Examples of Monthly Amortization in a sentence
Payments of the Monthly Amortization Amount shall reduce the Allocated Loan Amounts for each Property on a pro rata basis.
In addition to any monthly payments of interest due pursuant to Section 1.2(a) above, if the First Extension Option and/or the Second Extension Option are timely exercised by Borrower in strict accordance with the terms and conditions of Section 2.9 of the Project Loan Agreement, during the applicable Extension Term Borrower shall, on each Payment Date, pay the Monthly Amortization Payment.
Subject to Section 2.6, Borrower shall, on each Payment Date, repay the Outstanding Principal Amount in an amount equal to the Monthly Amortization Amount for such Payment Date.
Any principal amount of this Debenture converted during the applicable Monthly Conversion Period in excess of the Monthly Amortization Amount shall be applied against the last principal amount of this Debenture scheduled to be amortized hereunder, in reverse time order from the Maturity Date.
If any portion of the payment pursuant to an Monthly Amortization shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full.
Following the Monthly Amortization Date, the Holder shall have the right to convert, from time to time in the Holder’s sole discretion, the Monthly Amortization Amount at the Alternate Conversion Price as determined from time to time as and when converted.
The Borrowers shall promptly, but in any event no later than the Payment Date, pay the Monthly Amortization Amount (or applicable portion thereof specified in the Monthly Amortization Notice) to the Lenders.
The Lenders may exercise such right for a calendar month by sending a written notice (each a “Monthly Amortization Notice”), executed by the Required Lenders, to the Borrowers at least five (5) Business Days prior to the Payment Date for such calendar month, which Monthly Amortization Notice shall specify the principal amount to be repaid up to the Monthly Amortization Amount.
As of the Effective Date, the parties hereto agree that the Borrowing Base shall be equal to $280,000,000, the Projected Borrowing Base for July 1, 2007 shall be equal to $240,000,000, and the Borrowing Base Monthly Amortization Rate shall be equal to $10,000,000 until such time as the Borrowing Base, Projected Borrowing Base and Borrowing Base Monthly Amortization Rate are redetermined in accordance with the First Lien Credit Agreement.
Commencing on the Amortization Date, the Lenders may, at their option upon the written election of the Required Lenders, require the Borrowers to repay the outstanding principal balance of the Term Loans in monthly installments in an amount per calendar month up to the Monthly Amortization Amount.