Minimum Amortization Sample Clauses

Minimum Amortization. Notwithstanding anything to the contrary in this Agreement, (i) on December 31, 2009, Borrowers shall pay to Lenders a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $2,000,000, (ii) on June 30, 2010, Borrowers shall pay to Lenders a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $3,000,000 and (iii) on December 31, 2010, Borrowers shall pay to Lender a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $5,000,000. Additionally, notwithstanding anything to the contrary in this Agreement, to the extent that Borrowers have exercised one or both extension options set forth in Section 2.9 hereof in accordance with the terms thereof, (i) on June 30, 2011, Borrowers shall pay to Lenders a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $5,000,000, (ii) on December 31, 2011, Borrowers shall pay to Lender a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $5,000,000, (iii) on June 30, 2012, Borrowers shall pay to Lenders a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $5,000,000, and (iv) on December 31, 2012, Borrowers shall pay to Lenders a cash amount (to be applied in accordance with Section 2.3(a)(i) hereof) equal to $5,000,000. Agent and Lenders shall have no obligation to release any Liens on any Collateral in connection with such payments. Each such payment shall immediately result in a corresponding permanent reduction in the Maximum Loan Amount. Upon receipt of payment of any Repayment Amount, insurance proceeds, Condemnation Compensation or mandatory prepayment pursuant to Section 2.3(f) to be credited toward payment of principal of the Loan pursuant to Section 2.3(a)(i) hereof, Agent shall credit the amount actually received to the next scheduled required amortization payment(s) described above. In the event that, as of the end of each such amortization period described above, the Repayment Amount(s), insurance proceeds, Condemnation Compensation and/or mandatory prepayments pursuant to Section 2.3(f) actually collected by Agent through the end of such amortization period is not sufficient to satisfy the amount of principal reduction payable by Borrower to Agent and Lenders through the end of such amortization period, Borrower shall pay to Agent such difference. In the event that, as of the end of each such amortization period, the Repayment Amounts, insuran...
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Minimum Amortization. Beginning on the earliest to occur of (i) -------------------- -------- the commencement of the sale of Units, (ii) the completion of construction of the Resort Improvements, or (iii) October 1, 2003 ("Start Date"), ---------- Borrower shall make additional payments of principal in the amount of the Release Price applicable to each Interval sold, as and when such Intervals are sold to Purchasers. On each Test Date thereafter, Borrower shall make an additional payment to Lender equal to the positive difference, if any, between (i) the total of all Release Prices paid to Lender as of such Test Date, and (ii) the Minimum Amortization Amount payable as of such Test Date. As used herein, "Test Period" means the six (6) most-recent full ----------- calendar months preceding the applicable Test Date and the term "Test Date" --------- means last day of the sixth consecutive calendar month immediately following the Start Date and the last day of every consecutive sixth calendar month period thereafter during the term of the Loan; provided, -------- however, that if less than 3 months remain between the 3/rd/ Test Date and ------- the Maturity Date of the Loan, the 3/rd/ Test Date shall be deemed to be the Maturity Date, or if more than 3 months remain between the 3/rd/ Test Date and the Maturity Date of the Loan, then Lender shall have the right, at any time, to adjust the Test Date or the Minimum Amortization Amount to ensure that the Loan amortizes fully by the Maturity Date. As used herein, the term "Minimum Amortization Amount" means an amount equal to the --------------------------- following: Period Minimum Amortization ------ -------------------- Amount* ------ Execution Date to 1/st/ Test Date 33% of Adjusted Committed Sum Execution Date to 2/nd/ Test Date 66% of Adjusted Committed Sum Execution Date to 3/rd/ Test Date 100% of Adjusted Committed Sum * Amounts shown are cumulative amounts payable to and including the noted Test Date
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Minimum Amortization. If Borrower has not exercised the extension option set forth in Section 2.9: June 30, 2010 $ 10,300,000 December 31, 2010 $ 17,800,000 If Borrower has exercised the first extension option set forth in Section 2.9: June 30, 2010 $ 10,300,000 December 31, 2010 $ 17,800,000 June 30, 2011 $ 22,800,000 December 31, 2011 $ 25,300,000 If Borrower has exercised the second extension option set forth in Section 2.9: June 30, 2010 $ 10,300,000 December 31, 2010 $ 17,800,000 June 30, 2011 $ 22,800,000 December 31, 2011 $ 25,300,000 June 30, 2012 $ 27,800,000 December 31, 2012 $ 30,300,000
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Related to Minimum Amortization

