Prepayment of Certain Debt Sample Clauses
The "Prepayment of Certain Debt" clause defines the conditions under which a borrower may pay off specific debts before their scheduled maturity dates. Typically, this clause outlines which debts are eligible for early repayment, any required notices to lenders, and whether penalties or fees apply for prepayment. For example, it may allow the borrower to repay a term loan early but require a premium or restrict prepayment of certain subordinated debts. The core function of this clause is to provide flexibility for the borrower to manage debt obligations proactively while protecting the lender’s expected returns and ensuring clear procedures for early repayment.
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Subsidiaries to, 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 Debt, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement, (b) regularly scheduled or required repayments or redemptions of Permitted Debt (other than Permitted Subordinated Debt) and refinancings and refundings of such Permitted Debt so long as such refinancings and refundings would otherwise comply with Section 6.1, (c) so long as no Event of Default exists or would result therefrom, other prepayments of Permitted Debt not described in the immediately preceding clauses (a) and (b), but specifically excluding any prepayments, redemptions, purchases, defeasance, or other satisfaction of Permitted Subordinated Debt. No Credit Party shall, nor shall it permit any of its Subsidiaries to, make any payments of principal, interest, fees or other amounts with respect to Permitted Subordinated Debt except as permitted under the applicable Subordination Agreement.
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Subsidiaries to, 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 Debt, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement, (b) regularly scheduled or required repayments or redemptions of Permitted Debt and refinancings and refundings of such Permitted Debt so long as such refinancings and refundings would otherwise comply with Section 6.1, including the penultimate paragraph therein, or (c) so long as no Event of Default exists or would result therefrom, other prepayments of Permitted Debt not described in the immediately preceding clauses (a) and (b).
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, 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 Debt, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement, (b) regularly scheduled or required repayments or redemptions of Permitted Debt (other than Debt permitted under Section 6.1(i) or Section 6.1(d)(ii)) and refinancings and refundings of such Permitted Debt so long as such refinancings and refundings would otherwise comply with Section 6.1, including the last sentence therein, (c) the payment of Debt described in Section 6.1(q), provided such payment shall be permitted only to the extent that (x) both before and after giving effect to the payment of such obligation, Liquidity is greater than or equal to $20,000,000, and (y) the US Borrower’s pro forma Leverage Ratio is less than or equal to the Leverage Ratio then required pursuant to Section 6.15 minus 0.25 and the US Borrower has delivered to the US Administrative Agent a Compliance Certificate evidencing such pro forma compliance duly executed by a Responsible Officer of the US Borrower and (d) so long as no Event of Default exists or would result therefrom, other prepayments of Permitted Debt not described in the immediately preceding clauses (a) and (b), but specifically excluding any prepayments, redemptions, purchases, defeasance, or other satisfaction of Debt permitted under Section 6.1(i) or Section 6.1(d)(ii). No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, make any cash interest payments with respect to Debt permitted under Section 6.1(d)(ii) other than scheduled interest payments permitted under the subordination terms applicable to such Debt.
Prepayment of Certain Debt. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation of the subordination terms of, any Debt except:
(a) the prepayment of the Obligations in accordance with the terms of this Agreement;
(b) regularly scheduled or required prepayments, repayments or redemptions of Debt permitted under Section 10.2.1 (other than Debt permitted under Section 10.2.1(f) and Guarantees of the foregoing) and refinancings and refundings of such Debt so long as such refinancings and refundings would otherwise comply with Section 10.2.1;
(c) [reserved];
(d) the prepayment, redemption, purchase, defeasance or other satisfaction of intercompany Debt permitted under Section 10.2.1 solely between and among Obligors subject to any subordination provisions in the Guaranty;
(e) with respect to Debt incurred pursuant to Section 10.2.1(f), (i) regularly scheduled payments of interest (in cash or Equity Interests) so long as no Event of Default exists or would result therefrom and (ii) the prepayment, redemption, conversion or other satisfaction of such Debt, in the case of this clause (ii), prior to the stated maturity date thereof solely to the extent paid in, converted to or satisfied with Equity Interests (other than Disqualified Equity Interests) of Borrower and/or any cash necessary to settle fractional Equity Interests of Borrower in connection such prepayment, redemption, conversion or other satisfaction.; and
(f) the prepayment, redemption, purchase, defeasance or other satisfaction of intercompany Debt permitted under Section 10.2.1 owing by any Subsidiary that is not an Obligor to an Obligor or owing by an Obligor to an Obligor.
