Mandatory Repayments Clause Samples
The Mandatory Repayments clause requires a borrower to make certain payments to the lender under specified circumstances, regardless of the regular repayment schedule. Typically, this clause applies when the borrower receives unexpected funds, such as proceeds from asset sales, insurance claims, or excess cash flow, which must then be used to pay down the outstanding loan balance. Its core function is to accelerate loan repayment when the borrower's financial position improves, thereby reducing the lender's risk and ensuring timely recovery of the loaned funds.
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Mandatory Repayments. (a) On any day on which the aggregate outstanding principal amount of Loans exceeds the Total Commitment as then in effect, the Borrowers shall prepay principal of Loans made to the Borrowers in an aggregate amount equal to such excess, provided that, in the event that such repayment is required as a result of a partial reduction in the Total Commitment, (x) the allocation of such required prepayment of Loans of the Borrowers shall be determined by the Borrowers or (y) in the absence of a determination by the Borrowers, the Administrative Agent shall allocate such mandatory repayments to outstanding Loans in its discretion, with an eye toward, but no obligation to, minimize breakage costs owing pursuant to Section 1.11.
(b) On any day on which the aggregate outstanding principal amount of Loans made to any Borrower exceeds the Borrowing Base of such Borrower as then in effect, such Borrower shall prepay principal of such Loans equal to such excess.
(c) On any day upon which any Borrower has had any Loans in any principal amount outstanding for more than 45 consecutive days, such Borrower shall repay on such day all then outstanding Loans made to such Borrower, together with accrued interest thereon.
(d) Notwithstanding anything to the contrary contained elsewhere in this Agreement, all then outstanding Revolving Loans shall be repaid in full on the Expiry Date, and all then outstanding Swingline Loans shall be repaid on the Swingline Expiry Date.
Mandatory Repayments. (a) If on any date prior to the Commitment Expiration Date, the sum of the aggregate outstanding principal amount of Revolving Loans plus the Tranche 1 Letter of Credit Outstandings exceeds the Total Tranche 1 Commitment as then in effect, the Parent Borrower shall repay on such day the outstanding Revolving Loans in an aggregate principal amount equal to the amount by which the aggregate outstanding principal amount of Revolving Loans plus the Tranche 1 Letter of Credit Outstandings exceeds the Total Tranche 1 Commitment as then in effect. If, after giving effect to the prepayment of all outstanding Revolving Loans, as set forth above, the Tranche 1 Letter of Credit Outstandings exceeds the Total Tranche 1 Commitment, the Parent Borrower shall pay, or cause one or more Borrowers to pay, to the Administrative Agent at the Payment Office on such date an amount of cash and/or Cash Equivalents equal to the amount of such excess, such cash and/or Cash Equivalents to be held as security for all obligations of the Borrowers to the Tranche 1 Lenders hereunder in a cash collateral account to be established by the Administrative Agent on terms reasonably satisfactory to the Administrative Agent.
(b) If on any date prior to the Commitment Expiration Date, the Tranche 2 Letter of Credit Outstandings exceeds the Total Tranche 2 Commitment as then in effect, the Parent Borrower shall pay, or cause one or more Borrowers to pay, to the Administrative Agent at the Payment Office on such date an amount of cash and/or Cash Equivalents equal to the amount of such excess, such cash and/or Cash Equivalents to be held as security for all obligations of the Borrowers to the Tranche 2 Lenders hereunder in a cash collateral account to be established by the Administrative Agent on terms reasonably satisfactory to the Administrative Agent.
(c) Notwithstanding anything to the contrary contained elsewhere in this Agreement, (x) all outstanding Revolving Loans not converted to Term Loans pursuant to Section 1.01(b) shall be repaid in full on the Commitment Expiration Date and (y) all outstanding Term Loans shall be repaid in full on the Term Loan Maturity Date.
(d) With respect to each prepayment of Loans required by Section 4.02(a), the Parent Borrower may designate the Types of Loans which are to be prepaid and the specific Borrowing or Borrowings pursuant to which such Loans were made, provided that (i) if any prepayment of Eurodollar Loans made pursuant to a single Borrowing shall ...
