Covenant Prepayment definition

Covenant Prepayment has the meaning given in Section 6.7.
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Covenant Prepayment shall be an amount acceptable to Agent in its sole discretion, but which will not exceed an amount which, if applied against the outstanding principal balance of the Loan, would be sufficient to satisfy the covenant in Section 6.3 for the applicable quarter as of the last calculation date, calculating the outstanding principal balance of the Loan after giving effect to any mandatory prepayment actually made. If Borrower makes an election hereunder, such election shall be irrevocable and a default under this Section 6.6 shall be deemed an Event of Default if Borrowers fail to make the required prepayment of the Loan within sixty (60) days after the applicable “as of” calculation date that Borrowers failed to satisfy. Agent shall have the right to specify in writing an extended payment period for such prepayment, in its sole discretion, but no such extended payment period shall extend beyond the Commitment Expiry Date.
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Covenant Prepayment shall be an amount determined by Agent in its sole discretion, but which will not be less than an amount which, if applied against the outstanding Obligations of the Loan, would be sufficient to satisfy the covenant in Sections 6.2 and/or 6.3 for the applicable quarter as of the last calculation date, calculating the outstanding principal balance of the Loan after giving effect to such mandatory prepayment actually made. Agent shall have the right to specify in writing an extended payment period for such prepayment, in its sole discretion, but no such extended payment period shall extend beyond the Commitment Expiry Date.
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Examples of Covenant Prepayment in a sentence

  • Failure to satisfy one or both of the Financial Covenants shall be deemed an Event of Default under Section 11.1 only if Borrowers fail to make the Covenant Prepayment, together with the proportionate amount of the Exit Fee owing with respect thereto, within said ten (10) day period.

  • If, after giving effect to the Covenant Prepayment, Borrowers are in compliance with the financial covenants set forth in Sections 6.2 and 6.3, Borrowers shall be deemed to have satisfied the requirements of such Sections as of the relevant date of determination with the same effect as though there had been no failure to comply on such date, and the applicable breach or default of such Sections 6.2 or 6.3 that had occurred shall be deemed cured for purposes of this Agreement.

  • In the event that Borrowers fail to satisfy the covenants in Section 6.3, Borrower may elect no more than two (2) times per calendar year to pay an amount equal to the Covenant Prepayment (as defined below).

  • At Agent’s discretion, no Prepayment Premium or Make Whole Breakage Amount or other similar premium or fee may be due on any Covenant Prepayment.

  • Failure to satisfy the Debt Yield Covenant shall be deemed an Event of Default under Section 11.1 only if Borrowers fail to make the Covenant Prepayment, together with the proportionate amount of the Exit Fee owing with respect thereto within said ten (10) day period.

  • In the event that Borrowers fail to satisfy the covenant in Sections 6.2 or 6.3, Borrowers may elect to pay (from their funds and/or by receipt of an equity contribution) to Agent no more than two (2) times during the term of the Loan an amount equal to the Covenant Prepayment (as defined below) to be applied to the outstanding Obligations.


More Definitions of Covenant Prepayment

Covenant Prepayment shall be an amount determined by Agent in its sole discretion, but which will not exceed an amount which, if applied against the outstanding principal balance of the Loan, would be sufficient to satisfy the covenant in Section 6.3 as of the last calculation date, calculating the outstanding principal balance of the Loan after giving effect to such mandatory prepayment actually made. A default under Section 6.3 shall be deemed an Event of Default under this Agreement only if Borrower fails to make any required prepayment of the Loan pursuant to the terms and conditions of this Section 6.6 together with the proportionate amount of any applicable fees owing with respect thereto. Agent shall have the right to specify in writing an extended payment period for such mandatory prepayment, but no such extended payment period shall extend beyond the Commitment Expiry Date.
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Related to Covenant Prepayment

  • Initial Prepayment shall have the meaning set forth in Section 7.2 of this Agreement.

  • Voluntary Prepayment means a prepayment of principal of Term Loans pursuant to Section 2.05(a) in any year to the extent that such prepayment reduces the scheduled installments of principal due in respect of Term Loans as set forth in Section 2.07 in any subsequent year.

  • Mandatory Prepayment shall have the meaning set forth in Section 2.1(c).

  • Prepayment means, with respect to any Receivable, any prepayment, whether in part or in full, in respect of such Receivable.

  • Discounted Voluntary Prepayment has the meaning specified in Section 2.05(d)(i).

  • Partial Prepayment Amount means the amount required to prepay a portion of the Annual Special Tax obligation for an Assessor’s Parcel as described in Section H.

  • Partial Prepayment Any payment of principal on a Mortgage Loan, other than a Full Prepayment, which is received in advance of its scheduled Due Date and is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

  • ECF Prepayment Amount has the meaning assigned to such term in Section 2.11(b)(i).

  • Full Prepayment Any payment of the entire principal balance of a Mortgage Loan which is received in advance of its scheduled Due Date and is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

  • Optional Prepayment shall have the meaning set forth in Section 2.10.

  • Mandatory Prepayment Date as defined in Section 2.12(e).

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.

  • Mandatory Prepayments has the meaning given to such term in Section 1.2(b).

  • Mandatory Prepayment Amount for any Debentures shall equal the sum of (i) the greater of: (A) 130% of the principal amount of Debentures to be prepaid, plus all accrued and unpaid interest thereon, or (B) the principal amount of Debentures to be prepaid, plus all other accrued and unpaid interest hereon, divided by the Conversion Price on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is less, multiplied by the VWAP on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is greater, and (ii) all other amounts, costs, expenses and liquidated damages due in respect of such Debentures.

  • Prepayment Premiums Any prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan.

  • Prepayment Premium means, with respect to the Mortgage Loan, any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid in connection with a prepayment of the Mortgage Loan pursuant to the Mortgage Loan Documents, including any exit fee.

  • Borrower Offer of Specified Discount Prepayment means the offer by any Company Party to make a voluntary prepayment of Term Loans at a Specified Discount to par pursuant to Section 2.05(a)(v)(B).

  • Waivable Mandatory Prepayment shall have the meaning assigned to such term in Section 2.11(e).

  • Discounted Voluntary Prepayment Notice has the meaning specified in Section 2.05(d)(v).

  • Optional Prepayment Date has the meaning specified in Section 4.b hereof.

  • Permitted Prepayment Date means the Business Day after the second (2nd) anniversary of the first Payment Date

  • Debt Prepayment Application means, with respect to any asset disposition, the application by the Company or any Subsidiary thereof of cash in an amount equal to the Net Proceeds Amount (or portion thereof) with respect to such asset disposition to pay Senior Indebtedness of the Company or such Subsidiary.

  • Discounted Term Loan Prepayment has the meaning assigned to such term in Section 2.11(a)(ii)(A).

  • Prepayment Premium Period means the period during which, if a prepayment of principal occurs, a prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including the first day of the Window Period.

  • Principal Prepayment Any payment of principal or other recovery on a Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds or Insurance Proceeds, which is received in advance of its scheduled Due Date and is not accompanied by an amount as to interest representing scheduled interest on such payment due on any date or dates in any month or months subsequent to the month of prepayment.

  • Reinvestment Prepayment Date with respect to any Reinvestment Event, the earlier of (a) the date occurring twelve months after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business with all or any portion of the relevant Reinvestment Deferred Amount.