Mandatory Principal Repayments. Each Revolving Loan hereunder with respect to the Working Capital Facility shall be repaid by the Borrower on the Revolving Loan Maturity Date, unless payable sooner pursuant to the provisions of this Agreement. Each Capex Loan hereunder shall be repaid by the Borrower on the Capex Loan Maturity Date, unless payable sooner pursuant to the provisions of this Agreement or unless converted to a Term Loan pursuant to the provisions of Section 2.1(c).
Mandatory Principal Repayments. At any time that the Borrower, any Guarantor, any Subsidiary thereof or any unconsolidated joint venture thereof (to the extent that the Borrower or Guarantor has the ability to require a distribution from such joint venture of its portion of such Net Cash Proceeds) receives Net Cash Proceeds from any Capital Event, in addition to any required monthly amortization payments, the Borrower shall prepay the Term Loans under this Agreement in an amount equal to 100% of such Net Cash Proceeds (or with respect to any such joint venture, the portion of such Net Cash Proceeds distributed to the Borrower or any Guarantor), within three (3) Business Days of the Borrower’s, such Guarantor’s, such Subsidiary’s or such joint venture’s receipt of such Net Cash Proceeds.
Mandatory Principal Repayments. (a) If, on any date following the Final Completion Date, (i) the Senior Debt Service Coverage Ratio is less than 1.75x or (ii) the Total Debt Service Coverage Ratio is less than 1.4x, then the following amounts shall be applied promptly upon receipt, and in any event within five (5) Business Days thereafter, by either Co-Borrower, Parent Guarantor or any Subsidiary Guarantor, as applicable (it being understood that Parent Guarantor shall cause each Subsidiary Guarantor to comply with the provisions of this Section 2.2(a)) to repayment of the Loans and reduction of the Revolving Loan Commitment to the extent necessary to cause (x) the Senior Debt Service Coverage Ratio to be increased to 1.75x (or to such higher level as may result from satisfying the requirement of clause (y) of this sentence) and (y) the Total Debt Service Coverage Ratio to be increased to 1.4x (or to such higher level as may result from satisfying the requirement of clause (x) of this sentence):
(i) Net Cash Proceeds of Asset Sales; and
(ii) Net Debt/Equity Proceeds. So long as no Default shall have occurred and be continuing at the time any of such amounts are received and are to be applied to repayment of the Loans, such amounts, after application to any payments required under Section 2.12(a)(i) and (ii), shall be applied first to reduce the outstanding principal balance of the Term Loans, and thereafter to reduce the outstanding principal balance of the Revolving Loans. Any Net Cash Proceeds of Asset Sales and Net Debt/Equity Proceeds in excess of such amounts as are required to be applied to the Loans in order to restore the Senior Debt Service Coverage Ratio and Total Debt Service Coverage Ratio to the required levels may be retained by Co-Borrowers, Parent Guarantor or the applicable Subsidiary Guarantor. If a Default shall have occurred and be continuing at the time any of such amounts are received and are to be applied as a prepayment of the Loans, such amounts shall be applied in accordance with Sections 2.12(b) and 10.21 hereof.
(b) On each date which is 45 days following the end of each Fiscal Quarter ending from and after the Final Completion Date, if (i) the Senior Debt Service Coverage Ratio is less than 1.75x or (ii) the Total Debt Service Coverage Ratio is less than 1.4x, then the following amounts shall be applied on each such date to repayment of the Loans and reduction of the Revolving Loan Commitment to the extent necessary to cause (x) the Senior Debt Service Covera...
