Common use of Repayment of Principal Clause in Contracts

Repayment of Principal. Principal of the Loan shall be due and payable as follows: (a) Upon the sale of a Lot or Unit, the Borrower shall repay the principal amount of the Loan in an amount equal to the greater of (i) one hundred percent (100%) of the Net Sales Proceeds arising from the sale of such Lot or Unit (after payment of the Additional Loan Fee related to such Lot or Unit, if applicable) or (ii) the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter, the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance of the Loan related to other Projects outside of the ABF Program as specified by the Borrower and agreed to by the Lender. (b) If the amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for a Project has not been repaid on or before the Acquisition and Development Maturity Date for such Project, the Borrower shall on such date repay the entire principal amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for such Project. (c) In the event that the Borrowing Base Outstanding Amount shall at any time exceed the Borrowing Base Value, the Borrower shall immediately make a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (d) In the event that the sum of the outstanding principal balances of advances under the Loan made for the acquisition of Land and Development Work outside of the ABF Program for Projects, the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. and the Letter of Credit Amount shall at any time exceed the Loan Amount, the Borrower shall immediately pay to the Lender a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (e) On any date that the Lender makes any payment with respect to a Letter of Credit, the Borrower shall pay to the Lender an amount equal to the amount so paid by the Lender with respect to the Letter of Credit. (f) On the Maturity Date, the Borrower shall repay the entire remaining principal amount of the Loan.

Repayment of Principal. Principal of and Interest on the Development Loan. EIF and Borrower agree that the Development Loan shall be due and payable repaid from Borrower's Cash Flow From Operations, with repayment commencing on September 15, 1998, as followsset forth below: (a) Upon the sale of a Lot or Unit, the Borrower shall repay first pay all amounts due to EIF with respect to the principal amount of the Loan Overriding Royalty Rate as set forth in Section 2.8; (b) Borrower then shall allocate an amount equal to the greater sum of (i) one hundred percent One Hundred Fifty-Eight Thousand Dollars (100%) of $158,000), and any such other amount agreed to in writing by the Net Sales Proceeds arising from the sale of such Lot or Unit (after parties, per month for payment of the Additional Loan Fee related to such Lot or Unit, if applicableBorrower's overhead expenses ("Borrower's Overhead") or and (ii) the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted any required payments for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter, the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance of the Loan related to other Projects outside of the ABF Program as specified by the Borrower and insurance premiums agreed to by EIF in writing; provided, however, that the Lender. (ballocation under this Section 2.5(b) If shall no longer apply after January 1, 2000 and provided further that the amount of allocation for Borrower's Overhead under this Section 2.5(b) shall not apply unless and until the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for a Project Bay Marcxxxx Xxxancing has not been repaid on or before the Acquisition and Development Maturity Date for such Project, the Borrower shall on such date repay the entire principal amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for such Project.funded; (c) In Borrower then shall pay to EIF Base Interest on the outstanding amount of principal, which payment shall be due in arrears on the fifteenth day of each month for the previous calendar month, unless such day is not a Business Day, in which event that payment shall be due on the Borrowing Base Outstanding Amount shall at any time exceed the Borrowing Base Valuefirst Business Day thereafter, the Borrower shall immediately make a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess.and (d) In Borrower then shall deposit any remaining amount directly into the event that the sum of the outstanding principal balances of advances under the Loan made for the acquisition of Land and Development Work outside of the ABF Program for Projects, the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. and the Letter of Credit Amount shall at any time exceed the Loan Amount, the Borrower shall immediately pay to the Lender a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excessEscrow Account. (e) On any date that the Lender makes any payment with respect to a Letter of Creditor before April 1, 1999, the Borrower parties shall pay to the Lender agree upon (i) an amount equal of principal to be repaid from the amount so paid by funds deposited in the Lender with respect to the Letter of CreditEscrow Account and (ii) a repayment schedule. (f) On Under no circumstances shall this Agreement be interpreted as establishing a revolving credit facility. All unpaid principal and accrued and unpaid interest shall be due and payable on the Maturity Final Payment Date; provided, however, that if, at any time, the payments received by EIF from the Overriding Royalty Interests, Base Interest and principal yield a twenty percent (20%) Internal Rate of Return on all cash advanced from EIF under this Agreement, then Borrower shall repay have no further obligation (including repayment of unpaid principal and accrued and unpaid interest) under this Agreement and EIF shall reconvey all of its Overriding Royalty Interests to Borrower. The prepayment restrictions set forth in Section 2.6 shall not apply to the entire remaining principal amount of prepayment described in the Loanpreceding sentence.

