Debt Reduction. Immediately prior to the Subsequent Closing, total outstanding indebtedness for funded debt or available borrowings to the Company, not including the Notes issued at the Initial Closing, shall not exceed $114 million, including debt evidenced by loans from the FCC and Lucent Technologies, Inc., and all documentation governing or evidencing such indebtedness and any collateral therefor shall be acceptable to each Purchaser in its sole and absolute discretion.
Debt Reduction. On the Closing Date, Xxxxx shall have acquired all rights under the Fleet Loan Documents, the total amount of indebtedness of the Company under the Fleet Loan Documents shall have been reduced to $2,000,000, and all events of default, defaults, and matters that with the passage of time would mature into defaults under the Fleet Loan Documents shall have been waived by Xxxxx as of the Closing Date, and the Sixth Loan Modification Agreement shall have been executed and delivered by the parties thereto and shall be in full force and effect.
Debt Reduction. On the Closing Date, Xxxxx shall have acquired all rights under the Fleet Loan Documents, the amount of indebtedness of the Company under the Fleet Loan Documents shall have been reduced to $2,000,000, and all events of default, defaults, and matters that with the passage of time would mature into defaults under the Fleet Loan Documents shall have been waived by Xxxxx as of the Closing Date. This Agreement and the Transaction Documents and consummation of the transactions contemplated hereby and thereby will not violate any provisions of the Fleet Loan Documents as revised. The Fleet Loan Documents as revised and as shall be in full force and effect on the Closing Date contain no financial covenants, negative covenants or affirmation covenants that could have a Material Adverse Effect on the Company and its subsidiaries taken as whole. None of the Company or any of its officers, directors, employees, agents or affiliates are parties to any side letters or other agreements with Xxxxx, Fleet or any of their respective officers, directors, employees, agents or affiliates other than the Sixth Loan Modification Agreement. None of the Company or any officers, directors, employee, agent or affiliate of the Company or any of its subsidiaries is affiliated with or otherwise related to Xxxxx or any of its officers, directors, employees, agents or affiliates.
Debt Reduction. In conjunction with a suitably qualified mortgage broker, we will identify strategies that may speed up the debt reduction process and where applicable report our findings to you.
Debt Reduction. The Agency consents to the County providing the Worthy Cause Funds directly to the Lender to reduce the Agency’s capital debt. The County shall provide to the Agency instructions as to the disbursement of the Worthy Cause Funds. Upon confirmation that the Conditions on County’s Obligation to Fund Outlined in §7(B) above are satisfied, the County will remit, in accordance with the County’s instructions, the Worthy Cause Funds to the Lender pursuant to the Lender’s W-9 Form and wiring instructions.
Debt Reduction. Beginning in the first quarter of 2009, FairPoint agrees to pay the higher of $45,000,000 annually, or 90% of annual Free Cash Flow, to be applied equally in each fiscal quarter, towards the repayment of debt related to the Merger (and any refinancing of such debt).
Debt Reduction. It is specifically agreed that Seller shall have no claim or interest pertaining to any debt or equity financing(s), regardless of the number of financings, up to and including the amount of four million five hundred thousand ($4,500,000.00) dollars which amount Purchaser has agreed per Article 9 (c) hereof represents the adequate working capital necessary to conduct the business of the Corporation. It is specifically agreed that fifty percent (50%) of the net proceeds of any subsequent debt or equity financing(s) in excess of this working capital requirement achieved by the Purchaser, will be used to reduce the Corporation's indebtedness evidenced by the Promissory Note to the Seller.
Debt Reduction. The Base Debt is the scheduled targeted amount of all outstanding debt as of September 30, 2006 of the Business pursuant to the Credit Agreement. At the Closing, Sellers shall deliver to Buyer a certificate (the “Debt Reduction Certificate”) setting forth the difference between the Base Debt and the amount of all outstanding debt pursuant to the Credit Agreement of the Business as of the Closing (the “Closing Debt”). The difference between the Base Debt and the Closing Debt shall be the “Debt Reduction Amount.”
Debt Reduction. Borrower and Lender agree to convert Three Million Dollars ($3,000,000) in Indebtedness under the Note and Loan Agreement to Common Stock of the Borrower at the closing of this agreement, provided that St. Jamex xxxverts at least Two Million Dollars ($2,000,000) of Borrower's debt at the same time.
Debt Reduction. As of the Settlement Effective Date, in consideration for the Surrender of the REIT Collateral, Huntington agrees to accept the Surrender of the REIT Collateral, and Huntington and M&I, as applicable, further agree as follows:
