Payment of Term Notes Sample Clauses

Payment of Term Notes. The principal of the Term Notes will be payable in aggregate equal monthly installments of $205,130 beginning January 1, 1999 and on the first day of each month thereafter until the Termination Date at which time the outstanding principal balance of the Term Notes and all interest accrued thereon shall be due and payable in full. The Agent has obtained, at the Borrower's expense, an appraisal of the Eligible Equipment and all equipment owned by all Subsidiaries of the Borrower following the Merger (the "Combined Equipment") which has established that the aggregate outstanding principal balance of the Term Notes exceeds 75% of the orderly liquidation value of the Combined Equipment as shown on such appraisal. Upon the earlier of: (i) the occurrence of an Event of Default, (ii) the occurrence of a Materials Business Sale, (iii) the date of any refinancing of the Obligations by any lender other than the Lenders or (iv) August 31, 2001, the Borrower shall immediately prepay the Term Notes in the amount of such excess together with any prepayment fee owed pursuant to Section 2.16.

Payment of Term Notes. The outstanding principal balance of the Term Notes shall be due and payable as follows:

Payment of Term Notes. The principal of the Term Notes will be payable in aggregate equal monthly installments of $205,130 beginning January 1, 1999 and on the first day of each month thereafter until the Termination Date at which time the outstanding principal balance of the Term Notes and all interest accrued thereon shall be due and payable in full.

Payment of Term Notes. Section 2.10 of the Credit Agreement is amended to read as follows:

Payment of Term Notes. The principal of the Term Notes will be payable in aggregate equal monthly installments of $205,130 beginning January 1, 1999 and on the first day of each month thereafter until the Termination Date at which time the outstanding principal balance of the Term Notes and all interest accrued thereon shall be due and payable in full. In addition, the Agent shall obtain, at the Borrower's expense, an appraisal of the Eligible Equipment and all equipment owned by all Subsidiaries of the Borrower following the Merger (the "Combined Equipment"). If the aggregate outstanding principal balance of the Term Notes exceeds 75% of the orderly liquidation value of the Combined Equipment as shown on such appraisal, upon demand by the Agent, the Borrower shall immediately prepay the Term Notes in the amount of such excess together with any prepayment fee owed pursuant to Section 2.16.

Payment of Term Notes. (a) The outstanding principal balance of the Permanent Term Note shall be due and payable as follows: (i) Beginning on December 31, 2002, and on the last day of each month thereafter, in substantially equal monthly installments equal to the greater of $14,600.00 or an amount sufficient to fully amortize the principal balance of the Permanent Term Note over an assumed term of 120 months (the “Assumed Maturity Date”). If the Lender makes Permanent Term Advances after the initial Permanent Term Advance, the amount of each installment will be increased so that the remaining payments will fully amortize the outstanding principal balance of the Permanent Term Note in substantially equal amounts by the Assumed Maturity Date. (ii) In addition, the Lender may obtain from time to time, at the Borrower’s expense, an appraisal of the Real Property. If the aggregate outstanding principal balance of the Permanent Term Note and the Seasonal Term Note exceeds 80% of the market value of the Real Property as shown on any such appraisal, upon demand by the Lender, the Borrower shall immediately prepay the Permanent Term Note in the amount of such excess together with any prepayment fee owed pursuant to Section 2.13(f). (iii) The outstanding principal balance of the Seasonal Term Note shall be due and payable as follows: (i) $175,000.00 on January 1 of each year; (ii) $350,000.00 on February 1 of each year; (iii) $700,000.00 on March 1 of each year; and (iv) $525,000.00 on April 1 of each year. (b) On the Termination Date, the entire unpaid principal balance of the Permanent Term Note and the Seasonal Term Note, and all unpaid interest accrued thereon, shall in any event be due and payable.

Payment of Term Notes. The outstanding principal balance of the Term Notes shall be due and payable as follows: (a) With respect to the Equipment Term Note, the outstanding principal balance thereof shall be due and payable as follows: (i) Beginning on July 1, 2000, and on the 1st day of each month thereafter, in substantially equal monthly installments equal to the greater of $2,291.67 or an amount sufficient to fully amortize the principal balance of the Equipment Term Note over an assumed term ending on June 1, 2004; and (ii) On the Termination Date, the entire unpaid principal balance of the Equipment Term Note, and all unpaid interest accrued thereon, shall in any event be due and payable. (b) With respect to the Real Estate Term Note, the outstanding principal balance thereof shall be due and payable as follows: (i) Beginning on July 1, 2000, and on the 1st day of each month thereafter, in substantially equal monthly installments equal to the greater of $6,794.44 or an amount sufficient to fully amortize the principal balance of the Real Estate Term Note over an assumed term ending on June 1, 2015; (ii) Commencing on December 31, 2000 and continuing on each one year anniversary of such date, the Borrower shall make a mandatory prepayment of principal evidenced by the Real Estate Term Note in the amount of $30,000 and such prepayment shall be applied to principal installments of the Real Estate Term Note in the inverse order of maturity; and (iii) On the Termination Date, the entire unpaid principal balance of the Real Estate Term Note, and all unpaid interest accrued thereon, shall in any event be due and payable.

Payment of Term Notes. Section 2.11 is amended by subsection (d), reading as follows:

Payment of Term Notes. The outstanding principal balance of the Term Notes shall be due and payable as follows: (a) With respect to the First Term Advance, beginning on October 1, 1998, and on the first day of each month thereafter, in equal monthly installments of $12,000.00; (b) With respect to the Second Term Advance, (i) beginning on November 1, 1998, and on the first day of each month thereafter through and until October 1, 1999, in equal monthly installments of $28,000.00, and (ii) beginning on November 1, 1999, and on the first day of each month thereafter, in equal monthly installments of $10,500.00; and (c) On the Termination Date, the entire unpaid principal balance of the Term Notes, and all unpaid interest accrued thereon, shall in any event be due and payable.

Payment of Term Notes. The outstanding principal balance of the Term Notes shall be due and payable as follows: (a) As to the XIT Term Note, beginning on September 1, 2000, and on the first day of each month thereafter, in substantially equal monthly installments equal to the greater of $10,779.42 or an amount sufficient to fully amortize the principal balance of the XIT Term Note over an assumed term of sixty (60) months; (b) As to the CXR Term Note, beginning on September 1, 2000, and on the first day of each month thereafter, in substantially equal monthly installments equal to the greater of $670.58 or an amount sufficient to fully amortize the principal balance of the CXR Term Note over an assumed term of sixty (60) months; and (c) On the Termination Date, the entire unpaid principal balances of the Term Notes, and all unpaid interest accrued thereon, shall in any event be due and payable.