Principal and Interest Payments. The Borrower shall pay to the Lender the principal amount of the Loan plus accrued interest in accordance with Section 2.07 hereof, or the Borrower may make prepayments in accordance with Section 2.05 hereof (a “Prepayment Date”).
Principal and Interest Payments. 2.1.1. Unless otherwise accelerated pursuant to the terms hereof, principal and interest on the Senior Subordinated Note shall be due and payable as follows:
(a) Principal shall be due and payable in quarterly payments on the last day of the quarter each in the amount of $1,500,000 commencing on the earlier of (i) the last day of the month which is six months after payment in full of the Senior Term Debt, and (ii) November 30, 2007, and continuing until the Maturity Date, when the outstanding principal amount of the Senior Subordinated Note shall be due and payable.
(b) Interest shall be due and payable (i) monthly in arrears on each Interest Payment Date, commencing in December, 2002, and (ii) on the Maturity Date.
(c) At the Company's sole option, the Company may elect, on any Interest Payment Date with respect to the interest payment then due on the Senior Subordinated Note, by giving notice to Purchaser on such Interest Payment Date, to pay in cash a portion of such interest payment at a rate not less than twelve percent (12%) per annum, and to defer the remaining portion of the accrued but unpaid interest then due (the "Partial Deferral"). If the Company elects to defer a portion of the interest then due, the Company will execute and deliver to Purchaser a note, in the form attached hereto as Exhibit A-2 (together with any and all notes issued in replacement or substitution therefor, the "Deferral Note"), which note will be in the amount of the deferred interest, will bear interest at the rate of 16.75% per annum prior to an Event of Default and 18.75% subsequent to and during the continuance of an Event of Default, payable monthly on each Interest Payment Date, and will be due and payable on the Maturity Date. On each succeeding Interest Payment Date, the Company, at its sole option, will be entitled to elect a Partial Deferral for the interest payment then due on the Senior Subordinated Note, and to elect to either pay the interest then due on the Deferral Note in cash or to defer the payment of such interest (a "Subsequent Interest Deferral"). On any Interest Payment Date that the Company elects a Partial Deferral, a Subsequent Interest Deferral or both, the Company will execute and deliver a replacement Deferral Note in the new principal amount equal to the principal amount of the then existing Deferral Note, plus the interest deferred on the Senior Subordinated Note pursuant to the then-elected Partial Deferral, if any, plus the interest deferred...
Principal and Interest Payments. Section 2.01 The entire principal amount of this Note together with accrued and unpaid interest thereon will be due and payable on February 25, 2018 (the “Repayment Date”).
Section 2.02 The principal and interest on this Note will be payable in the lawful currency of the United States of America by wire transfer or other such immediately available funds and without set-off or counterclaim, free and clear of and without deduction for any present or future taxes, restrictions or conditions of any nature.
Section 2.03 All payments under this Note prior to demand or acceleration will be applied first, to any and all costs, expenses or charges then owed by the Company to the Holder, second, to accrued and unpaid interest, and third, to the unpaid principal balance. All payments so received after demand or acceleration will be applied in such manner as the Holder may determine in its sole and absolute discretion.
Section 2.04 Whenever any payment on this Note is stated to be due on a day which is not a business day, the payment will be made on the next succeeding business day and the extension of time will be included in the computation of the payment of interest of this Note.
Section 2.05 Overdue principal and interest will bear interest at a rate equal to the greater of (i) twenty-five percent (25%) or (ii) the highest rate permitted by applicable law. Overdue principal and interest will be payable on demand.
Section 2.06 This Note may be prepaid at any time.
Principal and Interest Payments. The Borrower fails to make payment (x) when due of any interest installment on any Note, any unused facility fee, any commitment fee, engineering fee or any other Indebtedness (other than under clause y or z below) incurred pursuant to this Agreement to the Agent or any Lender, and such failure continues unremedied for a period of three (3) Business Days after the earlier of (i) notice thereof being given by the Agent to the Borrower or (ii) such default otherwise becoming known to the president or chief financial officer of the Borrower, (y) when due of any mandatory prepayment under Subsection 2.4(b) or Subsection 2.4(c), or (z) when due of any principal on any Note.
Principal and Interest Payments. On Payment Dates. Borrower shall repay each Equipment Advance pursuant to the terms set forth in the corresponding Loan Supplement. For each Equipment Advance, Borrower shall make equal monthly payments of principal and interest, in advance, calculated by the Bank based upon: (1) the amount of the Equipment Advance, (2) the Basic Rate, and (3) an amortization schedule equal to the Repayment Period (individually, the "Scheduled Payment", and collectively, "Scheduled Payments"), on the first Business Day of the month following the month in which the Funding Date occurs (or commencing on the Funding Date if the Funding Date is the first Business Day of the month) with respect to such Equipment Advance and continuing thereafter during the Repayment Period on the first Business Day of each successive calendar month (each a "Payment Date"). All unpaid principal and accrued interest is due and payable in full on the last Payment Date with respect to such Equipment Advance. Payments received after 12:00 noon Eastern time are considered received at the opening of business on the next Business Day. An Equipment Advance may only be prepaid in accordance with Sections 2.2(e) and 2.2(g).
