Payments and Prepayments of the Loans. (a) On the Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii), the Borrowers shall pay in full the unpaid principal of all outstanding Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Overadvances shall be due and payable as provided in Section 2.1(e). (b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.9, upon three (3) Business Days’ notice. Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1. (c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto. (d) Except as provided in Section 2.1(e), if at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Commitment, the Borrowers shall immediately pay the amount of any such excess to the Agent for application to the Revolving Credit Loans. (e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each equal to one-thirty sixth (1/36th) of the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers shall pay in full on the Maturity Date the unpaid principal balance of the Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto.
Appears in 2 contracts
Samples: Credit Agreement (Microfinancial Inc), Credit Agreement (Microfinancial Inc)
Payments and Prepayments of the Loans. (a) On the Revolving Credit Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii)Date, the Borrowers Borrower shall pay in full the unpaid principal balance of all outstanding Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Overadvances shall be due and payable as provided in Section 2.1(e).
(b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.9, upon three (3) Business Days’ notice. Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty. Any such notice of prepayment The Borrower shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1.
(c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto.
(d) Except as provided in Section 2.1(e), if at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Commitment, the Borrowers shall immediately pay the amount of any such excess to the Agent for application to the Revolving Credit Loans.
(e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance of the Revolving Credit Equipment Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each equal to one-thirty sixth (1/36th) as of the original principal amount Equipment Revolver Termination Date in twelve (12) equal consecutive quarterly installments of the Conversion Term Loan, payable $250,000 on the first Business Day of January, April, July and October in each calendar monthyear, commencing with the first day of the month following the Maturity DateJanuary 2, 2002, with the unpaid principal balance of the Conversion Term LoanEquipment Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Equipment Loan Maturity Date. If, prior to thirty .
(30c) days before The Borrower shall pay the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision unpaid balance of the Loan Documents, the Borrowers shall pay Term Loans in full quarterly installments of $100,000 each on the Maturity Date first Business Day of January, April, July and October in each year, with the unpaid principal balance of the Revolving Credit Term Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Term Loan Maturity Date.
(d) If at any time the Total Revolving Credit Outstandings exceed the Revolving Credit Commitment, the Borrower shall immediately pay the amount of any such excess to the Lender for application to the Revolving Credit Loans. If at any time the Total Equipment Loan Outstandings exceed the Equipment Loan Commitment, the Borrower shall immediately pay the amount of any such excess to the Lender for application to the Equipment Loans.
(e) LIBOR Loans may be prepaid by the Borrower at any time, subject to the provisions of Section 2.8, upon three (3) Business Days' notice to the Lender. Base Rate Loans may be prepaid by the Borrower at any time, without premium or penalty, upon one (1) Business Day's notice to the Lender. Any such notice of prepayment by the Borrower shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1(a) and prepayments of Equipment Loans may be reborrowed to the extent provided in Section 2.1(b).
(f) The Borrower shall pay to the Lender for application to the Loans, as provided in subsection (g) below, an amount equal to 100% of the net cash proceeds received by the Borrower or any of its Subsidiaries from (i) sales of assets by the Borrower or any of its Subsidiaries (including sales of any securities (other than cash or cash equivalents) owned by the Borrower or any of its Subsidiaries but excluding sales of inventory and obsolete or worn-out equipment in the ordinary course of business) yielding in excess of $500,000 of proceeds in the aggregate, provided that the amount required to be repaid pursuant to this clause (i) shall only be equal to the amount by which the net cash proceeds received by the Borrower or any of its Subsidiaries exceeds $500,000 and (ii) issuances of Indebtedness.