  • Rapid Amortization Events If any one of the following events occurs during the Managed Amortization Period: (a) The failure of the Sponsor or the Master Servicer to make any payment or deposit required by the Sale and Servicing Agreement within three Business Days after the payment or deposit was required to be made; (b) The failure of the Sponsor or the Master Servicer to cause the Depositor to observe or perform in any material respect the covenants of the Depositor in Section 2.01(h) or 2.05 of the Sale and Servicing Agreement.; (c) The failure of the Sponsor to observe or perform in any material respect any other covenants of the Sponsor in the Sale and Servicing Agreement that materially and adversely affects the interests of the Noteholders or the Credit Enhancer and that continues unremedied and continues to affect materially and adversely the interests of the Noteholders or the Credit Enhancer for 60 days (five days in the case of any failure to take the action specified in the second sentence of Section 2.01(f) of the Sale and Servicing Agreement or Section 2.04(b)(2) of the Sale and Servicing Agreement) after the date on which written notice of the failure, requiring it to be remedied, shall have been given to the Sponsor by the Indenture Trustee, or to the Sponsor and the Indenture Trustee by the Credit Enhancer or the Holders of not less than 51% of the aggregate Outstanding Amount of both Classes of Notes; (d) Any representation or warranty made by the Sponsor or the Depositor in the Sale and Servicing Agreement proves to have been incorrect in any material respect when made, as a result of which the interests of the Noteholders or the Credit Enhancer are materially and adversely affected and that continues to be incorrect in any material respect and continues to affect materially and adversely the interests of the Noteholders or the Credit Enhancer for 60 days after the date on which notice of the failure, requiring it to be remedied, shall have been given to the Sponsor or the Depositor, as the case may be, by the Indenture Trustee, or to the Sponsor, the Depositor, and the Indenture Trustee by either the Credit Enhancer or the Holders of not less than 51% of the aggregate Outstanding Amount of both Classes. A Rapid Amortization Event pursuant to this subparagraph (d) shall not occur if the Sponsor has accepted retransfer of the related Mortgage Loans or substituted for them during the 60-day period (or such longer period (not to exceed an additional 60 days) as the Indenture Trustee may specify) in accordance with the Sale and Servicing Agreement. (e) An Insolvency Event occurs with respect to the Transferor or the Depositor, but for this purpose the 60-day periods in the definition of Insolvency Event shall be 30 days; (f) The Trust becomes subject to registration as an "investment company" under the Investment Company Act of 1940, as amended; or (g) The aggregate of all draws under the Policy exceeds the percentage of the Original Note Principal Balance of both Classes specified in the Adoption Annex, then, when any event described in subparagraph (a), (b), (c), or (d) occurs, either the Indenture Trustee (with the consent of the Credit Enhancer), the Credit Enhancer, or the Holders of not less than 51% of the aggregate Outstanding Amount of both Classes (with the consent of the Credit Enhancer), by notice given in writing to the Transferor, the Depositor, and the Master Servicer (and to the Indenture Trustee if given by either the Credit Enhancer or the Noteholders) may declare that an early amortization event (a "Rapid Amortization Event") has occurred as of the date of the notice, and in the case of any event described in subparagraph (e), (f), or (g), a Rapid Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee, the Credit Enhancer, or the Noteholders, immediately upon its occurrence.

  • Minimum Amounts (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and (B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.

  • Expected Amortization Schedule for Principal Unless an Event of Default shall have occurred and be continuing on each Payment Date, the Indenture Trustee shall distribute to the Holders of record as of the related Record Date amounts payable pursuant to Section 8.02(e) of the Indenture as principal, in the following order and priority: (1) to the holders of the Tranche A-1 Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; (2) to the holders of the Tranche A-2 Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; (3) to the holders of the Tranche A-3 Recovery Bonds, until the Outstanding Amount of such Tranche of Recovery Bonds thereof has been reduced to zero; provided, however, that in no event shall a principal payment pursuant to this Section 3(c) on any Tranche on a Payment Date be greater than the amount necessary to reduce the Outstanding Amount of such Tranche of Recovery Bonds to the amount specified in the Expected Amortization Schedule set forth on Schedule A hereto for such Tranche and Payment Date.

  • Amortization Such Mortgage Loan does not provide for negative amortization unless such Mortgage Loan is an ARD Mortgage Loan, in which case it may occur only after the Anticipated Repayment Date.

  • Early Amortization Events In addition to the events identified as Early Amortization Events in Article XII of the Indenture, the occurrence of any of the following events (each, an “Early Amortization Event”) shall result in an early amortization event for the Series [•] Notes: (a) if the Quarterly Excess Spread Percentage is less than the Required Excess Spread Percentage; or (b) a failure by Transferor under the Transfer Agreement to convey Receivables in Additional Accounts within five Business Days after the day on which it is required to convey such Receivables pursuant to Section 2.11(a) of the Transfer Agreement or, if applicable, Section 2.15(c) of the Transfer Agreement; or (c) if any Servicer Default occurs which would have a material adverse effect on the Series [•] Noteholders; or (d) the failure to pay the Notes in full on the Expected Final Payment Date; or (e) the occurrence of an Event of Default and acceleration of the Series [•] Notes pursuant to Article VII of the Indenture; or (f) (i) failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Transfer Agreement on or before the date occurring five Business Days after the date such payment or deposit is required to be made therein or (ii) failure of the Transferor duly to observe or perform in any material respect any of its covenants or agreements set forth in the Transfer Agreement, which failure has a material adverse effect on the Series [•] Noteholders and which continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series [•] Notes; or (g) any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account schedule required to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series [•] Notes and as a result of which the interests of the Series [•] Noteholders are materially and adversely affected for such period; provided, however, that an Early Amortization Event pursuant to this Section 5.01(g) shall not be deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in accordance with the provisions of the Transfer Agreement. In the case of any event described in Sections 5.01(a), (b), (d), or (e), an Early Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Noteholders immediately upon the occurrence of such event. In the case of any event described in Sections 5.01(c), (f) or (g), after the applicable grace period, if any, set forth in such subparagraphs, either the Indenture Trustee or the holders of Series [•] Notes evidencing more than 50% of the aggregate unpaid principal amount of Series [•] Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series [•] Noteholders) may declare that an Early Amortization Event has occurred with respect to the Series [•] Notes as of the date of such notice.