Term and Prepayment. (a) Upon the Commitment Termination Date, the obligation of Lender to make Revolving Credit Advances and extend other credit hereunder shall immediately terminate and Borrowers shall pay to Lender in full, in cash: (i) all outstanding Revolving Credit Advances and all accrued but unpaid interest thereon; (ii) an amount sufficient to enable Lender to hold cash collateral as specified in Schedule C; and (iv) all other non-contingent Obligations due to Lender.
(b) If the aggregate Revolving Credit Loans shall at any time exceed the Borrowing Availability, then Borrowers shall immediately repay the Revolving Credit Loan in the amount of such excess.
(c) Borrowers shall have the right, at any time upon thirty (30) days prior written notice to Lender to: (i) terminate voluntarily Borrowers’ right to receive or benefit from, and Xxxxxx’s obligation to make Revolving Credit Advances and to incur Letter of Credit Obligations; and (ii) prepay all of the Obligations; provided, however, that with respect to Revolving Credit Advances made based upon the CDOR Rate or the Term SOFR Rate prepaid by Borrowers prior to the expiration date of the Interest Period applicable thereto, Borrowers shall pay to Lender the amounts described in Section 1.14(c). Following receipt of such notice by Xxxxxx, the effective date of termination of the Revolving Credit Loan specified in such notice shall be deemed to be the Commitment Termination Date. If Borrowers exercise their right of termination and prepayment, or if Xxxxxx’s obligation to make Loans is terminated for any reason prior to the Stated Expiry Date then in effect (including as a result of the occurrence of a Default), Borrowers shall pay to Lender the amounts (if any) described in Section 1.14(c).
Term and Prepayment. (a) The obligation of Lender to make Revolving Credit Advances and extend other financial accommodations shall be in effect from the Closing Date until the Commitment Termination Date. Upon the Commitment Termination Date Borrower shall pay to Lender in full, in cash: (i) all outstanding Revolving Credit Advances and all accrued but unpaid interest thereon; (ii) an amount sufficient to enable Lender to hold cash collateral as specified in Schedule C; (iii) all principal and accrued but unpaid interest on the Term Loan; and (iv) all other non-contingent Obligations due to or incurred by Lender. Upon payment of the amounts specified in the immediately preceding sentence, Borrower's obligation to pay the Unused Line Fee shall simultaneously terminate.
(b) If the Revolving Credit Loan shall at any time exceed the Borrowing Availability, then Borrower shall immediately repay the Revolving Credit Loan in the amount of such excess; any such excess balance outstanding shall nevertheless constitute Obligations that are evidenced by the Revolving Credit Note, secured by the Collateral and entitled to all of the benefits of the Loan Documents.
(c) In the event of any Excess Cash Flow for any Fiscal Year, Borrower shall repay the Loans on or prior to the date three (3) Business Days after Lender's receipt of Borrower's financial statements required to be delivered pursuant to Section 4.1(e) for such year in an amount equal to 25% of such Excess Cash Flow.
(d) Borrower shall repay the Loans in an amount equal to the net insurance proceeds payable in connection with the loss, destruction or condemnation of any assets of Borrower or its Subsidiaries promptly after receipt thereof; provided, however, that Borrower may use an amount of any such insurance proceeds reasonably necessary to repair or replace any such assets.
(e) Borrower shall repay the Loans in an amount equal to the Net Proceeds of any sale or other disposition of any assets of Borrower or its Subsidiaries (other than the sale of Inventory in the ordinary course of business) promptly after any such sale or other disposition.
(f) Any prepayment pursuant to (c), (d) or (e) above shall be applied against principal installments due, in the inverse order of maturity, on the Term Loan until such Loan is paid in full and thereafter against the Revolving Credit Loan.
(g) Borrower shall have the right, at any time upon 30 days prior written notice to Lender to (i) terminate voluntarily Borrower's right to receive or ...
Term and Prepayment. (a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or the Lenders.
