Common use of Mandatory Principal Prepayments Clause in Contracts

Mandatory Principal Prepayments. All Revolving Loans hereunder shall be repaid by the Borrower on the Maturity Date, unless payable sooner pursuant to the provisions of this Agreement. In the event the aggregate outstanding principal balance of all Revolving Loans and Letter of Credit Obligations hereunder exceed the Revolving Loan Availability, the Borrower shall, without notice or demand of any kind, immediately make such repayments of the Revolving Loans or take such other actions as shall be necessary to eliminate such excess. In the event the Borrower or any Wholly-Owned Subsidiary shall sell, transfer or otherwise dispose of any of the Mortgaged Premises, the Bank may, in its sole discretion, require that Borrower make a mandatory repayment of the Revolving Loans in an amount equal to the proceeds of the sale of such Mortgaged Premises, after payment of the Senior Mortgage Indebtedness thereon and costs of sale of the Mortgaged Premises.