Existing Principal Amount definition
Examples of Existing Principal Amount in a sentence
Holdings, Borrower and each other Credit Party acknowledge and agree that all Obligations outstanding as of the Second Amendment Effective Date (including the Existing Principal Amount) constitute valid and binding obligations of Holdings, Borrower and the other Credit Parties and are not subject to offset, counterclaim, defense or recoupment of any kind.
Holders representing a majority of the total Existing Principal Amount advanced under the Initial Financing Debentures and Subsequent Financing Debentures shall have the right to nominate two (2) individuals to serve on the Board of Directors of the Company and/or two (2) individuals to serve as observers to the Board of Directors of the Company.
Contributor and ▇▇▇▇▇▇▇, jointly and severally, shall be responsible and pay for any and all accrued and unpaid interest, prepayment penalties, expenses, late charges, legal fees, protective advances and all other costs and fees which are attributable to the Existing Mortgage Debt, due to the holder of the Existing Mortgage Debt other than the outstanding principal amount thereof (the "Existing Principal Amount").
Effective as of the date hereof, and without the making of any further advances hereunder, the Existing Principal Amount shall be deemed to be a term loan advance made pursuant to this Agreement (the “Initial Term Loan”) and shall be subject in all respects to the terms hereof.
Effective as of the date hereof, and without the making of any further advances hereunder, the Existing Principal Amount shall be deemed to be an advance extended by Lender to Borrower as a single term loan, subject to the terms and conditions hereof (the “Loan”).
The amount owed under the Loan Documents includes the Existing Principal Amount, plus interest accrued thereon from December 31, 2001 to January 25, 2002 in the amount of Thirty-Four Thousand Four Hundred Seventy-One and 33/100s Dollars ($34,471.33), together with the Bank's costs, expenses and reasonable attorneys' fees (collectively, the "Existing Indebtedness").
The Corporation and the Lenders agree that should the Corporation or any successor thereto make any change in the Business Plan, undertake any sale of material assets of the Corporation or engage in any merger or other combination involving the Corporation without the consent of a majority (based upon the then Existing Principal Amount under the Debentures which gave rise to the Facility Proceeds) of the Debentures such action shall be a Default under the Debentures.
The principal amount of the Amended Promissory Note shall be equal to the Existing Principal Amount.
Borrower acknowledges and agrees that the --------------------- current outstanding principal balance owed to Bank under the Loan Documents is Seven Million One Hundred and Thirty-two Thousand Dollars ($7,132,000.00) (the "Existing Principal Amount").
The Existing Principal Amount of the In-Scope Debt held by all Scheme Creditors.