Common use of Mandatory Prepayments on Loans Clause in Contracts

Mandatory Prepayments on Loans. If at any time, the ------------------------------ aggregate principal amount of all Senior Debt outstanding shall exceed the Borrowing Base then in effect, the Borrower shall, at the Borrower's option, either (a) forthwith repay a portion of the Loans in an aggregate principal amount equal to such excess or (b) pay an amount equal to such excess in no more than six substantially equal monthly installments, the first such payment to be due within five days after the date on which it is first determined that such principal amount of Senior Debt exceeds the Borrowing Base, and the remaining payments due on the numerically corresponding day of each of the subsequent months so that, upon the conclusion of such mandatory prepayments, the aggregate principal amount of all outstanding Senior Debt does not exceed the Borrowing Base; provided that if the aggregate principal amount of all Senior Debt outstanding shall exceed the Borrowing Base (i) as a result of the reduction of the Borrowing Base pursuant to Section 7.2.7 ----- or (ii) without any reduction in the Borrowing Base, then the foregoing clause (b) shall not apply. If a subsequent month does not contain a numerically corresponding day, the Borrower shall make such payment on the last Business Day of such month, or if the numerically corresponding day is not a Business Day, such payment will be due on the preceding Business Day. In the event the aggregate of all Letter of Credit Outstandings exceeds the Letter of Credit Sublimit, the Borrower shall reduce the Letter of Credit Outstandings by an amount equal to such excess or deposit cash collateral into the Letter of Credit Collateral Account on account of and to secure its Obligations with respect to Letters of Credit then in effect and not otherwise fully collateralized, such cash deposits to be in an amount equal to such excess. In addition, in the event the sum of the aggregate Letter of Credit Outstandings of all Letters of Credit plus the aggregate principal amount of outstanding Loans exceeds the Commitment Amount, the Borrower shall first make a mandatory prepayment of the outstanding principal amount of the Loans, and second, deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and/or cash deposits to be in an aggregate amount equal to such excess. Mandatory prepayments pursuant to this Section 3.1.2 shall be in addition to and not in lieu of principal payments ------------- required pursuant to Section 3.1.1; provided, that such mandatory prepayments ------------- -------- ---- shall be applied against the next scheduled repayment or repayments required pursuant to Section 3.1.1 if, as of the date for such scheduled repayment, after ------------- giving effect to such scheduled repayment, the Senior Debt shall be less than or equal to the Borrowing Base then in effect. The Borrower shall, on each date when any reduction in the Revolving Period Commitment Amount shall become effective pursuant to Section 2.2.1, make a ------------- mandatory prepayment of all Revolving Loans equal to the excess, if any, of the aggregate, outstanding principal amount of all Revolving Loans over the Revolving Period Commitment Amount as so reduced and/or deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and or cash deposits to be in an aggregate amount equal to such excess.

Mandatory Prepayments on Loans. If at any time, the ------------------------------ aggregate principal amount of all Senior Debt outstanding shall exceed the Borrowing Base then in effect, the Borrower shall, at the Borrower's option, either (a) forthwith repay a portion of the Loans in an aggregate principal amount equal to such excess or (b) pay an amount equal to such excess in no more than six substantially equal monthly installments, the first such payment to be due within five days after the date on which it is first determined that such principal amount of Senior Debt exceeds the Borrowing Base, and the remaining payments due on the numerically corresponding day of each of the subsequent months so that, upon the conclusion of such mandatory prepayments, the aggregate principal amount of all outstanding Senior Debt does not exceed the Borrowing Base; provided that if the aggregate principal amount of all Senior Debt outstanding shall exceed the Borrowing Base Base (i) as a result of the reduction of the Borrowing Base pursuant to Section 7.2.7 ----- or (ii) without any reduction in the Borrowing Base, then the foregoing clause (b) shall not apply. If a subsequent month does not contain a numerically corresponding day, the Borrower shall make such payment on the last Business Day of such month, or if the numerically corresponding day is not a Business Day, such payment will be due on the preceding Business Day. In the event the aggregate of all Revolving Loan Letter of Credit Outstandings exceeds the Revolving Loan Letter of Credit Sublimit, the Borrower shall reduce the Revolving Loan Letter of Credit Outstandings by an amount equal to such excess or deposit cash collateral into the Letter of Credit Collateral Account on account of and to secure its Obligations with respect to Revolving Loan Letters of Credit then in effect and not otherwise fully collateralized, such cash deposits to be in an amount equal to such excess. In addition, in the event the sum of the aggregate Revolving Loan Letter of Credit Outstandings of all Revolving Loan Letters of Credit plus the aggregate principal amount of outstanding Loans exceeds the Commitment Amount, the Borrower shall first make a mandatory prepayment of the outstanding principal amount of the Loans, and second, deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and/or cash deposits to be in an aggregate amount equal to such excess. Mandatory prepayments pursuant to this Section 3.1.2 shall be in addition to and not in lieu of principal payments ------------- required pursuant to Section 3.1.1; provided, that such mandatory prepayments ------------- -------- ---- shall be applied against the next scheduled repayment or repayments required pursuant to Section 3.1.1 if, as of the date for such scheduled repayment, after ------------- giving effect to such scheduled repayment, the Senior Debt shall be less than or equal to the Borrowing Base then in effect. The Borrower shall, on each date when any reduction in the Revolving Period Commitment Amount shall become effective pursuant to Section 2.2.1, make a ------------- mandatory prepayment of all Revolving Loans equal to the excess, if any, of the aggregate, outstanding principal amount of all Revolving Loans over the Revolving Period Commitment Amount as so reduced and/or deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and or cash deposits to be in an aggregate amount equal to such excess.

