Common use of Prepayments Payments Clause in Contracts

Prepayments Payments. (a) The Borrower shall have the right to prepay (without premium or penalty) the Loans in whole or in part from time to time on the following terms and conditions: (i) the Borrower shall give the Agent written notice (or telephonic notice promptly confirmed in writing), which notice shall be irrevocable, of its intent to prepay the Loans, at least one Business Day prior to a prepayment, which notice shall specify the amount of such prepayment, and (ii) each prepayment shall be in an aggregate principal amount of $100,000 or any integral multiple of $50,000 in excess thereof. The Agent shall promptly transmit any such notice to each of the Lenders. (b) If at any time the aggregate principal amount of the outstanding Loans plus the aggregate Letter of Credit Liability exceeds the Maximum Revolving Credit Amount, the Borrower will within three Business days (i) prepay the Loans in an amount necessary to cause the aggregate principal amount of the outstanding Loans plus the aggregate Letter of Credit Liability to be equal to or less than the Maximum Revolving Credit Amount, and (ii) if, after giving effect to the prepayment in full of the Loans the aggregate Letter of Credit Liability exceeds the Maximum Revolving Credit Amount, deposit into the Collateral Account (Extraordinary Proceeds) an amount equal to 105% of the amount by which the aggregate Letter of Credit Liability exceeds the Maximum Revolving Credit Amount. (c) Upon the Maturity Date, the Total Commitment shall be terminated in full and the Borrower shall pay the Loans in full and, except as the Agent may otherwise agree in writing, if any Letter of Credit remains outstanding, deposit into the Collateral Account (Collections) an amount equal to 105% of the amount by which the sum of the aggregate Letter of Credit Liability exceeds the amount of cash held in the Collateral Account (Collections), such cash to be remitted to the Borrower only upon the expiration, cancellation, satisfaction or other termination of such reimbursement obligations.

Prepayments Payments. (a) The Borrower shall have the right to prepay (the Loans, without premium or penalty) the Loans , in whole or in part at any time and from time to time on the following terms and conditions: (i) the Borrower shall give the Agent written notice (or telephonic notice promptly confirmed in writing), which notice shall be irrevocable, of its intent to prepay the Loans, at least one Business Day prior to a prepayment, which notice shall specify the amount of such prepayment, and (ii) each prepayment shall be in an aggregate principal amount of $100,000 or any integral multiple of $50,000 in excess thereof. The Agent shall promptly transmit any such notice to each of the Lenderstime. (b) If at any time the aggregate principal amount of the outstanding Loans plus the aggregate Letter of Credit Liability exceeds the Maximum Revolving Credit Amount, the Borrower will within three Business days (i) prepay the Loans in an amount necessary In addition to cause the aggregate principal amount of the outstanding Loans plus the aggregate Letter of Credit Liability to be equal to or less than the Maximum Revolving Credit Amountother mandatory repayments, and (ii) ifsubject to Section 11.4 hereof, after giving effect Borrower shall be required to repay the prepayment in full of entire outstanding principal balance and all accrued but unpaid interest on the Loans Loan on the aggregate Letter of Credit Liability exceeds the Maximum Revolving Credit Amount, deposit into the Collateral Account (Extraordinary Proceeds) an amount equal to 105% of the amount by which the aggregate Letter of Credit Liability exceeds the Maximum Revolving Credit AmountMaturity Date. (c) Upon the Maturity Except as provided in Section 2.3(d) and (e) hereinbelow, on each Joint Venture Distribution Date, the Total Commitment shall be terminated in full and the Borrower shall pay the Loans in full and, except as the Agent may otherwise agree in writing, if any Letter of Credit remains outstanding, deposit into the Collateral Account (Collections) to Lender an amount equal to 105% one hundred percent (100%) of any Joint Venture Distributions as a mandatory repayment of principal and accrued interest on the outstanding Loan until such principal and accrued interest is repaid in full. (d) Upon written request of Borrower and the approval of Lender, Borrower may retain Joint Venture Distributions which it may use for the purposes permitted in the Cash Collateral Agreement; provided, that Olympus shall make a reasonable determination of the amount by which the sum net collateralization of the aggregate Letter Loan relative to all of Credit Liability exceeds Borrower's Joint Venture interests and may condition its approval of such retention by Borrower on the establishment of a cash collateral reserve in a reasonable amount (the "Cash Collateral Account"), which shall serve as additional security for the Loan, pursuant to a cash collateral agreement with Lender (the "Cash Collateral Agreement") to allow Lender adequate protection for repayment of the Loan. Withdrawal rights for Borrower from the Cash Collateral Account will be specified in the Cash Collateral Agreement. (e) Borrower may upon written notice to Lender, retain an amount of Joint Venture Distributions equal to any cash held in the Collateral Account (Collections), such cash interest required to be remitted paid by Borrower pursuant to this Agreement and for any taxes for which Borrower is liable, provided that any such amounts shall be retained by Borrower with recourse and such written notice shall specify in reasonable detail the relevant terms of request to retain such amounts. (f) To the extent that, at any time, there is no outstanding Indebtedness owed under the Loan, all Joint Venture Distributions shall be made to Borrower and Borrower shall be permitted to pay such amounts to Parent either to repay Indebtedness owed by Borrower to Parent or as a dividend. (g) Any reserve accounts established pursuant to this Section 2.3 shall be invested in money market accounts pursuant to instructions from the Borrower only upon the expiration, cancellation, satisfaction or other termination of such reimbursement obligationsand shall accrue interest thereon.