Common use of Loan Repayments Clause in Contracts

Loan Repayments. In consideration of the issuance of the Notes by the Authority and the Loan to the Borrower hereunder, the Borrower agrees to pay the principal of and interest on the Loan no later than the Maturity Date for the Notes. In order to provide funds for such purpose, the Borrower agrees that, pursuant to the Intercept Notice, during each Repayment Period pursuant to Intercept Schedule, it shall pay, or cause to be paid, to the Trustee, for deposit in the Revenue Fund, the Deferral Amounts, such amount to be held by the Trustee and applied to the repayment of the Notes, or to reimburse the Banks for amount drawn under the Letter of Credit and applied to the repayment of the Notes, on the Maturity Date. Notwithstanding the foregoing, if ten business days prior to any interest or principal payment date with respect to the Notes, the aggregate amount described in the preceding sentence and held in the Revenue Fund is for any reason insufficient or unavailable to make the required payments of principal of or interest on the Loan, the Borrower shall forthwith pay the amount of any such deficiency to the Trustee. Each payment by the Borrower to the Trustee hereunder (the “Loan Repayments”) shall be in lawful money of the United States of America and paid to the Trustee at its designated corporate trust office in immediately available funds and held, invested, disbursed and applied as provided in the Indenture. Intercept. Simultaneously with the execution and delivery of the Notes, the Borrower shall deliver an Intercept Notice to the Controller. The Intercept Notice may be revised from time to time with the consent of the Authority and in accordance with the terms of the MOU as necessary or appropriate to specify transfers to the Trustee necessary that reflect the timing for payment and amount of the Deferral Amounts and to pay the amounts due under this Loan Agreement and the Borrower’s Proportionate Share of all other costs relating to the Notes necessary or incidental to the financing pursuant to the Act, including the Borrower’s Proportionate Share of all amounts owing under the Reimbursement Agreement, as the same become due, and to cure any delinquency in payment of such amounts; provided, however, that the Borrower may not decrease the amounts subject to Intercept in any month except as provided in the MOU. The Borrower shall, cooperate with the Authority and the Trustee in any manner they may request in connection with revising the Intercept Notice. If at any time the Intercept Notice is revised for any reason, the Borrower shall promptly provide to the Authority, the Department of Education and the Trustee a copy of such revised Intercept Notice. The Intercept Notice may provide additional amounts payable to the Trustee for purposes set forth in the Indenture; provided the Borrower shall not grant preference or any prior right of funding access or security in respect of any payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code or any successor provision. The Borrower agrees and acknowledges that any revision to its Intercept Notice may take up to 60 days for the Controller to process. All deposits of moneys derived from the Intercept shall be made at the corporate trust office of the Trustee set forth in the Intercept Notice. If any such amounts subject to the Intercept is delivered to the Borrower, the Borrower shall immediately remit the same to the Trustee in immediately available funds. The Borrower shall timely revise, and the Borrower hereby authorizes the Authority to revise, its Intercept Notice to require transfers in such other amounts, at such different times and to such other location as shall be designated in writing by the Trustee.

