Prepayments from Tax Refunds. Immediately upon the receipt by any Loan Party or any of their respective Subsidiaries of the proceeds of any tax refund, the Borrowers shall prepay the Loans in an amount equal to such proceeds. All such prepayments shall be applied to the Loans in accordance with Section 2.4(E).
Appears in 2 contracts
Samples: Loan and Security Agreement (Rocky Brands, Inc.), Loan and Security Agreement (Rocky Shoes & Boots Inc)
Prepayments from Tax Refunds. Immediately upon the receipt by any Loan Party Borrower or any of their respective Subsidiaries of the proceeds of any federal, state or local tax refundrefund in excess of $1,000,000 individually or in the aggregate, the Borrowers shall prepay the Loans in an amount equal to such excess proceeds. All such prepayments shall be applied to the Loans in accordance with Section subsection 2.4(E).
Appears in 2 contracts
Samples: Loan and Security Agreement (Sun Healthcare Group Inc), Loan and Security Agreement (Sun Healthcare Group Inc)