Repayment of Principal. Principal of the Loan shall be due and payable as follows: (a) Upon the sale of a Lot or Unit, the Borrower shall repay the principal amount of the Loan in an amount equal to the greater of (i) one hundred percent (100%) of the Net Sales Proceeds arising from the sale of such Lot or Unit (after payment of the Additional Loan Fee related to such Lot or Unit, if applicable) or (ii) the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter, the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance of the Loan related to other Projects outside of the ABF Program as specified by the Borrower and agreed to by the Lender. (b) If the amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for a Project has not been repaid on or before the Acquisition and Development Maturity Date for such Project, the Borrower shall on such date repay the entire principal amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for such Project. (c) In the event that the Borrowing Base Outstanding Amount shall at any time exceed the Borrowing Base Value, the Borrower shall immediately make a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (d) In the event that the sum of the outstanding principal balances of advances under the Loan made for the acquisition of Land and Development Work outside of the ABF Program for Projects, all Projects and the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. and the Letter of Credit Amount shall at any time exceed the Loan Amount, the Borrower shall immediately pay to the Lender a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (e) On any date that the Lender makes any payment with respect to a Letter of Credit, the Borrower shall pay to the Lender an amount equal to the amount so paid by the Lender with respect to the Letter of Credit. (f) On the Maturity Date, the Borrower shall repay the entire remaining principal amount of the Loan.

Repayment of Principal. Principal of the Loan shall be due and payable as follows: (a) Upon with respect to the Projects as to which proceeds of the Loan are to be disbursed to construct the Construction Improvements within the Project, upon the sale of a Lot or Unitand/or Unit in such Project, the Borrower shall repay the principal amount of the Loan in an amount equal to the greater of (i) at the rate of one hundred fifteen percent (115%) of (A) the total amount of the Loan disbursed for the acquisition of such Lot plus (B) the total amount of the Loan budgeted for the Development Work related to such Lot, and (ii) at the rate of one hundred percent (100%) of the Net Sales Proceeds arising from the sale of such Lot or Unit (after payment of the Additional Loan Fee related to such Lot or Unit, if applicable) or (ii) the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted disbursed for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs Construction Improvements related to the acquisition of the Land and the Development Work)Home on such Lot, plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to disbursed for such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter; during the Approval Period, principal repaid in accordance with this SUBPARAGRAPH (a) may be reborrowed subject to and upon compliance with the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance terms of the this Loan related to other Projects outside of the ABF Program as specified by the Borrower and agreed to by the Lender.Agreement; (b) If with respect to the Projects as to which proceeds of the Loan are to be disbursed to construct the Construction Improvements within the Project, upon disbursement of proceeds of the Loan for a Home within the Project, the principal amount of the Loan (i) disbursed to acquire the related Lot, (ii) budgeted for the Development Work related to such Lot, and (iii) disbursed for the Construction Improvements related to the Home on such Lot, is required to be repaid twelve (12) months from the date Loan proceeds are first disbursed for the Construction Improvements for such Home, unless the Unit sells prior to such date, in which event the principal shall be repaid in accordance with SUBPARAGRAPH (a) above; during the Approval Period, principal repaid in accordance with this SUBPARAGRAPH (b) may be reborrowed subject to and upon compliance with the terms of this Loan Agreement; (c) with respect to the Projects as to which proceeds of the ABF Loan are to be disbursed with respect to the Construction Improvements within the Project, upon pledge of a Lot within the Project to become part of the Borrowing Base Collateral (as such term is defined in the ABF Loan Agreement), the Borrower shall repay the principal amount of the Loan at the rate of one hundred fifteen percent (115%) of (i) the total amount of the Loan disbursed for the acquisition of such Lot plus (ii) the Land and total amount of the Loan budgeted for the Development Work outside related to such Lot, until such time as the total amount of the ABF Program Loan disbursed for such Project has been paid in full; during the Approval Period, principal repaid in accordance with this SUBPARAGRAPH (c) may be reborrowed subject to and upon compliance with the terms of this Loan Agreement; (d) if the amount of the Loan disbursed for a Project has not been repaid on or before the Acquisition and Development Project Maturity Date for such ProjectDate, the Borrower shall on such date repay the entire principal amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for allocable to such