Mandatory Repayments. (a) In addition to any other mandatory repayments pursuant to this Section 5.02, on each date set forth below (each, a “Scheduled Repayment Date”), Borrower shall be required to repay to the Administrative Agent for the ratable account of the Lenders (i) on the last Business Day of each March, June, September and December, (a) commencing with December 31, 2021, an aggregate principal amount of Initial Term Loans equal to $5,312,500, and (ii) on the Initial Maturity Date for Initial Term Loans, the aggregate principal amount of all Initial Term Loans that remain outstanding on such date (each such repayment described in clauses (i) and (ii), as the same may be reduced as provided in this Agreement, including in Section 2.20, 2.21, 5.01 or 5.02(g), or as a result of the application of prepayments or otherwise in connection with any Extension as provided in Section 2.14, a “Scheduled Repayment”).
(b) In addition to any other mandatory repayments pursuant to this Section 5.02, Borrower shall be required to make, with respect to each new Tranche (i.e., other than Initial Term Loans, which are addressed in the preceding clause (a)) of Term Loans to the extent then outstanding, scheduled amortization payments of such Tranche of Term Loans to the extent, and on the dates and in the principal amounts, set forth in the Incremental Term Loan Amendment, Refinancing Term Loan Amendment or Extension Amendment applicable thereto.
(c) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10 days following each date on or after the Closing Date upon which Borrower or any of its Restricted Subsidiaries receives any cash proceeds from any issuance or incurrence of Indebtedness (other than Indebtedness permitted to be incurred pursuant to Section 10.04 (other than Refinancing Term Loans and Refinancing Notes/Loans)), an amount equal to 100% of the Net Debt Proceeds therefrom shall be applied as a mandatory repayment in accordance with the requirements of Sections 5.02(g) and (h).
(d) In addition to any other mandatory repayments pursuant to this Section 5.02, within 10 days following each date on or after the Closing Date upon which Borrower or any of its Restricted Subsidiaries receives any Net Sale Proceeds from any Asset Sale (other than in respect of ABL Collateral), an amount equal to the Applicable Asset Sale/Recovery Event Prepayment Percentage of the Net Sale Proceeds therefrom shall be applied as a mandatory repayment in accordance with ...
Mandatory Repayments. The Borrower shall be required to repay in the amounts set forth in this Section 3.3 the outstanding principal balance of the Loan (any such repayment, a “Mandatory Repayment”):
(a) Upon the incurrence of any Debt incurred by the Borrower or any Subsidiary not permitted under Section 9.1, the Borrower shall repay the Loan in an amount equal to the net cash proceeds of such Debt.
(b) Promptly upon, and in any event within five (5) days after the Borrower or any Subsidiary receives net cash proceeds (as hereafter defined) from the issuance or sale of any debt, equity or hybrid securities, the Borrower shall repay the Loan in the amount equal to fifteen percent (15%) of such net cash proceeds received.
(c) Concurrently with (i) the sale or other disposition of all or any portion of the Property or other property subject to the Mortgage, Borrower shall repay the Loan in an amount equal to 100% of the net proceeds (as hereinafter defined) received from the sale or other disposition of all or any portion of such Property or property; and (ii) the receipt of any Proceeds (as defined in the Uniform Commercial Code), including any insurance and condemnation awards or otherwise, arising out of the Property or other property subject to the Mortgage, Borrower shall repay the Loan in an amount equal to 100% of the net proceeds thereof received. As used herein, “net proceeds” means, as of the date of determination, any proceeds net of legal, accounting and other expenses directly related to any such sale or other disposition of the Property or property or the event giving rise to such Proceeds.
(d) Promptly following the execution of this Agreement, Borrower shall file a Current Report on Form 8-K with the Securities and Exchange Commission disclosing that the Borrower has entered into this Agreement and providing the terms thereof, along with a description of the other agreements that the Borrower has executed contemporaneously with this Agreement and such other matters as the Borrower determines should be publicly disclosed (the “Form 8-K”). After a reasonable period of time has elapsed after the filing of the Form 8-K, with the duration of such period of time to be determined based on the reasonable judgement of the Borrower, but no later than three Business Days after the filing of the Form 8-K, Borrower shall, pursuant to the At Market Issuance Sales Agreement dated September 19, 2022, by and among Borrower, ▇. ▇▇▇▇▇ Securities, Inc. (“▇. ▇▇▇▇▇”) and Northland Secu...
