Mandatory Prepayments of Principal Sample Clauses

Mandatory Prepayments of Principal. The Principal balance of this Note, and all accrued and unpaid Interest hereunder, may be required to be prepaid during the existence of any Event of Default. In addition, all or a portion of the Principal balance of this Note shall be required to be prepaid as and to the extent provided in Section 2.5 of the Credit Agreement. Any prepayment made pursuant to this clause (b) shall be subject to the terms of the Credit Agreement, including, without limitation, Section 2.2(b) of the Credit Agreement

Mandatory Prepayments of Principal. The entire Principal balance of this Note, and all accrued and unpaid Interest hereunder, (i) shall be required to be prepaid upon the consummation of any Sale, and (ii) may be required to be prepaid upon the occurrence of any Event of Default.

Mandatory Prepayments of Principal. (a) The Borrower shall prepay the Loans, without premium or penalty (except for any Liquidation Costs), with the Mandatory Prepayment Portion of the following Collateral Proceeds: (i) all Loss Proceeds received by any Borrower Party that are not applied, or are not permitted to be applied, to the Restoration of the Project in accordance with the Collateral Agreement or are not allowed to be retained or re-invested by the Borrower Parties in accordance with the Collateral Agreement; (ii) all Disposition Proceeds received by any Borrower Party that are not applied, or are not permitted to be applied, to the purchase of replacement assets in accordance with the Collateral Agreement or are not allowed to be retained or re-invested by the Borrower Parties in accordance with the Collateral Agreement; (iii) all proceeds of any Delay Liquidated Damages in accordance with the Collateral Agreement; (iv) all Buy-down Proceeds in accordance with the Collateral Agreement; and (v) all Distribution Sweep Proceeds in accordance with the Collateral Agreement. (b) On the Term Conversion Date, all proceeds of any Delay Liquidated Damages shall be applied: first to repay any LC Loans resulting from a draw on the TA Letters of Credit; second, to reduce the Deferred Principal Amount pro rata between the Tranches and among the Term Lenders within each such Tranche to $0.00; third, to reduce remaining scheduled principal payments of the Term Loans pro rata between the Tranches and among the Term Lenders within each such Tranche in inverse chronological order of the due dates thereof to $0.00; fourth, LC Loans resulting from a draw on the DSR Letters of Credit on a pro rata basis to $0.00; and finally, Revolving Loans on a pro rata basis to $0.00. (c) Loss Proceeds, Disposition Proceeds and Buy-down Proceeds received prior to the Term Conversion Date shall reduce the amount of the Construction Loans converted to Term Loans in accordance with Section 3.15(a) and used to construct the Amortization Schedule in accordance with Section 3.15(b) pro rata. (d) Loss Proceeds, Disposition Proceeds, Buy-down Proceeds and Distribution Sweep Proceeds received on and after the Term Conversion Date shall be applied: first, to reduce the Deferred Principal Amount pro rata between the Tranches and among the Term Lenders within each such Tranche to $0.00; second, to reduce remaining scheduled principal payments of the Term Loans pro rata between the Tranches and among the Term Lenders within each s...

Mandatory Prepayments of Principal. At any time that the outstanding principal balance of the Revolving Loan exceeds the Maximum Availability, the Company shall, immediately and without notice or demand of any kind, repay that portion of the unpaid principal balance of the Revolving Loan which is in excess of the Maximum Availability. If an Event of Default or an Unmatured Event of Default has occurred and is continuing and FHI shall have notified the Company of the election of FHI to take any action specified in Section 7.02 of this Agreement, the Maximum Availability shall be automatically reduced to zero (0) dollars without any action on the part of or the giving of any additional notice to the Company by FHI.