(b) On any Payment Date, Borrower shall have the right upon five (5) calendar days’ prior written notice to Agent, to make a voluntary prepayment (a “Voluntary Prepayment”) of the Term Loans then outstanding in whole or in part. If the Borrower elects to prepay the Term Loans in whole or in part pursuant to this Section 1.2(b) or otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to Sections 1.2(c) through 1.2(g) (each, a “Mandatory Prepayment” and together with any Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the benefit of the Lenders a prepayment fee of (i) five percent (5%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is on or prior to the date that is twelve (12) months following the Closing Date, (ii) four percent (4%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twelve (12) months after the Closing Date and on or prior to the date that is twenty-four (24) months following the Closing Date, (iii) three percent (3%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twenty-four (24) months after the Closing Date and on or prior to the date that is thirty (30) months following the Closing Date, (iv) one percent (1%) of the principal Loan amount being prepaid on the date of such Prepayment if such date occurs after the date that is twenty-fourthirty (2430) months after the Closing Date and on or prior to the date that is thirty sixforty-two (3642) months following the Closing Date, or (ivv) zero percent (0%) of the principal Loan amount being prepaid on the date of such Prepayment if such date is later than the date that is thirty sixforty-two (3642) months
Term and Prepayment. (a) Subject to the rights of the Lender under Section 16 to accelerate payment of all monies owing hereunder, the principal amount of the Advance, together with all accrued but unpaid interest, fees and other costs or charges payable hereunder from time to time (collectively the “Outstanding Balance”), will be immediately due and payable in full by the Borrower to the Lender on March 28, 2014 (“Maturity Date”).
(b) If after the Advance, the Borrower or any of its Subsidiaries sell or otherwise dispose of any material assets outside of the ordinary course of business in excess of $1,000,000 in the aggregate (excluding the Colomac Mill Equipment), the Borrower will pay or cause to be paid to the Lender 50% of the proceeds from such sale, disposition in excess of $1,000,000 in the aggregate, net of reasonable selling costs, to be applied on account of the Facility up to the full amount of the Outstanding Balance.
(c) If after the Advance, the Borrower or any of its Subsidiaries close one or more equity financings in excess of $1,000,000 in the aggregate (which for greater certainty shall not include the exercise of any options or warrants issued by the Borrower or any Subsidiary), the Borrower will pay or cause to be paid to the Lender 50% of the proceeds of such equity financings in excess of $1,000,000 in the aggregate, net of reasonable financing costs, to be applied on account of the Facility up to the full amount of the Outstanding Balance.
(d) The Borrower may voluntarily prepay the Facility in whole at any time before maturity, without penalty provided that not less than four months of interest on the total principal amount of the Facility has been paid to the Lender, and further provided that such prepayment is made on the last business day of a calendar month after not less than 10 Business Days' prior written notice of the Borrower's intention to prepay the Facility.
Term and Prepayment. (a) Upon the Commitment Termination Date the obligation of Lender to make Revolving Credit Advances and extend other credit hereunder shall immediately terminate and Borrower shall pay to Lender in full, in cash: (i) all outstanding Revolving Credit Advances and all accrued but unpaid interest thereon; and (ii) all other non-contingent Obligations due to or incurred by Lender.
(b) If the outstanding balance of the Revolving Credit Loan shall at any time exceed the Borrowing Availability, including without limitation, if applicable, due to the Maximum Amount being reduced as contemplated by the definition thereof, then Borrower shall immediately repay the Revolving Credit Loan in the amount of such excess.
(c) Borrower shall have the right, at any time upon five (5) days’ prior written notice to Lender to (i) terminate voluntarily Borrower’s right to receive or benefit from, and Lender’s obligation to make Revolving Credit Advances, and (ii) prepay all of the Obligations. The effective date of termination of the Revolving Credit Loan specified in such notice shall be the Commitment Termination Date.
Term and Prepayment. (a) Subject to the rights of the Lender under Section 6 to accelerate payment of all monies owing hereunder, (i) $100,000 of the Loan will be immediately due and payable by the Borrower to the Lender on May 30, 2020, and (ii) the balance of the Loan, being $177,839.43, will be immediately due and payable in full by the Borrower to the Lender on November 6, 2020 (the “Maturity Date”).
(b) Upon written notice, the Borrower may prepay the Loan in its entirety or any part of the Loan at any time prior to the Maturity Date without penalty, premium, or bonus.
Term and Prepayment.
(a) Upon the Maturity Date of the Loan, Borrower shall pay to Agent for the pro rata benefit of the Lenders (i) all outstanding principal and accrued but unpaid interest on the Loan and (ii) all other Obligations relating to the Loan then due to or incurred by Agent or the Lenders.