(g) All mandatory prepayments made pursuant to subsection (f) above shall be applied, as follows:
(i) first, to the payment of the outstanding principal balance of Revolving Credit Loans, except that to the extent such prepayment is made with the net cash proceeds of sales of assets purchased with proceeds of Equipment Loans, such prepayment shall be applied to the payment of the unpaid installments of the Equipment Loans in inverse order of maturity;
(ii) second, to the payment of the unpaid installments of the Equipment Loans in inverse order of maturity until the Equipment Loans are paid in full;
(iii) third, to the payment of the unpaid installments of the Term Loans in inverse order of maturity until the Term Loans are paid in full;
(iv) fourth, to the payment of the outstanding principal balance of any other Obligations, and
(v) fifth, as the Borrower shall direct.
(h) If the Revolving Credit Commitment is terminated entirely and the Borrower obtains a commitment from a financial or lending institution other than the Lender to provide a revolving line of credit, the Borrower shall immediately pay in full all Obligations.
Appears in 1 contract
Payments and Prepayments of the Loans. (a) On the Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii), the Borrowers Borrower shall pay in full the unpaid principal of all outstanding Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Overadvances shall be due and payable as provided in Section 2.1(e).
(b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.9, upon three (3) Business Days’ notice. Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1.
(c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts Account to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto.
(d) Except as provided in Section 2.1(e), if at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Total Commitment, the Borrowers Borrower shall immediately pay the amount of any such excess to the Agent for application to the Revolving Credit Loans.
(e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers Borrower the unpaid principal balance of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three five (235) consecutive monthly installments each equal to one-thirty sixth (1/36th) of the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers Borrower shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers Borrower shall pay in full on the Maturity Date the unpaid principal balance of the Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto.
Appears in 1 contract
Payments and Prepayments of the Loans. (a) On the Revolving Credit Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii)Date, the Borrowers Borrower shall pay in full the unpaid principal of all outstanding Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Overadvances shall be due and payable as provided in Section 2.1(e).
(b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.9, upon three (3) Business Days’ notice. Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1.
(c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto.
(d) Except as provided in Section 2.1(e), if at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Commitment, the Borrowers shall immediately pay the amount of any such excess to the Agent for application to the Revolving Credit Loans.
(e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each equal to one-thirty sixth (1/36th) of the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers shall pay in full on the Maturity Date the unpaid principal balance of the Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Revolving Credit Loans that are LIBOR Loans may be paid, without premium or penalty, on the last day of any Interest Period applicable thereto, upon three Business Days' notice. Revolving Credit Loans that are Prime Rate Loans may be prepaid at any time, without premium or penalty, upon one Business Day's notice; provided, however, that no such prior notice shall be required for prepayments of overdraft advances that are Prime Rate Loans made pursuant to the Lender's Liquidity Management Control System. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1. If at any time the Total Revolving Credit Outstandings exceed the Maximum Revolving Credit Amount, the Borrower shall immediately pay the amount of any such excess to the Lender for application to the Revolving Credit Loans.
(b) The principal of the Tranche A Term Loan shall be payable in equal monthly installments of $45,783.13 on the first Business Day of each month, commencing December 1, 1997. On the Tranche A Maturity Date, the Borrower shall pay in full the unpaid principal balance of the Tranche A Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. The Tranche A Term Loan may be prepaid at any time, subject to the indemnity provisions set forth in Section 2.11, upon three Business Days' notice. Any such notice of prepayment shall be irrevocable. Prepayments of the Tranche A Term Loan may not be reborrowed.
(c) The principal of the Tranche B Term Loans shall be payable in equal monthly installments in an amount necessary to amortize the outstanding principal balance of the Tranche B Term Loans as of the Tranche B Commitment Termination Date on a straight-line, equal monthly installment basis over the number of months between the Tranche B Commitment Termination Date and the Tranche B Maturity Date, commencing on the first Business Day of the month immediately following the month in which the Term Loan Closing Date occurs. On the Tranche B Maturity Date, the Borrower shall pay in full the unpaid principal balance of the Tranche B Term Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. The Tranche B Term Loans may be prepaid at any time, subject (if such loans have been converted to a fixed rate hereunder) to the indemnity provisions set forth in Section 2.11, upon three Business Days' notice. Any such notice of prepayment shall be irrevocable. Prepayments of the Tranche B Term Loans may not be reborrowed. If at any time the Total Tranche B Outstandings exceed the Maximum Tranche B Amount, the Borrower shall immediately pay the amount of any such excess to the Lender for application to the Tranche B Term Loans.
