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Payment Modification Sample Clauses

Payment Modification a. OTR will make regular monthly interest payments, at the contractual rate of interest, on all INDEBTEDNESS during the months of October and November 2000; and January, February, March 2001. b. OTR will make principal payments relating to the INDEBTEDNESS during the months of October and November 2000; and January, February, March 2001, as follows: October 2000 $53,385 November 2000 $50,370 January 2001 $50,516 February 2001 $61,731 March 2001 $50,762 The scheduled principal payments will be due on or before the last day of the respective months; and will be reduced on a pro-rata basis as equipment is returned to PFC for liquidation. c. OTR will be required to make additional principal payments to PFC, Associates, International Finance and Mercedes-Benz Credit Corporation when OTR's availability under its working capital line with HSBC exceeds $700,000 as an average for any period of ten business days. Such payment would be paid by OTR within 10 days of the corresponding month end. OTR will pay an amount equal to 100% of the availability on said working capital line in excess of $700,000. PFC and the other lenders will share in the additional principal payment on a pro rata basis, in accordance with any agreement made by and between PFC and the other lenders. d. No principal or interest payment will be due during the month of December 2000 in consideration of the cash flow requirements associated with baseplate renewal. e. OTR will resume standard contract payments in April 2001 and continue with those payments until the principal, interest, fees and other charges are paid in full at the contractual rate of interest.
Payment Modification. Notwithstanding any other provision of this ERA Plan, the method of payment or the period during which benefits hereunder are payable may be changed or modified by agreement in writing between the Company and the Executive in question.
Payment Modification. Within five (5) business days of signing this Amendment, Debtor agrees to pay to Note Holder $100,000. At the closing of one or more a financings by the Company that raise in the aggregate $10 million (not including the line of credit with FGI that is closing in October 2015), the Company agrees to make a $1.0 million payment on the Note. Both payments will be applied first to accrued and unpaid interest and the balance to the outstanding principal amount of the Note. In addition, Section 2.1 of the Note shall be amended and restated to read in its entirety as follows: 2.1. The principal balance of, and accrued interest on, this Note shall be paid to Note Holder in monthly installments of $35,000, which shall be payable on the 15th day of each calendar month in arrears; provided however, in the last month of each calendar quarter, the monthly payment shall be increased to $60,000. All of such monthly payments are referred to as the “Monthly Payments.” In the event the Note Holder’s Pro Rata Share of the Maximum Payment exceeds $130,000 during any calendar quarter, the Company shall pay to Note Holder any such excess by the 30th day following the end of such calendar quarter (the “True-Up Payment”). The remaining outstanding principal balance and any accrued unpaid interest on this Note shall be due and payable in full on December 31, 2018. For the purposes of this Note, the “Maximum Payment” shall be equal to thirty-five percent (35%) of the net income of the Company and its subsidiaries on a consolidated basis calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) for such quarter before deducting (i) the Company’s consolidated interest expense, provision for taxes, depreciation and amortization, and (ii) the amount of any required payments on any on any Senior Indebtedness (as defined below) during such quarter. Each payment received by Note Holder shall be first applied to accrued and unpaid interest, then to principal, and then to any other amounts owing under this Note. For the purposes of this Note, the Note Holder’s “Pro Rata Share” of the Maximum Amount for any calendar quarter shall be equal to the quotient of (X) the outstanding principal balance on this Note as of the end of such quarter divided by (Y) the aggregate outstanding principal balance owed by the Debtor on this Note and on the Existing Notes as of the end of such quarter.. The Company shall use its best efforts to require its senior lender...

Related to Payment Modification

  • Agreement Modification 15.1 Any agreement to change the terms of this Agreement in any way shall be valid only if the change is made in writing and approved by mutual agreement of authorized representatives of the parties hereto.

  • CONTRACT MODIFICATION The following is adopted as the new CTC for the Contract effective December 29, 2022:

  • Amendment; Modification No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing and signed by both Parties.

