Principal Reduction. The principal of the Notes is subject to reduction, retroactive to the date of issuance of the Notes, by reason of a Merger Consideration Principal Reduction. The principal of the Notes is also subject to reduction, effective as of the date of payment, by reason of a Litigation Payment Principal Reduction. In the event of a Merger Consideration Principal Reduction or a Litigation Payment Principal Reduction, the aggregate principal of all outstanding Notes and all outstanding 4.5% Notes shall be reduced on a pro rata basis. The Company shall promptly give notice to the Trustee of any Merger Consideration Principal Reduction or Litigation Payment Principal Reduction (and concurrently send a copy of its notice to the Shareholder Representative).
Principal Reduction. Borrower has made a principal reduction payment to Administrative Agent in an amount equal to two million and 00/100ths dollars ($2,000,000.00) (the “Principal Reduction Payment”), such that after giving effect to the Principal Reduction Payment the outstanding principal balance of the Loans shall be $13,545,000;
Principal Reduction. In consideration of Lender entering into this Amendment and modifying the terms of the Loans as provided herein, as of the date hereof, Borrowers have made a partial paydown of the outstanding principal balance in the amount of Twenty-Two Million One Hundred Ninety-Nine Thousand Two Hundred Ninety-Five and 84/100 Dollars ($22,199,295.84) to reduce the outstanding principal amount of the Loans to Ninety-Seven Million Four Hundred Thousand and 00/100 Dollars ($97,400,000.00). Such principal paydown shall be allocated among the Loans as set forth on Exhibit A attached hereto and made a part hereof, which Exhibit A supersedes that certain Exhibit A attached to the Original Loan Agreement.
Principal Reduction. On or prior to this date of this Amendment, Borrowers shall pay to Lender a principal payment of $5,000,000.00.
Principal Reduction. The Corporation shall repay the principal balance due and owing along with accrued interest thereon calculated at the rate of 10.00% per annum in four (4) equal quarterly installments on each of December 31, 2018, March 29, 2019, June 28, 2019 and September 30, 2019. The entire principal balance plus all accrued interest shall be due and payable on or before September 30, 2019 (the “Maturity Date”). Interest shall be computed on the basis of a year consisting of twelve (12) months of thirty (30) days each. All payments shall be made in lawful money of the United States of America. Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal.
Principal Reduction a. New Item Curtailment From the date Lender first advances Floor Plan Credit with respect to any New Item until repayment in full of such Floor Plan Credit, Borrower shall pay Lender a principal reduction of the amount so financed with Floor Plan Credit for the New Item equal to payment of five percent (5%) of the initial advance for such New Item per month once the New Item has been in inventory of Borrower for six (6) months. If an advance of Floor Plan Credit for a New Item is not repaid in full within nine (9) months from the date of such advance, Borrower shall pay to Lender the amount of all sums advanced for such New Item, less any sums paid by Borrower to Lender and applied by Lender against such amount financed with Floor Plan Credit for such New Item.
b. Used Item Curtailment From the date Lender first advances Floor Plan Credit with respect to any Used Item until repayment in full of such Floor Plan Credit, Borrower shall pay Lender a principal reduction of the amount so financed with Floor Plan Credit for the Used Item equal to payment of twenty-five percent (25%) of the initial advance for such Used Unit per month once the Used Item has been in inventory of Borrower for four (4) months. If an advance of Floor Plan Credit for a Used Item is not repaid in full within eight (8) months from the date of such advance, Borrower shall pay to Lender the amount of all sums advanced for such Used Item, less any sums paid by Borrower to Lender and applied by Lender against such amount financed with Floor Plan Credit for such Used Item.
c. Upon Transfer Borrower agrees to repay Lender the amount of such Item financed with Floor Plan Credit, less any sums paid by Borrower to Lender and applied by Lender against such amount financed with Floor Plan Credit for such Item, immediately, but in no event later than five (5) Business Days of the date that Borrower sells, transfers, leases and/or delivers any such Item to a third party. Until so paid, Borrower shall hold the proceeds in trust for Lender. If requested by Lender, Borrower shall maintain a separate bank account with Lender into which all cash proceeds of sales, leases or other dispositions of Items will be deposited.
Principal Reduction. If at any time the Loan To Value Ratio is not satisfied, Borrower shall within ten (10) Business Days following Administrative Agent's notice thereof make a principal payment (accompanied by an unwind of a part of the interest rate swap in the same notational amount of such principal reduction) or post additional collateral for the Loan satisfactory to the Lenders, in an amount sufficient to reduce the Loan To Value Ratio to not more than sixty-seven and one-half percent (67.5%), or if applicable, sixty percent (60%). It shall be an Event of Default if such payment is not so made.
Principal Reduction. If at any time the Loan to Cost Ratio is not satisfied, Borrower shall within ten (10) Business Days following Administrative Agent's notice thereof (i) make a principal payment in an amount sufficient to reduce the Loan to Cost Ratio to not more than seventy-five percent (75%) (accompanied by an unwind of a part of the interest rate swap in the same notational amount of such principal reduction) or (ii) deliver additional collateral for the Loan in the form of cash or other collateral satisfactory to the Administrative Agent in its sole discretion. Such additional collateral shall not be deemed to have been delivered to the Administrative Agent unless and until (A) the Administrative Agent is satisfied that the Administrative Agent, for the ratable benefit of the Lenders, has a valid first priority security interest in the additional collateral, (B) the Borrower shall have executed, delivered and caused to be recorded or filed security agreements, UCC-1 financing statements and other documentation as the Administrative Agent shall require, and (C) the Borrower shall have reimbursed the Administrative Agent for all of its reasonable costs and expenses (including attorneys' fees and disbursements) in connection with the delivery of such additional collateral. It shall be an Event of Default if such payment or delivery of additional collateral is not made.
Principal Reduction. On April 16, 2011, Borrower agrees to provide a payment of ten million dollars ($10,000,000.00) to be applied towards the principal balance of the Loan. Should the Principal Reduction not be made by Borrower on or before April 16, 2011, Loan shall become immediately due and payable.
Principal Reduction. If at any time the Loan To Value Ratio is not satisfied, Borrower shall within ten (10) Business Days following Lender's notice thereof (i) make a principal payment or (ii) pledge additional cash, cash equivalents or a letter of credit reasonably acceptable to the Lender in an amount sufficient to reduce the Loan To Value Ratio to not more than seventy five percent (75%). It shall be an Event of Default if such payment is not so made. Any cash, cash equivalents or letters of credit delivered to Lender pursuant hereto shall be returned to Borrower in whole or in part to the extent it is subsequently determined by means of future Updated Appraisals that such collateral is not required in order to comply with the Loan to Value Ratio set forth herein. 9.18DEBT SERVICE COVERAGE RATIO.