Appears in 1 contract
Payments and Prepayments of the Loans. (a) On the Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii), the Borrowers shall pay in full the unpaid principal of all outstanding Revolving Credit Loans, together with all unpaid interest thereon All Base Rate Loans and all fees and other amounts due with respect thereto. Overadvances Eurocurrency Loans shall be due and payable as provided in Section 2.1(e)on the Termination Date.
(b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.9, upon three (3) Business Days’ notice. Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty, upon notice received not later than 11:00 a.m. on the day of the proposed prepayment. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Eurocurrency Loans may be reborrowed prepaid at any time, without premium or penalty, on the last day of any Interest Period applicable thereto, upon three Business Days' notice in the case of a Eurocurrency Loan. Any interest accrued on the amounts so prepaid to the extent provided date of such payment must be paid at the time of any such payment. No prepayment of the Loans prior to the Termination Date shall affect the Commitment Amount or impair the right of the Company and the Borrowing Subsidiaries to borrow as set forth in Section 2.1.
(c) The Agent mayIf at any time the sum of (i) the Dollar Equivalent of all Eurocurrency Loans denominated in an Alternative Currency then outstanding, plus (ii) the aggregate principal amount of all Loans denominated in its discretionDollars then outstanding, apply any amount held by shall exceed the Agent in the Collateral Accounts to reduce outstanding Loans. To the extent that the Agent so applies any such amountCommitment Amount, then for purposes the Company shall repay the amount of calculating Total Outstandings under Section 2.1(a) hereofsuch excess by prepaying Loans then outstanding, credit for such amount shall be deemed to have been entered one (1) Business Day after being received upon demand by the Agent. Such credit Any such prepayments shall be conditional upon final payment made first from outstanding Base Rate Loans, then from Eurocurrency Advances denominated in cash or solvent credits Dollars, and then from Eurocurrency Advances denominated in an Alternative Currency, and any prepayments of the items giving rise theretoEurocurrency Loans shall be accompanied by any amounts required to be paid pursuant to Section 2.14.
(d) Except as provided in Section 2.1(e), if If at any time the Total Outstandings exceed sum of the lesser outstanding amount of (i) the Loans to the Company, the outstanding amount of the Loans to the Borrowing Base and (ii) the Available CommitmentSubsidiaries, the Borrowers Overdraft Amount, the Maximum Drawing Amount and all Unpaid Reimbursement Obligations exceeds the Commitment Amount then the Borrower shall immediately pay the amount of any such excess to the Agent for application the respective accounts of the Banks for application: first, to any Unpaid Reimbursement Obligation; second, on a pro rata basis to the Revolving Credit LoansLoans and the Overdraft Amounts; and third, to provide the Agent cash collateral for Reimbursement Obligations.
(e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each equal to one-thirty sixth (1/36th) of the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers shall pay in full on the Maturity Date the unpaid principal balance of the Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto.
Appears in 1 contract
Samples: Secured Revolving Credit Agreement (Picturetel Corp)
Payments and Prepayments of the Loans. (a) On the Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii), the Borrowers shall pay in full the unpaid principal of all outstanding All Revolving Credit Loans, together with all unpaid interest thereon interests and all fees and other amounts due with respect thereto. Overadvances costs hereunder shall be due and payable on the Borrowing Base Maturity Date. Provided however, so long as provided in Section 2.1(e)there is then no Event of Default, this Agreement shall automatically renew annually thereafter on the anniversary of the Closing Date for one (1) year periods unless either the Agent or the Borrower gives written notice of its intent not to renew this Agreement at least one hundred eighty (180) days prior to said anniversary date.
