Common use of Mandatory Prepayments or Pledge Clause in Contracts

Mandatory Prepayments or Pledge. (a) If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a “Borrowing Base Deficiency”), as determined by the Lender and notified to the Borrowers on any Business Day, the Borrowers shall no later than one (1) Business Day after receipt of such notice, either prepay the Loans in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Loans does not exceed the Borrowing Base. (b) The Borrowers shall prepay the Loans in the amounts of prepayments remitted to the Lender in accordance with Section 7.20 hereof. (c) If at any time MS & Co.‘s corporate bond rating has been lowered or downgraded to a rating below A- by S&P or A3 by Xxxxx’x and the Borrowers shall repay all amounts owing to the Lender under this Agreement, the Note and the other Loan Documents within ninety (90) days following such downgrade.

Mandatory Prepayments or Pledge. (a) If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a “Borrowing Base Deficiency”"BORROWING BASE DEFICIENCY"), as determined by the Lender and notified to the Borrowers Borrower on any Business Day, the Borrowers Borrower shall no later than one (1) Business Day after receipt of such notice, either prepay the Loans in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Loans does not exceed the Borrowing Base. (b) The Borrowers Borrower shall prepay the Loans in the amounts of prepayments remitted to the Lender in accordance with Section 7.20 7.21 hereof. (c) If at any time MS & Co.‘s 's corporate bond rating has been lowered or downgraded to a rating below A- by S&P or A3 by Xxxxx’x Moody's and the Borrowers Borrower shall repay all amounts owing to the Lender under this Agreement, the Note and the other Loan Documents within ninety (90) 90 days following such downgrade.

Mandatory Prepayments or Pledge. (a) If at any time the aggregate outstanding principal amount of Loans exceeds the Borrowing Base (a “"Borrowing Base Deficiency”"), as determined by the Lender and notified to the Borrowers on any Business Day, the Borrowers shall no later than one (1) Business Day after receipt of such notice, either prepay the Loans in part or in whole or pledge additional Eligible Mortgage Loans (which Collateral shall be in all respects acceptable to the Lender) to the Lender, such that after giving effect to such prepayment or pledge the aggregate outstanding principal amount of the Loans does not exceed the Borrowing Base. (b) The Borrowers shall prepay the Loans in the amounts of prepayments remitted to the Lender in accordance with Section 7.20 7.21 hereof. (c) If at any time MS & Co.‘s 's corporate bond rating has been lowered or downgraded to a rating below A- by S&P or A3 by Xxxxx’x Xxxxx'x and the Borrowers shall repay all amounts owing to the Lender under this Agreement, the Note and the other Loan Documents within ninety (90) 90 days following such downgrade.