Mandatory Amortization. (a) Upon the occurrence and during the continuance of a Credit Event with respect to any Purchased Loan, Buyer shall determine the Maximum Repurchase Price of such Purchased Loan on each Business Day during the existence of a Credit Event, and shall determine (i) the amount, if any, by which such Maximum Repurchase Price exceeds the Repurchase Price (excluding Price Differential) for such Purchased Loan (a “Mandatory Amortization Amount”).
(b) If at any time a Mandatory Amortization Amount exists with respect to a Purchased Loan, then Buyer may, by notice (a “Mandatory Amortization Notice”) to the applicable Series Seller, require the applicable Series Seller to transfer to Buyer cash in the amount of the Mandatory Amortization Amount for such Purchased Loan by no later than the Mandatory Amortization Deadline on the date that is three (3) Business Days following the date of receipt of such Mandatory Amortization Notice. Notwithstanding the foregoing, in the event that, at the time a Mandatory Amortization Notice is delivered by Buyer, any Eligible Loan has been approved for purchase by Buyer and a Confirmation has been issued therefor (or will be approved and a Confirmation issued therefor within three (3) Business Days following the date of receipt of the applicable Mandatory Amortization Notice), then, subject to Buyer’s approval in its sole and absolute discretion, Seller may elect to apply a portion of the applicable Purchase Price to be paid by Buyer for such new Purchased Loan against the outstanding Mandatory Amortization Amount. The applicable Series Seller’s failure to pay any Mandatory Amortization Amount as required by this paragraph shall constitute a Transaction Event of Default with respect to the applicable Transaction under the Transaction Documents and shall entitle Buyer to exercise its remedies under Section 13(c) of this Agreement.
(c) The failure of, or delay by, Buyer, on any one or more occasions, to exercise its rights under Section 4(b) of this Agreement shall not (i) change or alter the terms and conditions to which this Agreement is subject, (ii) limit the right of Buyer to do so at a later date, (iii) limit Buyer’s rights under this Agreement or otherwise existing by law, or (iv) in any way create additional rights for Buyer.
(d) If Master Seller and/or any applicable Series Sellers transfer cash to Buyer on account of Mandatory Amortization Amounts relating to more than one Purchased Loan, but such cash is insufficient to full...
Mandatory Amortization. Beginning with the fiscal quarter ending December 31, 2020, Borrower shall repay to the ratable account of the applicable Lenders the aggregate principal amount of all Initial Term Loans then outstanding in quarterly installments calculated at the applicable percentages as determined by the applicable Leverage Ratio set forth below for such time period (which installments shall, to the extent applicable, be increased as a result of any increase in the amount of Initial Term Loans pursuant to Section 2.02) as set forth on the table below (the “Mandatory Amortization”):
Mandatory Amortization. On June 28, 2018, the Borrower shall make a payment with respect to the principal amount of the Loans then outstanding equal to the amount (if any) by which such principal amount outstanding then exceeds $75,000,000.00.”
Mandatory Amortization. Notwithstanding anything contained herein, this Section 3.02 shall not apply to Asset Sales or Net Cash Proceeds therefrom. In the event and on each occasion that any Net Cash Proceeds are received from any Real Estate Asset Sale by or on behalf of the Company, on the next succeeding Interest Payment Date, the Company shall prepay the principal of the Securities in an amount equal to the aggregate amount of such Net Cash Proceeds at a price equal to the then effective optional redemption price thereof, as set forth in Paragraph 5 of the Securities. None of such Net Cash Proceeds shall be applied towards accrued and unpaid interest on the Securities until all of the outstanding principal of the Securities has been paid. In connection with any mandatory amortization pursuant to this Section 3.02, the Company shall deliver to the Trustee a notice stating which portion of the funds delivered to the Trustee on the applicable Interest Payment Date constitutes a current or accrued interest payment and which portion will constitute amortization payments of principal to be made with Net Cash Proceeds pursuant to this Section 3.02. On the first Interest Payment Date after the date hereof, the Company shall prepay the principal of the Securities in an amount equal to $4,980,000, which shall be applied at the then effective optional redemption price thereof, as set forth in Paragraph 5 of the Securities.
Mandatory Amortization. Notwithstanding anything contained herein or in the Indenture, Section 3.02 of the Indenture shall not apply to Asset Sales or Net Cash Proceeds therefrom. In the event and on each occasion that any Net Cash Proceeds are received from a Real Estate Asset Sale by or on behalf of the Company, on the next succeeding Interest Payment Date, the Company shall prepay the principal of the Securities in an amount equal to the aggregate amount of such Net Cash Proceeds at a price equal to the then effective optional redemption price thereof, as set forth in Paragraph 5 hereof. None of such Net Cash Proceeds shall be applied towards accrued and unpaid interest on the Securities until all of the outstanding principal of the Securities has been paid. In connection with any mandatory amortization pursuant to Section 3.02 of the Indenture, the Company shall deliver to the Trustee a notice stating which portion of the funds delivered to the Trustee on the applicable Interest Payment Date constitutes interest payments and which portion will constitute amortization payments to be made with Net Cash Proceeds pursuant to Section 3.02 of the Indenture. On the first Interest Payment Date after the date hereof, the Company shall prepay the principal of the Securities in an amount equal to $4,980,000, which shall be applied at the then effective optional redemption price thereof, as set forth in Paragraph 5 hereof.
Mandatory Amortization. Borrowers shall make mandatory amortization payments, (i) on the date which is the first anniversary of the Closing Date, in an amount equal to $97,000,000 less the aggregate amount of any voluntary prepayments or mandatory prepayments made pursuant to Sections 2.03(a) and 2.03(c), respectively, on or prior to the date of such payment and (ii) on the Maturity Date, in an amount equal to the aggregate principal amount of all outstanding Loans.
Mandatory Amortization. On each Quarterly Amortization Date, Borrower shall repay the principal of the Facility in the amount of the corresponding Quarterly Amortization Amount.
Mandatory Amortization. (a) Mandatory payments on account of principal of the Loan shall be due and payable as follows:
(i) Borrower shall make monthly payments of principal in the amount of $24,166.67 on the first (1st) day of each month, commencing on June 1, 2004 and ending on the Maturity Date. If not earlier paid, all outstanding principal and interest under the Loan shall be due and payable on the Maturity Date.
(b) As additional payments to be applied to principal outstanding under the Loan, Borrower shall remit or cause to be remitted to Bank, within three (3) days of receipt, any and all amounts paid on account of principal outstanding under any of the Collateral Loans which are in excess of the regularly scheduled monthly payments made by, or on behalf of, the Collateral Borrower under such Collateral Loans including, without limitation, any repayment in full of any of the Collateral Loans.
Mandatory Amortization a. The following definitions are hereby added to Section 1.1 of the Loan Agreement:
Mandatory Amortization. 15 SECTION 2.08.