Loan Repayments. In consideration of the issuance of the Notes by the Authority and the Loan The Company shall pay to the Borrower hereunderAuthority, the Borrower agrees to pay the principal of as and interest on the Loan no later than the Maturity Date for the Notes. In order to provide funds for such purpose, the Borrower agrees that, pursuant to the Intercept Notice, during each Repayment Period pursuant to Intercept Schedule, it shall pay, or cause to be paid, to the Trustee, for deposit in the Revenue Fund, the Deferral Amounts, such amount to be held by the Trustee and applied to the repayment of the Notesloan, (i) on the second Business Day prior to each Interest Payment Date, maturity date or to reimburse date established for the Banks redemption of the 1999 Bonds, as the case may be, an amount which, together with other moneys available for amount drawn the purpose in the Debt Service Fund under the Letter Indenture, will equal the sum of Credit and applied to (x) the repayment interest which will become due on such date on the 1999 Bonds; plus (y) the principal amount of the Notes1999 Bonds, if any, maturing on such date; plus (z) the principal amount of and premium, if any, on the Maturity Date. Notwithstanding the foregoing1999 Bonds, if ten business days any, to be redeemed on such date; and (ii) on any date on which the 1999 Bonds shall be declared to be and shall become due and payable prior to any interest or principal payment date with respect their stated maturity pursuant to the Notesprovisions of the Indenture, the an aggregate amount described equal to the sum of the principal or redemption price of and interest so becoming due and payable on the 1999 Bonds (all of the foregoing are collectively "Loan Repayments"). Nothing herein contained shall be construed as imposing on the Authority or on the Trustee any duty or responsibility of giving any prior notice to the Company of the due date of any Loan Repayment hereunder, or of the amount on deposit in the preceding sentence and held in the Revenue Fund is for any reason insufficient Debt Service Fund, or unavailable to make the required payments of principal of or interest on the Loan, the Borrower shall forthwith pay the amount of any such deficiency credits available to the Trustee. Each payment Company against any Loan Repayment and failure by the Borrower Company to receive any such prior notice, even if customarily given by the Trustee hereunder (Authority or the “Trustee, shall not relieve the Company of its obligation to make any Loan Repayments”) Repayment when it is due and payable. All such payments shall be made in lawful money of the United States of America and paid to the Trustee at its designated corporate trust office in funds which will be immediately available funds and held, invested, disbursed and applied as provided at the place of payment on the payment date in the Indenture. Intercept. Simultaneously with the execution and delivery of the Notes, the Borrower shall deliver an Intercept Notice to the Controllerquestion. The Intercept Notice may be revised Company shall have the option to make prepayment, from time to time with the consent time, in whole or in part of any amount due as aforesaid on account of the Authority and in accordance Loan, together with the terms of the MOU as necessary or appropriate to specify transfers to the Trustee necessary that reflect the timing for payment and amount of the Deferral Amounts interest accrued and to pay the amounts due under this Loan Agreement and the Borrower’s Proportionate Share of all other costs relating accrue with respect to the Notes necessary or incidental to the financing pursuant to the Act, including the Borrower’s Proportionate Share of all amounts owing under the Reimbursement Agreement, as the same become due, and to cure any delinquency in payment of such amounts; provided, however, that the Borrower may not decrease the amounts subject to Intercept in any month except as provided in the MOUprepayment. The Borrower shall, cooperate with the Authority and shall direct the Trustee in writing to apply such prepayments to the purchase or redemption of Bonds in such manner, consistent with the provisions of the Indenture, as may be directed by the Company. In the event the Company shall fail to make any manner they may request of the payments required in connection with revising the Intercept Notice. If at any time the Intercept Notice is revised for any reasonthis Section, the Borrower item or payment so in default shall promptly provide to continue as an obligation of the AuthorityCompany until the amount in default shall have been fully paid, the Department of Education and the Trustee a copy of such revised Intercept NoticeCompany will pay the same with interest thereon from the due date until paid at the highest rate per annum borne by the Bonds. The Intercept Notice may provide additional amounts payable obligation of the Company to the Trustee for purposes make Loan Repayments hereunder is subject to acceleration as set forth in the Indenture; provided the Borrower shall not grant preference or any prior right of funding access or security in respect of any payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code or any successor provision. The Borrower agrees and acknowledges that any revision to its Intercept Notice may take up to 60 days for the Controller to process. All deposits of moneys derived from the Intercept shall be made at the corporate trust office of the Trustee set forth in the Intercept Notice. If any such amounts subject to the Intercept is delivered to the Borrower, the Borrower shall immediately remit the same to the Trustee in immediately available funds. The Borrower shall timely revise, and the Borrower hereby authorizes the Authority to revise, its Intercept Notice to require transfers in such other amounts, at such different times and to such other location as shall be designated in writing by the Trustee7.02 hereof.

