Common use of Maximum Principal Amount Clause in Contracts

Maximum Principal Amount. In the event that the outstanding principal balance of the Loan plus the Letter of Credit Usage exceeds the Maximum Principal Amount at any time, Borrower shall pay the amount of such excess to Bank, without notice or demand, and any amount not so paid shall bear interest at the Default Rate until paid. Borrower's obligation to pay principal pursuant to this Section 2.2 shall include (but not be limited to) an obligation to pay principal in an amount required to reduce the outstanding principal balance of the Loan plus the Letter of Credit Usage to an amount equal to or less than Ten Million Dollars ($10,000,000) at all times. This is an absolute obligation to pay to Bank the amount of the unpaid principal balance of the Loan plus the Letter of Credit Usage in excess of said Maximum Principal Amount, regardless of the cause of such excess.

Maximum Principal Amount. In the event that the outstanding principal balance of the Loan plus the Letter of Credit Usage exceeds the Maximum Principal Amount at any time, Borrower shall pay the amount of such excess to Bank, without notice or demand, and any amount not so paid shall bear interest at the Default Rate until paid. Borrower's obligation to pay principal pursuant to this Section 2.2 shall include (but not be limited to) an obligation to pay principal in an amount required to reduce the outstanding principal balance of the Loan plus the Letter of Credit Usage to an amount equal to or less than Ten Twenty Million Dollars ($10,000,00020,000,000) at all times. This is an absolute obligation to pay to Bank the amount of the unpaid principal balance of the Loan plus the Letter of Credit Usage in excess of said Maximum Principal Amount, regardless of the cause of such excess.