Mandatory Prepayments on Loans. If at any time, the ------------------------------ aggregate principal amount of all Senior Debt outstanding shall exceed the Borrowing Base then in effect, the Borrower shall, at the Borrower's option, either (a) forthwith repay a portion of the Loans in an aggregate principal amount equal to such excess or (b) pay an amount equal to such excess in no more than six substantially equal monthly installments, the first such payment to be due within five days after the date on which it is first determined that such principal amount of Senior Debt exceeds the Borrowing Base, and the remaining payments due on the numerically corresponding day of each of the subsequent months so that, upon the conclusion of such mandatory prepayments, the aggregate principal amount of all outstanding Senior Debt does not exceed the Borrowing Base; provided that if the aggregate principal amount of all Senior Debt outstanding shall exceed the Borrowing Base (i) Base as a result of the reduction of the Borrowing Base pursuant to Section 7.2.7 ----- or (ii) without any reduction in the Borrowing Base7.2.7, then the foregoing clause (b) shall not apply. If a subsequent month does not contain a numerically corresponding day, the Borrower shall make such payment on the last Business Day of such month, or if the numerically corresponding day is not a Business Day, such payment will be due on the preceding Business Day. In the event the aggregate of all Letter of Credit Outstandings plus the aggregate Stated Amount of all Other Letters of Credit exceeds the Letter of Credit Sublimit, the Borrower shall either reduce the Letter of Credit Outstandings and/or the aggregate Stated Amount of all Other Letters of Credit by an aggregate amount equal to such excess or deposit cash collateral into the Letter of Credit Collateral Account on account of and to secure its Obligations with respect to Letters of Credit then in effect and not otherwise fully collateralized, such cash deposits to be in an amount equal to such excess. In addition, in the event the sum of the aggregate Letter of Credit Outstandings of all Letters of Credit plus the Stated Amount of all Other Letters of Credit plus the aggregate principal amount of outstanding Loans exceeds the Commitment Amount, the Borrower shall first make a mandatory prepayment of the outstanding principal amount of the Loans, and second, deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and/or cash deposits to be in an aggregate amount equal to such excess. Mandatory prepayments pursuant to this Section 3.1.2 shall be in addition to and not in lieu of principal payments ------------- required pursuant to Section 3.1.1; provided, that such mandatory prepayments ------------- -------- ---- shall be applied against the next scheduled repayment or repayments required pursuant to Section 3.1.1 if, as of the date for such scheduled repayment, after ------------- giving effect to such scheduled repayment, the Senior Debt shall be less than or equal to the Borrowing Base then in effect. The Borrower shall, on each date when any reduction in the Revolving Period Commitment Amount shall become effective pursuant to Section 2.2.1, make a ------------- mandatory prepayment of all Revolving Loans equal to the excess, if any, of the aggregate, outstanding principal amount of all Revolving Loans over the Revolving Period Commitment Amount as so reduced and/or deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and or cash deposits to be in an aggregate amount equal to such excess.