Mandatory Repayments. 33 4.03 Method and Place of Payment..................................................42 4.04 Net Payments; Taxes..........................................................43
Mandatory Repayments. The aggregate principal amount of the Revolving -------------------- Loans outstanding on the Maturity Date, together with accrued interest thereon, shall be due and payable in full on the Maturity Date. If at any time the aggregate outstanding Borrowings exceed the Revolving Commitment then in effect, the Borrower shall immediately repay the excess to the Bank without penalty or premium.
Mandatory Repayments. On the date of each Revolving Loan Commitment reduction provided for in this Subsection 1.6, Borrower shall repay Revolving Loans in an amount at least sufficient to reduce the aggregate principal balance of Revolving Loans then outstanding to the amount of the Revolving Loan Commitment as so reduced. If at any time the aggregate outstanding amount of Revolving Loans exceeds the Revolving Loan Commitment, Borrower shall repay Revolving Loans in an amount at least sufficient to reduce the aggregate principal balance of Revolving Loans then outstanding to the amount of the Revolving Loan Commitment, and until such repayment is made, Lenders shall not be obligated to make Revolving Loans. Any repayments pursuant to this Subsection 1.6(D) shall be applied in accordance with Subsection 1.8, and shall be accompanied by accrued interest on the amount repaid and any applicable Breakage Fees.
Mandatory Repayments. (a) On any day on which the sum of (I) the aggregate outstanding principal amount of all Revolving Loans (after giving effect to all other repayments thereof on such date), (II) the aggregate outstanding principal amount of all Swingline Loans (after giving effect to all other repayments thereof on such date) and (III) the aggregate amount of all Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment at such time, the Borrower shall prepay on such day the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the Total Revolving Loan Commitment at such time, the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.
(b) In addition to any other mandatory repayments pursuant to this Section 4.02, on each date set forth below (each, a “Scheduled Repayment Date”), the Borrower shall be required to repay that principal amount of Term Loans, to the extent then outstanding, as is set forth opposite each such date below (each such repayment, as the same may be reduced as provided in Section 4.01(a), 4.01(b) or 4.02(j), a “Scheduled Repayment”): June 30, 2004 $ 383,333 September 30, 2004 $ 383,333 December 31, 2004 $ 383,333 March 31, 2005 $ 287,500 June 30, 2005 $ 287,500 September 30, 2005 $ 287,500 December 31, 2005 $ 287,500 March 31, 2006 $ 287,500 June 30, 2006 $ 287,500 September 30, 2006 $ 287,500 December 31, 2006 $ 287,500 March 31, 2007 $ 287,500 June 30, 2007 $ 287,500 September 30, 2007 $ 287,500 December 31, 2007 $ 287,500 March 31, 2008 $ 287,500 June 30, 2008 $ 287,500 September 30, 2008 $ 287,500 December 31, 2008 $ 287,500 March 31, 2009 $ 27,312,500 June 30, 2009 $ 27,312,500 September 30, 2009 $ 27,312,500 Term Loan Maturity Date $ 27,312,501
(c) In addition to any other mandatory repayments pursuant to this Section 4.02, except as otherwise provide...
Mandatory Repayments. Within 5 days of the last day of March, June, September and December of each calendar year, the Borrower shall repay to the Facility all of that amount (if positive) which is equal to one hundred percent (100%) of Free Cash Flow (as defined below) which it or any of its subsidiaries receives during the applicable preceding calendar quarter. Mandatory repayments pursuant to this Section 4 shall be made in immediately available funds.
Mandatory Repayments. No later than the earlier of (i) 364 days after the date any Loan is made and (ii) the Commitment Termination Date, the Borrower shall repay the principal amount and any interest outstanding of such Loan.