Additional Principal Payments Sample Clauses

Additional Principal Payments. Borrower shall be rewired to prepay the principal owing under the Term Loan in the following circumstances: (i) should the construction cost for the Madera Facility to be constructed on the Real Property be less than $42.6 million then Borrower shall promptly pay lender the difference between the actual construction cost and $42.6 million: and (ii) should Borrower obtain construction funding for the Second Facility Borrower shall promptly pay Lender all principal and accrued interest then outstanding.

Additional Principal Payments. If at any time the interest on this Restated Note accrued during any month is less than $50,000 (pro rata for any partial month), Borrower shall pay to Lender the difference between $50,000 (or such pro rata portion thereof) and the interest accruing on this Restated Note during such month, to be applied to the Obligations in accordance with Section 7.

Additional Principal Payments. In the event that the Company has Free Cash as of the end of any Quarter, the Company shall use such Free Cash to make additional payments of principal; provided, however, that no such payment will be required if the total annualized amount of Free Cash as of the end of such Quarter is equal to or greater than Four Million Dollars ($4,000,000); and provided, further, that in the event that no payment is required pursuant to the first sentence of this Section 4, and as a result, the Company uses Free Cash to redeem Series A Preferred Stock under the Company's Restated Certificate of Incorporation, no default shall be deemed to have occurred hereunder by virtue of such payment. For purposes of this Section 4, the amount of total annualized Free Cash as of the end of any Quarter shall be determined by multiplying (a) the aggregate amount of Free Cash for the current and all preceding Quarters of the Company's current fiscal year by (b) the appropriate Annualization Factor. For purposes of the preceding sentence, the Annualization Factor for any Quarter shall be determined as follows: (w) for the first Quarter of the Company's fiscal year the Annualization Factor shall be four (4); (x) for the second Quarter of the Company's fiscal year the Annualization Factor shall be two (2); (y) for the third Quarter of the Company's fiscal year the Annualization Factor shall be four-thirds (4/3); and (z) for the fourth Quarter of the Company's fiscal year the Annualization Factor shall be one (1). Notwithstanding the foregoing, after the Company has redeemed all of its shares of Series A Preferred Stock, all Free Cash shall be used by the Company to make additional payments of principal at the end of each Quarter, regardless of the amount of the Free Cash available as of the end of any Quarter. Any payments shall be made to all Holders of the Notes, pari passu, and applied against the outstanding principal balances of the Notes.

Additional Principal Payments. Commencing April 1, 2009 and on the first (1st) day of each calendar quarter thereafter, Borrower shall pay to Agent for the account of the Lenders as a prepayment of principal of the Loans an amount equal to $500,000.00, together with any amounts due pursuant to §4.8.

Additional Principal Payments. (a) In the event that the Capital Event has not occurred on or before August 7, 2008, then commencing September 10, 2008 and continuing on the 10th day of each month thereafter until the occurrence of the Capital Event, Borrowers shall pay to Agent for the account of the Lenders as a prepayment of principal of the Loans an amount equal to the Excess Cash Flow from the preceding month (such payments of principal hereinafter referred to as “Additional Principal”), together with any amounts due pursuant to §4.8. Additional Principal shall first be applied to the outstanding principal of Swing Loans, then to the outstanding principal of Revolving Credit Loans, and then to the outstanding principal of Term Loans. The amount of Additional Principal shall be subject to adjustment in accordance with the terms of this Agreement. (b) With each payment of Additional Principal, and within ninety (90) days after the close of each twelve (12) monthly calculation periods, as applicable, Borrowers shall furnish to Agent a statement in form and substance reasonably satisfactory to Agent, (i) itemizing the Excess Cash Flow for the immediately preceding calculation period or twelve (12) month period, as applicable, and (ii) setting forth the calculation of Additional Principal for such calculation period or such twelve (12) month period, as applicable. Borrowers shall deliver to Agent with each such statement an affidavit signed by the chief financial or accounting officer of Parent Borrower certifying that such statement has been prepared in accordance with the terms of this Agreement and presents correctly the items shown therein. Upon the written request of Agent, Parent Borrower shall cause such statements to be audited by an independent certified public accountant reasonably acceptable to Agent, and Parent Borrower shall provide Agent with such audited statements within one hundred twenty (120) days after the end of each calendar year. The costs of such audit shall be borne by Parent Borrower. (c) Agent may notify Parent Borrower within ninety (90) days after the receipt of any such statement that Agent disputes any computation or item contained in any portion of such statement. In the event Agent so notifies Parent Borrower, the parties shall meet in good faith to resolve such disputed items. If the parties are unable to resolve such disputed items between themselves within thirty (30) days after written notice from Agent to Parent Borrower of such disagreement, the it...