(b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.92.10, upon three (3) Business Days’ ' notice. Revolving Credit Loans that are , and Base Rate Loans may be prepaid at any time, without premium or penalty, upon one Business Day's notice. Any Upon the written request of the Borrower given sixty (60) days in advance and in conjunction with any such prepayment in full of all of the Revolving Credit Loans, the Agent shall, simultaneously with receipt of such prepayment, release the Agent's Encumbrance on such items of Collateral granted to the Agent pursuant to the Security Documents, PROVIDED that (i) no Default shall have occurred and be continuing, (ii) the Agent shall have received from the Borrower a Borrowing Base Report demonstrating that upon such release the Borrower shall be in compliance with the terms of Section 2.1 hereof, and (iii) the Agent shall have received a certification from a Responsible Officer certifying that no Default has occurred and is continuing, that the Borrower has complied with the provisions of Section 7.4 hereof and Section 2(b)(ii) of the Security Agreement and that upon such release and after giving effect thereto the Borrower shall be in compliance with Section 2.1 hereof and no Default shall have occurred and be continuing. Provided however, notwithstanding the terms hereof, should the Borrower prepay the Loans in full and/or terminate this Agreement prior to the eighteenth (18th) month anniversary of the initial funding hereunder, the Borrower shall pay to the Agent, and the Agent shall earn, an early termination fee of One Million Five Hundred Thousand ($1,500,000.00) Dollars. Provided further, if the Agent does not arrange for commitments from other Lenders or increase its own commitment to reach the full Fifty Million ($50,000,000.00) Dollars Revolving Credit Loan Facility within ninety (90) days of the initial funding hereunder, then, the Borrower may at any time thereafter terminate this Agreement and prepay the entire Revolving Credit Loan balances without penalty or premium. However, should the Agent subsequent to the ninety (90) day period increase the commitment to the $50,000,000.00 facility (through other lenders or for its own account) and Borrower has not provided prepayment or notice of prepayment termination, then the Borrower's right to prepay and terminate this Agreement without the payment of the $1,500,000.00 termination fee shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1terminate.
(c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto.
(d) Except as provided in Section 2.1(e), if If at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Total Commitment, then the Borrowers Borrower shall immediately pay the amount of any such excess to the Agent for application to the Revolving Credit Loans.
(e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each equal to one-thirty sixth (1/36th) of the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers shall pay in full on the Maturity Date the unpaid principal balance of the Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto.
Appears in 1 contract
Payments and Prepayments of the Loans. (a) On the Maturity Date or the earlier termination of all Commitments pursuant to Section 2.1(d)(ii), the Borrowers Borrower shall pay in full the unpaid principal of all outstanding Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Overadvances shall be due and payable as provided in Section 2.1(e).
(b) Revolving Credit Loans that are LIBOR Loans may be prepaid at any time, subject to the provisions of Section 2.9, upon three (3) Business Days’ notice. Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1.
(c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts Account to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto.
(d) Except as provided in Section 2.1(e), if at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Total Commitment, the Borrowers Borrower shall immediately pay the amount of any such excess to the Agent for application to the Revolving Credit Loans.
(e) If, prior to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each equal to one-thirty sixth (1/36th) of the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers shall pay in full on the Maturity Date the unpaid principal balance of the Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto.
Appears in 1 contract
Payments and Prepayments of the Loans. (a) On The Borrower hereby absolutely and unconditionally promises to pay the Maturity Date or entire principal amount of the earlier termination of all Commitments pursuant to Section 2.1(d)(ii), the Borrowers shall pay in full the unpaid principal of all outstanding Revolving Credit Loans, together with all unpaid interest thereon and all fees and other amounts due with respect thereto. Overadvances the entire principal amount of the Loans shall be absolutely due and payable as provided in Section 2.1(e)by the Borrower to the Banks, on the Revolving Credit Maturity Date. All of the other Indebtedness evidenced by the Loan Documents shall, if not sooner paid, also be absolutely due and payable by the Borrower to the Banks on the Revolving Credit Maturity Date.