Loan Repayments. In consideration The Company shall pay to the Authority, as and for the repayment of the issuance Loan, (i) on the second Business Day prior to each Interest Payment Date, maturity date or date established for the redemption of the Notes 2001 Bonds, as the case may be, an amount which, together with other moneys available for the purpose in the Debt Service Fund under the Indenture, will equal the sum of (x) the interest which will become due on such date on the 2001 Bonds; plus (y) the principal amount of the 2001 Bonds, if any, maturing on such date; plus (z) the principal amount of and premium, if any, on the 2001 Bonds, if any, to be redeemed on such date; and (ii) on any date on which the 2001 Bonds shall be declared to be and shall become due and payable prior to their stated maturity pursuant to the provisions of the Indenture, an aggregate amount equal to the sum of the principal or redemption price of and interest so becoming due and payable on the 2001 Bonds (all of the foregoing are collectively referred to herein as the "Loan Repayments"). Nothing herein contained shall be construed as imposing on the Authority or on the Trustee any duty or responsibility of giving any prior notice to the Company of the due date of any Loan Repayment hereunder, or of the amount on deposit in the Debt Service Fund, or of the amount of any credits available to the Company against any Loan Repayment, and failure by the Company to receive any such prior notice, even if customarily given by the Authority or the Trustee, shall not relieve the Company of its obligation to make any Loan Repayment when it is due and payable. All such payments shall be made in funds which will be immediately available funds at the place of payment on the payment date in question. The Company shall have the option to make prepayment, from time to time, in whole or in part, of any amount due as aforesaid on account of the Loan, together with interest accrued and to accrue with respect to such prepayment. The Authority shall direct the Trustee in writing to apply such prepayments to the purchase or redemption of 2001 Bonds in such manner, consistent with the provisions of the Indenture, as may be directed by the Company. In the event the Company shall fail to make any of the payments required in this Section, the item or payment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company will pay the same with interest thereon from the due date until paid at the highest rate per annum borne by the 2001 Bonds. The obligation of the Company to make Loan Repayments hereunder is subject to acceleration as set forth in Section 7.02 hereof. It is the intent of this Agreement that the Company shall make Loan Repayments hereunder at such times and in such amounts as shall be sufficient to enable the Authority to make full and timely payment of principal or Redemption Price of, and interest on, the 2001 Bonds. Accordingly, notwithstanding any other provision hereof to the Borrower hereundercontrary, if for any reason the Borrower agrees amounts paid by the Company pursuant to pay this Section 4.02(a) or pursuant to the other provisions of this Agreement, together with any other amounts available therefor under the Indenture, are at any time insufficient to make payments of the principal or Redemption Price of and interest on the Loan no later than the Maturity Date for the Notes. In order to provide funds for such purpose2001 Bonds when due, whether at maturity, upon redemption, by acceleration or otherwise, the Borrower agrees that, pursuant to the Intercept Notice, during each Repayment Period pursuant to Intercept Schedule, it shall pay, or cause to be paid, to the Trustee, for deposit in the Revenue Fund, the Deferral Amounts, such amount to be held by the Trustee and applied to the repayment of the Notes, or to reimburse the Banks for amount drawn under the Letter of Credit and applied to the repayment of the Notes, on the Maturity Date. Notwithstanding the foregoing, if ten business days prior to any interest or principal payment date with respect to the Notes, the aggregate amount described in the preceding sentence and held in the Revenue Fund is for any reason insufficient or unavailable to make the required payments of principal of or interest on the Loan, the Borrower shall Company will forthwith pay the amount of any such deficiency to the Trustee. Each payment by the Borrower to the Trustee hereunder (the “Loan Repayments”) shall be in lawful money of the United States of America and paid amount required to the Trustee at its designated corporate trust office in immediately available funds and held, invested, disbursed and applied as provided in the