Extraordinary Prepayment definition

Extraordinary Prepayment means, with respect to any Interest Payment Date, any payment or other recovery of principal on any Qualified Loan (other than an Ordinary Principal Payment or an Optional Full Prepayment) which is received by Banco Santander Puerto Rico during the period commencing on the day immediately succeeding the Cut-Off Date contained in the third calendar month immediately preceding such Interest Payment Date and ending on the Cut-Off Date contained in the second calendar month immediately preceding such Interest Payment Date, consisting of (i) all proceeds received from any condemnation award or proceeds in lieu of condemnation, proceeds of any insurance or casualty in respect of such Qualified Loan, (ii) proceeds from the sale, assignment or other disposition of such Qualified Loan or the mortgaged property or other collateral securing such loan or any payment made by or on behalf of the related User (other than by Banco Santander Puerto Rico) upon the occurrence of an event of default thereon, or (iii) any amounts paid by Banco Santander Puerto Rico on behalf of the related User after a etermination by Banco Santander Puerto Rico that an event of default has occurred and is continuing under such Qualified Loan.

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Extraordinary Prepayment means a prepayment by the Borrower in the amount of $9,784,000 to be applied solely to the prepayment in full of the repayment installments due on October 23, 2009 and January 23, 2010 under Clause 7.1 of the Loan Agreement, which Extraordinary Prepayment shall not effect the amount or timing of the remaining repayment installments due under Clause 7.1 of the Loan Agreement.

Extraordinary Prepayment means, with respect to any Qualified Loan, any payment or other recovery of principal on such Qualified Loan received by the Borrower during the period commencing on the day immediately succeeding the Cut-Off Date contained in the second calendar month immediately preceding such Interest Payment Date and ending on the Cut-Off Date contained in the calendar month immediately preceding such Interest Payment Date (other than an Optional Prepayment), consisting of (i) all proceeds received from any condemnation award or proceeds in lieu of condemnation, proceeds of any insurance or casualty in respect of such Qualified Loan, (ii) proceeds from the sale, assignment or other disposition of such Qualified Loan or the mortgaged property or other collateral securing such loan upon the occurrence of an event of default thereon, including a determination by the Borrower, the Trustee or the Authority, that such loan does not comply with the provisions of the Program Guide or the Act, or (iii) any amounts paid by the Borrower on behalf of the related User after a determination by the Borrower that an event of default has occurred and is continuing under such Qualified Loan.

Examples of Extraordinary Prepayment in a sentence

In consideration of the waiver granted in Clause 2.2 above, the Borrower hereby agrees to make the Extraordinary Prepayment upon the earlier of (a) the date of funding under the DVB Financing and (b) January 31, 2009.
Amounts remaining in the Extraordinary Prepayment Account thereafter, if any, and any amounts in the Extraordinary Prepayment Account on cure or waiver of the applicable Event of Default shall be deposited in the Admissions and Parking Taxes Account and applied in accordance with Section 4.3(a).
In connection with such Extraordinary Prepayment, it shall not be necessary for the Borrowers to comply with Clauses 7.4(a), 7.4(b), 7.8(c) and 7.9 of the Loan Agreement.
In connection with such Extraordinary Prepayment, it shall not be necessary for the Borrower to comply with Clauses 7.6, 7.7, 7.8, 7.10, 7.16 or 7.17 of the Amended and Restated Loan Agreement.
If there is in excess of $50,000 in the Extraordinary Prepayment Fund, as of January 1 in any year, including as a result of the transfer of funds into the Extraordinary Prepayment Fund pursuant to Section 508 or 717 hereof, then the Trustee shall apply any amounts on deposit in the Extraordinary Prepayment Fund to the mandatory prepayment, in Authorized Denominations, of the Outstanding Series 2011 Bonds on the immediately following February 15.
In consideration of the waiver granted in Clause 2.2 above, the Borrowers hereby agree to make the Extraordinary Prepayment on or before March 31, 2009.
The Trustee shall transfer (i) Excess Net Revenues from the Revenue Fund as provided in Section 505(1), and (ii) amounts in excess of that required to be held in any subaccount of the Debt Service Reserve Fund as provided in Section 508(2) hereof, to the Extraordinary Prepayment Fund.

More Definitions of Extraordinary Prepayment

Extraordinary Prepayment means a prepayment by the Borrower in the amount of $25,000,000 to be applied solely in prepayment of the 15th installment due in respect of the Tranche B Loan notwithstanding the otherwise applicable requirements of Clause 7.5 of the Amended and Restated Loan Agreement, which Extraordinary Prepayment shall not effect the respective reduction and repayment schedules of Tranche A and Tranche B as provided in Clauses 7.1, 7.2 and 7.3 of the Amended and Restated Loan Agreement.

Extraordinary Prepayment means the prepayment of the Series 2011 Bonds required by Section 401(2) hereof.