SOI Sample Clauses

SOI. Section 8 of the Seventh Amendment Agreement is amended by making said Section subject to the treatment and allocation of Release Prices and other proceeds in respect of any disposition or pledging of the Canyons Commercial Core and/or the Steamboat Commercial Core as provided for in the Commercial Release Price Option and subject to the treatment and allocation of Steamboat Residential Unit 2005 Release Prices provided for in the definition of "Release Price" and Steamboat Residential Additional Forgiven Amount as provided in Section 3.15(e) of the Existing LSA, as amended hereby. GSRP acknowledges that all commitments of the Subordinated Lender under the SOI to extend Subordinated Loan Tranche Advances terminated on the date of the Canyons Auction Sale. GSRP agrees that the aggregate outstanding principal amount of Subordinated Loan Tranche Advances shall not exceed the following amounts at the following dates: ================================================================================ Test Date Maximum Outstanding Principal Amount of Subordinated Loan Tranche Advances -------------------------- ----------------------------------------------------- June 30, 2006 $10,000,000 -------------------------- ----------------------------------------------------- December 31, 2006 $8,000,000 -------------------------- ----------------------------------------------------- March 31, 2007 $5,000,000 -------------------------- ----------------------------------------------------- June 30, 2007 $2,500,000 -------------------------- ----------------------------------------------------- November 30, 2007 $0 ========================== =====================================================

SOI. The Lenders agree that GSRP, in accordance with the SOI, shall pay to the Subordinated Lender, in cash, interest accruing from time to time on the outstanding principal balance of the Subordinated Loan Tranche at a fixed rate per annum of 10% (it being acknowledged that interest accrues under the SOI at a per annum rate of 20% and that the remaining unpaid portion of said rate of interest would not be paid until all Canyons Obligations, all Steamboat Obligations and all other Obligations (other than the Percentage Sales Fee and the Subordinated Loan Tranche Obligations) shall have been fully and finally paid). Such "cash interest" shall be payable, and shall be paid, by GSRP irrespective of whether a Default or Event of Default shall exist and shall rank pari passu with the obligation of GSRP to pay interest to the Lenders in respect of the Steamboat Obligations. The Lenders acknowledge that the Subordinated Lender shall be entitled to receive such "cash interest payment" at the same time as the Lenders for the Steamboat Project receive interest payments from the Obligation-Servicing Projects' Cash Proceeds as provided for herein or otherwise from other Projects' Cash Proceeds payable to such Lenders for the Steamboat Project, and, if such Obligation-Servicing Projects' Cash Proceeds or other Projects' Cash Proceeds paid or payable to the Lenders for the Steamboat Project are insufficient to pay in full all of such "cash interest" and the other interest payable to the Lenders for the Steamboat Project, then such Obligation-Servicing Projects' Cash Proceeds or other Projects' Cash Proceeds shall be shared ratably among the Lenders for the Steamboat Project and the Subordinated Lender based on the amount of accrued and unpaid interest owing to them. For the avoidance of doubt, until the Canyons Obligations are fully and finally paid, the Subordinated Lender shall have no claim on any Obligation-Servicing Projects' Cash Proceeds or other Projects' Cash Proceeds payable to Lenders for the Canyons Project. Unless and until all Obligations (other than the Subordinated Loan Tranche Obligations and the Percentage Sales Fee) shall have been paid in full, no other payments shall be made by GSRP to the Subordinated Lender under the SOI. The Lenders acknowledge that the Subordinated Lender's security interest and Lien under, and as defined in, the SOI will continue to exist in and to the Excess Projects' Cash Proceeds held as Collateral hereunder (subject to being use...