Indenture. Intercept. Simultaneously with the execution and delivery of the Notes, the Borrower shall deliver an Intercept Notice to the Controller. The Intercept Notice may be revised from time to time with the consent of the Authority and in accordance with the terms of the MOU as necessary or appropriate to specify transfers to the Trustee necessary that reflect the timing for payment and amount of the Deferral Amounts and to pay the amounts due under this Loan Agreement and the Borrower’s Proportionate Share of all other costs relating to the Notes necessary or incidental to the financing pursuant to the Act, including the Borrower’s Proportionate Share of all amounts owing under the Reimbursement Agreement, as the same become due, and to cure any delinquency in payment of make up such amounts; provided, however, that the Borrower may not decrease the amounts subject to Intercept in any month except as provided in the MOU. The Borrower shall, cooperate with the Authority and the Trustee in any manner they may request in connection with revising the Intercept Notice. If at any time the Intercept Notice is revised for any reason, the Borrower shall promptly provide to the Authority, the Department of Education and the Trustee a copy of such revised Intercept Notice. The Intercept Notice may provide additional amounts payable to the Trustee for purposes set forth in the Indenture; provided the Borrower shall not grant preference or any prior right of funding access or security in respect of any payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code or any successor provision. The Borrower agrees and acknowledges that any revision to its Intercept Notice may take up to 60 days for the Controller to process. All deposits of moneys derived from the Intercept shall be made at the corporate trust office of the Trustee set forth in the Intercept Notice. If any such amounts subject to the Intercept is delivered to the Borrower, the Borrower shall immediately remit the same to the Trustee in immediately available funds. The Borrower shall timely revise, and the Borrower hereby authorizes the Authority to revise, its Intercept Notice to require transfers in such other amounts, at such different times and to such other location as shall be designated in writing by the Trusteedeficiency.

Loan Repayments. In consideration The Company shall pay to the Authority, as and for the repayment of the issuance Loan, (i) on the second Business Day prior to each Interest Payment Date, maturity date or date established for the redemption of the Notes 2002 Bonds, as the case may be, an amount which, together with other moneys available for the purpose in the Debt Service Fund under the Indenture, will equal the sum of (x) the interest which will become due on such date on the 2002 Bonds; plus (y) the principal amount of the 2002 Bonds, if any, maturing on such date; plus (z) the principal amount of and premium, if any, on the 2002 Bonds, if any, to be redeemed on such date; and (ii) on any date on which the 2002 Bonds shall be declared to be and shall become due and payable prior to their stated maturity pursuant to the provisions of the Indenture, an aggregate amount equal to the sum of the principal or redemption price of and interest so becoming due and payable on the 2002 Bonds (all of the foregoing are collectively referred to herein as the "Loan Repayments"). Nothing herein contained shall be construed as imposing on the Authority or on the Trustee any duty or responsibility of giving any prior notice to the Company of the due date of any Loan Repayment hereunder, or of the amount on deposit in the Debt Service Fund, or of the amount of any credits available to the Company against any Loan Repayment, and failure by the Company to receive any such prior notice, even if customarily given by the Authority or the Trustee, shall not relieve the Company of its obligation to make any Loan Repayment when it is due and payable. All such payments shall be made in funds which will be immediately available funds at the place of payment on the payment date in question. The Company shall have the option to make prepayment, from time to time, in whole or in part, of any amount due as aforesaid on account of the Loan, together with interest accrued and to accrue with respect to such prepayment. The Authority shall direct the Trustee in writing to apply such prepayments to the purchase or redemption of 2002 Bonds in such manner, consistent with the provisions of the Indenture, as may be directed by the Company. In the event the Company shall fail to make any of the payments required in this Section, the item or payment so in default shall continue as an obligation