Common use of Mandatory Principal Payments Clause in Contracts

Mandatory Principal Payments. (a) Borrower shall make ---------------------------- a principal payment on each Payment Date, commencing with the Payment Date in the calendar month immediately after the calendar month in which the Conversion Date occurs, each such payment to be in an amount equal to the Principal Payment Amount; provided that any such payments shall be in addition to any amounts due and payable by Borrower pursuant to the other provisions of this Section 2.3 and any interest payments due and payable pursuant to Section 2.2 above. (b) If for any reason the aggregate outstanding principal balance of all Advances plus the aggregate face amount of all outstanding Letters of Credit shall exceed the Commitment Amount, Borrower shall, not later than 10 days after written notice thereof from USB: (1) pay the excess to USB in a lump sum; or (2) commence (and thereafter continue) an amortization schedule under which Borrower repays the Loan in an amount at least equal to the excess in six equal monthly principal installments on the first Business Day of each calendar month, which amounts shall be in addition to the monthly interest payments and any other principal payments otherwise due, such that the entire excess is paid within six months; or (3) execute and deliver to USB additional mortgages, supplements to mortgages or other instruments in form and substance satisfactory to USB, by which Borrower mortgages, pledges or hypothecates to USB, or creates a security interest in for the benefit of USB, sufficient additional Oil and Gas Interests to induce USB to make a redetermination of the Borrowing Base such that the Commitment Amount is increased to an amount no less than the aggregate outstanding principal balance of all Advances plus the aggregate face amount of all outstanding Letters of Credit. (c) The outstanding principal balance of all Advances, together with all unpaid fees and expenses, shall be due and payable not later than the Maturity Date.

Mandatory Principal Payments. (a) Borrower shall make ---------------------------- a principal payment on each Payment Date, commencing with the Payment Date in the calendar month immediately after the calendar month in which the Conversion Date occurs, each such payment to be in an amount equal to the Principal Payment Amount; provided that any such payments shall be in addition to any amounts due and payable by Borrower pursuant to the other provisions of this Section 2.3 and any interest payments due and payable pursuant to Section 2.2 above. (b) If for any reason the aggregate outstanding principal balance of all Advances plus the aggregate sum of the face amount amounts of all outstanding Letters of Credit shall exceed the Commitment Amount, Borrower shall, not later than 10 30 days after written notice thereof from USB: BOK: (1) pay the excess to USB BOK in a lump sum; or (2) commence (and thereafter continue) an amortization schedule under which Borrower repays the Revolving Loan in an amount at least equal to the excess in six equal monthly principal installments on the first last Business Day of each calendar month, which amounts shall be in addition to the monthly interest payments and any other principal payments otherwise due, such that the entire excess is paid within six months; or (3) execute and deliver to USB BOK additional mortgages, supplements to mortgages or other instruments satisfactory in form and substance satisfactory to USBBOK, by which Borrower mortgages, pledges or hypothecates to USBBOK, or creates a security interest in for the benefit of USBBOK, sufficient additional Oil and Gas Interests to induce USB BOK to make a redetermination of the Borrowing Base such that the Commitment Amount is increased to an amount no less than the aggregate outstanding principal balance of all Advances plus the aggregate sum of the face amount amounts of all outstanding Letters of Credit. (b) The outstanding principal balance of any credit extension under the Hedging Loan shall be due and payable on the Extended Hedging Repayment Date for that credit extension, but in no event later than the Maturity Date (Hedging). (c) The outstanding principal balance of all Advances, together with all unpaid fees and expenses, shall be due and payable not later than the Maturity Date.

Mandatory Principal Payments. (a) Borrower shall make ---------------------------- a principal payment on each Payment Date, commencing with the Payment Date in the calendar month immediately after the calendar month in which the Conversion Date occurs, each such payment to be in an amount equal to the Principal Payment Amount; provided that any such payments shall be in addition to any amounts due and payable by Borrower pursuant to the other provisions of this Section 2.3 and any interest payments due and payable pursuant to Section 2.2 above. (b) If for any reason the aggregate outstanding principal balance of all Advances plus the aggregate face amount of all outstanding Letters of Credit shall exceed the Commitment Amount, Borrower shall, not later than 10 days after written notice thereof from USB: (1) pay the excess to USB in a lump sumsum within 10 days after such notice; or (2) commence commence, as of the last day of the calendar month in which such notice is given (and thereafter continue) ), an amortization schedule under which Borrower repays the Loan in an amount at least equal to the excess in six equal monthly principal installments on the first Business Day last day of each calendar month, which amounts shall be in addition to the monthly interest payments and any other principal payments otherwise due, such that the entire excess is paid within six months; or (3) within 10 days after such notice, execute and deliver to USB additional mortgages, supplements to mortgages or other instruments in form and substance reasonably satisfactory to USB, by which Borrower mortgages, pledges or hypothecates to USB, or creates a security interest in for the benefit of USB, sufficient additional Oil and Gas Interests to induce USB to make a redetermination of the Borrowing Base such that the Commitment Amount is increased to an amount no less than the aggregate outstanding principal balance of all Advances plus the aggregate sum of the face amount amounts of all outstanding Letters of Credit. (b) Any and all payments made by USB under any Letter of Credit shall be repaid by Borrower to USB immediately after USB demands payment thereof. (c) The outstanding principal balance of all Advances, together with all unpaid fees and expenses, shall be due and payable not later than the Maturity Date.

Mandatory Principal Payments. (a) Borrower shall make ---------------------------- a principal payment on each Principal Payment Date, commencing with the Payment Date in the calendar month immediately after the calendar month in which the Conversion Date occurs, each such payment to be in an amount equal to the Minimum Principal Payment AmountPayment; provided that any such payments shall be in addition to any amounts due and payable by Borrower pursuant to the other provisions of this Section 2.3 and any interest payments due and payable pursuant to Section 2.2 above2.3. (b) If for any reason the aggregate outstanding principal balance of all Advances plus the aggregate face amount of all outstanding Letters of Credit shall exceed the Commitment Amount, Borrower shall, not later than 10 30 days after written notice thereof from USBLender: (1i) immediately pay the excess to USB Lender in a lump sum; or and/or (2ii) commence (and thereafter continue) an amortization schedule under which Borrower repays the Loan in an amount at least equal to the excess in six equal monthly principal installments on the first Business Day day of each calendar month, which amounts shall be in addition to the monthly interest payments and any other principal payments otherwise due, such that the entire excess is paid within six months; or and/or (3iii) execute and deliver to USB Lender additional mortgages, supplements to mortgages or other instruments satisfactory in form and substance satisfactory to USBLender, by which Borrower mortgages, pledges or hypothecates to USBLender, or creates a security interest in for the benefit of USBLender, sufficient additional Oil and Gas Interests to induce USB Lender to make a redetermination of the Borrowing Base such that the Commitment Amount is increased to an amount no less than the aggregate outstanding principal balance of all Advances plus the aggregate face amount of all outstanding Letters of Credit. (c) The outstanding principal balance of all Advances, together with all unpaid fees and expenses, shall be due and payable not later than the Maturity Date.