Common use of Mandatory Principal Prepayments; Overadvances Clause in Contracts

Mandatory Principal Prepayments; Overadvances. Each Revolving Loan hereunder shall be repaid by Borrowers on or before the Revolving Loan Maturity Date applicable to such Revolving Loan, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Revolving Loans hereunder exceed the Revolving Loan Availability, Borrowers shall, upon notice or demand from Lender, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess. Lender shall apply funds (in excess of any recurring fees owed under Section 2.2, fees owed to any custodian/back-up servicer, fees collected and allocated to the reserve Amount, the Account Collections Fee, and interest owed under Sections 2.1(c) and 2.4) received into the Lock Box Account as payment against the outstanding principal balance of the Revolving Loans on any Payment Date, applying same to the Revolving Notes then outstanding in the inverse order of maturity.

Mandatory Principal Prepayments; Overadvances. Each All Revolving Loan Loans hereunder shall be repaid by Borrowers on or before the Revolving Loan Maturity Date applicable to such Revolving LoanDate, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Revolving Loans hereunder exceed the Revolving Loan Availability, Borrowers shall, upon notice or demand from Lender, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess. Lender shall apply funds (in excess of any recurring fees owed under Section 2.2, fees owed to any custodian/back-up servicer, fees collected and allocated to the reserve Amount, the Account Collections Receipts Collection Fee, and interest owed under Sections 2.1(c) and 2.4) received into the Lock Box Account as payment against the outstanding principal balance of the Revolving Loans on any Payment Date, applying same to the Revolving Notes then outstanding or any such amounts may be left in the inverse order Lock Box Account as part of maturitythe Reserve Amount, at Lender’s sole discretion.

Mandatory Principal Prepayments; Overadvances. Each All Revolving Loan Loans hereunder shall be repaid by Borrowers on or before the Revolving Loan Maturity Date applicable to such Revolving LoanDate, unless payable sooner pursuant to the provisions of this Agreement. Principal amounts repaid on the Revolving Note may be re-borrowed. In the event the aggregate outstanding principal balance of all Revolving Loans hereunder exceed the Revolving Loan Availability, Borrowers shall, upon notice or demand from Lender, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess. Lender shall apply funds (in excess of any recurring fees owed under Section 2.2, fees owed to any custodian/back-up servicer, fees collected and allocated to the reserve Amount, the Account Collections Fee, and interest owed under Sections 2.1(c) and 2.42.4 and other fees or charges due and payable to Lender under this Agreement or any other Loan Documents) received into the Lock Box Account as payment against the outstanding principal balance of the Revolving Loans on any Payment Date, applying same to the Revolving Notes then outstanding in the inverse order of maturity.

Mandatory Principal Prepayments; Overadvances. Each All Revolving Loan Loans hereunder shall be repaid by Borrowers Borrower on or before the Revolving Loan Maturity Date applicable to such Revolving LoanDate, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Revolving Loans hereunder exceed the Revolving Loan Availability, Borrowers Borrower shall, upon notice or demand from Lender, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess. Lender shall apply funds (in excess of any recurring fees owed under Section 2.2, fees owed to any custodian/back-up servicer, fees collected and allocated to the reserve Amount, the Account Collections Receipts Collection Fee, and interest owed under Sections 2.1(c) and 2.4) received into the Lock Box Account as payment against the outstanding principal balance of the Revolving Loans on any Payment Date, applying same to the Revolving Notes then outstanding or any such amounts may be left in the inverse order Lock Box Account as part of maturitythe Reserve Amount, at Lender’s sole discretion.

Mandatory Principal Prepayments; Overadvances. Each Following payment of all items and fees as required by Section 2.1(e)(ii)(1) – (5), inclusive (other than the Mandatory Principal Payment Amount), on each Payment Date, an amount equal to twenty percent (20%) of all amounts collected into the Lock Box Account shall be paid to Lender to reduce the then outstanding principal balance of all Revolving Loan Loans hereunder (the “Mandatory Principal Repayment Amount”). All Revolving Loans hereunder shall be repaid by Borrowers Borrower on or before the Revolving Loan Maturity Date applicable to such Revolving LoanDate, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Revolving Loans hereunder exceed the Revolving Loan Availability, Borrowers Borrower shall, upon notice or demand from Lender, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess. Lender shall apply funds (in excess of any recurring fees owed under Section 2.2, fees owed to any custodian/back-up servicer, fees collected and allocated to the reserve Amount, the Account Collections Fee, and interest owed under Sections 2.1(c) and 2.4) received into the Lock Box Account as payment against the outstanding principal balance of the Revolving Loans on any Payment Date, applying same to the Revolving Notes then outstanding in the inverse order of maturityaccordance with Section 2.1(e) below.

Mandatory Principal Prepayments; Overadvances. Each Following collection and payment of all items and fees as required by Section 2.1(e)(ii)(1) – (6), inclusive (other than the Mandatory Principal Repayment Amount), on each Payment Date, an amount equal to two percent (2%) of all amounts collected into the Lock Box Account since the immediately preceding Payment Date shall be paid to Lender to reduce the then outstanding principal balance of all Revolving Loan Loans hereunder (the “Mandatory Principal Repayment Amount”). All Revolving Loans hereunder shall be repaid by Borrowers on or before the Revolving Loan Maturity Date applicable to such Revolving LoanDate, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Revolving Loans hereunder exceed at any time exceeds the then applicable Revolving Loan Availability, Borrowers shall, upon notice or demand from Lender, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excessexcess (or Lender may immediately eliminate such excess from sums in the Lock Box Account in accordance with Section 2.1(e) below). Lender shall apply funds (in excess of any recurring fees owed under Section 2.2, fees owed to any custodian/back-up servicer, fees collected and allocated to the reserve Amount, the Account Collections Fee, and interest owed under Sections 2.1(c) and 2.4) received into the Lock Box Account as payment against the outstanding principal balance of the Revolving Loans on any Payment Date, applying same to the Revolving Notes then outstanding in the inverse order of maturityaccordance with Section 2.1(e) below.