Mandatory Prepayments on Loans. If at any time, the ------------------------------ aggregate principal amount of all Senior Debt outstanding Loans of all Lenders, plus all Revolving Loan Letter of Credit Outstandings shall exceed the Borrowing Base then in effect, the Borrower shall, at the Borrower's option, either (ai) forthwith repay a portion of the Loans in an aggregate principal amount equal to such excess or (bii) pay an amount equal to such excess in no more than six three substantially equal monthly installments, the first such payment to be due within five thirty days after the date on which it is first determined that such principal amount of Senior Debt the aggregate outstanding principal amount of all Loans of all Lenders, plus all Revolving Loan Letter of Credit Outstandings exceeds the Borrowing Base, and the remaining payments due on the numerically corresponding day of each of the subsequent months so that, upon the conclusion of such mandatory prepayments, such excess of the aggregate outstanding principal amount of all outstanding Senior Debt does not exceed Loans of all Lenders, plus all Revolving Loan Letter of Credit Outstandings, over the Borrowing BaseBase shall have been reduced to zero; provided provided, however, that if the aggregate principal amount of all Senior Debt outstanding Loans of all Lenders, plus all Revolving Loan Letter of Credit Outstandings shall exceed the Borrowing Base Base (ix) as a result of the reduction of the Borrowing Base pursuant to Section 7.2.7 ----- or (ii) without any reduction in the Borrowing Base, then the foregoing clause (b) shall not apply. If a subsequent month does not contain a numerically corresponding day, the Borrower shall make such payment on the last Business Day of such month, or if the numerically corresponding day is not a Business Day, such payment will be due on the preceding Business Day. In the event the aggregate of all Letter of Credit Outstandings exceeds the Letter of Credit Sublimit, the Borrower shall reduce the Letter of Credit Outstandings by an amount equal to such excess or deposit cash collateral into the Letter of Credit Collateral Account on account of and to secure its Obligations with respect to Letters of Credit then in effect and not otherwise fully collateralized, such cash deposits to be in an amount equal to such excess. In addition, in the event the sum of the aggregate Letter of Credit Outstandings of all Letters of Credit plus the aggregate principal amount of outstanding Loans exceeds the Commitment Amount, the Borrower shall first make a mandatory prepayment of the outstanding principal amount of the Loans, and second, deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and/or cash deposits to be in an aggregate amount equal to such excess. Mandatory prepayments pursuant to this Section 3.1.2 shall be in addition to and not in lieu of principal payments ------------- required pursuant to Section 3.1.1; provided, that such mandatory prepayments ------------- -------- ---- shall be applied against the next scheduled repayment or repayments required pursuant to Section 3.1.1 if, as of the date for such scheduled repayment, after ------------- giving effect to such scheduled repayment, the Senior Debt shall be less than or equal to the Borrowing Base then in effect. The Borrower shall, on each date when any reduction in the Revolving Period Commitment Amount shall become effective pursuant to Section 2.2.12.2(a), make a ------------- mandatory prepayment of all Revolving Loans equal to the excess, if any, of the aggregate, outstanding principal amount of all Revolving Loans over the Revolving Period Commitment Amount as so reduced and/or deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and or cash deposits to be in an aggregate amount equal to such excess.

Mandatory Prepayments on Loans. If at any time, the ------------------------------ aggregate principal amount of all Senior Debt outstanding shall exceed the Aggregate Borrowing Base then in effect, the Borrower shall, at the Borrower's option, either (a) forthwith repay a portion of the Loans in an aggregate principal amount equal to such excess or (b) pay an amount equal to such excess in no more than six substantially equal monthly installments, the first such payment to be due within five days after the date on which it is first determined that such principal amount of Senior Debt exceeds the Aggregate Borrowing Base, and the remaining payments due on the numerically corresponding day of each of the subsequent months so that, upon the conclusion of such mandatory prepayments, the aggregate principal amount of all outstanding Senior Debt does not exceed the Aggregate Borrowing Base; provided that if the aggregate principal amount of all Senior Debt outstanding shall exceed the Aggregate Borrowing Base (i) Base as a result of the reduction of the Aggregate Borrowing Base pursuant to Section 7.2.7 ----- or (ii) without any reduction in the Borrowing Base7.2.7, then the foregoing clause (b) shall not apply. If a subsequent month does not contain a numerically corresponding day, the Borrower shall make such payment on the last Business Day of such month, or if the numerically corresponding day is not a Business Day, such payment will be due on the preceding Business Day. In the event the aggregate of all Letter of Credit