Mandatory Prepayments of Term Loan. Subject to the provisions of Section 2.6.4(Indemnity), the Borrower shall make the following mandatory prepayments (each a "Term Loan Mandatory Prepayment" and collectively the "Term Loan Mandatory Prepayments") of the Term Loans to the Agent for the ratable benefit of the Lenders:
(a) One hundred percent (100%) of the Net Proceeds of any Asset Disposition (including the sale and issuance of any Securities) by the Borrower or any Subsidiary Guarantor shall be paid to the Agent as a Term Loan Mandatory Prepayment, or if the Term Loans have been paid in full shall be paid to the Agent as a Revolving Loan Mandatory Prepayment. Notwithstanding the foregoing, the Borrower shall not be required to make a Term Loan Mandatory Prepayment in connection with any public, private or Rule 144(a) offering of Securities which does not generate any proceeds (other than nominal proceeds), including, for example, the issuance or exercise of warrants with registration rights or the issuance of a resale prospectus for any existing shares of capital stock. In addition, the Borrower shall not be required to make a Term Loan Mandatory Prepayment to the extent of any non-cash Net Proceeds which are Indebtedness for Borrowed Money received by the Borrower or any Subsidiary Guarantor in payment of the purchase price of an Asset which is the subject of a Permitted Asset Disposition; provided that, upon the Agent's demand, the Borrower and/or the Subsidiary Guarantor, as the case may, shall take all such actions as shall be reasonably requested by the Agent to grant to the Agent for its benefit and the ratable benefit of the Lenders a perfected Lien on any such Indebtedness for Borrowed Money and provided further that the principal amount of all such Indebtedness for Borrowed Money shall not exceed at any time in the aggregate Five Hundred Thousand Dollars ($500,000).
(b) Immediately upon closing and consummation of any public or private offering of Indebtedness by the Borrower or any Subsidiary Guarantor, except for Indebtedness for Borrowed Money permitted by Section 6.2.4, other than subsection (d) of Section 6.2.4,the Borrower shall make a Term Loan Mandatory Prepayment in an amount equal to one hundred percent (100%) of the Net Proceeds of such public or private offering; provided that a Term Loan Mandatory Prepayment shall not be required as the result of the issuance of Indebtedness by the Borrower or any Subsidiary Guarantor, if (i) such Indebtedness is issued pursuant to and ...
Mandatory Prepayments of Term Loan. (i) If, as the result of a sale or disposition by Borrower of Oil and Gas Properties under Section 9.14(d)(iii), the Borrowing Base is reduced to zero, then the Majority Term Lenders shall have the right, upon written notice to the Borrower within five (5) Business Days after the Borrower's receipt of the New Borrowing Base Notice, to require that all or any portion of the amount by which the value of such Property (determined in accordance with Section 9.14(d)(iii)) exceeds the amount required to be prepaid pursuant to Section 3.02(d)(ii)(B) be used to prepay the Term Loans.
(ii) Within five (5) Business Days following the Borrower's receipt of a New Borrowing Base Notice setting the Borrowing Base in excess of $15,000,000, the Borrower will prepay the Term Loans by the amount of the Excess Borrowing Base. The "Excess Borrowing Base" will be the difference between the new Borrowing Base and the greater of the highest previous Borrowing Base and $15,000,000.
(iii) With respect to any prepayment required under this Section 3.02(e), the amount the Borrower shall prepay shall be as follows: (A) from the period beginning on the Second-Tranche Term Loan Funding Date to (but not including) the date that is eight months after the Second-Tranche Term Loan Funding Date, 102% of the principal amount required to be prepaid, (B) from the period beginning on the date that is eight months after the Second-Tranche Term Loan Funding Date to (but not including) the date that is twelve months after the Second-Tranche Term Loan Funding Date, 101% of the principal amount required to be prepaid and (C) thereafter, no prepayment premium shall be required hereunder. Any prepayment of the Term Loans pursuant to this Section 3.02(e) shall be accompanied by accrued interest to the extent required by Section 3.03.