Project.; during the Approval Period, principal repaid in accordance with this SUBPARAGRAPH (d) may be reborrowed subject to and upon compliance with the terms of this Loan Agreement; (ce) In upon the event that the Borrowing Base Outstanding Amount shall at any time exceed the Borrowing Base Valuesale or refinancing of a Model Home, the Borrower shall immediately make a repay the principal repayment amount of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. Loan at the rate of one hundred percent (d100%) In the event that the sum of the outstanding principal balances total amount of advances under the Loan made disbursed for the acquisition of Land and Development Work outside of Model Home; during the ABF Program for ProjectsApproval Period, the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. and the Letter of Credit Amount shall at any time exceed the Loan Amount, the Borrower shall immediately pay to the Lender a principal repayment of the Borrowing Base Outstanding Amount repaid in an amount sufficient to eliminate any such excess. accordance with this SUBPARAGRAPH (e) On any date that may be reborrowed subject to and upon compliance with the Lender makes any payment with respect to a Letter terms of Credit, the Borrower shall pay to the Lender an amount equal to the amount so paid by the Lender with respect to the Letter of Credit.this Loan Agreement; and (f) On on the Maturity Date, the Borrower shall repay the entire remaining principal amount of the Loan. (d) ADDITION OF SECTION 2.15 -- ADJUSTMENTS TO PROJECT LOAN AMOUNT AND ABF LOAN AMOUNT. The Project Loan Agreement is hereby amended to add the following new SECTION 2.15:

Repayment of Principal. Principal of the Loan shall will be due and payable as follows: (a1) Upon Concurrent with the closing of the sale of a Lot or UnitTime-Share Interest, the Borrower shall repay the will make a principal amount of the Loan payment in an amount equal to Lender's Release Price, which amount shall be applied, until paid in full, to the greater payment of the outstanding amount of the Project Loan Amount corresponding to the Project within which the Time-Share Interest was sold. (2) In the event that, for any reason, the aggregate payments to Lender of the Lender's Release Price for any Project Loan are less than the Minimum Required Principal Payment for such Project Loan during any loan year, then within fifteen (15) days after the end of such loan year (each loan year ends on the anniversary of the Effective Date), the Borrower shall make an additional annual payment on such Project Loan to the Lender from Borrower's own funds of an amount equal to the difference between the Minimum Required Principal Payment for such loan year and the aggregate payments to Lender of Lender's Release Price for such loan year with respect to such Project Loan. (3) Upon a Project Specific Default and so long as there is no other Event of Default or Potential Default, the Borrower may, at its option (but only if exercised prior to the earlier of (i) one hundred percent (100%) the Lender's exercise of the Net Sales Proceeds arising from the sale of such Lot or Unit (after payment of the Additional Loan Fee related to such Lot or Unit, if applicable) or its remedies under Section 8.2 and (ii) 30 days after the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage occurrence of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs related to the acquisition of the Land and the Development WorkProject Specific Default), plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter, the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance of the Project Loan related Amount corresponding to other Projects outside of the ABF Program as specified by the Borrower and agreed to by the LenderProject Specific Default. (b4) If the amount of the Project Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for a Project Amount has not been repaid on or before the Acquisition and Development Maturity Project Loan Repayment Date for such Project, the Borrower shall must on such date repay the entire outstanding principal amount of the Project Loan disbursed for the acquisition of the Land together with all accrued and the Development Work outside of the ABF Program for such Projectunpaid interest relating thereto. (c5) In the event that the Borrowing Base Outstanding Amount shall sum of the Project Loan Committed Amounts for all Projects at any time exceed exceeds the Borrowing Base ValueLoan Amount, the Borrower shall must immediately make a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess, which payment shall be applied by Lender in its discretion. (d) In the event that the sum of the outstanding principal balances of advances under the Loan made for the acquisition of Land and Development Work outside of the ABF Program for Projects, the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. and the Letter of Credit Amount shall at any time exceed the Loan Amount, the Borrower shall immediately pay to the Lender a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (e) On any date that the Lender makes any payment with respect to a Letter of Credit, the Borrower shall pay to the Lender an amount equal to the amount so paid by the Lender with respect to the Letter of Credit. (f6) On the Maturity Date, the Borrower shall is required to repay the entire remaining outstanding principal amount of the LoanLoan together with all accrued and unpaid interest and all other amounts owed to Lender under the Loan Documents.

