Mandatory Prepayments of Term Loans. (a) Prior to the Tranche A Term Loan Repayment Date, except as set forth in the immediately succeeding sentence with respect to the incurrence of Permitted Subordinated Indebtedness, an amount equal to 100% of the Net Cash Proceeds of any incurrence of Indebtedness of any Loan Party (excluding any Indebtedness permitted to be incurred under Section 6.02) shall be applied to the prepayment of the Tranche B Term Loans as set forth in Section 2.16(e) on the date of such incurrence. Prior to the Tranche A Term Loan Repayment Date, an amount equal to 100% of the Net Cash Proceeds of any incurrence of Permitted Subordinated Indebtedness (including Permitted Designated Subordinated Indebtedness) of any Loan Party shall be applied to the prepayment of the Tranche B Term Loans as set forth in Section 2.16(e) on the 121st day (the “Payment Date”) after the date of such incurrence (as such date may be extended pursuant to the proviso set forth at the end of this sentence) to the extent such Net Cash Proceeds are (i) not from the issuance of Permitted Designated Subordinated Indebtedness and (ii) not used prior to such 121st day to make (u) a Capital Expenditure, (v) a Restricted Payment, (w) a Board-Approved Investment or a Proceeds Investment (in either case so long as the Borrower shall have complied with the provisions of Section 5.09, to the extent applicable, with respect to any assets acquired by any Group Member pursuant to such Board-Approved Investment or Proceeds Investment, as the case may be), (x) a Permitted Acquisition (so long as the Borrower shall have complied with the provisions of Section 5.09, to the extent applicable, with respect to any assets acquired by any Group Member pursuant to such Permitted Acquisition), (y) Permitted Open Market Purchases or (z) a repayment of the Tranche A Term Loans; provided that if on such 121st day a Board-Approved Investment, a Proceeds Investment, a Permitted Acquisition or Permitted Open Market Purchases shall not have been consummated but one or more Group Members shall have entered into a binding letter of intent or definitive purchase documentation with respect thereto (or, with respect to Permitted Open Market Purchases, shall have made a binding offer, subject to the conditions set forth therein), then the Payment Date shall be extended to the 181st day after such incurrence, and on such day the relevant Net Cash Proceeds shall be applied to the prepayment of the Tranche B Term Loans as specified above to t...
Mandatory Prepayments of Term Loans. (a) Upon the consummation of any Asset Sale or any Financing by the Borrower or any Subsidiary of the Borrower, other than those Asset Sales permitted pursuant to Section 7.3(B)(i) except to the extent that the Net Cash Proceeds of such Asset Sale, when combined with the Net Cash Proceeds of all such Asset Sales during the immediately preceding twelve-month period, do not exceed $1,000,000, and except as provided in the second sentence of this Section 2.5(B)(i)(a), within three (3) Business Days after the Borrower's or any of its Subsidiaries' (i) receipt of any Net Cash Proceeds from any such Asset Sale or Financing, or (ii) conversion to cash or Cash Equivalents of non-cash proceeds (whether principal or interest and including securities, release of escrow arrangements or lease payments) received from any Asset Sale, the Borrower shall make a mandatory prepayment of the Obligations in an amount equal to (a) if the Asset Sale or Financing involves the issuance of Equity Interests by Borrower, eighty percent (80%) of the Net Cash Proceeds from such Equity Interests and (b) in all other cases, one hundred percent (100%) of such Net Cash Proceeds or such proceeds converted from non-cash to cash or Cash Equivalents. Net Cash Proceeds of Asset Sales of capital assets with respect to which the Borrower shall have given the Agent written notice of its intention to replace such capital assets within ninety (90) days (or up to nine (9) months if such Net Cash Proceeds are deposited in a "Restricted Account" (as defined in the Security Agreement) following such Asset Sale shall not be subject to the provisions of the first sentence of this Section 2.5(B)(i)(a) unless and to the extent that such applicable period shall have expired without such replacement having been made.
(b) Nothing in this Section 2.5(B)(i) shall be construed to constitute the Lenders' consent to any transaction referred to in clause (a) above which is not expressly permitted by the terms of this Agreement.
(c) Each mandatory prepayment required by clause (a) of this Section 2.5(B) shall be referred to herein as a "Designated Prepayment." Designated Prepayments shall be allocated and applied to the Obligations as follows:
(I) the amount of each Designated Prepayment shall be applied to each of the then remaining installments payable under the Term Loans in the inverse order of maturity; and
(II) following the payment in full of the Term Loans, the amount of each Designated Prepayment shall be ap...
