Prepayment and Cancellation of Indebtedness. (a) The Borrower shall not, nor shall it permit any Subsidiary of the Borrower to, cancel any claim or Indebtedness owed to any of them except (i) in the ordinary course of business consistent with past practice and/or the reasonable business judgment of the Borrower and (ii) in respect of intercompany Indebtedness among the Borrower and the Guarantors that are Domestic Subsidiaries.
Prepayment and Cancellation of Indebtedness. No Group Member shall prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of any subordination terms of, any (1) Subordinated Debt or (2) Senior Debt with an aggregate principal amount of the greater of $100,000,000 and 0.432% of Consolidated Total Assets as of the most recently ended period for which Financial Statements were delivered pursuant to Section 6.1(a) or (b) (Financial Statements); provided, however, that each Group Member may (i) prepay the Obligations in accordance with the terms of this Agreement, (ii) make regularly scheduled or otherwise required repayments or redemptions of Indebtedness, (iii) prepay any Indebtedness payable to the Group Members, (iv) renew, extend, refinance and refund Indebtedness, as long as such renewal, extension, refinancing or refunding is permitted under Section 8.1 (Indebtedness), (v) satisfy any outstanding Indebtedness that is convertible into or exchangeable for Stock by issuing the Stock into which such Indebtedness is convertible or exchangeable upon conversion thereof or in exchange therefor, (vi) prepay, redeem, repurchase, defease or otherwise satisfy any outstanding Senior Notes with the proceeds of a Qualified Refinancing Indebtedness, Qualified Secured Refinancing Indebtedness or Qualified Preferred Stock, (vii) if prior to and after giving effect to any such prepayment, redemption, repurchase, defeasance or other satisfaction of any such Indebtedness, the Excess Availability Condition shall be satisfied, such Group Member shall be permitted to prepay, redeem, repurchase, defease or otherwise satisfy any Indebtedness without limitation, and (viii) prepay, redeem, repurchase, defease or otherwise satisfy any Indebtedness in an aggregate amount that does not exceed the aggregate Available Contributions Amount at the time of such prepayment, redemption, repurchase, defeasance or other satisfaction of such Indebtedness, provided, that in the case of this clause (viii), immediately before and after giving effect thereto no Default or Event of Default has occurred and is continuing.
Prepayment and Cancellation of Indebtedness. (a) None of the Borrowers shall, nor shall they permit any of their respective Subsidiaries to, cancel any claim or Indebtedness owed to any of them except in the ordinary course of business consistent with past practice.
Prepayment and Cancellation of Indebtedness of the Second Amended and Restated Credit Agreement, dated as of May 30, 2007, as amended, modified, restated or supplemented in accordance with the terms thereof, among HLI Operating Company, Inc., the Issuer, Hxxxx Lemmerz International, Inc., the lenders and issuers party thereto from time to time, Citibank North America Inc., as administrative and the other agents party thereto, the Guarantor Subordinated Debt shall not be paid in whole or in part until the Guaranteed Obligations have been paid in full and this Guaranty is terminated and of no further force or effect. The Guarantor shall not accept any payment of or on account of any Guarantor Subordinated Debt at any time in contravention of the foregoing. The Guarantor agrees to file all claims against the Issuer in any bankruptcy or other proceeding in which the filing of claims is required by law in respect of any Guarantor Subordinated Debt. If for any reason the Guarantor fails to file such claim at least ten Business Days prior to the last date on which such claim should be filed, the Guarantor hereby irrevocably appoints the Trustee as its true and lawful attorney-in-fact and is hereby authorized to act as attorney-in-fact in the Guarantor’s name to file such claim.
Prepayment and Cancellation of Indebtedness. (a) Neither the Borrower nor any of its Subsidiaries (other than Excluded Foreign Subsidiaries) shall cancel any claim or Indebtedness owed to any of them except (i) in the ordinary course of business consistent with past practice and (ii) in respect of intercompany Indebtedness among the Borrower and the Guarantors.
Prepayment and Cancellation of Indebtedness. (a) Section 8.6 (Prepayment and Cancellation of Indebtedness) of the Credit Agreement shall be amended by (i) deleting the parenthetical “(a)” immediately before the word “prepay” in the second line thereof, (ii) deleting the word “and,” immediately before clause (ix) of Section 8.6(b) and (iii) inserting the following new clause (x) and clause (xi) immediately after clause (ix) in Section 8.6(b) to read in its entirety as follows: “(x) solely from proceeds of Receivables Assets, prepay any Indebtedness incurred pursuant to a Securitization Program in the ordinary course or upon the acceleration of such Indebtedness; and
Prepayment and Cancellation of Indebtedness of the Credit Agreement shall be amended by inserting a new Section 8.6(c) immediately after Section 8.6(b) thereof to read in its entirety as follows:
Prepayment and Cancellation of Indebtedness. No Loan Party shall cancel any claim or Indebtedness owed to any of them except (i) in the ordinary course of business consistent with past practice, (ii) in respect of intercompany Indebtedness among the Borrowers and the Subsidiary Guarantors that are Domestic Subsidiaries, (iii) any cancellation resulting in an Investment not prohibited under Section 8.3 or (iv) either the Board of Directors or the chief financial officer of Holdings determines in good faith that such cancellation is in the best interest of Holdings and its Subsidiaries; provided, however, clauses (iii) and (iv) of this Section shall only apply during any period Excess Availability is greater than $20,000,000.
Prepayment and Cancellation of Indebtedness of the Credit Agreement and under the Foreign Loan Documents, the Guarantor Subordinated Debt shall not be paid in whole or in part until the Obligations have been paid in full and this Guaranty is terminated and of no further force or effect. The Guarantor shall not accept any payment of or on account of the Guarantor Subordinated Debt at any time in contravention of the foregoing. Upon the occurrence and during the continuance of an Event of Default, the Guarantor shall cause the applicable Foreign Borrower to pay to the Administrative Agent any payment of all or any part of the Guarantor Subordinated Debt and any amount so paid to the Administrative Agent shall be applied to payment of the Obligations as provided in the applicable Foreign Loan Document. Each payment on the Guarantor Subordinated Debt received in violation of any of the provisions hereof shall be deemed to have been received by the Guarantor as trustee for the Guarantied Parties and shall be paid over to the Administrative Agent immediately on account of the Obligations, but without otherwise affecting in any manner the Guarantor’s liability hereof. The Guarantor agrees to file all claims against the Foreign Borrowers in any bankruptcy or other proceeding in which the filing of claims is required by law in respect of the Guarantor Subordinated Debt, and the Administrative Agent shall be entitled to all of the Guarantor’s rights thereunder. If for any reason the Guarantor fails to file such claim at least ten Business Days prior to the last date on which such claim should be filed, the Guarantor hereby irrevocably appoints the Administrative Agent as its true and lawful attorney-in-fact and is hereby authorized to act as attorney-in-fact in the Guarantor’s name to file such claim or, in the Administrative Agent’s discretion, to assign such claim to and cause proof of claim to be filed in the name of the Administrative Agent or its nominee. In all such cases, whether in administration, bankruptcy or otherwise, the person or persons authorized to pay such claim shall pay to the Administrative Agent the full amount payable on the claim in the proceeding, and, to the full extent necessary for that purpose, the Guarantor hereby assigns to the Administrative Agent all of the Guarantor’s rights to any payments or distributions to which the Guarantor otherwise would be entitled. If the amount so paid is greater than the Guarantor’s liability hereunder, the Administrative Agent shall PARENT GUARAN...
Prepayment and Cancellation of Indebtedness of the Credit Agreement is hereby is hereby amended and restated in its entirety as follows:
