Loan:

  • Application of Mandatory Prepayments All amounts required to be paid pursuant to this Section 2.05(b) shall be applied as follows:

  • Prepayments, Etc of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any Indebtedness, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement and (b) regularly scheduled or required repayments or redemptions of Indebtedness set forth in Schedule 7.03 and refinancings and refundings of such Indebtedness in compliance with Section 7.03(b).

  • Voluntary Prepayments Commitment Reductions (a) Prior to the Stated Maturity Date, the Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of the Loans; provided, however, that:

  • Mandatory Prepayment of Loans (a) Subject to Section 2.06(c), on the date of receipt by the Borrower or any Restricted Subsidiary (or affiliate thereof) of any Net Cash Proceeds, the Borrower shall prepay the Loans in an aggregate amount equal to such Net Cash Proceeds (together with any amounts due pursuant to Section 2.07 or Section 2.09); provided that the Borrower shall have no obligation to prepay the Loans (i) to the extent that such Net Cash Proceeds are attributable to a Disposition permitted by clauses (a), (c), (e), (f), (g), (h) and (j) of Section 7.04, (ii) to the extent that such Net Cash Proceeds for any Disposition are not in excess of $1,000,000 individually or $10,000,000 in the aggregate for all such Dispositions or (iii) with respect to any Casualty Event or any Disposition permitted pursuant to clause (k) (but only with respect to Dispositions of Core Assets that were acquired by the Borrower or any Restricted Subsidiary following the Availability Date (it being understood that any Net Cash Proceeds received from other Dispositions pursuant to clause (k) shall not be able to be reinvested pursuant to this clause (iii)) and clause (l) of Section 7.04, if, within 365 days after receipt of such Net Cash Proceeds, the Borrower uses such Net Cash Proceeds to purchase, or otherwise reinvests such Net Cash Proceeds in, Oil and Gas Interests useful in the business of the Credit Parties (in each case, as certified by the Borrower in a certificate of a Responsible Officer delivered to the Administrative Agent and the Lead Lender); provided further that, if all or any portion of such Net Cash Proceeds are not so reinvested within the time period specified (or such earlier date, if any, as the applicable Credit Party determines not to reinvest such Net Cash Proceeds as set forth above), such remaining portion shall be applied on the last date of such period (or such earlier date, as the case may be) as provided in this Section 2.06(a) without regard to this proviso.

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