Outstandings exceeds the Letter of Credit Sublimit, the Borrower shall reduce the Letter of Credit Outstandings by an amount equal to such excess or deposit cash collateral into the Letter of Credit Collateral Account on account of and to secure its Obligations with respect to Letters of Credit then in effect and not otherwise fully collateralized, such cash deposits to be in an amount equal to such excess. In addition, in the event the sum of the aggregate Letter of Credit Outstandings of all Letters of Credit plus the aggregate principal amount of outstanding Loans exceeds the Commitment Amount, the Borrower shall first make a mandatory prepayment of the outstanding principal amount of the Loans, and second, deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and/or cash deposits to be in an aggregate amount equal to such excess. Mandatory prepayments pursuant to this Section 3.1.2 shall be in addition to and not in lieu of principal payments ------------- required pursuant to Section 3.1.1; provided, that such mandatory prepayments ------------- -------- ---- shall be applied against the next scheduled repayment or repayments required pursuant to Section 3.1.1 if, as of the date for such scheduled repayment, after ------------- giving effect to such scheduled repayment, the Senior Debt shall be less than or equal to the Aggregate Borrowing Base then in effect. The Borrower shall, on each date when any reduction in the Revolving Period Loan Commitment Amount shall become effective pursuant to Section 2.2.1, make a ------------- mandatory prepayment of all Revolving Loans equal to the excess, if any, of the aggregate, outstanding principal amount of all Revolving Loans over the Revolving Period Loan Commitment Amount as so reduced and/or deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and or cash deposits to be in an aggregate amount equal to such excessreduced.

Mandatory Prepayments on Loans. If at any time, the ------------------------------ aggregate principal amount of all Senior Borrowing Base Debt outstanding shall exceed the Borrowing Base then in effect, the Borrower shall, at the Borrower's option, either (a) forthwith repay a portion of the Loans in an aggregate principal amount equal to such excess or (b) pay an amount equal to such excess in no more than six five (5) substantially equal monthly installments, the first such payment to be due within five 30 days after the date on which it is first determined that such principal amount of Senior Borrowing Base Debt exceeds the Borrowing Base, and the remaining payments due on the numerically corresponding day of each of the subsequent months so that, upon the conclusion of such mandatory prepayments, the aggregate principal amount of all outstanding Senior Borrowing Base Debt does not exceed the Borrowing Base; provided that if the aggregate principal amount of all Senior Borrowing Base Debt outstanding shall exceed the Borrowing Base Base (i) as a result of the reduction of the Borrowing Base pursuant to Section 7.2.7 ----- or (ii) without any reduction in the Borrowing Base, then the foregoing clause (b) shall not apply. If a subsequent month does not contain a numerically corresponding day, the Borrower shall make such payment on the last Business Day of such month, or if the numerically corresponding day is not a Business Day, such payment will be due on the preceding Business Day. In the event the aggregate of all Letter of Credit Outstandings exceeds the Letter of Credit Sublimit, the Borrower shall reduce the Letter of Credit Outstandings by an amount equal to such excess or deposit cash collateral into the Letter of Credit Collateral Account on account of and to secure its Obligations with respect to Letters of Credit then in effect and not otherwise fully collateralized, such cash deposits to be in an amount equal to such excess. In addition, in the event the sum of the aggregate Letter of Credit Outstandings of all Letters of Credit plus the aggregate principal amount of outstanding Loans exceeds the Commitment Amount, the Borrower shall first make a mandatory prepayment of the outstanding principal amount of the Loans, and second, deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and/or cash deposits to be in an aggregate amount equal to such excess. Mandatory prepayments pursuant to this Section 3.1.2 shall be in addition to and not in lieu of principal payments ------------- required pursuant to Section 3.1.1; provided, that such mandatory prepayments ------------- -------- ---- shall be applied against the next scheduled repayment or repayments required pursuant to Section 3.1.1 if, as of the date for such scheduled repayment, after ------------- giving effect to such scheduled repayment, the Senior Borrowing Base Debt shall be less than or equal to the Borrowing Base then in effect. The Borrower shall, on each date when any reduction in the Revolving Period Commitment Amount shall become effective pursuant to Section 2.2.1, make a ------------- mandatory prepayment of all Revolving Loans equal to the excess, if any, of the aggregate, outstanding principal amount of all Revolving Loans over the Revolving Period Commitment Amount as so reduced and/or deposit cash collateral in the Letter of Credit Collateral Account, such prepayments and or cash deposits to be in an aggregate amount equal to such excess.