Amortization Right Sample Clauses

Amortization Right. If (A) Borrower should fail to maintain Minimum Revenues (as defined below), measured as of the end of each calendar quarter, or (B) a Borrower Regulatory Issue has occurred, PFG may elect to amortize all or (at PFG’s sole option) part of the Loan, effective as of the first day of the month following the calendar quarter for which Borrower has failed to maintain such Minimum Revenues, over a period equal to the shorter of thirty-six (36) months from the date such PFG election is made and the period from the date such PFG election is made until the Maturity Date (the “Amortization Right” and such period, the “Amortization Period”), which Amortization Right must be exercised, if at all, not later than the twentieth (20th) Business Day following the date PFG receives the Borrower report certifying compliance (or failure to comply) with the Minimum Revenues Test and, if PFG so elects, Borrower shall thereafter commence to make approximately level monthly payments of principal and interest on the Loan in accordance with an amortization schedule that reflects principal amortization equal to: (i) forty-five percent (45%) of the principal Loan balance outstanding on June 30, 2011, payable in twelve roughly equal monthly installments for each of the first twelve monthly payments made, (ii) thirty-five percent (35%) of the principal Loan balance outstanding on June 30, 2011, payable in twelve roughly equal monthly installments for each of the next twelve monthly payments made, and (iii) the greater of twenty percent (20%) of the principal Loan balance outstanding on June 30, 2011 and the actual principal Loan balance outstanding on the date such third tranche of amortized payments are due to commence to be made, payable in twelve roughly equal monthly installments for each of the next twelve monthly payments made, such that the Loan will be entirely paid at the Maturity Date. PFG may suspend Borrower’s obligation to make amortized payments at any time upon notice in its sole discretion. For example only, if Borrower triggered the Amortization Right based on its quarter ending March 31, 2011, reported no later than April 30, 2011, Borrower would be required to commence making monthly payments of $562,500, plus interest, the first such payment due May 1, 2011. If Borrower was in compliance with the Minimum Revenues test for the quarter ending June 30, 2011, as reported by July 31, 2011 (see “Reinstatement”, below), Borrower would cease making amortized payments as of ...
Sample 1
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Amortization Right. If Borrower fails to meet the minimum Adjusted Quick Ratio (defined below), PFG shall have the absolute right, but not the obligation, to amortize the Loan as if it were a three-year loan with equal monthly principal payments of $222,222 (the “Amortization Right”). PFG may exercise the Amortization Right upon notice at any time Borrower is not in compliance with the minimum Adjusted Quick Ratio (but for the avoidance of doubt, Borrower’s failure to meet the minimum Partners for Growth II, Schedule to Loan and Security Agreement Adjusted Quick Ratio shall not, by itself, constitute a Default). For example, if Borrower fell below the Adjusted Quick Ratio three (3) months after the date hereof and PFG exercised the Amortization Right, then Borrower would be required to immediately pay PFG $666,666, with the balance of the Loan due in equal monthly principal payments, plus interest, over the following thirty-three (33) months, commencing the first day of the month immediately following exercise of the Amortization Right and continuing on the same day of each month thereafter.
Sample 1
Amortization Right. If (A) Borrower should fail to maintain Minimum Revenues (as defined below), measured as of the end of each calendar quarter, or (B) a Borrower Regulatory Issue has occurred, PFG may elect to amortize all or (at PFG’s sole option) part of the Loan, over a 36-month period from the date such PFG election is made (the “Amortization Right”), which Amortization Right must be exercised, if at all, not later than the twentieth (20th) Business Day following the date PFG receives the Borrower report certifying compliance (or failure to comply) with the Minimum Revenues Test and, if PFG so elects, Borrower shall thereafter commence to make monthly payments of principal and interest on all then outstanding Notes in accordance with an amortization schedule that reflects an amortization of: (i) forty-five percent (45%) of outstanding principal of Notes in the first twelve (12) months from such election, (ii) thirty-five percent (35%) in the following twelve months from such election and (iii) twenty percent (20%) in the remaining twelve (12) months of such 36-month period notified at such time by PFG. PFG may suspend Borrower’s obligation to make amortized payments at any time upon notice in its sole discretion. If PFG at any time exercises the Amortization Right, PFG’s obligation to make Loans to Borrower under Section 1(a) of this Schedule (other than the initial Note) and Borrower’s right to request borrowings under this Agreement shall terminate.
Sample 1

Related to Amortization Right

  • Early Amortization Events In addition to the events identified as Early Amortization Events in Article XII of the Indenture, the occurrence of any of the following events (each, an “Early Amortization Event”) shall result in an early amortization event for the Series [•] Notes:

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Amortization Events The occurrence of any one or more of the following events shall constitute an Amortization Event:

  • Rapid Amortization Events If any one of the following events occurs during the Managed Amortization Period:

  • Optional Principal Payments 11 2.8 Method of Selecting Types and Interest Periods for New Advances..........................................12 2.9 Conversion and Continuation of Outstanding Advances......................................................12 2.10 Changes in Interest Rate, etc...........................................................................12 2.11

  • Amortization Schedule We do not provide an initial amortization schedule at the time of project agreement release but maintain a "Loan Summary Spreadsheet" on our website on the Financial Tab under "Loans". Once your loan is put into billing an amortization schedule will be posted to the same website, with a copy mailed to the Chief Financial Officer the month following project closeout.

  • Amortization Such Mortgage Loan does not provide for negative amortization unless such Mortgage Loan is an ARD Mortgage Loan, in which case it may occur only after the Anticipated Repayment Date.

  • Special Optional Redemption In the event of a Change of Control, the Issuer will have the option to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control has occurred for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date. If the Issuer exercises its redemption right, by sending the required notice, with respect to some or all of the Series A Preferred Stock, the holders of Series A Preferred Stock will not be permitted to exercise the conversion rights described below in respect of any Series A Preferred Stock called for redemption.

  • Amortization of Term Loans (a) Subject to adjustment pursuant to paragraph (c) of this Section, the Borrower shall repay Term Borrowings on the last day of each September, December, March and June (commencing on March 31, 2014) in the principal amount of Term Loans equal to (i) the aggregate outstanding principal amount of Term Loans immediately after closing on the Closing Date multiplied by (ii) 0.25%; provided that if any such date is not a Business Day, such payment shall be due on the next preceding Business Day.

  • Additional Termination Rights In addition to any right to terminate this Agreement under the provisions of this Section 16, either party shall have the further right to terminate this Agreement, upon delivery of written notice to the Agent, upon the occurrence of any of the following:

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