Repayment of Principal. Principal of the Loan shall be due and payable as follows: (a) Upon the sale of a Lot or Unit, the Each Borrower shall repay on the Termination Date the principal amount of the Loan in an amount equal Loans made to the greater of (i) one hundred percent (100%) of the Net Sales Proceeds arising from the sale of such Lot or Unit (after payment of the Additional Loan Fee related to such Lot or Unit, if applicable) or (ii) the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter, the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance of the Loan related to other Projects outside of the ABF Program as specified by the Borrower and agreed to by the Lenderit that are then outstanding. (b) If the amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for a Project has not been repaid on or before the Acquisition and Development Maturity Date for such Project, the Borrower shall on such date repay the entire principal amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for such Project. (c) In the event that the Borrowing Base Outstanding Amount shall at any time exceed Bank determines, based on its computation made in accordance with Section 2.04(b), that the Borrowing Base ValueDollar Equivalent of the then-outstanding Loans and Letter of Credit Obligations exceeds the Commitment, the Borrower Bank shall immediately make a principal repayment give notice to the Guarantor and the Borrowers of such fact and of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any of such excess. (d) In . Within 30 days after the event that date on which the sum of the outstanding principal balances of advances under the Loan made for the acquisition of Land and Development Work outside of the ABF Program for ProjectsBorrowers receive such notice, the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homesthey shall prepay Loans, Inc. and or collateralize the Letter of Credit Amount Obligations with cash (as set forth below), in the aggregate amount of such excess. Any such prepayment shall at be made together with accrued but unpaid interest on the principal amount thereof and, in the case of LIBO Rate Loans, any time exceed amounts required to be paid in connection therewith pursuant to Section 4.04. Any prepayments pursuant to this Section 2.06(b) shall be applied, first, to any Base Rate Loans and Optional Rate Loans then outstanding, second, to LIBO Rate Loans having Interest Periods ending on the Loan Amountdate of such prepayment, the Borrower shall immediately pay and third, to the Lender extent that the amounts referred to in clauses "first" and "second" are not sufficient to satisfy the entire prepayment requirement under this Section 2.06(b) or there are no such Loans outstanding on the date such prepayment would be required, then the remaining amount that would be required to be prepaid under this Section 2.06(b) shall be deposited in a principal repayment cash collateral account maintained by the Bank, to be held as security for the Obligations hereunder pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Bank and the Borrowers, and to be applied to the prepayment of LIBO Rate Loans at the end of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (e) On any date that the Lender makes any payment with respect to a Letter of Credit, the Borrower shall pay respective Interest Periods therefor and to the Lender an amount equal to payment of Reimbursement Obligations as the amount so paid by the Lender with respect to the Letter of Creditsame become due. (f) On the Maturity Date, the Borrower shall repay the entire remaining principal amount of the Loan.