Mandatory Prepayments of Principal. On June 30, 2025, the Company shall make a first mandatory pro rata partial prepayment of principal on the Notes in the aggregate amount of $3,000,000, less the principal amount of any optional prepayments of Notes made prior to June 30, 2025 pursuant to Section 8.2(b). On December 30, 2025, the Company shall make a second mandatory pro rata partial prepayment of principal on the Notes in the aggregate amount of $3,000,000, less the principal amount of (i) any optional prepayments of Notes made from June 30, 2025 to December 29, 2025 pursuant to Section 8.2(b) and (ii) any optional prepayments of Notes in excess of $3,000,000 made prior to June 30, 2025 pursuant to Section 8.2(b). Each prepayment of principal shall also include accrued and unpaid interest thereon to, but not including, the prepayment date. If any prepayment date is not a Business Day, then such prepayment of principal and accrued interest thereon shall be paid on the next succeeding Business Day without any accrual of additional interest thereon.

Mandatory Prepayments of Principal. At any time that the outstanding principal balance of the Acquisition Loan exceeds the Acquisition Loan Commitment, Borrowers shall immediately and without notice or demand of any kind, repay that portion of the unpaid principal balance of the Acquisition Loan which is in excess of the Acquisition Loan Commitment.

Mandatory Prepayments of Principal. (a) Within five (5) Business Days after the consummation of a Company Sale, the entire unpaid principal amount of this Note, the Principal Payment Tax Gross-Up Amount or the amount due under Section 3.5, and the Ordinary Income Tax Gross-Up Amount, together with all accrued, but unpaid interest thereon at the Interest Rate, and any 453A Amount due with respect to the prior tax year that has not previously been paid, shall be due and payable. (b) On or before the First Pre-Quantified Payment Date, the principal amount of Thirty Million Dollars ($30,000,000) (the “First Pre-Quantified Payment”). (c) Following the date that Prospect Nevada raises an aggregate of ten million dollars ($10,000,000) from one or more Qualified Financings (the “Corridor Threshold”), within five (5) Business Days after the consummation of each Qualified Financing all or any portion of which is in excess of such $10,000,000 threshold, Maker shall prepay the unpaid principal amount of this Note by an amount equal to the lesser of (i) such unpaid principal amount and (ii) ten percent (10%) of the gross cash proceeds from such Qualified Financing remaining once the Corridor Threshold has been satisfied. By way of example, if Prospect Nevada raises an aggregate of $12,000,000 of gross cash proceeds from two separate Qualified Financings, Maker would be required to be prepay this Note by $200,000 (i.e. 10% of $12,000,000 minus $10,000,000 = $2,000,000). If Prospect Nevada then raises an additional $25,000,000 of gross cash proceeds from a Qualified Financing, Maker would be required to prepay this Note by an additional $2,500,000 (i.e. 10% of $25,000,000). Maker acknowledges and agrees that any payment made to Holder in accordance with this Section 3.2(b) shall not be applied to or reduce the amount of the First Pre-Quantified Payment.”

Mandatory Prepayments of Principal. At any time that the Revolving Credit Obligations exceed the Maximum Revolving Loan Amount, Borrowers shall immediately and without notice or demand of any kind, repay that portion of the unpaid principal balance of the Revolving Credit Obligations which is in excess of the Maximum Revolving Loan Amount.

Mandatory Prepayments of Principal. At any time that the Revolving Exposure exceeds the Maximum Revolving Loan Amount, Borrowers shall immediately and without notice or demand of any kind, (i) repay that portion of the unpaid principal balance of the Revolving Loan in an amount equal to such excess, and (ii) if any such excess remains after the Revolving Loan has been reduced to zero, cash collateralize the LC Exposure by making a deposit to the LC Collateral Account in an amount sufficient to eliminate such excess.

Mandatory Prepayments of Principal. (a) In addition to principal payments provided in Section 3.1.1 above, Borrower shall make mandatory prepayments of principal on a quarterly basis, on the 15th day of each March, June, September and December, beginning June 15, 1997. The amount of each mandatory prepayment shall be equal to 50% of Excess Cash Flow. Excess Cash Flow will be measured on a cumulative basis, beginning March 1, 1997 and continuing thereafter, and will consist of all Net Collections received by Borrower since March 1, 1997 through the end of the month immediately preceding any principal prepayment due date. As a result of the cumulative aspect of measuring Net Collections, Borrower will be entitled to a credit to each mandatory prepayment due, which credit will be equal to the amount of mandatory prepayments previously made by Borrower pursuant to the requirements of this Section 3.1.3