Mandatory Repayment from Sale of West Bend Property and/or Yoakum Property. In the event of a sale or transfer of the West Bend Property or the Yoakum Property, Borrower shall repay the Note in an amount equal to the lesser of (i) the Net Cash Proceeds from the sale of the West Bend Property or the Yoakum Property, as applicable, or (ii) the aggregate amount of all Indebtedness, such prepayment and premium to be made within ten (10) Business Days of receipt of such Net Cash Proceeds. Any such amount shall be applied in payment of the Indebtedness, first to Bank’s costs and expenses due and payable pursuant to this Agreement, then to accrued and unpaid interest, then to principal on such Loans as Bank may elect (in inverse order of their maturities if principal amounts are due in installments), then to other Indebtedness, and any remaining excess, if any, shall be returned to Borrower.
Appears in 4 contracts
Samples: Credit Agreement (Tandy Brands Accessories Inc), Credit Agreement (Tandy Brands Accessories Inc), Credit Agreement (Tandy Brands Accessories Inc)
