Required Principal Payment means, with respect to each class of Securities, for any Payment Date, such Class’s pro rata portion of the sum of (i) the principal portion of the Prepayment Amount, if any, deposited into the Payment Account during the related Due Period and (ii) any cash withdrawn from the Buyer’s Account in respect of principal and deposited into the Payment Account pursuant to Section 5.2(a) or (b), including on the Expiration Date.
Required Principal Payment means (a) in connection with each Release Price paid to Lender in connection with the sale of a Lot or Home, the Release Note Payment Amount to be applied to the outstanding Loan Balance, and (b) that certain quarterly principal payment to be made during the Reduction Period in order to reduce the outstanding Loan Balance to an amount not greater than the then-applicable Reduced Commitment Amount.
Required Principal Payment means, as of any date of determination, the amount by which the aggregate outstanding Note Fundings exceeded the then applicable Borrowing Base, or such greater amount as shall be specified by the Issuer as of any Payment Date.
Examples of Required Principal Payment in a sentence
During the prior year, the Group repaid the Bridge Loan component in full.On 30 December, 2022, upon appointment of Brooksville Company LLC as Operating Member of the Group’s 1 – 4 family portfolio (refer note 22), the loan agreement was amended to include a principal repayment requirement equivalent to 1% of the outstanding principal balance measured on the first day of the related calendar year (Minimum Required Principal Payment, MRPP).
Except as otherwise provided in this Agreement, Borrower shall not transfer assets to any third party, except in the ordinary course of business, unless the Required Principal Payment is made with respect thereto (in which event the transfer shall be free, clear and discharged of the Bank’s security interest in the assets involved).
Borrower shall make each Required Principal Payment in connection with each sale of a Home and Lot.
Notwithstanding anything else to the contrary in the Loan Documents, following the Required Principal Payment (as defined below), as of the Effective Date, the maximum loan amount available to Borrowers under the Loan shall be reduced from $14,328,990.67 to $6,828,990.67 (the “Reduced Commitment”), and Borrowers shall not be entitled to any further disbursements of Loan proceeds.
More Definitions of Required Principal Payment
Required Principal Payment means the Release Price paid to and applied by Lender to the outstanding Loan Balance.
Required Principal Payment is defined in Section 8.2(a).
Required Principal Payment. On each Settlement Date beginning on the first Settlement Date to occur following the earlier of (A) the six (6) month anniversary of the date upon which the Facility utilization rate exceeds the Threshold Utilization Rate, and (B) the end of the Availability Period, and in accordance with the Cash Flow Waterfall (as defined herein), all amounts collected (excluding, so long as no Event of Default has occurred and is continuing, maintenance reserves and security deposits) in excess of the required interest expense, management fees, permitted expenses and Cash Collateral top-up amounts, if any, will be used to amortize the Loan. All securitization proceeds or any Prepayments (voluntary or otherwise) will be used to pay down the Loan in accordance with the Cash Flow Waterfall and as specified herein.
Required Principal Payment means, as of any date of determination, the amount by which the aggregate outstanding Revolving Advances exceeded the then applicable Borrowing Base.
Required Principal Payment means the dates and amounts set forth in the Statement of Terms.
Required Principal Payment means an amount equal to Ten Million Dollars and No/100 Dollars ($10,000,000.00). “Required Lenders” means as of any date of determination at least two (2) Lenders having at least sixty-six and two-thirds percent (66-2/3%) of the Aggregate Commitments or, if the Aggregate Commitments have been terminated, at least two Lenders holding in the aggregate at least sixty-six and two-thirds percent (66-2/3%) of the total outstanding amount of all Indebtedness; provided that the Commitment of, and the portion of the total outstanding amount of all Indebtedness held by, any Defaulting Lender shall be excluded for purposes of making a determination of the Required Lenders. At any time that there is only one (1) Lender, then “Required Lenders” shall mean such Lender. At any time that there are only two (2) Lenders, then, subject to the following sentence, “Required Lenders” shall mean each such Lender. At any time that all but one (1) of the Lender are Defaulting Lenders, then “Required Lenders” shall mean the non-Defaulting Lender. “Requirements” means, collectively, all applicable orders, restrictions and requirements of, and all written agreements with and written commitments to, any Governmental Authority, including any utility district or similar authority, having jurisdiction over the Property, including all Laws, ordinances and resolutions relating to zoning, land use, building, health and environmental requirements, all subdivision and platting requirements, all recorded covenants and restrictions affecting the Property, and any similar order, ordinance, resolution or requirement by such Governmental Authority. “Rescindable Amount” has the meaning set forth in Section 1.7(b). “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any equity or other ownership interest in Borrower or any subsidiary of Borrower, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such equity or other ownership interests in Borrower or any subsidiary of Borrower or any option, warrant or other right to acquire any such equity or other ownership interest in Borrower or any subsidiary of Borrower; provided, however, that an...