Principal Amortization. During the initial Term, the Loan shall be an interest-only loan and Borrower shall not be required to make any regularly scheduled principal amortization payments. If the Term is extended for one or both of the 12-month periods contemplated by Section 2.3(3) below (each, an "EXTENSION PERIOD"), then commencing on March 1, 2003, and continuing on each Interest Payment Date thereafter until all Obligations are paid in full, Borrower shall make monthly principal amortization payments in accordance with this Section 2.3(2), which payments shall be applied to the outstanding principal balance of the Loan. For each Extension Period, Lender shall calculate the total amount of principal payments payable for such Extension Period based upon a 25-year amortization schedule, an amortization period which begins on February 1, 2003, a fixed interest rate equal to the Contract Rate in effect as of February 1 of such Extension Period, and the outstanding principal balance of the Loan as of February 1 of such Extension Period. The amount of the monthly principal amortization payment for a given Extension Period shall be the amount determined by dividing the aggregate amount of all monthly principal amortization payments payable for such Extension Period (calculated as set forth above) by twelve (12). The foregoing notwithstanding, upon application of any Release Payment or any other permitted or required prepayment of the Loan (other than the amortization payments required by this Section 2.3(2)) to the Loan balance, Lender shall recalculate the amount of the monthly principal amortization payments owing for the remainder of the then current Extension Period, based upon the new Loan balance and the Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first Interest Payment Date occurring after the date the Release Payment (or such other permitted or required prepayment) is made.
Principal Amortization. The dates of payment of interest and principal amortization of the New Local Note, as well as the amounts to be paid in each case, are those that appear in the amortization table indicated in letter (v) below.
Principal Amortization. Commencing on December 10, 2027 and continuing thereafter on each Payment Date until the Maturity Date (whereupon all amounts due under the Loan Documents shall be paid in full), Borrower shall pay to Lender monthly installments of principal in the amount set forth on Schedule 2.3(b) (each, an “Amortization Payment”).
Principal Amortization. The Borrower shall reduce the principal amount of the note by 12.5% per quarter starting December 31, 2005, payable in cash and/or, subject to the conditions in this Section 1.4, Common Stock as described below.
(a) If any portion of such principal amortization payment is made in cash, the payment will be at 102% of the principal amortization amount.
(b) If any portion of such principal amortization and accrued interest payment is in Common Stock, such principal amortization and accrued interest amount will be converted into that number of shares of Common Stock as determined by dividing such principal amortization and accrued interest amount by an amount equal to 87.5% of the volume weighted average price of the Common Stock as reported by Bloomberg over the five (5) trading days prior to, but not including, the date the principal amortization payment is due.
(c) The maximum amount of Common Stock the Company may issue to satisfy any quarterly principal amortization and accrued interest payment shall equal 10% of the total dollar volume of the Common Stock over the ten (10) trading days prior to, but not including, the date the principal amortization payment is due.
(d) The Borrower may only elect to pay in Common Stock only if the following conditions are met:
(i) the number of authorized but unissued shares of Common Stock is sufficient for such issuance;
(ii) the Common Stock is listed or quoted (and is not suspended from trading) on a trading market and such shares of Common Stock are approved for listing on such trading market upon issuance;
(iii) such Common Stock is registered for resale under the Registration Statement and the prospectus under such Registration Statement is available for the sale of all Registrable Securities held by the Holder;
(iv) such issuance would be permitted in full without violating Section 2.3 herein or the rules or regulations of any trading market on which such Common Stock may be listed or quoted;
(v) both immediately before and after giving effect thereto, no default under the Subscription Agreement or this Note shall or would exist; and
(vi) the Borrower shall have provided the Holder with written notice of its election to pay all or a portion of such principal amortization and accrued payment (and the amount thereof) in Common Stock not less than seven (7) trading days before the date the principal amortization payment is due. In such event, the Company covenants and agrees that it will honor all Conversion Notices...