Additional Principal Payments. (i) On each August 31, commencing on August 31, 1997 and continuing until the termination of this Agreement or the payment in full of the entire principal of the Term Loan, FM Manufacturing will pay to Bank, in addition to the payments required under Sections 2.3.1 and 2.3.2(ii), an installment of principal of the Term Loan in an amount equal to 30% of Borrowers' Excess Cash Flow (as defined below), if any, for Borrowers' fiscal year then most recently ended. As used in this Section 2.3.2, "Excess Cash Flow" means, for any period, Borrowers' consolidated net income, after taxes, for the period, plus all depreciation, amortization and other noncash charges for the period, plus all extraordinary expenses for the period, less all capital expenditures (other than capital expenditures paid for with the proceeds of long-term debt or capitalized leases) made during the period, but only to the extent that such capital expenditures are permitted pursuant to Section 1 of Exhibit 10.29, less the amount of principal payments on any long-term debt or capitalized leases made during the period, less the dividends paid by Borrowers during the period to the extent authorized pursuant to Section 10.19. For purposes of this Section 2.3.2(i), Excess Cash Flow will be determined on the basis of the annual financial statements required to be delivered to Bank pursuant to Section 8.7. The portion of the Excess Cash Flow paid to Bank will be applied by Bank against the Term Loan to the last to mature of the payments of principal due on the Term Loan under this Section 2.3.

Additional Principal Payments. So long as the principal balance is greater than $3,250,000.00, within 120 days after the end of each of Borrower's fiscal years, the Borrower promises and agrees to pay to the Bank as a further payment of the principal of the Term Loan, an amount determined as follows: (I- E)*P Where: I = net profit plus depreciation plus amortization for the fiscal year just ended. E = principal payments made on long term debt made during the fiscal year just ended plus preferred dividends plus capital expenditures. P = for FYE 1996, 10%; for FYE 1997, 15%; and 20% for each FYE thereafter. Each payment received by the Bank shall, at the Bank's option, be applied to pay interest then due and unpaid and the remainder thereof (if any) shall be applied to pay principal.

Additional Principal Payments. In addition to all other payments due to the Lenders by Borrower pursuant to the Credit Agreement or this Amendment, on or before April 15, 2003, Borrower agrees to pay to the Lenders an additional principal payment (the "Principal Make-Up Payment") on the Term Loan in an amount to be determined as follows. In the event Borrower's Consolidated EBITDA for its 2002 Fiscal Year is $12,000,000 or greater, the Principal Make-Up Payment shall be $2,000,000. In the event Borrower's Consolidated EBITDA for its 2002 Fiscal Year is less than $12,000,000, the Principal Make-Up Payment shall be an amount equal to (a) $2,000,000 less (b) $0.66 multiplied by ($12,000,000 less Borrower's Consolidated EBITDA). For example, if Borrower's Consolidated EBITDA is $10,000,000, the Principal Make-Up Payment would be $680,000 ($2,000,000 less $0.66 multiplied by ($12,000,000 less $10,000,000) = $2,000,000 less $1,320,000 = $680,000). In calculating Borrower's Excess Cash Flow for its 2002 Fiscal Year, the Principal Make-Up Payment shall be an additional deduction from Consolidated EBITDA. The Principal Make-Up Payment shall be applied to repayment of the Term Loan in reverse order of maturity.

