Required Principal Payment definition

Required Principal Payment means, with respect to each class of Securities, for any Payment Date, such Class’s pro rata portion of the sum of (i) the principal portion of the Prepayment Amount, if any, deposited into the Payment Account during the related Due Period and (ii) any cash withdrawn from the Buyer’s Account in respect of principal and deposited into the Payment Account pursuant to Section 5.2(a) or (b), including on the Expiration Date.

Required Principal Payment means (a) in connection with each Release Price paid to Lender in connection with the sale of a Lot or Home, the Release Note Payment Amount to be applied to the outstanding Loan Balance, and (b) that certain quarterly principal payment to be made during the Reduction Period in order to reduce the outstanding Loan Balance to an amount not greater than the then-applicable Reduced Commitment Amount.

Required Principal Payment means, as of any date of determination, the amount by which the aggregate outstanding Note Fundings exceeded the then applicable Borrowing Base, or such greater amount as shall be specified by the Issuer as of any Payment Date.

Examples of Required Principal Payment in a sentence

• During the prior year, the Group repaid the Bridge Loan component in full.On 30 December, 2022, upon appointment of Brooksville Company LLC as Operating Member of the Group’s 1 – 4 family portfolio (refer note 22), the loan agreement was amended to include a principal repayment requirement equivalent to 1% of the outstanding principal balance measured on the first day of the related calendar year (Minimum Required Principal Payment, MRPP).

• Except as otherwise provided in this Agreement, Borrower shall not transfer assets to any third party, except in the ordinary course of business, unless the Required Principal Payment is made with respect thereto (in which event the transfer shall be free, clear and discharged of the Bank’s security interest in the assets involved).

• Borrower shall make each Required Principal Payment in connection with each sale of a Home and Lot.

• Notwithstanding anything else to the contrary in the Loan Documents, following the Required Principal Payment (as defined below), as of the Effective Date, the maximum loan amount available to Borrowers under the Loan shall be reduced from $14,328,990.67 to $6,828,990.67 (the “Reduced Commitment”), and Borrowers shall not be entitled to any further disbursements of Loan proceeds.

More Definitions of Required Principal Payment

Required Principal Payment means the Release Price paid to and applied by Lender to the outstanding Loan Balance.

Required Principal Payment is defined in Section 8.2(a).

Required Principal Payment means an amount equal to $16,000 per month.

Required Principal Payment. A payment of principal on the Term Note, in the amount of $6,666,000.00 (25% of the Maximum Term Loan Commitment), together with any accrued but unpaid interest on such principal.

Required Principal Payment. As defined in the Sale and Servicing Agreement.

Required Principal Payment. On each Settlement Date beginning on the first Settlement Date to occur following the earlier of (A) the six (6) month anniversary of the date upon which the Facility utilization rate exceeds the Threshold Utilization Rate, and (B) the end of the Availability Period, and in accordance with the Cash Flow Waterfall (as defined herein), all amounts collected (excluding, so long as no Event of Default has occurred and is continuing, maintenance reserves and security deposits) in excess of the required interest expense, management fees, permitted expenses and Cash Collateral top-up amounts, if any, will be used to amortize the Loan. All securitization proceeds or any Prepayments (voluntary or otherwise) will be used to pay down the Loan in accordance with the Cash Flow Waterfall and as specified herein.

Required Principal Payment. Unless otherwise provided in the related Terms Indenture, for any Payment Date for a Series of Bonds, an amount equal to the difference between (i) the sum of (A) the principal amount of Bonds Outstanding as of the close of business on the preceding Payment Date (or the latest Redemption Date or Special Redemption Date in the event a redemption or special redemption has been effected since such Payment Date) or, with respect to the first Payment Date, the principal amount of Bonds Outstanding at the Issue Date plus the amount deposited in the Collection Account pursuant to Section 4.02(17) for such Series and (B) the Accrual Distribution Amount included in such Series on the Payment Date and (ii) the Aggregate Outstanding Bond Value of the Mortgage Collateral as of the Payment Date.