Principal Reduction Sample Clauses

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 hundred thousand nine hundred fifty one and 00/100ths dollars ($200,951.00) (the “Principal Reduction Payment”);

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. Borrower shall concurrently pay to Silicon the sum of $500,000 to be applied to the Obligations in such order as Silicon shall determine in its discretion.

Principal Reduction. Commencing on December 31, 2017, the Corporation shall repay the principal, together with interest calculated at 6.00% per annum on the principal remaining from time-to-time unpaid, in eight (8) equal quarterly installments calculated to repay the outstanding principal in full by thirty-six (36) months following the Closing. 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. In the event that the Company completes its offering of 1,500,000 shares of Common Stock presently pending pursuant to that certain U.S. Securities and Exchange Commission Form SB-2 or SB-2/A (Commission File No. 333- 31373) (the "Offering"), the Company shall, pursuant to the payment schedule in subsection (a) of this Section 10, reduce the outstanding principal of the Promissory Note by the amount of Seven Hundred Fifty Thousand and no/100ths Dollars ($750,000.00).

Principal Reduction. On or before December 31, 2001, Borrower shall have paid to Bank the sum of $500,000.00 as a principal reduction of the Loan.

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 AD/AV Ratio is not satisfied, Borrower shall within ten (10) Business Days following Administrative Agent’s notice thereof make a principal payment in an amount sufficient to reduce the AD/AV Ratio to not more than eighty percent (80%). It shall be an Event of Default if such payment is not so made.

Principal Reduction. The Borrowers shall have paid to the Agent on or before the Maturity Date, for the pro rata accounts of the Banks in accordance with their respective Commitments, the sum of $15,000,000, to be applied by Agent against the outstanding principal balance of the Loans; provided, however, that no such payment shall have been made by sale or other disposition of the Collateral (other than the South Alameda Property).