of the Company until the amount in default shall have been fully paid, and the Company will pay the same with interest thereon from the due date until paid at the highest rate per annum borne by the 2002 Bonds. The obligation of the Company to make Loan Repayments hereunder is subject to acceleration as set forth in Section 7.02 hereof. It is the intent of this Agreement that the Company shall make Loan Repayments hereunder at such times and in such amounts as shall be sufficient to enable the Authority to make full and timely payment of principal or Redemption Price of, and interest on, the 2002 Bonds. Accordingly, notwithstanding any other provision hereof to the Borrower hereundercontrary, if for any reason the Borrower agrees amounts paid by the Company pursuant to pay this Section 4.02(a) or pursuant to the other provisions of this Agreement, together with any other amounts available therefor under the Indenture, are at any time insufficient to make payments of the principal or Redemption Price of and interest on the Loan no later than the Maturity Date for the Notes. In order to provide funds for such purpose2002 Bonds when due, whether at maturity, upon redemption, by acceleration or otherwise, the Borrower agrees that, pursuant to the Intercept Notice, during each Repayment Period pursuant to Intercept Schedule, it shall pay, or cause to be paid, to the Trustee, for deposit in the Revenue Fund, the Deferral Amounts, such amount to be held by the Trustee and applied to the repayment of the Notes, or to reimburse the Banks for amount drawn under the Letter of Credit and applied to the repayment of the Notes, on the Maturity Date. Notwithstanding the foregoing, if ten business days prior to any interest or principal payment date with respect to the Notes, the aggregate amount described in the preceding sentence and held in the Revenue Fund is for any reason insufficient or unavailable to make the required payments of principal of or interest on the Loan, the Borrower shall Company will forthwith pay the amount of any such deficiency to the Trustee. Each payment by the Borrower to the Trustee hereunder (the “Loan Repayments”) shall be in lawful money of the United States of America and paid amount required to the Trustee at its designated corporate trust office in immediately available funds and held, invested, disbursed and applied as provided in the Indenture. Intercept. Simultaneously with the execution and delivery of the Notes, the Borrower shall deliver an Intercept Notice to the Controller. The Intercept Notice may be revised from time to time with the consent of the Authority and in accordance with the terms of the MOU as necessary or appropriate to specify transfers to the Trustee necessary that reflect the timing for payment and amount of the Deferral Amounts and to pay the amounts due under this Loan Agreement and the Borrower’s Proportionate Share of all other costs relating to the Notes necessary or incidental to the financing pursuant to the Act, including the Borrower’s Proportionate Share of all amounts owing under the Reimbursement Agreement, as the same become due, and to cure any delinquency in payment of make up such amounts; provided, however, that the Borrower may not decrease the amounts subject to Intercept in any month except as provided in the MOU. The Borrower shall, cooperate with the Authority and the Trustee in any manner they may request in connection with revising the Intercept Notice. If at any time the Intercept Notice is revised for any reason, the Borrower shall promptly provide to the Authority, the Department of Education and the Trustee a copy of such revised Intercept Notice. The Intercept Notice may provide additional amounts payable to the Trustee for purposes set forth in the Indenture; provided the Borrower shall not grant preference or any prior right of funding access or security in respect of any payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code or any successor provision. The Borrower agrees and acknowledges that any revision to its Intercept Notice may take up to 60 days for the Controller to process. All deposits of moneys derived from the Intercept shall be made at the corporate trust office of the Trustee set forth in the Intercept Notice. If any such amounts subject to the Intercept is delivered to the Borrower, the Borrower shall immediately remit the same to the Trustee in immediately available funds. The Borrower shall timely revise, and the Borrower hereby authorizes the Authority to revise, its Intercept Notice to require transfers in such other amounts, at such different times and to such other location as shall be designated in writing by the Trusteedeficiency.

