Repayment of the Acquisition Line of Credit Sample Clauses

Repayment of the Acquisition Line of Credit. In Section ------------------------------------------- 2.2.6, the date "April 25, 1999" is changed to "June 1, 1999".
Sample 1
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Repayment of the Acquisition Line of Credit. The Borrowers promise to pay to the order of the Bank all principal, accrued interest, and other costs and expenses arising under the Acquisition Line of Credit, this Agreement and all other Obligations, at Maturity. Interest on the principal balance of the term loan under the Acquisition Line of Credit shall be payable on the first day of each month. The outstanding principal balance of the term loan under the Acquisition Line of Credit shall be repaid in consecutive equal monthly principal installments of $91,666.67, the next such principal installment being due on November 1, 1999; PROVIDED, HOWEVER, that (a) all principal, plus interest and other sums due under the Acquisition Line of Credit shall be absolutely due and payable at Maturity, and (b) upon the occurrence of an Event of Default, subject to any applicable grace or cure period, the entire outstanding and unpaid principal balance of the Acquisition Line of Credit, together with the accrued interest thereon to the date of payment, shall be immediately due and payable at the option of the Bank. Interest shall be payable monthly following preparation by the Bank of an interest statement showing interest due through the end of the monthly payment period. If interest for the final days of any period is estimated, PAC's Deposit Account shall be debited or credited, as the case may be, to reflect actual interest due through the end of such period. The Bank shall automatically debit PAC's Deposit Account on the due date of, and in the amount of, the monthly payment due on the Acquisition Line of Credit.
Sample 1
Repayment of the Acquisition Line of Credit. The Borrowers promise to pay to the order of the Bank all principal, accrued interest, all Unused Line Fees and other costs and expenses arising under the Acquisition Line of Credit, this Agreement and all other Obligations, at Maturity. Interest on all outstanding Advances under the Acquisition Line of Credit Note shall be payable on the first day of each month, commencing January 1, 1998, and the outstanding principal balance of each Advance under the Acquisition Line of Credit shall be repaid in consecutive equal monthly principal installments commencing in the month following the month in which such Advance was made and extending over a term not to exceed sixty (60) months, as elected by PAC at the time such Advance is requested; provided, however, that (a) in the absence of any requested repayment term by PAC, the repayment term shall be sixty (60) months, (b) the outstanding principal balance of the Acquisition Line of Credit is subject to mandatory repayment prior to February 1, 1999, as further provided in Section 2.4 hereof, (c) the aggregate outstanding principal balance of all Advances under the Acquisition Line of Credit on the earlier of (i) the first day of the first month following the application of the Net CARS Transaction Proceeds or the Net Mortgage Loan Proceeds to the Acquisition Line of Credit as provided in Section 2.4 hereof, or (ii) February 1, 1999 (such outstanding balance on such date, the "Amortization Balance"), shall be repaid in consecutive equal monthly principal installments due on the first (1st) day of each month commencing on the date the Amortization Balance is determined, each of which shall be in the amount of one-sixtieth (1/60th) of the Amortization Balance, (d) if at any time the principal amount outstanding under the Acquisition Line of Credit exceeds the maximum amount permitted under Section 2.2.1 hereof, then the Borrowers shall immediately pay over a sum equal to the amount by which such outstanding principal exceeds such amount, plus accrued interest to the date of prepayment, which shall be applied as a prepayment of the Advance under the Acquisition Line of Credit most recently extended, (e) all principal, plus interest and other sums due under the Acquisition Line of Credit shall be absolutely due and payable at Maturity, and (f) upon the occurrence of an Event of Default, subject to any applicable grace or cure period, the entire outstanding and unpaid principal balance of the Acquisition Line of Credit ...
Sample 1

Related to Repayment of the Acquisition Line of Credit

  • Investments, Acquisitions, Loans and Advances The Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly, make, retain or have outstanding any investments (whether through purchase of stock or obligations or otherwise) in, or loans or advances to (other than for travel advances and other similar cash advances made to employees in the ordinary course of business), any other Person, or acquire all or any substantial part of the assets or business of any other Person or division thereof; provided, however, that the foregoing shall not apply to nor operate to prevent:

  • Investments, Loans, Advances and Acquisitions The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness (subject to Section 6.09 below) or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except:

  • Investments, Loans, Advances, Guarantees and Acquisitions The Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except:

  • Termination of Credit Facility The Credit Facility shall terminate on the earliest of (a) the third anniversary of the Closing Date (the "Maturity Date"), (b) the date of termination by the Borrower pursuant to Section 2.5(a) and (c) the date of termination by the Administrative Agent on behalf of the Lenders pursuant to Section 10.2(a).

  • Term Loan Advance Subject to Section 2.4(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the greater of (A) six and one half of one percent (6.50%) and (B) one and one-half of one percent (1.50%) above the Prime Rate, which interest, in each case, shall be payable monthly in accordance with Section 2.4(e) below.

  • Acquisition Loans The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

  • Treatment of Outstanding Loans and Letters of Credit 25 2.6 Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Repayment of Swing Loans 26

  • Term Loan The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay the Term Loan in whole or in part together with the applicable Prepayment Premium; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of LIBOR Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of LIBOR Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (D) any prepayment of the Term Loan shall be applied in the inverse order of maturity with respect to the remaining amortization payments. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. On the date of any voluntary prepayment of any Term Loan pursuant to this Section 2.05(a)(ii), the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, whether before or after an Event of Default, the applicable Prepayment Premium. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

  • Loans, Acquisitions and Guaranties (1) Loan, invest in or advance money or assets to any other person, enterprise or entity, (2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business.

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