Mandatory Prepayments of Term Loans. In the event and on each occasion that the aggregate principal amount of outstanding Term Loans exceeds the Aggregate Commitment Amount then in effect, then the Borrower shall promptly prepay Term Loans in an aggregate amount sufficient to eliminate such excess. Immediately upon determining the need to make any such prepayment, the Borrower shall notify the Administrative Agent of such required prepayment and of the identity of the particular Term Loans being prepaid. If the Administrative Agent shall notify the Borrower that the Administrative Agent has determined that any prepayment is required under this Section 2.11, the Borrower shall make such prepayment no later than the second Business Day following such notice. Any mandatory prepayment of Term Loans pursuant hereto shall not be limited by the notice provision for prepayments set forth in Section 2.10. Each such prepayment shall be accompanied by a payment of all accrued and unpaid interest on the Term Loans prepaid and any applicable breakage fees and funding losses pursuant to Section 2.12.
Mandatory Prepayments of Term Loans. Upon the receipt by any Borrower of (1) the proceeds from any sale of United States domestic Receivables or (2) the proceeds from the incurrence of any single issue of Indebtedness in excess of $50,000,000 which is not permitted by Section 7.3(D)(i)-(vi) hereof, the Company shall immediately make a mandatory prepayment of the Term Loans in an amount equal to such proceeds (applying the same first to accrued and unpaid interest and then to principal).
Mandatory Prepayments of Term Loans or Reductions of Revolving Credit Commitment in Connection With Certain Dispositions of Assets.
(a) In the event that any of the Net Proceeds of any sale or disposition of assets (including, without limitation, capital stock) by the Borrower or any Subsidiary made pursuant to clause (vi) of Section 9.7 below have not been reinvested, pursuant to Acquisitions described in clause (i) of Subsection 9.4.1 in Permitted Businesses in a manner not prohibited by the terms of this Agreement within the one-year period following such sale or disposition, and such non-invested Net Proceeds, together with the non-invested Net Proceeds of all previous such sales or dispositions commencing on the Closing Date, exceed $3,000,000, the Borrower shall, within 30 days following the end of such one-year period, prepay the Loans or reduce the amount of the Revolving Credit Commitment in an amount equal to such excess as set forth in paragraph (b) below.
(b) At least five (5) Business Days prior to the date that a prepayment (and/or Commitment reduction) pursuant to this Subsection 2.5.2 is to occur, the Borrower shall notify the Lenders as to whether the amount shall be applied to installments of the Term Loans or to permanently reduce the amount of the Revolving Credit Commitment (in which case any prepayments required by Subsection 2.5.5 shall be made) or both (and, if both, how much is to be applied to the Term Loans and how much to reduce the Commitments).
Mandatory Prepayments of Term Loans. If at any time (a) no Revolving Credit Loans are then outstanding and any event requiring mandatory repayment specified in Section 2.3(c) shall occur or (b) amounts remain after any repayment of Revolving Credit Loans pursuant to Section 2.3(c), then such amount not required to repay the Revolving Credit Loans will be used to reduce on a pro rata basis the remaining scheduled principal installments of the Term Loans and shall be accompanied by any amount required under Section 4.9.
Mandatory Prepayments of Term Loans. On each date set forth below, the Borrowers shall prepay Term Loans in an aggregate principal amount equal to the amount listed opposite such date (subject to reduction as provided in Section 2.08(e)): Date Amount ---- ------ March 31, 1997 $12,500,000 June 30, 1997 $12,500,000 September 30, 1997 $12,500,000 December 31, 1997 $12,500,000 March 31, 1998 $18,750,000 June 30, 1998 $18,750,000 September 30, 1998 $18,750,000 December 31, 1998 $18,750,000 March 31, 1999 $25,000,000 June 30, 1999 $25,000,000 September 30, 1999 $25,000,000 December 31, 1999 $25,000,000 March 31, 2000 $37,500,000 June 30, 2000 $37,500,000 September 30, 2000 $37,500,000 December 31, 2000 $37,500,000 March 31, 2001 $25,000,000
Mandatory Prepayments of Term Loans. 25 SECTION 4.6. TERM NOTES..................................................26 SECTION 4.7. USE OF PROCEEDS.............................................26 SECTION 4.8. SECURITY....................................................26
Mandatory Prepayments of Term Loans. (a) Upon the consummation of any Asset Sale by the Borrower or any Subsidiary of the Borrower other than those Asset Sales permitted pursuant to Section 7.3(B)(i), (ii), (iii), (iv), (v) and (vii), except to the extent that the Net
Mandatory Prepayments of Term Loans. 29 6.2.3 Mandatory Reductions of Revolving Commitment Amount; Mandatory Prepayments of Revolving Loans.............................................. 30 6.3