Loan Repayments. In consideration of the issuance of the Notes Bonds by the Authority and the Loan loan of the proceeds thereof to the Borrower hereunder, the Borrower agrees to pay the principal of and interest on the Loan no later than the Maturity Date for the Notes. In order to provide funds for such purposeBorrower, the Borrower agrees that, pursuant to on or before the Intercept Notice, during 25th day of each Repayment Period pursuant to Intercept Schedulemonth and as long as any of the Bonds remain Outstanding, it shall pay, or cause to be paid, pay to the Trustee, Bond Trustee for deposit in the Revenue Fund, the Deferral Amounts, Fund such amount to be held as is required by the Bond Trustee to make the transfers and applied to the repayment deposits required on such date by Section 5.02 of the NotesIndenture, or to reimburse including amounts necessary for deposit into the Banks for amount drawn under the Letter of Credit Repair and applied to the repayment of the Notes, on the Maturity DateReplacement Fund. Notwithstanding the foregoing, if ten five business days prior to any interest or principal payment date with respect to the NotesBonds, the aggregate amount described in the preceding sentence and held in the Revenue Fund is for any reason insufficient or unavailable to make the required payments of principal (or Redemption Price) of or interest on the LoanBonds then becoming due (whether by maturity, redemption or acceleration), the Borrower shall promptly provide written notice to each Member and forthwith pay (or cause to be paid) the amount of any such deficiency (which, in the event there is more than one Member of the Obligated Group, such deficiency shall be made up by the various Members of the Obligated Group as set forth in the Master Indenture of Trust) to the Bond Trustee. Each payment by the Borrower to the Bond Trustee hereunder (the “Loan Repayments”) shall be in lawful money of the United States of America and paid to the Bond Trustee at its designated corporate trust office in immediately available funds and held, invested, disbursed and applied as provided in the Indenture. Intercept. Simultaneously with Notwithstanding anything to the execution and delivery of the Notescontrary herein, the Borrower shall deliver an Intercept Notice instruct or cause the Landlord to instruct the Lessee to pay any shortfall in Base Rent (as defined in each Lease) directly to the ControllerBond Trustee for deposit in the Revenue Fund. The Intercept Notice Borrower shall pay, or cause to be paid, the Loan Repayments from the Gross Revenues, including the Rental Payments, or from any other legally available funds of the Borrower, without any further notice thereof except as may be revised from time to time with specifically required by this Section 3.02. The Loan Repayments payable by the consent of the Authority and in accordance with the terms of the MOU as necessary or appropriate to specify transfers to the Trustee necessary that reflect the timing for payment and amount of the Deferral Amounts and to pay the amounts due Borrower under this Loan Agreement are expected to be equal in the aggregate to an amount which, together with other funds in the Revenue Fund then available for the payment of principal and interest on the Borrower’s Proportionate Share Bonds, shall be sufficient to provide for the payment in full of all other costs relating to the Notes necessary or incidental to interest on, premium, if any, and principal of the financing pursuant to the Act, including the Borrower’s Proportionate Share of all amounts owing under the Reimbursement Agreement, Bonds as the same become due, due and to cure any delinquency in payment of such amounts; provided, however, that the Borrower may not decrease the amounts subject to Intercept in any month except as provided in the MOU. The Borrower shall, cooperate with the Authority and the Trustee in any manner they may request in connection with revising the Intercept Notice. If at any time the Intercept Notice is revised for any reason, the Borrower shall promptly provide to the Authority, the Department of Education and the Trustee a copy of such revised Intercept Notice. The Intercept Notice may provide additional amounts payable to the Trustee for purposes set forth in the Indenture; provided the Borrower shall not grant preference or any prior right of funding access or security in respect of any payment indicated in the Intercept Notice or any other notice delivered pursuant to Section 17199.4 of the Education Code or any successor provision. The Borrower agrees and acknowledges that any revision to its Intercept Notice may take up to 60 days for the Controller to process. All deposits of moneys derived from the Intercept shall be made at the corporate trust office of the Trustee set forth in the Intercept Notice. If any such amounts subject to the Intercept is delivered to the Borrower, the Borrower shall immediately remit the same to the Trustee in immediately available funds. The Borrower shall timely revise, and the Borrower hereby authorizes the Authority to revise, its Intercept Notice to require transfers in such other amounts, at such different times and to such other location as shall be designated in writing by the Trusteepayable.