Amortization of Bank Bonds Sample Clauses

Amortization of Bank Bonds. So long as no Event of Termination shall have occurred and be continuing and so long as no Alternate Liquidity Facility shall have become effective (with respect to which the provider of such Alternate Liquidity Facility shall have purchased all Bank Bonds then held by the Bank at a price equal to principal plus accrued interest (including interest accrued at the Bank Rate)), then, upon (A) the occurrence of an Event of Default or (B) the expiration of the Bank Purchase Period, the Company shall amortize the Bank Bonds, and shall provide for the Bank Bonds to be amortized pursuant to the Insurance Policy, over a five-year period (the "Amortization Period"), in equal semi-annual installments, commencing six months after the occurrence of such Event of Default or the end of such Bank Purchase Period, as the case may be; provided, however, that if the Bank Purchase Period shall have terminated because the Purchase Termination Date shall have occurred, then this paragraph (c) shall not apply and the remedies set forth in Section 8.2(a) shall apply. During such Amortization Period, interest shall continue to accrue on the Bank Bonds at the Bank Rate. Notwithstanding the foregoing, upon the occurrence of an Event of Termination (even if such Event of Termination occurs during such Amortization Period), the Bank shall tender the Bank Bonds to the Company for immediate purchase, and the Company shall so purchase such Bank Bonds and any additional Tendered Bonds purchased by the Bank during the remainder of the Bank Purchase Period.
Sample 1
AutoNDA by SimpleDocs

Related to Amortization of Bank Bonds

  • Amortization Events The occurrence of any one or more of the following events shall constitute an Amortization Event:

  • Redemption of Bonds The Authority shall take, or cause to be taken, the actions required by the Indenture to discharge the lien created thereby through the redemption, or provision for payment or redemption, of all Bonds then Outstanding, or to effect the redemption, or provision for payment or redemption, of less than all the Bonds then Outstanding, upon receipt by the Authority and the Trustee from the Company of a notice designating the principal amount of the Bonds to be redeemed, or for the payment or redemption of which provision is to be made, and, in the case of redemption of Bonds, or provision therefor, specifying the date of redemption and the applicable redemption provision of the Indenture. Such redemption date shall not be less than 45 days from the date such notice is given (unless a shorter notice is satisfactory to the Trustee). Unless otherwise stated therein, such notice shall be revocable by the Company at any time prior to the time at which the Bonds to be redeemed, or for the payment or redemption of which provision is to be made, are first deemed to be paid in accordance with Article VIII of the Indenture. The Company shall furnish any moneys or Government Obligations (as defined in the Indenture) required by the Indenture to be deposited with the Trustee or otherwise paid by the Authority in connection with any of the foregoing purposes.

  • Automatic Acceleration of Maturity If any Event of Default pursuant to paragraph (e) of Section 7.01 shall occur,

  • Amortization Events or Potential Amortization Events The occurrence of each Amortization Event and each Potential Amortization Event, by a statement of an Authorized Officer of such Seller Party.

  • Payment of Fund Moneys Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out moneys of the Fund in the following cases only:

  • Amortization Payments The Company shall make three payments (each an “Amortization Payment”) as follows: on the six-month anniversary of the Original Issue Date, on the seven-month anniversary of the Original Issue Date, and on the Maturity Date (each such date a “Payment Date”), provided that if any Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day. Each Amortization Payment shall be equal to one-third of the original principal amount of the Note, plus all accrued interest thereon as of the Payment Date, as adjusted pursuant to Section 2(c) below. At the Holder’s option (except as set forth herein), payment may be made in cash or in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, provided the Company complies with the Equity Conditions provided in Section 2(d), below.

  • Early Amortization Events If any one of the following events shall occur:

  • Notification of Maturity Date With respect to each Mortgage Loan, the Seller shall execute and deliver to the Mortgagor any and all necessary notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the maturity date if required under applicable law.

  • Amortization of Term Loans (a) Subject to adjustment pursuant to paragraph (c) of this Section 2.10, the Borrowers shall repay Term Loan Borrowings on the last day of each March, June, September and December (commencing on December 31, 2016) in the principal amount of Term Loans equal to (i) the aggregate outstanding principal amount of Term Loans immediately after closing on the Effective Date multiplied by (ii) 0.25%; provided that if any such date is not a Business Day, such payment shall be due on the next succeeding Business Day.

  • Rapid Amortization Events If any one of the following events occurs during the Managed Amortization Period:

Time is Money Join Law Insider Premium to draft better contracts faster.