(b) The Borrower authorizes the Administrative Agent to charge to any deposit account which the Borrower may maintain with the Administrative Agent the principal, interest, fees, charges, and expenses provided for in this Agreement or any other document executed and delivered in connection herewith, or to advance to the Borrower and to charge to it as a Revolving Credit Loan a sum sufficient to pay such principal, interest, fees, charges, expenses or additional amounts, with advice thereafter sent to the Borrower’s chief financial officer in accordance with the Administrative Agent’s customary practice.
(c) Revolving Credit Loans that are Prime Rate Loans (other than Swingline Loans) may be voluntarily prepaid at any time, without premium or penalty, with same day written notice to the Administrative Agent and each Bank, provided such notice is received by 1:00 p.m. Swingline Loans may be prepaid at any time with same day written notice to the Swingline Lender, provided such notice is received by 3:00 p.m. Subject to the provisions of Section 2.16, Revolving Credit Loans that are LIBOR Loans may be voluntarily prepaid at any time, subject to the provisions of Section 2.9without premium or penalty, upon three (3) Business Days’ noticeprior written notice to the Administrative Agent, provided such notice is received by 1:00 p.m. Any interest accrued on the amounts so prepaid to the date of such payment must be paid at the time of any such payment. No prepayment of the Revolving Credit Loans that are Base Rate Loans may be prepaid at any time, without premium or penalty. Any such notice of prepayment shall be irrevocable. Prepayments of Revolving Credit Loans may be reborrowed to the extent provided in Section 2.1.
(c) The Agent may, in its discretion, apply any amount held by the Agent in the Collateral Accounts to reduce outstanding Loans. To the extent that the Agent so applies any such amount, then for purposes of calculating Total Outstandings under Section 2.1(a) hereof, credit for such amount shall be deemed to have been entered one (1) Business Day after being received by the Agent. Such credit shall be conditional upon final payment in cash or solvent credits of the items giving rise thereto.
(d) Except as provided in Section 2.1(e), if at any time the Total Outstandings exceed the lesser of (i) the Borrowing Base and (ii) the Available Commitment, the Borrowers shall immediately pay the amount of any such excess to the Agent for application prior to the Revolving Credit Loans.
(e) If, prior Maturity Date shall affect the Total Commitment or impair the Borrower’s right to thirty (30) days before the Maturity Date, the Lenders shall not have offered to extend such date and if no Default shall have occurred and be continuing, then at the option of the Borrowers the unpaid principal balance borrow as set forth in Section 2.l. Partial prepayments of the Revolving Credit Loans shall be converted into a term loan (the “Conversion Term Loan”) which shall be payable in twenty-three (23) consecutive monthly installments each an amount equal to one-thirty sixth (1/36th) of $500,000 or an integral multiple thereof. In the original principal amount of the Conversion Term Loan, payable on the first Business Day of each calendar month, commencing with the first day of the month following the Maturity Date, with the unpaid principal balance of the Conversion Term Loan, together with all unpaid interest thereon and all fees and other amounts due with respect thereto, due and payable in full on the Conversion Term Loan Maturity Date. If, prior to thirty (30) days before the Maturity Date, the Lenders shall have offered to extend the Maturity Date but the Borrowers shall not have agreed to such extension or if any Default shall have occurred and be continuing on such date, then notwithstanding the existence case of any LIBOR Loan and notwithstanding any other provision of the Loan Documents, the Borrowers shall pay in full on the Maturity Date the unpaid principal balance partial payment of the Revolving Credit Loans, together the total amount of such partial payment shall be allocable among the Revolving Credit Loans pro rata in accordance with all unpaid interest thereon and all fees and other amounts due with respect theretothe Revolving Credit Commitment Percentage of each Bank having a Revolving Credit Commitment.
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