Adjustment of Principal Balance Sample Clauses

Adjustment of Principal Balance. Section 2.2 is hereby replaced in its entirety with the following: As of the Issuance Date, the principal balance of the Note is $425,365.48 and notwithstanding any provision to the contrary in the Note or the Stock Purchase Agreement, such principal balance shall not decrease, except in the event of payment or pursuant to Section 10.8 of the Stock Purchase Agreement.

Adjustment of Principal Balance. (a) On the Adjustment Date, the outstanding principal balance of Term Loan A shall be adjusted to an amount equal to 75 percent of the appraised value of the fixed assets of Borrower and its domestic Subsidiaries as established in the Appraisal. In the event that such amount exceeds the then outstanding principal balance of Term Loan A, then the outstanding principal balance of Term Loan A shall be increased by the difference (“Excess Amount”) and the outstanding principal balance of Term Loan B shall be reduced by the Excess Amount. In the event that such amount is less than the then outstanding principal balance of Term Loan A, then the outstanding principal balance of Term Loan A shall be decreased by the difference (“Deficit Amount”) and the outstanding principal balance of Term Loan B shall be increased by the Deficit Amount. (b) Within 10 days of request by U.S. Bank after the Adjustment Date, Borrower shall execute and deliver to U.S. Bank notes to renew Term Note A and Term Note B in such form as requested by U.S. Bank, in order to accurately reflect the adjusted principal balance of Term Loan A and Term Loan B in accordance with Section 3.7(a).

Adjustment of Principal Balance. The Initial Principal Balance shall be increased or decreased in accordance with the terms of Section 2.5(b) of the Stock Purchase Agreement.

Adjustment of Principal Balance. The principal sum of this Note set forth in the preamble hereof may be reduced prior to the Maturity Date (a) if one or more of the individuals listed on the attached Schedule 1 (including Xxxxxxxxx Xxx) leaves the employment of Maker and rejoins Payee as an employee or independent contractor on or before the Maturity Date and (b) if Xxxxxxxxx Xxx is not subject to (a) above and is not employed by Maker as of April 15, 2002. The amount of such reduction will be determined on the Maturity Date and will equal (i) the sum of the amounts set forth on Schedule 1 under the column “Departure Payment” for each individual listed on Schedule 1 who has rejoined Payee as an employee or independent contractor on or before the Maturity Date plus (ii) with respect to Xxxxxxxxx Xxx, the sum of [***] if Xx. Xxx is not employed by Maker as of April 15, 2002, but only if she has not been included under (i) above. Nothing in this Section 1 limits or alters the obligation of Payee to refund to Maker Departure Payments paid by Maker for a period of two (2) years from March 19, 2001, as such obligation is set forth in Section 6(c) of that certain Agreement dated March 19, 2001 between Maker, Payee and PA Holdings Limited.

Adjustment of Principal Balance. If the Purchase Price is adjusted pursuant to Section 3.3 of the Agreement, the principal amount of this Note shall automatically be reduced or increased, as the case may be, as provided in such Section. Upon receipt from Maker of a replacement promissory note providing for such reduced or increased principal amount, Payee shall promptly return this Note to Maker.