Use of Prepayment Amount Sample Clauses

Use of Prepayment Amount. The Seller shall use, and Banro shall cause to be used, the Prepayment Amount only to pay interest due under the Note Indenture and certain outstanding dividends as of the last payment date on or prior to the date of receipt by the Seller of the Prepayment Amount on preferred shares in the capital of Banro Group (Barbados) Limited and the Series A preferred shares in the capital of Banro, to repay accounts payable and thereafter, for general corporate purposes.
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Use of Prepayment Amount. (A) The Seller must utilise the full Prepayment Amount to fund expenditure to be incurred in the purchase of Refined Platinum, to be sold and delivered to the Purchaser pursuant to Clause ‎2. To the extent that the Prepayment Amount has not yet been applied to fund such expenditure, the Seller must ensure that such amount is available, as and when required, to defray the expenditure to be incurred in the purchase of such Refined Platinum. In respect of each Delivery for which an invoice is raised, the Prepayment Amount so utilised must match the amount credited against the Prepayment Amount further to Clause ‎2.5. (B) In addition, the Seller will procure that, and the ProjectCo undertakes that, the ProjectCo shall apply an amount equal to the Prepayment Amount to: (1) develop the Project in accordance with the Mine Plan and the then current Project Schedule and Budget, in order to produce Minerals; and (2) the Seller further undertakes to ensure that the ProjectCo is placed in funds, in total amounting to the Prepayment Amount, in order to enable the ProjectCo to develop the Project as described above and pursuant to this the Seller and the ProjectCo will enter into the Seller Loan Agreement. Further to the Seller Loan Agreement the Seller shall, in respect of any portion of the Prepayment Amount paid further to Clause ‎3.1, advance Debt to the ProjectCo in an amount (in ZAR) equal to such portion of the Prepayment Amount. The amount of the advance will be paid directly by the Purchaser to ProjectCo, on behalf of the Seller, as set out in Clause ‎3.1(D). The Seller shall ensure that any Debt advanced to the ProjectCo under the Seller Loan Agreement as referred to in this Clause ‎3.2(B)(2) is fully subordinated to the Stream Obligations further to the Intercreditor Agreement.
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Use of Prepayment Amount. The Seller shall use, and Banro shall cause to be used, the Tranche 2 Prepayment Amount only to pay certain outstanding dividends as of the last payment date on or prior to the date of receipt by the Seller of the Tranche 2 Prepayment Amount on preferred shares in the capital of Banro Group (Barbados) Limited and the Series A preferred shares in the capital of Banro, to repay accounts payable and thereafter, for general corporate purposes. The Seller shall use, and Banro shall cause to be used, the Tranche 3 Prepayment Amount only for purposes related to the Twangiza and Namoya Projects as previously agreed with the Purchaser, as further detailed in Schedule B.
Sample 1
Use of Prepayment Amount. The Seller shall use, and Banro shall cause to be used, the Prepayment Amount only for payment of amounts contemplated by or in furtherance of a plan of arrangement of Banro with an effective date as of the date hereof and for new working capital and general corporate purposes.
Sample 1
Use of Prepayment Amount. The Seller shall use, and Banro shall cause to be used, the Prepayment Amount only for the payment of supplies and spares (US$8,000,000), interest on the notes under the Note Indenture (US$5,000,000) and the balance (US$7,000,000) for the reduction of accounts payable.
Sample 1

Related to Use of Prepayment Amount

  • Notice of Prepayments The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.07; provided further that, the Borrower may deliver a conditional prepayment notice subject to the proviso in Section 2.07(c). Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof.

  • Notice of Prepayment Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment, (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 11:00 a.m., New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment. Promptly following receipt of any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.06.

  • Amounts payable on prepayment A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but without premium or penalty.

  • Prepayments, Etc of Indebtedness. 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 Indebtedness, except (a) the prepayment of the Credit Extensions in accordance with the terms of this Agreement and (b) regularly scheduled or required repayments or redemptions of Indebtedness set forth in Schedule 7.02 and refinancings and refundings of such Indebtedness in compliance with Section 7.02(d).

  • Prepayment Fees Borrower agrees to pay to each New Term Loan Lender the following prepayment fees, if any: [ ].

  • Application of prepayment The provisions of Clause 8 shall apply in relation to the prepayment.

  • Prepayment Fee The Prepayment Fee, when due hereunder, to be shared between the Lenders in accordance with their respective Pro Rata Shares; and

  • Redemption and Prepayment Section 3.01

  • Application of Prepayments (i) Prior to any optional or mandatory prepayment of Borrowings hereunder, Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (i) of this Section 2.10(i). Subject to Section 9.04 and so long as no Event of Default shall then exist and be continuing, all mandatory prepayments shall be applied as follows: first, to Fees and reimbursable expenses of the Administrative Agent and the Collateral Agent then due and payable pursuant to the Loan Documents; second, to interest then due and payable on all Loans; third, to the principal balance of the Swingline Loan until the same has been repaid in full; fourth, to the outstanding principal balance of Revolving Loans until the same has been paid in full, including accompanying accrued interest and charges under Sections 2.12, 2.13 and 2.15 (Borrower may elect which of any Eurodollar Revolving Borrowings is to be prepaid); fifth, to cash collateralize all LC Exposures plus any accrued and unpaid Fees with respect thereto (to be held and applied in accordance with Section 2.18(j) hereof); sixth, to all other Obligations pro rata in accordance with the amounts that such Lender certifies is outstanding; and, seventh, returned to Borrower or to such party as otherwise required by law. All such mandatory prepayments of the Revolving Loans shall cause a corresponding reduction in the Revolving Commitments of the Lenders in accordance with their applicable Revolving Commitments. (ii) Amounts to be applied pursuant to this Section 2.10 to the prepayment of Revolving Loans shall be applied, as applicable, first to reduce outstanding ABR Revolving Loans, respectively. Any amounts remaining after each such application shall be applied to prepay Eurodollar Revolving Loans, as applicable. Notwithstanding the foregoing, if the amount of any prepayment of Loans required under this Section 2.10 shall be in excess of the amount of the ABR Loans at the time outstanding, only the portion of the amount of such prepayment as is equal to the amount of such outstanding ABR Loans shall be immediately prepaid and, at the election of Borrower, the balance of such required prepayment shall be prepaid immediately, together with any amounts owing to the Lenders under Section 2.13.

  • Repayment Prepayment and Cancellation 6 REPAYMENT

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