Principal Reduction. The principal of the Notes is subject to reduction, retroactive to the date of issuance of the Notes, by reason of a Merger Consideration Principal Reduction. The principal of the Notes is also subject to reduction, effective as of the date of payment, by reason of a Litigation Payment Principal Reduction. In the event of a Merger Consideration Principal Reduction or a Litigation Payment Principal Reduction, the aggregate principal of all outstanding Notes and all outstanding 4.5% Notes shall be reduced on a pro rata basis. The Company shall promptly give notice to the Trustee of any Merger Consideration Principal Reduction or Litigation Payment Principal Reduction (and concurrently send a copy of its notice to the Shareholder Representative).
Principal Reduction. Borrower has made a principal reduction payment to Administrative Agent in an amount equal to two hundred thousand and 00/100ths dollars ($200,000.00) (the “Principal Reduction Payment”);
Principal Reduction. If not sooner repaid, Borrower shall repay the aggregate unpaid principal amount outstanding hereunder in One Hundred Twenty (120) installments in the amounts set forth on Exhibit "c" attached hereto, payable on the first (1st) day of each calendar month (commencing on the first such day to occur following the date hereof). The availability under this Note shall be reduced on a monthly basis on the same day and in the same amount as each scheduled principal payment.
Principal Reduction. In consideration of Lender entering into this Amendment and modifying the terms of the Loans as provided herein, as of the date hereof, Borrowers have made a partial paydown of the outstanding principal balance in the amount of Twenty-Two Million One Hundred Ninety-Nine Thousand Two Hundred Ninety-Five and 84/100 Dollars ($22,199,295.84) to reduce the outstanding principal amount of the Loans to Ninety-Seven Million Four Hundred Thousand and 00/100 Dollars ($97,400,000.00). Such principal paydown shall be allocated among the Loans as set forth on Exhibit A attached hereto and made a part hereof, which Exhibit A supersedes that certain Exhibit A attached to the Original Loan Agreement.
Principal Reduction. If at any time a Low DSCR Trigger Period continues for four (4) full consecutive quarters following a Low DSCR Trigger Event, then the Administrative Agent shall have the right to apply all funds on deposit in the Sweep Account (or which are deposited into the Sweep Account while such Low DSCR Trigger Period continues) to reduce the outstanding principal balance of the Loans (and upon any such payment, Borrower shall pay to the Lenders any amounts due to the Lenders in accordance with Sections 2.4(6) and 2.9(5)).
Principal Reduction a. New Item Curtailment From the date Lender first advances Floor Plan Credit with respect to any New Item until repayment in full of such Floor Plan Credit, Borrower shall pay Lender a principal reduction of the amount so financed with Floor Plan Credit for the New Item equal to payment of five percent (5%) of the initial advance for such New Item per month once the New Item has been in inventory of Borrower for six (6) months. If an advance of Floor Plan Credit for a New Item is not repaid in full within nine (9) months from the date of such advance, Borrower shall pay to Lender the amount of all sums advanced for such New Item, less any sums paid by Borrower to Lender and applied by Lender against such amount financed with Floor Plan Credit for such New Item.
Principal Reduction. Borrower pays to each Holder an amount equal to Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (i.e. Five Million and 00/100 Dollars ($5,000,000.00) in the aggregate with respect to both Notes) which amount will be applied by the Holders as a principal repayment thereby reducing the outstanding balance of the Loan by such paid amount.
Principal Reduction. If at any time the AD/AV Ratio is not satisfied, Borrower shall within ten (10) Business Days following Administrative Agent’s notice thereof make a principal payment in an amount sufficient to reduce the AD/AV Ratio to not more than eighty percent (80%). It shall be an Event of Default if such payment is not so made.
Principal Reduction. On or before February 28, 2023, Borrower shall make a principal payment of One Million Dollars ($1,000,000.00) on the Term Loan Facility.
Principal Reduction. For each $1 that the outstanding principal amount under the Gemini Note is reduced, whether by conversion, repayment or otherwise thereunder, $1 of principal amount outstanding under this Note shall be automatically converted into one (1) share of Series A Preferred Stock. For clarification, it is understood that the outstanding principal amount hereunder shall never be greater than the principal amount outstanding under the Gemini Note. Gemini shall be a third party beneficiary of this Note and may enforce the terms of this Note, it being understood that Gemini is materially relying on the terms of this Note and the Purchase Agreement, including without limitation this Section 4, in entering into the Asset Purchase Agreement. Except in accordance with Section 6(b) following a default, the principal amount of this Note shall not be increased.
