Debt Reduction. On the Closing Date, Xxxxx shall have acquired all rights under the Fleet Loan Documents, the amount of indebtedness of the Company under the Fleet Loan Documents shall have been reduced to $2,000,000, and all events of default, defaults, and matters that with the passage of time would mature into defaults under the Fleet Loan Documents shall have been waived by Xxxxx as of the Closing Date. This Agreement and the Transaction Documents and consummation of the transactions contemplated hereby and thereby will not violate any provisions of the Fleet Loan Documents as revised. The Fleet Loan Documents as revised and as shall be in full force and effect on the Closing Date contain no financial covenants, negative covenants or affirmation covenants that could have a Material Adverse Effect on the Company and its subsidiaries taken as whole. None of the Company or any of its officers, directors, employees, agents or affiliates are parties to any side letters or other agreements with Xxxxx, Fleet or any of their respective officers, directors, employees, agents or affiliates other than the Sixth Loan Modification Agreement. None of the Company or any officers, directors, employee, agent or affiliate of the Company or any of its subsidiaries is affiliated with or otherwise related to Xxxxx or any of its officers, directors, employees, agents or affiliates.
Debt Reduction. On the Closing Date, Xxxxx shall have acquired all rights under the Fleet Loan Documents, the total amount of indebtedness of the Company under the Fleet Loan Documents shall have been reduced to $2,000,000, and all events of default, defaults, and matters that with the passage of time would mature into defaults under the Fleet Loan Documents shall have been waived by Xxxxx as of the Closing Date, and the Sixth Loan Modification Agreement shall have been executed and delivered by the parties thereto and shall be in full force and effect.
Debt Reduction. Immediately prior to the Subsequent Closing, total outstanding indebtedness for funded debt or available borrowings to the Company, not including the Notes issued at the Initial Closing, shall not exceed $114 million, including debt evidenced by loans from the FCC and Lucent Technologies, Inc., and all documentation governing or evidencing such indebtedness and any collateral therefor shall be acceptable to each Purchaser in its sole and absolute discretion.
Debt Reduction. At closing, Lender shall give to Seller a credit -------------- for debt reduction to Lender in the amount of Five Million Five Hundred Twenty Nine Thousand Five Hundred One Dollars and no/100 ($5,529,501.00). This credit shall be made against debt currently owed by Seller to Lender.
Debt Reduction. Borrower and Lender agree to convert Three Million Dollars ($3,000,000) in Indebtedness under the Note and Loan Agreement to Common Stock of the Borrower at the closing of this agreement, provided that St. Jamex xxxverts at least Two Million Dollars ($2,000,000) of Borrower's debt at the same time.
Debt Reduction. (a) The Company shall use commercially reasonable efforts, subject to any restrictions set forth in this Section 4, to obtain a net reduction in the amount of unsecured liabilities of the Company as of the Unaudited Balance Sheet Date by at least $1,500,000.
(b) The Company shall use commercially reasonable efforts to obtain a release from U.S. Bancorp Libra, a division of U.S. Bancorp Investments, Inc., a Minnesota corporation ("U.S. Bancorp") and the other holders of convertible promissory notes (the "Note Holders") pursuant to that certain Investment Agreement dated as of August 15, 2000 by and among the Company, IRSII, IRSI Japan, U.S Bancorp and the investors set forth on Exhibit A thereto (the "Investment Agreement"), in form and substance satisfactory to Parent, providing that, upon payment at the Closing of any outstanding principle and accrued but unpaid interest, the Note Holders will waive and forever discharge the obligation of the Company (and its successors and assigns) as to the thirty percent (30%) premium payable to the Note Holders in connection with a change of control pursuant to Section 2.5(b) of the Investment Agreement (the "Change of Control Premium").