(b) On any Payment Date, so long as no Default or Event of Default has occurred hereunder, Borrower shall have the right upon thirty (30) calendar days’ prior written notice to Agent, to make a voluntary prepayment (a “Voluntary Prepayment”) of all or a portion (in a minimum amount of $1,000,000 and integrate multiples of $100,000 in excess thereof) of the principal amount of all of the Term Loans then outstanding. If the Borrower elects to prepay the Term Loans pursuant to this Section1.2(b) or otherwise, or if the Term Loans are mandatorily prepaid in whole or in part pursuant to any other clause of this Section 1.2 (each, a “Mandatory Prepayment” and together with any Voluntary Prepayment, the “Prepayments”), the Borrower shall pay to the Agent for the benefit of the Lenders a prepayment fee as follows: (i) in the case of any Prepayment (other than under Section 1.2(f) or (h)) made prior to the first anniversary of the Closing Date, 3% of the principal Loan amount being prepaid on the date of such Prepayment; (ii) in the case of any Prepayment (other than under Section 1.2(f) or (h)) made on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date, 2% of the principal Loan amount being prepaid on the date of such Prepayment; and (iii) in the case of any Prepayment (other than under Section 1.2(f) or (h)) made on or after the second anniversary of the Closing Date and prior to the third anniversary of the Closing Date, 1% of the principal Loan amount being prepaid on the date of such Prepayment. Each Lender shall have the right in its sole discretion to decline any Mandatory Prepayment in accordance with Section 1.2(i) below.
Term and Prepayment. Upon the Commitment Termination Date the obligation of Lender to make Revolving Credit Advances and extend other credit hereunder shall immediately terminate and Borrowers shall pay to Lender in full, in cash: (i) all outstanding Revolving Credit Advances and all accrued but unpaid interest thereon; (ii) an amount sufficient to enable Lender to hold cash collateral as specified in Schedule C; and (iii) all other non- contingent Obligations due to or incurred by Lender.
Term and Prepayment. (a) The principal amount of each Advance, together with all accrued but unpaid interest, bonus and other costs or charges payable hereunder from time to time in connection with such Advance (collectively in respect of all Advances, the "Outstanding Balance"), will be immediately due and payable by the Borrower to the Lender on April 26, 2007 (the “Repayment Date”).
(b) Notwithstanding paragraph (a) hereof, the Outstanding Balance, will be immediately due and payable by the Borrower to the Lender on the earlier of:
(i) the date of any change of control of the Borrower ("control" being defined as ownership of or control or direction over, directly or indirectly, 20% or more of the outstanding voting securities of the Borrower); or
(ii) the occurrence of an Event of Default, as defined in paragraph 11 hereof.
(c) If after the Initial Advance of the Loan, the Borrower or any of its Subsidiaries sell or otherwise dispose of any assets outside of the ordinary course of business, close one or more equity or debt financings, the Borrower will pay or cause to be paid to the Lender all proceeds from such sale, disposition or financing, net of legal fees, financing fees and any other actual out-of-pocket costs incurred by the Borrower in connection with such sale or financing, up to the full amount of the Outstanding Balance, to be applied on account of the Loan, after settlement of any amounts outstanding under the Quest Capital Corp. loan agreement.
(d) The Borrower may prepay the Loan or the Outstanding Balance in respect of the Advance, in either case in whole at any time before maturity, without notice or penalty, provided that such prepayment is made on the last Business Day of the calendar month and the Borrower has provided to a Lender not less than ten (10) Business Days’ prior written notice of its intention to prepay the Loan, after settlement of any amounts outstanding under the Quest Capital Corp. loan agreement.
Term and Prepayment. (a) The aggregate principal amount of the Advance, together with all accrued but unpaid interest, bonus and other costs or charges payable hereunder from time to time (collectively the “Outstanding Balance”), will be immediately due and payable by the Borrower to the Lender on the earlier of:
(i) November 30, 2007;
(ii) the date of any change of control of the Borrower (“control” being defined as ownership of or control or direction over, directly or indirectly, 20% or more of the outstanding voting securities of the Borrower); and
(iii) the occurrence of an Event of Default (as defined in paragraph 14 hereof) and a demand for payment by the Lender pursuant to paragraph 15 below;
(b) If after the Advance of the Facility, or any portion thereof, the Borrower or any of its Subsidiaries sell or otherwise dispose of any assets outside of the ordinary course of business, or close one or more equity or debt financings, the Borrower will pay or cause to be paid to the Lender all proceeds from such sale, disposition or financing, net of reasonable selling or financing costs, up to the full amount of the Outstanding Balance, to be applied on account of the Facility;
(c) The Borrower may prepay the Facility in whole at any time before maturity, without penalty, provided that such prepayment is made on the last business day of a calendar month and the Borrower has provided not less than ten (10) business days’ prior notice of its intention to prepay the Facility.
