Common use of Quarterly Top Up Clause in Contracts

Quarterly Top Up. Within five (5) Business Days after each Top-Up Date occurring on or after December 15, 2009, the Borrower shall prepay Loans in an amount equal to the portion of the Net Top-Up Amount (if such amount is positive) as of such Top-Up Date. The Top-Up Schedule shall be delivered to the Administrative Agent five (5) Business Days prior to the Top-Up Date. The amount of any prepayment pursuant to this Section 2.2(i)(ii)(A) shall be allocated to the respective Corresponding Term Loans for the relevant Turbines unless the total amount of such prepayments being made such date is less than the Net Top-Up Amount, in which case the amount of such prepayment shall be applied to the outstanding Corresponding Term Loans in such manner as the Administrative Agent, in its sole discretion, may determine. The Administrative Agent shall give the Borrower prompt notice of how each prepayment under this Section 2.2(i)(ii)(A) was applied to the outstanding Corresponding Term Loans in respect of each Turbine.

Appears in 2 contracts

Samples: Secured Promissory Note (First Wind Holdings Inc.), Secured Promissory Note (First Wind Holdings Inc.)

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Quarterly Top Up. Within five (5) Business Days after each Top-Up Date occurring on or after December 15, 2009, the Borrower shall prepay Loans in an amount equal to the portion of the Net Top-Up Amount (if such amount is positive) as of such Top-Up Date. The Top-Up Schedule shall be delivered to the Administrative Agent five (5) Business Days prior to the Top-Up Date. The amount of any prepayment pursuant to this Section 2.2(i)(ii)(A2.5(b)(ii) shall be allocated to the respective Corresponding Term Loans for the relevant Turbines unless the total amount of such prepayments being made such date is less than the Net Top-Up Amount, in which case the amount of such prepayment shall be applied to the outstanding Corresponding Term Loans in such manner as the Administrative Agent, in its sole discretion, may determine. The Administrative Agent shall give the Borrower prompt notice of how each prepayment under this Section 2.2(i)(ii)(A2.5(b)(ii) was applied to the outstanding Corresponding Term Loans in respect of each Turbine.

Appears in 2 contracts

Samples: Secured Promissory Note (First Wind Holdings Inc.), Secured Promissory Note (First Wind Holdings Inc.)

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