(c) The Company shall use commercially reasonable efforts to obtain an agreement with U.S. Bancorp to accept shares of Parent Common Stock in lieu of cash in full satisfaction of the Company's obligation to U.S. Bancorp (excluding the Change of Control Premium); provided, however, that the number of shares of Parent Common Stock to be issued thereunder shall not exceed an amount equal to (1) the Company's total obligation to U.S. Bancorp (other than the Change of Control Premium), divided by (2) the average of the closing sale prices of a share of Parent Common Stock as reported on the Nasdaq National Market for each of the ten (10) consecutive trading days preceding the date three (3) days prior to the Closing (the "Closing Stock Price").
Debt Reduction. The Buyer shall inform the Seller, at least 10 Business Days prior to the Closing Date, whether the Debt of Haimeng must be reduced to an aggregate amount not to exceed US$19 million (computed at the then-current exchange rate officially published by the People’s Bank of China) effective on or immediately prior to the Closing Date. If the Buyer does so inform the Seller, then the Buyer, to facilitate such reduction of the Debt, shall prepay a portion of the accounts receivable owed to Haimeng in an amount sufficient for Haimeng to so reduce the Debt of Haimeng. The effect of such prepayment and such Debt reduction on Haimeng’s Debt, cash, and accounts receivable shall not be taken into account for purposes of the calculations in Section 3.2 and such calculations shall be made as though such prepayment and such Debt reduction had not occurred.
Debt Reduction. It is specifically agreed that Seller shall have no claim or interest pertaining to any debt or equity financing(s), regardless of the number of financings, up to and including the amount of four million five hundred thousand ($4,500,000.00) dollars which amount Purchaser has agreed per Article 9
Debt Reduction. The Company shall have made appropriate arrangements to obtain debt reduction of approximately $2,000,000.
Debt Reduction. As of the Settlement Effective Date, in consideration for the Surrender of the REIT Collateral, Huntington agrees to accept the Surrender of the REIT Collateral, and Huntington and M&I, as applicable, further agree as follows:
(i) Huntington, in its capacity as a Lender, agrees to reduce the amounts owing on Huntington’s portion of the Tranche A Advances under the Legacy Credit Agreement by an amount equal to $478,000,000 (the “Legacy Reduction”). After the application of the Legacy Reduction, each of the Legacy Loan Parties agrees (i) that it jointly and severally owes, without offset, recoupment or dispute to the Lenders under the Legacy Credit Agreement and the other Loan Documents, as of May 23, 2011, the aggregate principal sum of $172,842,351.34, in respect of Tranche A, the aggregate principal sum of $434,345,117.87, in respect of Tranche B, and the aggregate principal sum of $171,085,453.92, in respect of Tranche C, as further set forth in Schedule 3 hereto, in each instance, together with interest, fees, expenses, and other charges owing pursuant to the terms of the Legacy Credit Agreement and the other Loan Documents;
(ii) Huntington, in its capacity as a party to the ISDA Agreements, agrees in favor of the Legacy Loan Parties, Holding and FCMC to fully satisfy the “close out” indebtedness relating to the following swap transactions terminated as of January 25, 2011: (1) (ref: #20165HU) with an effective date of March 5, 2008, termination date of March 5, 2011, and notional amount of USD70,000,000; (2) (ref: #20166HU) with an effective date of March 5, 2008, termination date of March 5, 2012, and notional amount of USD45,000,000; (3) (ref: #20733HU) with an effective date of May 5, 2008, termination date of May 5, 2011, and notional amount of USD175,000,000; and (4) (ref: #20734HU) with an effective date of May 5, 2008, termination date of May 5, 2011, and notional amount of USD100,000,000, in the aggregate “close-out” amount of $5,687,141.60 (net of amounts owed to M&I pursuant to subrogation);
(iii) M&I, in its capacity as a party entitled to subrogation under the terms of its Risk Participation in the ISDA Agreements agrees in favor of the Legacy Loan Parties, Holding and FCMC to fully satisfy the “close out” indebtedness relating to the swap transactions terminated as of January 25, 2011, and described above in paragraph 3(ii), in the aggregate sum of $775,519.31;
(iv) Huntington, in its capacity as a party to the ISDA Agreements agrees in fa...