  • Agreement Modifications No waiver, alteration or modification of any of the provisions of this Construction Services Agreement shall be binding upon either District or Contractor unless the same shall be in writing and signed by both District and Contractor.

  • Amendment; Modification; Waiver This Agreement shall not be amended, nor shall any provision of this Agreement be considered modified or waived, unless evidenced by a writing signed by the parties hereto, and in compliance with applicable provisions of the Investment Company Act.

  • Cost Modifications The parties may agree to a reduction in the cost of the Contract at any time during which the Contract is in effect. Without intending to impose a limitation on the nature of the reduction, the reduction may be to hourly, staffing or unit costs, the total cost of the Contract or the reduction may take such other form as the State deems to be necessary or appropriate.

  • Contract Modifications It is understood that changes are inherent in operations of the type covered by this contract. The number of changes, the scope of those changes, and the impact they have on the progress of the original operations cannot be defined at this time. The PURCHASER is notified that changes are anticipated and that there will be no compensation made to the PURCHASER directly related to the number of changes made. Each change will be evaluated for extension of contract time and increase or decrease in compensation based on its own merit. STATE reserves the right to make, at any time during the contract, such modifications as are necessary or desirable; provided such modifications shall not change the character of the operations to be done nor increase the cost, unless such operations or cost increase is approved in writing by PURCHASER. Any modifications so made shall not invalidate this contract nor release PURCHASER of obligations under the performance bond. PURCHASER agrees to do the modified operations as if it had been a part of the original contract. If any change under this section causes an increase or decrease in the PURCHASER's cost of, or the time required for the performance of any part of the operations, the PURCHASER must submit a written statement setting forth the nature and specific extent of the claim. Such claim shall include all time and cost impacts against the contract and be submitted as soon as possible, but no later than 30 days after receipt of any written notice of modification of the contract. If the PURCHASER discovers site conditions which differ materially from what was represented in the contract or from conditions that would normally be expected to exist and be inherent to the activities defined in the contract, the PURCHASER shall notify the STATE's Authorized Representative immediately and before the area has been disturbed. The STATE's Authorized Representative will investigate the area and make a determination as to whether or not the conditions differ materially from either the conditions stated in the contract or those which could reasonably be expected in execution of this particular contract. If it is determined that a differing site condition exists, any compensation or credit will be determined based on an analysis by STATE's Authorized Representative. If the PURCHASER does not concur with the decision of the STATE's Authorized Representative and/or believes that it is entitled to additional compensation, the PURCHASER may proceed to file a claim. All claims shall be submitted in writing and shall include a detailed, factual statement of the basis of the claim, pertinent dates, contract provisions which support or allow the claim, reference to or copies of any documents which support the claim, the exact dollar value of the claim, and specific time extension requested for the claim. If the claim involves operations to be completed by subcontractors, the PURCHASER will analyze and evaluate the merits of the subcontractor's claim. PURCHASER shall forward the subcontractor's claim and PURCHASER's evaluation of such claim to STATE's Authorized Representative. The STATE's Authorized Representative will not consider direct claims from subcontractors, suppliers, manufacturers, or others not a party to this contract. The decision of the STATE shall be final and binding unless the PURCHASER requests mediation.

  • Waiver; Modification Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. This Agreement shall not be modified in any respect except by a writing executed by each party hereto.

  • INTEGRATED AGREEMENT; MODIFICATION This Amendment constitutes the entire agreement and understanding of the Parties with respect to the subject matter and supersedes all prior negotiations and representations. In the event of any conflict between this Amendment and the Contract or any earlier amendment, this Amendment shall control and govern. This Amendment may not be modified except in writing signed by the Parties.

  • Waiver, Modification, Etc No provision or term of this Amendment may be modified, altered, waived, discharged or terminated orally, but only by an instrument in writing executed by the party against whom such modification, alteration, waiver, discharge or termination is sought to be enforced.