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, 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 Debt, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement, (b) regularly scheduled or required repayments, purchases or redemptions of Permitted Debt (other than Debt permitted under Section 6.1(k) and Debt permitted under Section 6.1(l)), (c) refinancings and refundings of Permitted Debt so long as such refinancings and refundings would otherwise be permitted under Section 6.1, including the last sentence therein (to the extent applicable), (d) prepayments of intercompany Debt owing to a Credit Party, and (e) so long as no Event of Default exists or would result therefrom, other prepayments, repayments, redemptions, purchases, defeasances or other satisfactions of Permitted Debt not described in the immediately preceding clauses (a) through (d), but specifically excluding any prepayments, repayments, redemptions, purchases, defeasances or other satisfactions of (i) until such time that the Term Advances have been repaid in full in cash, Debt permitted under Section 6.1(k) and (ii) Debt permitted under Section 6.1(l).
(e) The Credit Agreement is hereby further amended by deleting Exhibit B – Form of Compliance Certificate attached thereto and replacing it with the Exhibit B – Form of Compliance Certificate attached hereto.
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Subsidiaries to, 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 Debt, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement, (b) regularly scheduled or required repayments or redemptions of Permitted Debt and refinancings and refundings of such Permitted Debt so long as such refinancings and refundings would otherwise comply with Section 6.1, including the last sentence therein, (c) the payment of Debt described in Section 6.1(n), provided such payment shall be permitted only to the extent that (x) both before and after giving effect to the payment of such obligation, Liquidity is greater than or equal to $15,000,000, and (y) the Borrower’s pro forma Leverage Ratio is less than or equal to the Leverage Ratio then required pursuant to Section 6.16 minus 0.25 and the Borrower has delivered to the Administrative Agent a Compliance Certificate evidencing such pro forma compliance duly executed by a Responsible Officer of the Borrower or (d) so long as no Event of Default exists or would result therefrom, other prepayments of Permitted Debt not described in the immediately preceding clauses (a) and (b).
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, 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 Debt, except (a) the prepayment of the Obligations in accordance with the terms of this Agreement, (b) regularly scheduled or required repayments or redemptions of Permitted Debt (other than Debt permitted under Section 6.1(k) and Debt permitted under Section 6.1(l)) and refinancings and refundings of Permitted Debt so long as such refinancings and refundings would otherwise comply with Section 6.1, including the last sentence therein, and (c) so long as no Event of Default exists or would result therefrom, other prepayments of Permitted Debt not described in the immediately preceding clauses (a) and (b), but specifically excluding any prepayments, redemptions, purchases, defeasance, or other satisfaction of Debt permitted under Section 6.1(k) and Debt permitted under Section 6.1(l).
Prepayment of Certain Debt. As of the Effective Time, Parent -------------------------- shall have repaid all amounts outstanding under the Credit Agreement and the Note Agreement.
Prepayment of Certain Debt. No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, 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 Debt, except:
(a) the prepayment of the Obligations in accordance with the terms of this Agreement,
(b) regularly scheduled or required repayments, purchases or redemptions of Permitted Debt (other than Debt permitted under Section 6.1(k) and Debt permitted under Section 6.1(l)),
(c) refinancings and refundings of Permitted Debt so long as such refinancings and refundings would otherwise be permitted under Section 6.1, including the last sentence therein (to the extent applicable),
(d) prepayments of intercompany Debt owing to a Credit Party, and
(e) so long as no Event of Default exists or would result therefrom, other prepayments, repayments, redemptions, purchases, defeasances or other satisfactions of Permitted Debt not described in the immediately preceding clauses (a) through (d), but specifically excluding any prepayments, repayments, redemptions, purchases, defeasances or other satisfactions of Debt permitted under Section 6.1(l), provided that before and after giving effect thereto, (i) Liquidity, determined on a Pro Forma Basis, shall be at least $100,000,000, (ii) the Fixed Charge Coverage Ratio, determined on a Pro Forma Basis, shall be at least 1.25 to 1.00; and (iii) the aggregate principal amount of such Permitted Debt that is permitted to be prepaid, repaid, redeemed, purchased, defeased or otherwise satisfied under this Section 6.23(e) shall not to exceed $50,000,000; provided that, the limit required under this clause (iii) shall not apply if the Total Net Leverage Ratio, determined on a Pro Forma Basis, is less than or equal to 4.50 to 1.00.
Prepayment of Certain Debt. As of the Effective Time, Parent shall repay any and all amounts borrowed by the Company pursuant to the terms of both the Company's bank credit agreement, dated as of May 30, 1997, by and among the Company, PNC Bank, N.A., SunTrust Bank, Central Florida, N.A. and ▇▇▇▇▇▇ Commercial Paper Inc. (the "Credit Agreement") and the note assumption agreement, dated May 30, 1997, by and among the Company, Suncom and Midwest Mezzanine Fund L.P. (the "Note Agreement"), and, after the Effective Time, take all steps reasonably necessary to terminate the Credit Agreement and the Note Agreement.