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...
Sample 1
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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
Sample 1
Minimum Amortization. If Borrower has not exercised the extension option set forth in Section 2.9: Date Cumulative Amortization June 30, 2010 $ 10,300,000 December 31, 2010 $ 17,800,000 April 30, 2011 Entire remaining outstanding principal balance of Loan If Borrower has exercised the first extension option set forth in Section 2.9: Date Cumulative Amortization June 30, 2010 $ 10,300,000 December 31, 2010 $ 17,800,000 June 30, 2011 $ 22,800,000 December 31, 2011 $ 25,300,000 April 30, 2011 Entire remaining outstanding principal balance of Loan If Borrower has exercised the second extension option set forth in Section 2.9: Date Cumulative Amortization 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 April 30, 2013 Entire remaining outstanding principal balance of Loan
Sample 1

Related to Minimum Amortization

  • Negative Amortization To the extent any Mortgage Loan provides for negative amortization, such as a GPM or GPARM Loan, the Servicer must assure that the Unpaid Principal Balance of such Mortgage Loan never exceeds the related Maximum Negative Amortization Amount, and that the related Monthly Payment is recast as provided for in the Mortgage Note such that the balance fully amortizes within the remaining term of such Mortgage Loan.

  • Collections Following Amortization On the Amortization Date and on each day thereafter, Servicer shall set aside and hold in trust for the benefit of Agent and the Purchasers, in the Collection Accounts in the manner set forth in Sections 7.1(j) and 8.2, all Collections and/or Deemed Collections received on such day and any additional amount for the payment of any Aggregate Unpaids owed by Seller and not previously paid by Seller in accordance with Section 2.1. On and after the Amortization Date, Servicer shall, at any time upon the request from time to time by (or pursuant to standing instructions from) Agent (i) remit to the Second-Tier Account the amounts set aside pursuant to the preceding sentence (to the extent such amounts are not already on deposit therein) and (ii) apply such amounts at Agent’s direction to reduce the Aggregate Capital and any other Aggregate Unpaids (it being understood and agreed that, in any event, no portion of the RPA Deferred Purchase Price may be paid to Seller on a date on or after the Amortization Date and prior to the Final Payout Date). If there shall be insufficient funds on deposit for Servicer to distribute funds in payment in full of the aforementioned amounts, Servicer shall distribute funds in accordance with the applicable Payment Instructions: first, to the reimbursement of Agent’s and each Purchaser’s costs of collection and enforcement of this Agreement, second, ratably to the payment of all accrued and unpaid fees under any Fee Letter and all accrued and unpaid Purchaser Yield, third, to the payment of Servicer’s reasonable out-of-pocket costs and expenses in connection with servicing, administering and collecting the Receivables, including the Servicing Fee, if Seller, or one of its Affiliates is not then acting as Servicer, fourth, to the ratable reduction of Aggregate Capital to zero, fifth, for the ratable payment of all other unpaid Obligations, provided that to the extent such Obligations relate to the payment of Servicer costs and expenses, including the Servicing Fee, when Seller or one of its Affiliates is acting as Servicer, such costs and expenses will not be paid until after the payment in full of all other Obligations, sixth, to the ratable payment in full of all other Aggregate Unpaids, and seventh, after the Facility Termination Date when the Aggregate Unpaids have been indefeasibly reduced to zero, to Seller as RPA Deferred Purchase Price, any remaining Collections.

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

  • 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.

  • 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 If any one of the following events shall occur:

  • Collections Prior to Amortization Prior to the Amortization Date, any Collections and/or Deemed Collections received by the Servicer shall be set aside and held in trust by the Servicer for the payment of any accrued and unpaid Aggregate Unpaids or for a Reinvestment as provided in this Section 2.2. If on any Business Day prior to the Amortization Date, any Collections are received by the Servicer after payment of any Obligations that are then due and owing, Seller hereby requests and the Purchasers hereby agree to make, simultaneously with such receipt, a reinvestment (each, a “Reinvestment”) with that portion of the balance of each and every Collection received by the Servicer that is part of any Purchaser Interest, such that after giving effect to such Reinvestment, the amount of Capital of such Purchaser Interest immediately after such receipt and corresponding Reinvestment shall be equal to the amount of Capital immediately prior to such receipt. On each Settlement Date prior to the occurrence of the Amortization Date, the Servicer shall remit to the Fifth Third Account and the PNC Account each Purchaser’s respective Percentage of the amounts set aside during the preceding Settlement Period that have not been subject to a Reinvestment and apply such amounts (if not previously paid in accordance with Section 2.1) to reduce the Obligations. Once such Obligations shall be reduced to zero, any additional Collections received by the Servicer (i) if applicable, shall be remitted to the Fifth Third Account and the PNC Account no later than 12:00 noon (New York time) to the extent required to fund the Purchasers’ respective Percentages of any Aggregate Reduction on such Settlement Date and (ii) any balance remaining thereafter shall be remitted from the Servicer to Seller on such Settlement Date.

  • 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.

  • Minimum Monthly Principal Payments Amortizing payments of the aggregate principal amount outstanding under this Note at any time (the “Principal Amount”) shall begin on December 1, 2004 and shall recur on the first business day of each succeeding month thereafter until the Maturity Date (each, an “Amortization Date”). Subject to Article 3 below, beginning on the first Amortization Date, the Borrower shall make monthly payments to the Holder on each Repayment Date, each in the amount of $187,500, together with any accrued and unpaid interest to date on such portion of the Principal Amount plus any and all other amounts which are then owing under this Note, the Purchase Agreement or any other Related Agreement but have not been paid (collectively, the “Monthly Amount”). Any Principal Amount that remains outstanding on the Maturity Date shall be due and payable on the Maturity Date.

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