Prepayment Obligations Sample Clauses

Prepayment Obligations. The Borrower agrees that if the Obligations become immediately due and payable in full at a time when the Bond Letter of Credit is outstanding the Borrower shall thereupon automatically be obligated to pay the Bank, in addition to all other amounts owing under this Agreement, the aggregate face amount of the Bonds Letter of Credit then outstanding. The foregoing obligation to pay in advance for amounts which the Bank may later have to pay pursuant to the Bonds Letter of Credit is and shall at all times constitute a part of the “Obligations”. Amounts paid by the Borrower pursuant to this Section 10.4 shall be made directly to an interest-bearing collateral account (the “Cash Collateral Account”) maintained at the Bank for application to the Borrower’s reimbursement obligations under Section 2.2 as payments are made on the Bonds Letter of Credit, with the balance, if any, to be applied to the other Obligations if any Event of Default has occurred and is continuing, or if no Event of Default has occurred and is continuing, returned to the Borrower.

Prepayment Obligations. The Borrower agrees that if the ---------------------- Obligations become immediately due and payable in full at a time when one or more Letters of Credit are outstanding, the Borrower shall thereupon automatically be obligated to pay the Administrative Bank, in addition to all other amounts owing under this Agreement, the aggregate face amount of all Letters of Credit then outstanding. The foregoing obligation to pay in advance for amounts which U. S. Bank may later have to pay pursuant to the Letters of Credit is and shall at all times constitute a part of the "Obligations". Amounts paid by the Borrower pursuant to this Section 10.3 shall be made directly to an interest-bearing collateral ------------ account maintained at U. S. Bank for application to the Borrower's reimbursement obligations under Section 2.7(d) as payments are made on the Letters of Credit, -------------- with the balance, if any, to be applied to the other Obligations.

Prepayment Obligations. Availent agrees that, as Maker of the respective Promissory Notes held by ▇▇▇▇▇▇▇▇▇ and described herein, Availent shall prepay the outstanding balances of the Promissory Notes if, prior to the original Maturity Date of April 30, 2003, or, if the Maturity Date of the respective Notes are extended to June 30, 2003, prior to such extended Maturity Date, Availent receives funding from any third party source, or sources, in an aggregate amount of $5,000,000 or more, including the receipt of proceeds from a sale of Availent’s common stock following a registration of such stock with the S.E.C. for sale in the public markets. In the event of the receipt of such funds from either of such sources, within five (5) business days from the receipt of the funds, Availent shall prepay the outstanding balances of the respective Promissory Notes held by ▇▇▇▇▇▇▇▇▇; however, in the event of such prepayment, Availent shall receive credit for any and all amounts of interest Availent may have prepaid for the terms of the respective Notes. The obligation for notification to ▇▇▇▇▇▇▇▇▇ of funding receipts shall be with the Chief Financial Officer of Availent and shall be within three (3) business days of funding receipt. Payment qualifications to ▇▇▇▇▇▇▇▇▇ are as follows regarding funds from debt or equity financing: Funds received of at least $1,000,000, pay ▇▇▇▇▇▇▇▇▇ $100,000. Funds received of at least $2,000,000, pay ▇▇▇▇▇▇▇▇▇ $200,000. Funds received of at least $3,000,000, pay ▇▇▇▇▇▇▇▇▇ $300,000. Funds received of at least $4,000,000, pay ▇▇▇▇▇▇▇▇▇ $400,000. Funds received of at least $5,000,000, pay ▇▇▇▇▇▇▇▇▇ all obligations of principal and interest due.

Prepayment Obligations. (I) Notwithstanding the terms of the Securities Purchase Agreement and the $5,000,000 Secured Convertible Term Note (the “Note”) dated October 19, 2004 issued by the Company to the Purchaser, the parties hereby agree that (i) in addition to the Monthly Amount (as defined in the Note) due on October 1, 2005, an additional $430,000 of principal due under the terms of the Note shall be due and payable on October 1, 2005 (the “Additional Principal Amount”); (ii) in the event of any such conversion, the amount of principal due under such Note so converted shall be treated as a prepayment of principal and such prepayment of principal shall be applied in accordance with Section 3.4(a) of the Note; and (iii) to the extent that any of the $430,000 has not been converted on or prior to October 1, 2005, then any remaining non-converted portion of the Additional Principal Amount shall be increased by 20% as an additional premium obligation due on October 1, 2005 (for illustration purposes only, if $100,000 has not been converted or prepaid on or before October 1, 2005, then the Company shall pay the Purchaser on October 1, 2005 an additional $20,000). (II) Furthermore, subject to the conversion limitations set forth in Section 3.2 of the Note, (A) if the closing price for any ten (10) consecutive trading days (a “Conversion Period”) exceeds 120% of the then effective Fixed Conversion Price, the Purchaser will, within ten (10) trading days of any such Conversion Period, convert all or part of the then outstanding Additional Principal Amount. The Holder shall only be required to effect such a conversion referred to in the immediately preceding sentence if each of the following shall be true: (i) there is an effective registration statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to resell all of the Conversion Shares (as defined in the Note) issued to the Holder (or such Conversion Shares are eligible for resale under Rule 144 of the Securities Act); (ii) there is a sufficient number of authorized but unissued and otherwise unreserved shares of Common Stock for the issuance of all the Conversion Shares as are issuable to the Purchaser upon such conversion referred to in this Section 4(II) and (iii) the Additional Principal Amount to be so converted pursuant to this Section 4(II) (when combined with the amount of any other Monthly Amount and the amount (including any monthly amount) of any other promissory note issued by the Borrowe...

Prepayment Obligations. The Borrower agrees that if the Obligations become immediately due and payable in full at a time when one or more Letters of Credit are outstanding, the Borrower shall thereupon automatically be obligated to pay the Administrative Bank, in addition to all other amounts owing under this Agreement, the aggregate face amount of all Letters of Credit then outstanding. The foregoing obligation to pay in advance for amounts which U. S. Bank may later have to pay pursuant to the Letters of Credit is and shall at all times constitute a part of the "Obligations". Amounts paid by the Borrower pursuant to this Section 10.3 shall be made directly to an interest-bearing collateral account maintained at U. S. Bank for application to the Borrower's reimbursement obligations under Section 2.7(d) as payments are made on the Letters of Credit, with the balance, if any, to be applied to the other Obligations.

Prepayment Obligations. Seller is not obligated, by virtue of a prepayment arrangement, a "take or pay" arrangement, a production payment or any other arrangement, to deliver hydrocarbons produced from the Assets at some future time without then or thereafter receiving full payment therefor.