Prepayments Redemptions Clause Samples

Prepayments Redemptions. The Borrower shall not be permitted to prepay the principal amount of the Notes out standing hereunder at any time in whole or in part, except that the Borrower shall: (a) make mandatory prepayments on the Notes outstanding hereunder to correspond with any mandatory prepayments required to be made by PIC on the applicable Initial PIC Loan or Additional PIC Loans pursuant to the PIC Loan Agreement and (b) on the first Business Day of each month, pay to PIC an amount equal to the lesser of (i) the amount on deposit in the International Project Account, as defined in the Indenture, and (ii) the amount of principal due and payable on any outstanding Note (including accrued interest thereon and any past due amounts) on the payment date for regularly scheduled installments of principal or interest thereon next following the day immediately preceding such monthly prepayment date immediately the first Business Day of such month. With respect to prepayments made pursuant to Section 2.04(b), the Borrower shall pay to PIC on the regularly scheduled payment date for payments of principal and interest on the applicable Notes a prepayment premium in an amount equal to the difference between the amount of interest that would have accrued on such Notes during such period if such prepayments had not been made and the actual amount of interest paid as a component of such prepayments. In addition, upon the occurrence of an Event of Default as defined in the Indenture, PIC shall have the right, but not the obligation, to require that the Borrower make a redemption of the outstanding principal balance of the Notes, plus all accrued interest thereon, upon Borrower's receipt of written notice from PIC electing such right of redemption.