Principal and Interest Payments. For each Growth Capital Advance outstanding as of the last day of the Growth Capital Interest-Only Period, Borrower shall make twenty-four (24) consecutive equal monthly payments of principal and accrued but unpaid interest commencing on the first (1st) Business Day of the first (1st) month after the Growth Capital Interest-Only Period (the “Growth Capital Conversion Date”), in amounts that would fully amortize the applicable Growth Capital Advance, as of the Growth Capital Conversion Date, over the Growth Capital Repayment Period. The Growth Capital Final Payment and all unpaid principal and accrued and unpaid interest on each Growth Capital Advance are due and payable in full on the Growth Capital Maturity Date.
Principal and Interest Payments. Borrower hereby agrees to continue to make equal monthly payments of principal and interest on the Prior Equipment Loan of Sixty Thousand Four Hundred Seventy Dollars and Eight-Two Cents ($60,470.82) commencing on the first (1st) calendar day of the first (1st) month after the Effective Date and continuing thereafter on the first (1st) calendar day of each successive month (each, a “Payment Date”). All unpaid principal and accrued and unpaid interest on the Prior Equipment Loan is due and payable in full on the Prior Equipment Maturity Date. The Prior Equipment Loan shall continue to accrue interest at a fixed per annum rate of five and one half of one percent (5.50%).
Principal and Interest Payments. For each Growth Capital Advance, Borrower shall make thirty-six (36) consecutive equal monthly payments of principal and interest each in an amount which would fully amortize the outstanding Growth Capital Advances, as of the Conversion Date, over the Growth Capital Repayment Period (the “Growth Capital Scheduled Payment”), which payment shall commence on July 1, 2014 (the “Conversion Date”). All unpaid principal and accrued and unpaid interest on the Growth Capital Advances is due and payable in full on the Growth Capital Maturity Date.
Principal and Interest Payments. Borrower fails to pay any amount due hereunder, under the Note (including without limitation principal and interest payments) or any other Loan Document within ten (10) days of the applicable due date; provided, however, no grace period shall be permitted for the final payment of principal and interest due on any applicable maturity date; or
Principal and Interest Payments. (a) The outstanding unpaid principal amount of all Advances plus all accrued and unpaid Interest thereon shall be paid in full upon the Termination Date.
(b) Borrower shall have the right to prepay any outstanding Advance in whole or in part, from time to time, without premium or penalty. To the extent that Borrower wishes to prepay any Advance, Borrower shall remit to Lender the then-outstanding Release Amount for the related Pledged Mortgage Loan.
(c) Borrower shall pay to Lender, without the necessity of prior demand or notice from Lender, (and Borrower authorizes Lender to charge the Operating Account and such other accounts of Borrower in Lender’s possession for the payment thereof, but specifically excluding the escrow or reserve accounts maintained pursuant to the terms of any Pledged Mortgage Loans) the Release Amount for a specific Pledged Mortgage Loan, upon the earliest occurrence of any of the following events:
(i) The expiration of the Dwell Limit for such Pledged Mortgage Loan;
(ii) (A) the expiration of the forty-five (45) day examination period set forth in the bailee letter transmitted with the related Mortgage Loan to an Investor without the purchase being made, or (B) upon rejection of the Mortgage Loan as unsatisfactory by more than one (1) Investor;
(iii) The expiration of five (5) Business Days from the Advance Date for a Wet Loan without receipt of all Mortgage Documents relating to such Mortgage Loan, or such Mortgage Documents, upon examination by Lender, are found not to be in compliance with the requirements of this Agreement or the related Take-Out Commitment;
(iv) The expiration of ten (10) calendar days from the date a Collateral Document in connection with such Mortgage Loan was delivered to Borrower for correction or completion, without being returned to Lender, corrected or completed;
(v) The expiration of one (1) Business Day from the date of discovery that any Pledged Mortgage Loan was not, as of the Advance Date therefor, or has, thereafter, ceased to be an Eligible Loan;
(vi) The related Take-Out Commitment, if any, expires, is terminated or otherwise canceled or no longer in full force and effect and the specific Mortgage Loan was not delivered under the Take-Out Commitment prior to such termination, expiration or cancellation; and
(vii) Upon sale of any Pledged Mortgage Loan to an Investor. Upon receipt of such payment by Lender and provided no Default or Event of Default has occurred and is continuing, such Mortgage ...
