Accelerated Payment Schedule Sample Clauses
Accelerated Payment Schedule. In the event that either (i) the Cash Flow Ratio as at the end of any calendar month is less than 4:1 or (ii) there is a Material Adverse Event, then Co-Borrowers shall begin, as of the next date that a Term Loan Installment would fall due, making payments of principal and interest equal to two (2) times the Term Loan Installments (referred to herein collectively as "Accelerated Term Loan Installments" and individually as a "Accelerated Term Loan Installment"). Accelerated Term Loan Installments shall be applied first to accrued interest, then to other Obligations, and, finally, to the remaining principal balance of the Term Loan Notes. RBL's receipt of Accelerated Term Loan Installments shall not constitute a prepayment. In the event that Co-Borrowers begin making Accelerated Term Loan Installments but the Cash Flow Ratio as at the end of any calendar month is equal to or greater than 4:1 for two (2) consecutive months, then Co-Borrowers shall resume, as of the next date that an Accelerated Term Loan Installment would fall due, making payments of principal and interest in an amount equal to the Term Loan Installments.
Accelerated Payment Schedule. In the event that the Cash Flow Ratio as at the end of any two consecutive calendar months is less than 4.0:1.0, then Borrower shall begin, as of the next date that a Term Loan Installment would fall due, making payments of principal and interest, instead of in the amount of a Term Loan Installment, in the sum of One Hundred Fifty Percent (150%) of the Term Loan Installment (referred to herein collectively as "Accelerated Term Loan Installments" and individually as a "Accelerated Term Loan Installment") (which in the case of the Initial Loan would in the amount of $44,000). Accelerated Term Loan Installments shall be applied first to accrued interest, then to other Obligations, and, finally, to the remaining principal balance of the Term Note. RBL's receipt of Accelerated Term Loan Installments shall not constitute a prepayment, but shall constitute a payment under the Term Loan Note. In the event that Borrower begins making Accelerated Term Loan Installments but the Cash Flow Ratio as at the end of any calendar month is equal to or greater than 4.0:1.0 for two (2) consecutive months, then Borrower shall resume, as of the next date that an Accelerated Term Loan Installment would fall due following such three (3) months, making payments of principal and interest in an amount equal to the Term Loan Installments.