Description of Changes in Terms Sample Clauses
Description of Changes in Terms. As from the Modification Effective Date:
Description of Changes in Terms. The definition of “Maturity Date” in Annex I to the Agreement is amended by deleting such definition in its entirety and substituting, in lieu thereof, the following:
Description of Changes in Terms. As of the Effective Date, the Loan Agreement is modified in the following respects:
Description of Changes in Terms. Effective automatically upon the Modification Effective Date:
(a) The Loan – Repayment. The “Repayment” clause of Section 1 of the Schedule is amended and restated to read in its entirety as follows (quotation marks and formatting for convenience of reading only):
Description of Changes in Terms. (a) Section 2.4(c) of the Agreement is amended by deleting the first proviso thereof and substituting, in lieu thereof, the following: provided that the Borrower, the Banks and the Agent intend that the Borrower shall use Interest Advances, to the extent available pursuant to the terms hereof, to pay accrued and unpaid interest on the Loans and/or to pay accrued and unpaid commitment commission due under Section 4.1 of this Agreement when such interest and/or commitment commission is due and the Borrower lacks other funds to make such payment,
(b) Section 2.4(f) of the Agreement is amended by deleting the first parenthetical in the first sentence thereof and substituting, in lieu thereof, the following: (except any Transfer of the Trust Land to the United States in trust for an Indian Tribe which is developing a casino in conjunction with the Borrower, which shall not cause any obligation by the Borrower hereunder)
(c) Section 8.8 of the Agreement is amended by deleting the first sentence thereof and substituting, in lieu thereof, the following: The Borrower will not, and will not permit any of its Subsidiaries to consummate any Transfer of the Monticello Land except a Transfer of the Trust Land to the United States in trust for an Indian Tribe which is developing a casino in conjunction with the Borrower.
(d) Section 8.12 of the Agreement is amended by deleting (i) the table set forth therein and substituting, in lieu thereof, the following: 2005 $350,000 2006 $350,000 2007 $350,000 and (ii) deleting clause (a) of the last proviso of such Section and substitutiing, in lieu threof, the following:
(a) a casino developed in conjunction with an Indian Tribe on the Trust Land.
(e) Section 10.7(b) of the Agreement is amended by deleting the second sentence thereof and substituting, in lieu thereof, the following: The proceeds of Interest Advances shall be used to pay accrued and unpaid interest on the Loans and/or accrued and unpaid commitment commission due under Section 4.1 of this Agreement.
(f) The definitions of “Applicable Asset Sale”, “Maturity Date” and “Trust Land” in Annex I to the Agreement are amended by deleting such definitions in their entireties and substituting, in lieu thereof, respectively, the following:
Description of Changes in Terms. (a) Section 2.2(a) of the Agreement is amended by deleting clause (D) of the second sentence thereof.
(b) Section 2.2(a) of the Agreement is further amended by deleting the last sentence thereof.
(c) Section 2.4(c) of the Agreement is amended by deleting the first proviso thereof.
(d) Section 2.4(e) of the Agreement is amended by deleting such Section in its entirety and substituting, in lieu thereof, the following: If, by the date which is six months prior to the Maturity Date, the Consolidated Debt Service Coverage Ratio as of end of the preceding fiscal quarter with respect to Monticello Raceway Management shall not be greater than 1.5 to 1, then such amount of the unpaid principal amount of the Loans which, if repaid, would cause the Consolidated Debt Service Coverage Ratio with respect to Monticello Raceway Management to be greater than 1.5 to 1 shall be immediately due and payable on the date which is six months prior to the Maturity Date, PROVIDED that if the Consolidated Debt Service Coverage Ratio with respect to Monticello Raceway Management would be less than 1.5 to 1 even if the entire unpaid principal amount of all the Loans were repaid, then the entire unpaid principal amount of all the Loans and of all of the other unpaid Obligations shall become and be absolutely and unconditionally due and payable in full on the date which is six months prior to the Maturity Date.
(e) Section 3.1 of the Agreement is amended by deleting such Section in its entirety and substituting, in lieu thereof, the following:
Description of Changes in Terms. As from the Modification Effective Date:
4.1 Restatement of Section 5 of Schedule. Section 5 of the Schedule shall be amended and restated in its entirety with a new clause (a) as follows:
Description of Changes in Terms. (a) Modification(s) to Existing Loan Documents.
(1) To Exhibit A to the Loan Agreement under “Permitted Investments” is added a second clause as follows:
Description of Changes in Terms. (a) Modification(s) to Loan Agreement.
(1) To the Schedule to the Loan Agreement, Section 1(c) (“Conversion”), in the second line, the language beginning with “, subject” and ending with “sentence” in the third line is hereby deleted.
(2) To the Schedule to the Loan Agreement, Section 1(c) (“Conversion”), the following language in lines 4 through 8 shall be deleted: “; provided, however, if PFG elects to convert the Loan prior to the common stock of Borrower being listed on a U.S. national securities exchange, then PFG shall be required to convert all of the then-outstanding principal amount of the Loan”
(3) The last sentence of Section 1(e) (“Prepayment”) beginning with “Notwithstanding” and ending with “terminate.” is hereby deleted, with the intended effect that Borrower’s right to prepay the Loan (or the remaining portion thereof to the extent a portion has been converted) is not terminated by PFG’s partial conversion of the Loan.
Description of Changes in Terms. A. Modification(s)