Repayment of Principal. Principal Commencing on the Amortization Date, the Lenders may, at their option upon the written election of the Loan shall be due and payable as follows: (a) Upon Required Lenders, require the sale of a Lot or Unit, the Borrower shall repay the principal amount of the Loan in an amount equal to the greater of (i) one hundred percent (100%) of the Net Sales Proceeds arising from the sale of such Lot or Unit (after payment of the Additional Loan Fee related to such Lot or Unit, if applicable) or (ii) the sum of (A) the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition and Development Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), plus (B) one hundred percent (100%) of the Borrowing Base Value of such Lot or Unit. Each principal payment received by Lender shall be applied first Borrowers to repay the Applicable Acquisition and Development Principal Repayment Percentage of the total amount of the Loan outside of the ABF Program budgeted for the acquisition of such Lot plus the Development Work related to such Lot (including Acquisition Soft Costs and Other Costs related to the acquisition of the Land and the Development Work), with the remainder of such principal payment being applied to the Borrowing Base Outstanding Amount. The principal payments described above shall continue to be made until such time as the total amount of the Loan related to such Project outside of the ABF Program has been paid in full and the Borrowing Base Outstanding Amount has been paid in full. Thereafter, the principal payments described above shall continue to be made and shall be applied to the outstanding principal balance of the Loan related Term Loans in monthly installments in an amount per calendar month up to other Projects outside of the ABF Program as specified Monthly Amortization Amount. The Lenders may exercise such right for a calendar month by sending a written notice (each a “Monthly Amortization Notice”), executed by the Borrower and agreed Required Lenders, to by the Lender. Borrowers at least five (b5) If Business Days prior to the amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for a Project has not been repaid on or before the Acquisition and Development Maturity Payment Date for such Projectcalendar month, which Monthly Amortization Notice shall specify the Borrower shall on such date repay the entire principal amount of the Loan disbursed for the acquisition of the Land and the Development Work outside of the ABF Program for such Project. (c) In the event that the Borrowing Base Outstanding Amount shall at any time exceed the Borrowing Base Value, the Borrower shall immediately make a principal repayment of the Borrowing Base Outstanding Amount in an amount sufficient to eliminate any such excess. (d) In the event that the sum of the outstanding principal balances of advances under the Loan made for the acquisition of Land and Development Work outside of the ABF Program for Projects, the Borrowing Base Outstanding Amount Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. and the Letter of Credit Amount shall at any time exceed the Loan Amount, the Borrower shall immediately pay be repaid up to the Lender a principal repayment of Monthly Amortization Amount. The Borrowers shall promptly, but in any event no later than the Borrowing Base Outstanding Payment Date, pay the Monthly Amortization Amount (or applicable portion thereof specified in an amount sufficient the Monthly Amortization Notice) to eliminate any such excess. (e) On any the Lenders. Notwithstanding the foregoing, commencing on the date that is six (6) months after the Lender makes any payment with respect to a Letter of Credit, the Borrower shall pay to the Lender an amount equal to the amount so paid by the Lender with respect to the Letter of Credit. (f) On the Maturity Closing Date, the Borrower shall repay Borrowers, may, provided that no Default or Event of Default has occurred and is continuing, defer any monthly payment required under this Section 2.2(b)(ii) until the entire remaining principal amount Term Loan Maturity Date by delivering to the Lenders, not later than four (4) Business Days after the Borrowers’ receipt of a Monthly Amortization Notice, a written notice of the LoanBorrowers’ election to effect such a deferral and a deferral fee of One Hundred Sixty-Five Thousand dollars ($165,000) in cash by wire transfer of immediately available funds (a “Monthly Deferral”); provided, however, the Borrowers may not effect Monthly Deferrals in consecutive months and the Borrowers shall not be permitted more than a total of six (6) Monthly Deferrals. Any and all unpaid Obligations, including principal and accrued and unpaid interest in respect of the Term Loans any fees and other sums due hereunder, if any, shall be due and payable in full on the Term Loan Maturity Date. The Term Loans may only be prepaid in accordance with Sections 2.2(c) or (d).