Term Loan Mandatory Prepayments Sample Clauses
Term Loan Mandatory Prepayments. 4.1 [INTENTIONALLY OMITTED]
4.2 Subject to the terms and conditions, and in relying upon the representations and warranties herein set forth, each Lender severally agrees to make the Term Loan to the Companies on the Closing Date, in an aggregate principal amount not to exceed such Lender's Term Loan Commitment.
4.3 The principal amount of the Term Loan shall be repaid to Agent, for the benefit of the Lenders, in accordance with their Pro Rata Shares by or on behalf of each Company in monthly principal installments of $625,000. The first such installment shall be due and payable on the earlier of (a) August 1, 2003 and (b) the date on which the outstanding principal balance of the CIT Term Loan is reduced to $3,500,000, PROVIDED THAT, in no event shall the first such installment be due and payable prior to April 1, 2003, and the subsequent installments shall be due and payable on the first Business Day of each month thereafter until paid in full.
4.4 Notwithstanding any provision to the contrary in this Agreement or any other Loan Document, the Obligations shall become due and payable in full on the earlier of (i) the Final Maturity Date and (ii) in the event this Agreement is terminated for any reason whatsoever, the effective date of such termination.
4.5 The Companies may, upon at least five (5) Business Days prior written notice to Agent, prepay without penalty or premium, at its option, in whole or in part, the Term Loan, provided that with each such prepayment, the Companies shall pay accrued interest on the principal so prepaid to the date of such prepayment. Each such prepayment shall be applied to the then last maturing installments of principal of the Term Loan.
4.6 In the event the Companies have Surplus Cash in any Fiscal Year ending after the Closing Date, the Companies must make a mandatory prepayment on or before the 90th day of the immediately succeeding Fiscal Year, in an amount equal to fifty percent (50%) of said Surplus Cash (the "Applied Surplus Cash"), which shall be applied first, to the CIT Term Loan until paid in full, and then, to the Term Loan until paid in full, provided, however, that if (i) no Event of Default shall have occurred and be continuing, (ii) after giving effect to such payment there will be average Aggregate Availability of at least $3,000,000 over the thirty (30) days preceding such payment, (iii) the principal amount outstanding under the CIT Term Loan immediately prior to giving effect to such payment is no more...
Term Loan Mandatory Prepayments. All Net Cash Proceeds from a Permitted Disposition or proceeds from Permitted Takeout Financing received by the Borrower with respect to Eligible Railcars subject to a Term Loan shall be used immediately to repay said Term Loans.
Term Loan Mandatory Prepayments. 34 SECTION 5. Letters of Credit......................................37 SECTION 6. Collateral.............................................40 SECTION 7. Representations, Warranties and Covenants..............44 SECTION 8. Interest, Fees and Expenses............................62 SECTION 9. Powers.................................................70 SECTION 10. Events of Default and Remedies........................71 SECTION 11. Termination...........................................75 SECTION 12. Miscellaneous.........................................75 EXHIBITS -------- Exhibit A - Form of Term Loan Promissory Note Exhibit B - Form of Revolving Loan Promissory Note Exhibit C - Assignment for Security (Trademarks) Schedule 1A Trademarks and Trademark Applications Exhibit D - Assignment for Security (Patents) Schedule 1A Patents and Patent Applications Exhibit E - Assignment for Security (Copyrights) Schedule 1A Copyrights and Copyrights Applications SCHEDULES --------- Schedule 1 - Collateral Information Schedule 1.1 Permitted Investments Schedule 2- Permitted Encumbrances Schedule 2.1(aa)(i) Trademarks, Patents and Copyrights Schedule 2.1(aa)(iii) Monthly Rental Payments Schedule 3- Permitted Indebtedness Schedule 6.1 - Real Estate Schedule 7.11 - Environmental Matters Schedule 7.19(f) - Management Fees Schedule 7.19(n) - Dividend Restrictions THE CIT GROUP/BUSINESS CREDIT, INC., a New York corporation, with offices located at 1211 Avenue of the Americas, New York, New York 10036 ("CIT"), is pl▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ CIT shall make revolving loans, term loans and other financial accommodations to each of TRANSTECHNOLOGY CORPORATION, a Delaware corporation with a principal place of business at 700 Liberty Avenue, Union, New Jersey 07083 ("Parent"), NORCO, INC., ▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇ place of business at 139 Ethan Allen Highway, Ridgefield, Connecticut 06877 ("Norco"), an▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, a Minnesota corporation with a principal place of business at 1600 67th Avenue, Minneapolis, Minnesota 55430 ("TCR" and each of Pa▇▇▇▇, ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇ individually, as a "Company" and collectively, the "Companies").
Term Loan Mandatory Prepayments. At the option of the Required Lenders, and subject to the terms of the Subordination Agreement, the Borrower shall make a prepayment (the “Term Loan Mandatory Prepayment”): immediately upon receipt by any Credit Party of Net Cash Proceeds generated from the issuance of any Equity Interests of any Credit Party (other than Equity Interests under any stock option or employee incentive plans listed on Schedule 6.12 hereto (or any successor plans) or in connection with the conversion of any Debt to equity or Net Cash Proceeds from the issuance of any Funded Debt after the Closing Date, Borrowers shall prepay the Term Loan by the sum of (i) an amount equal to one hundred percent (100%) of such Net Cash Proceeds from the issuance of any Equity Interests; and (ii) the Yield Maintenance Premium in respect thereof.
Term Loan Mandatory Prepayments. (i) At any time a Borrowing Base Deficiency exists that cannot be cured by making mandatory prepayments under the Revolving Facility pursuant to CLAUSE (c) above, Borrower shall immediately make a prepayment to Administrative Agent (with any related Funding Loss) on the Term Loan so that a Borrowing Base Deficiency no longer exists; provided that, notwithstanding the foregoing, Borrower may take up to 5 Business Days to cure a Borrowing Base Deficiency after becoming aware of same so long as the amount of the Borrowing Base Deficiency does not exceed 5% of the total Borrowing Base. No such mandatory prepayment of the Term Loan may be reborrowed.
(ii) Immediately upon a Permitted Asset Sale as described in CLAUSE (v) or (vi) of the definition of "Permitted Asset Sale," Borrower shall make a mandatory prepayment to Administrative Agent (with any related Funding Loss) on the Term Loan in an amount equal to 80% of the Net Proceeds of such Permitted Asset Sale. No such mandatory prepayment of the Term Loan may be reborrowed.
(iii) All prepayments under this CLAUSE (f) shall be applied to installments in inverse order of maturity.
Term Loan Mandatory Prepayments. (i) Immediately upon a Permitted Asset Sale as described in CLAUSE (v) or (vi) of the definition of "Permitted Asset Sale," Borrower shall make a mandatory prepayment to Administrative Agent (with any related Funding Loss) on the Term Loan in an amount equal to 80% of the Net Proceeds of such Permitted Asset Sale. No such mandatory prepayment of the Term Loan may be reborrowed.
(ii) All prepayments under this CLAUSE (f) shall be applied to installments in inverse order of maturity.