Examples of PP Notes in a sentence
As of the Closing Date, the parties hereto agree that the Borrowing Base shall be equal to $450,000,000 until such time as the Borrowing Base is redetermined in accordance with this Agreement; provided, however, that to the extent that the aggregate principal amount of PP Notes outstanding on the Closing Date exceeds $700,000,000, then the amount specified in this Section for the Borrowing Base shall be reduced by $0.50 for each $1.00 of such excess.
Both the construction loan and the PP Notes provided for the accrual of interest which was to be paid at maturity (or, depending on future events, prior to maturity).
Other amounts of interest were set forth under the PP Notes, but no such amounts accrued or became payable prior to the repayment and cancellation of such notes.
At the time of the sale of the Development Properties, and during the term of the PP Notes, the Company believed that the value of the real property at each Development Property would increase more rapidly than interest would accrue on the PP Note and construction loan related to such property.
The Administrative Agent, the Issuer and the Lenders hereby acknowledge and agree that, upon the satisfaction of the condition set forth in Section 5(e)(iv) below, the Pledged Notes Security Agreement and the PP Notes Letter Agreement shall terminate and such agreements and each other agreement, certificate, document or instrument specifically delivered in connection therewith shall be of no further force and effect (subject only the provisions thereof regarding reinstatement).
For purposes of this discussion, it is assumed that the accrual of Base Interest caused it to be necessary to test the PP Notes at the end of each quarter during which they were outstanding.
At the time the PP Notes were issued, the Company believed the value of the real property associated with each Development Property was equal to the sum of the amounts of the construction loan on the Development Property and the PP Note issued with respect to the Development Property.
The Company represented and the Board of Directors of the Company (the "Board") has confirmed, that each Development Property was comprised solely of real property at the time the PP Notes were issued, and did not include any personal property, in each case as determined for federal income tax purposes.
The PP Notes were fully repaid at the time the indebtedness secured by the Development Properties was refinanced.
In addition, the PP Notes provided for the payment of "Type 1 Additional Interest" (which entitled the Company to 60% of PSSH's additional Distributable Cash, if any) and "Type 2 Additional Interest" (which entitled the Company to 60% of "Capital Transaction Proceeds," if any).