Net Funds Payment Clause Samples

Net Funds Payment. On or before the one-hundred-and-twentieth day of each year commencing in the year 2001, and each year for so long as Tranche B Loans remain outstanding, Borrower shall pay to Administrative Agent an amount equal to the Net Funds Amount multiplied by a fraction (i) the numerator of which is the aggregate principal amount of Tranche B Loans then outstanding at the time of such date of determination and (ii) the denominator of which is such aggregate principal amount plus the aggregate principal amount of the Tranche B Advances (as defined in the Ericsson Loan Agreement) then outstanding under the Ericsson Loan Agreement, plus the aggregate principal amount of equivalent loans owing to Other Lenders with such an equivalent mandatory prepayment provision and then outstanding if the loan agreement for such Other Lender provides for mandatory prepayments from the Net Funds Amount and such mandatory prepayment is permitted under the Intercreditor Agreement (the "Net Funds Payment"). The Net Funds Payment shall be applied against interest and then Outstanding Amount of Tranche B Loans in inverse order of maturity. Each repayment hereunder shall be allocated among the Lenders, as nearly as practicable, to the respective Outstanding Amount under the applicable Tranche, with adjustments to the extent practicable to equalize any prior payments or repayments not exactly in proportion. The Borrower shall not be required to pay to the Administrative Agent any Breakage Costs with respect to any Net Funds Payment.