Mandatory Principal Repayments. The Borrower shall make mandatory prepayments of principal equal to the excess of the outstanding balance of the Facility, over the Availability, as determined by the Agent from time to time (singly and collectively, the “Mandatory Principal Prepayments”) each of which shall be due and payable on the later of (x) within five (5) Business Days of the event giving rise to such Mandatory Principal Prepayment obligation (the “Mandatory Prepayment Event”) or (y) within three (3) Business Days of written demand therefor by the Agent; provided, however, at the request of the Borrower, the Agent agrees to hold the amount of any such Mandatory Principal Prepayment in the Mandatory Principal Payment Account (as defined in the Cash Management Agreement or as otherwise established with the Agent and pledged to the Agent, on behalf of the Lenders, to secure the repayment of the Obligations), until the earlier of (x) the expiration of any relevant Interest Period so that the prepayment can be made without the Borrower incurring any costs under Section 2.5.7 or (y) ninety (90) days: Any Mandatory Principal Prepayment shall be applied to then outstanding principal balance due under the Loan.
Mandatory Principal Repayments. All Revolving Loans hereunder shall be repaid by the Borrower on the Revolving Loan Maturity Date, 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, the Borrower shall, without notice or demand of any kind, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess.
Mandatory Principal Repayments. At any time that the Borrower, any Guarantor, any Subsidiary thereof or any unconsolidated joint venture thereof (to the extent that the Borrower or Guarantor has the ability to require a distribution from such joint venture of its portion of such Net Cash Proceeds) receives Net Cash Proceeds from any Capital Event, in addition to any required monthly amortization payments, the Borrower shall prepay the Loans under this Agreement in an amount equal to 45.45% of such Net Cash Proceeds (or with respect to any such joint venture, the portion of such Net Cash Proceeds distributed to the Borrower or any Guarantor), within three (3) Business Days of the Borrower’s, such Guarantor’s, such Subsidiary’s or such joint venture’s receipt of such Net Cash Proceeds; provided, however, that notwithstanding the foregoing, the Borrower may retain any proceeds from the sale of the outparcels listed on Schedule 2.2, and further provided, however, that to the extent that the aggregate amount of such Net Cash Proceeds from such Capital Events exceeds $150,000,000, amounts in excess of $150,000,000 shall be applied 50% towards repayment of outstanding Revolving Loans under the Existing Credit Agreement (and such amounts may later be available for re-borrowing), and 45.45% of the remaining 50% shall be applied to prepay outstanding Loans hereunder.
Mandatory Principal Repayments. In the event the Borrower receives a payment resulting from a Capital Transaction related to the Asset (or portion of the Asset) upon which the Funding has been based, the Borrower shall make a mandatory repayment of Loan principal to Lender as provided herein.
Mandatory Principal Repayments. The Company agrees to repay the principal amount of the Note, together with all accrued and unpaid interest thereon, in one installment on March 31, 2006.
Mandatory Principal Repayments. The Borrower shall make mandatory prepayments of principal equal to the excess of (a) the outstanding principal balance of loans made under the Facility, plus (b) the L/C Exposure, over the Facility Amount, as determined by the Agent from time to time (singly and collectively, the "Mandatory Principal Prepayments") each of which shall be due and payable on the later of (x) within five (5) Business Days of the event giving rise to such Mandatory Principal Prepayment obligation (the "Mandatory Prepayment Event") or (y) within three (3) Business Days of written demand therefor by the Agent. Any Mandatory Principal Prepayment shall be applied to then outstanding principal balance due under the Loan.
Mandatory Principal Repayments. On the Expiration Date, Borrowers shall pay to Lender in full the aggregate unpaid principal amount of all Advances then outstanding and all accrued unpaid interest, together with all other applicable fees, costs and charges, if any, not yet paid. FACILITY CHARGES. Borrowers recognize that Lender has incurred and will continue to incur certain costs and expenses in connection with establishing, maintaining, servicing, and administering the Line of Credit. To ensure that Lender is able to recover such costs and expenses, Borrowers agree that, notwithstanding any other provision of this Agreement, the Note, or the other Related Documents, Lender shall be entitled to collect the following facility charges, which Borrowers hereby promise and agree to pay: COMMITMENT FEE. A commitment fee of $25,000.00, payable at the time of the making of the initial Advance.
