Deferred Amortization definition
Examples of Deferred Amortization in a sentence
The Company may pay the Deferred Amortization Payments at any time prior to the Maturity Date, at which time all outstanding Principal, accrued and unpaid Interest, any Deferral Fees and any other amounts outstanding pursuant to the terms of this Note, including all unpaid Deferred Amortization Payments, shall be due and payable.
The Deferral Fee shall continue at a rate of 2% per month, payable monthly until all Deferred Amortization Payments are fully paid.
For the avoidance of doubt, this Section 1(c) shall only apply to the Deferred Amortization Payments and shall not apply to any other monthly payments required pursuant to Section 1(b).
Any amount of Scheduled Amortization and Deferred Amortization not paid on such Anniversary Date as a result of the foregoing sentence shall constitute Deferred Amortization and, subject to the provisions of the foregoing sentence, shall be payable on the next Anniversary if a Threshold has been reached.
If Maker has not paid any of the principal or interest on the Loan under the preferred payment arrangement, then each annual payment owed under the alternative payment arrangement during the Deferred Amortization Period shall be $404,060.96, as set forth in the amortization schedule attached as Exhibit 1 hereto and incorporated herein by this reference (the “Deferred Amortization Schedule”).
If Maker has paid a portion, but not all, of the Loan Amount as of June 30, 2018, then Payee shall provide Maker with a revised version of the Deferred Amortization Schedule reflecting the adjusted annual payments to be made under the alternative payment arrangement, after Maker has been credited for payments made under the preferred payment arrangement.
Failure of Borrower to make any such Deferred Amortization Fee payment when the same is due and payable shall constitute an Event of Default under the Financing Agreement, as amended hereby.
Years 2-5: sixteen instalments in an amount equal to 1/16th of (x) the original principal amount of the Loan (as adjusted pursuant to clause 2.2) minus USD47,000,000 and, unless earlier repaid, no later than December 31 of each year, an amount equal to the difference between the amount of Deferred Amortization accrued to such date and the maximum amount of Deferred Amortization permitted to remain outstanding as at the last day of such year with any unpaid Loans due and payable on November 15, 2024.
In such event, Maker shall make annual payments to Payee in accordance with the Deferred Amortization Schedule, as revised.
The portion of the Borrowing Base attributable to all Approved Financing (Non-Eligible Deferred Amortization Notes) other than the Existing Forward Sold Asset, shall not exceed $50,000,000 in the aggregate; provided that the Borrowing Base attributable to any such Approved Financing (Non-Eligible Deferred Amortization Notes) that satisfies the Approved Commitment Conditions shall not count towards such $50,000,000 Borrowing Base limit.