Mandatory Prepayment of Principal. In the event that Borrower receives Earmarked Funds, Borrower shall use the Earmarked Funds to prepay principal, plus accrued interest, within two business days after such Earmarked Funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.
Mandatory Prepayment of Principal. Borrowers shall cause the direct payment by the insurer to Collateral Agent of any proceeds of life insurance on Xxxx Daily that is assigned to Collateral Agent to secure the Obligations, and these proceeds shall be applied to expenses, then interest, and then principal included in the Obligations as a prepayment of the Obligations.
Mandatory Prepayment of Principal. The Principal of this Note may be required to be prepaid, in whole or in part, at any time and from time to time in accordance with Section 2.02(b) of the Loan Agreement.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $1,000,000 but less than $2,000,000 from (A) the sale of capital stock, (B) the collection of license fees, signing fees, milestone fees, or similar fees under Borrower’s Exclusive License Agreement with Xxxxxx Laboratories, Exclusive License Agreement with Horus, B.V., or under any other present or future agreement pursuant to which Borrower grants one or more licenses to use Borrower’s patents or technology, (C) funds borrowed from other lenders, or (D) any combination of sources under clauses (A) through (C), Borrower shall use the funds in excess of $1,000,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount. 3.2.2
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $300,000 but less than $600,000 from sources described in clauses (A) through (C) of paragraph (b) of this Section 1, Borrower shall use the funds in excess of $300,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall not be available for further Draws by Borrower during the Draw Period.
Mandatory Prepayment of Principal. The Principal of this Note may be required to be prepaid in accordance with Section 2.07 of the Loan Agreement, and such prepayment shall, if made or required to be made prior to August 1, 2011, be subject to the payment of a prepayment premium as provided in Section 2.03(c) of the Loan Agreement.
Mandatory Prepayment of Principal. (1) On receipt of Net Cash Proceeds of any Equity Offering, the Borrower shall prepay the Loans in an amount equal to 50% of such Net Cash Proceeds. Any such prepayment shall be applied to the Term Loans in payment of the required monthly installments of principal in the inverse order of maturity, and after the Term Loans have been repaid in full, shall next be applied to the Revolving Loans. In addition, the Borrower shall make a mandatory prepayment on account of Revolving Loans outstanding on any date upon which the aggregate amount of outstanding Revolving Loans, Outstanding Letters of Credit and unrepaid L/C Borrowings exceeds the Aggregate Revolving Commitments on such date, said mandatory prepayment to be in the amount of such excess.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $1,000,000 but less than $2,000,000 from sources described in clauses (A) through (C) of paragraph (b) of this Section 1, Borrower shall use the funds in excess of $1,000,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall not be available for further Draws by Borrower during the Draw Period.
Mandatory Prepayment of Principal. In the event that Borrower receives, in the aggregate, an amount of funds in excess of $300,000 but less than $600,000 from (A) the sale of capital stock, (B) the collection of license fees, signing fees, milestone fees, or similar fees under Borrower's Exclusive License Agreement with Xxxxxx Laboratories, or under any other present or future agreement pursuant to which Borrower grants one or more licenses to use Borrower's patents or technology, (C) funds borrowed from other lenders, or (D) any combination of sources under clauses (A) through (C), Borrower shall use the funds in excess of $300,000 to prepay principal, plus accrued interest, within two business days after such funds are received by Borrower, and the amount of principal so prepaid shall reduce the Maximum Loan Amount.