Principal Amortization. Borrower shall make payments of interest only for the first twelve (12) months of the term of the Loan. Beginning with the first Payment Date following the first anniversary of the Closing Date and continuing through the Maturity Date (including, if the extension option is exercised, through the Extension Period), Borrower shall make payments of principal in the amounts set forth on Schedule 2.4(2) attached hereto and made a part hereof.
Principal Amortization. Notwithstanding anything to the contrary contained in the Notes or any of the other Loan Documents, commencing on the first day of each month after the execution of this Agreement and on the first day of each month thereafter, Borrower will make a payment to Lender equal to the greater of (i) $50,000 or (ii) 100% of Cash Flow up to $100,000 plus 50% of Cash Flow above $100,000; provided, however, the monthly principal payment shall not exceed $183,000. Each such payment shall be applied as follows:
(1) 50% to reduce the outstanding principal balance of the Eden Prairie Note, 30% to reduce the outstanding principal balance of the Merrillville Note and 20% to reduce the outstanding principal balance of the Middletown Note, or in such other order as shall be mutually agreed upon in writing by Borrower and Lender; and
(2) upon payment in full of the Eden Prairie Note, Merrillville Note and Middletown Note, to reduce the principal balances of the other Notes in such order as Lender shall determine at its sole discretion. Each such principal payment shall be in addition to interest due on each such dates. The Cash Flow used to make the above payment calculation shall be the Cash Flow for the month which is two (2) months prior to the payment date. By example, the amount of Cash Flow used to calculate the payment due on October 1, 2002, will be that for the month of August 2002, with respect to which operating statements are to have been submitted to Lender by September 15, 2002, it being agreed that operating statements for each month will be submitted to Lender by the 15th day of the next month. -14-
Principal Amortization. Commencing on November 1, 2013, and continuing on the first day of each month until all amounts due under the Loan Documents are paid in full, Borrower shall make monthly principal amortization payments in accordance with this Section 2.3(2), which payments shall be applied to the outstanding principal balance of the Loan. Lender shall calculate the total amount of principal payments payable from November 1, 2013 to the Maturity Date based upon a 30-year amortization schedule, an amortization period which begins on October 1, 2013, a fixed interest rate equal to the Contract Rate in effect as of October 1, 2013 and the outstanding principal balance of the Loan as of October 1, 2013. The monthly amortization payment shall equal the total amount of principal payable for such period (calculated as set forth above) divided by the number of monthly payments during such period. The foregoing notwithstanding, upon any additional advance of Loan funds Lender shall recalculate the amount of the monthly principal amortization payment owing for the remainder of the Loan term, based upon the new outstanding principal balance and the Contract Rate then in effect, and such revised principal amortization payment shall be due commencing on the first day of the month immediately following the month in which such additional advance or prepayment (as applicable) is made. In addition, if the term of the Loan is extended in accordance with Section 2.3(3), then Lender shall recalculate the amount of the monthly principal amortization payment owing during such extension period, based upon the then-remaining portion of the 30-year amortization schedule, the outstanding principal balance of the Loan and the Contract Rate in effect as of the first day of such period. Lender's determination of the amount of the monthly amortization payments to be made by Borrower under this Agreement shall be conclusive absent manifest error.
Principal Amortization. Prior to the Anticipated Repayment Date for a Series, unless an Amortization Period is continuing or an Event of Default occurs and is continuing or as otherwise provided in Section 7.06 or in the Series Supplement for such Series, no principal shall be required to be paid with respect to such Series. During an Amortization Period or after the occurrence and during the continuance of an Event of Default, all Excess Cash Flow shall be applied as set forth in Section 5.01(b).
Principal Amortization. The Loans shall be interest-only Loans, and Borrowers shall not be required to make scheduled principal amortization payments.
Principal Amortization. The Convertible D Bond shall be repaid through a single installment within 99 years after the date of the Creditors meeting that approves the Proposal (bullet).