Mandatory Prepayments of Term Loan. Concurrently with the receipt by CHC or any of its Subsidiaries of:
(a) any Asset Sale Proceeds received by CHC or such Subsidiary during the term of this Credit Agreement;
(b) net cash proceeds received by CHC or such Subsidiary from Casualty Events which have not been utilized by CHC or such Subsidiary to repair or replace the property so damaged, destroyed or taken within one hundred eighty (180) days of receipt of such proceeds (or within 365 days of such receipt if a contract for such utilization is executed and delivered within 365 days of such receipt);
(c) net cash proceeds received by CHC or such Subsidiary from the Designated Assets identified on Schedule 4.2.2, or the sale, securitization or other disposition of any of the Designated Assets;
(d) net cash proceeds (including, without limitation, net of the amount of capital CCG is obligated to contribute to CFin Holdings pursuant to the transaction in which such cash proceeds are generated) received by CCG from the sale of the Capital Stock of CFin Holdings permitted to be sold hereunder; and
(e) Blizzard Repayment Proceeds; the Borrowers shall pay to the Administrative Agent for the respective accounts of the Lenders an amount equal to 100% of such proceeds, to be applied in the manner set forth in Section 4.2.3. Notwithstanding the foregoing, the provisions of this Section shall not impair any restrictions or prohibitions set forth in the Loan Documents with respect to the incurrence of Indebtedness or the consummation of any asset sales by CHC or any of its Subsidiaries.
Mandatory Prepayments of Term Loan. Section 4.6 of the Credit Agreement is hereby amended by deleting the following text from such Section: "pro rata to the remaining scheduled installment payments of the Term Loan; provided that, prepayments of the Term Loan pursuant to this Section 4.6 made with the proceeds of a Specified Sale Leaseback shall be applied".
Mandatory Prepayments of Term Loan. Borrower shall prepay the principal balance of the Term Loan promptly upon receipt of, and in an amount equal to, the Net Proceeds in excess of $100,000 received with respect to any real property or Equipment, except to the extent otherwise permitted under Section 6.3(b) or Section 7.13(d). Nothing in this subsection constitutes Lender’s consent to any disposition of any Equipment or real property. Lender shall apply any payments made under this subsection to any accrued interest on the Term Loans and then to principal of the Term Loans as determined by Lender but in the inverse order of the maturities thereof or in such other order determined by Lender.
Mandatory Prepayments of Term Loan. Borrower agrees that if the outstanding principal balance of the Term Loan on any date exceeds the Borrowing Base on such date, then Borrower will immediately prepay the Term Loan in an amount equal to the excess.
Mandatory Prepayments of Term Loan. Upon the closing of a Generating Asset Transaction, the net cash proceeds thereof received by the Borrower or any of its Subsidiaries shall be used to prepay the Term Loan. Any prepayment of principal of the Term Loan shall include all interest accrued to the date of prepayment and shall be applied against the scheduled installments of principal due on the Term Loan in the inverse order of maturity.
Mandatory Prepayments of Term Loan. Concurrently with the receipt by CHC or any of its Subsidiaries of:
(a) any Asset Sale Proceeds received by CHC or such Subsidiary during the term of this Credit Agreement;
(b) net cash proceeds received by CHC or such Subsidiary from Casualty Events which have not been utilized by CHC or such Subsidiary to repair or replace the property so damaged, destroyed or taken within one hundred eighty (180) days of receipt of such proceeds (or within 365 days of such receipt if a contract for such utilization is executed and delivered within 365 days of such receipt);
Mandatory Prepayments of Term Loan. In addition to other principal reductions on the Term Loan required pursuant hereto,
(a) the Borrower shall pay to the Lender, and there shall become due and payable, the Net Proceeds of any Refinancing Loan and any other Indebtedness for borrowed money incurred by the Borrower or any Subsidiary not permitted pursuant to Section 6-8 hereof, upon the Borrower's or any Subsidiary's receipt thereof; and
(b) the Borrower shall pay, and there shall become due and payable, an amount equal to fifty (50%) of Excess Cash Flow annually on or before April 30 of each year, with the first such payment to be on account of the fiscal year ending January, 2001; and
Mandatory Prepayments of Term Loan. Except to the extent such Proceeds constitute De Minimis Proceeds or are proceeds from sales or other dispositions permitted pursuant to ss.12.5.2(b), the Borrower shall prepay the Term Loan in an amount equal to the Net Cash Proceeds received by the Borrower and its Subsidiaries from sales or other dispositions of assets pursuant to Section 12.5.