Additional Principal Payments. On or before the Effective Date, the Obligors shall cause: (a) the payment to the Administrative Agent for the ratable benefit of the Lenders in immediately available funds of a portion of the proceeds of the HCP Transaction in the amount of Fifteen Million Dollars ($15,000,000) to be applied as a cash principal repayment of the Loans; and (b) the grant of a security interest to the Administrative Agent to secure the Obligations and the assignment to the Administrative Agent for the ratable benefit of the Lenders in accordance with a Security Agreement of even date herewith (the “Security Agreement”), all right, title and interest of the Sunrise Parties in certain residual payments (the “Residual Payments”) owed to the Sunrise Parties in connection with the HCP Transaction in the aggregate amount of Ten Million Dollars ($10,0000,000). Each Residual Payment upon its payment shall be paid to the Administrative Agent for the ratable benefit of the Lenders for application as a cash principal repayment of the Loans; provided, that the assignment of and security interest in the Residual Payments provided to the Administrative Agent in accordance with the terms of the Security Agreement shall terminate upon the earlier of (x) the irrevocable payment in full of the aggregate unpaid balances of the Loans; or (y) the irrevocable receipt by the Administrative Agent of one hundred percent (100%) of the Residual Payments in the aggregate amount of Ten Million Dollars ($10,000,000.00). The Obligors covenant and agree that on or before the date that is one year after the Effective Date, the Obligors will pay to the Administrative Agent for the ratable account of the Lenders as payments upon the unpaid principal balances of the Loans, the lesser of (i) Ten Million Dollars ($10,000,000) to reduce the principal outstanding on the Loans (including payments resulting from receipt of Residual Payments but excluding any payment received after the Effective Date pursuant to Section 2.7(d) of the Credit Agreement); or (ii) the aggregate amount of the unpaid principal balances of the Loans.

Additional Principal Payments. The following additional principal payments shall be due and payable with respect to the Loan: a. Any funds in excess of $100,000.00 remaining after August 5, 1999 in the escrow account established for tenant improvements pursuant to Paragraph 8.5 hereof shall, at the request of Lender, be applied to the repayment of the outstanding principal balance of the Loan within five (5) days of the date of such request. b. Any refund to Borrower of the tenant improvement allowance paid by Borrower to Lender pursuant to the terms of the Lease shall be applied to the repayment of the outstanding principal balance of this Note. Such principal payment shall be due and payable on the date such refund is paid to Borrower. c. Annual cash flow ("Annual Cash Flow") in excess of the sum of (i) One Hundred Thousand and 00/100 Dollars ($100,000.00); (ii) the outstanding principal balance of the Structural Repair Revolving Loan and (iii) the amount required to increase the balance of the Structural Reserve Fund to $250,000 ("Excess Cash Flow") shall be applied to reduce the principal balance of the Loan. Annual Cash Flow shall mean all cash receipts ("Cash Receipts") of Borrower less all cash expenses ("Cash Expenses") of Borrower during a 12-month period. Cash Expenses shall not include any payments to members of Borrower, including payments to any persons related to such members or to entities controlled or owned by Borrower, except for payments pursuant to a management contract approved by Lender or other disbursements approved by Lender. Annual Cash Flow shall be measured for each consecutive 12-month period ("Cash Flow Year") during the term of the Loan. The first Cash Flow Year shall commence on the first day of the first full month of the Lease, as defined in Paragraph 6.26, and shall end on the last day of the first full 12 months of the Lease. Borrower shall deliver to Lender an annual statement (the "Annual Cash Flow Report") within 45 days of the end of each Cash Flow Year in form and substance satisfactory to Lender containing a summary in the form of Exhibit B setting forth Cash Receipts, Cash Expenditures and Annual Cash Flow during such year. The first One Hundred Thousand and 00/100 Dollars ($100,000.00) of Annual Cash Flow may be disbursed by Borrower without restriction 15 days after Borrower has delivered the Annual Cash Flow Report to Lender ("Cash Flow Disbursement Date"), provided Lender has not delivered written objection to the Annual Cash Flow Report to...