Maximum Principal Balance Sample Clauses
The Maximum Principal Balance clause sets a cap on the total amount of principal that can be outstanding under a loan or credit agreement at any given time. In practice, this means that the borrower cannot draw or owe more than the specified maximum, regardless of the number of advances or disbursements made. This clause is essential for limiting the lender's financial exposure and providing clear boundaries for the borrower's borrowing capacity.
Maximum Principal Balance. The aggregate outstanding principal ------------------------- balance of the Loans shall at no time exceed $20,000,000, less the principal amount of debt contributed in respect of option exercises under Section 3.9 (the "Maximum Principal Balance"); provided, however, that Newco shall have no obligation to fund, nor shall Company have any right to borrow hereunder, during any fiscal year, any portion of the Development Loan unless Newco and the Company have approved a budget setting forth the use of the proceeds of such funding. Notwithstanding the foregoing, the Company may use proceeds of, and Newco shall be obligated to fund without regard to any budget and/or approval thereof by Newco, the Development Loan for general corporate purposes in an amount not to exceed $500,000 from the Closing through the first anniversary of the Closing, $1,000,000 from the Closing through the second anniversary of the Closing, $1,500,000 from the Closing through the third anniversary of the Closing and $2,000,000 from the Closing through the fourth anniversary of the Closing ("Committed Loans").
Maximum Principal Balance. The aggregate outstanding principal balance of the Loans shall at no time exceed $17,500,000, less the principal amount of debt contributed in respect of option exercises under Section 3.9 (the "Maximum Principal Balance").
Maximum Principal Balance. The quotient of the outstanding principal balance of a Loan, divided by the original principal amount of the Loan, exceeds the respective percentage specified in Schedule 2 of the respective Proposal as of the related Distribution Date specified in Schedule 2 and such event is not cured within five (5) Business Days after such Distribution Date;
Maximum Principal Balance. The maximum unpaid Principal Balance outstanding on this note, from time to time, shall be the Principal Balance that would be outstanding if an original Principal Balance of Five Million Seven Hundred Sixty Thousand Dollars ($5,760,000) were repaid in four (64) consecutively monthly installments, on the fifteenth (15th) day of each calendar month commencing September 15, 1998, as follows: Four monthly installments of Sixty-Five Thousand Dollars ($65,000) each; followed by fifty-nine (59) monthly installments of Ninety-one Thousand Six Hundred Sixty-Seven Dollars ($91,667) each; followed by final monthly installment of Ninety-one Thousand Six Hundred Forty-Seven Dollars ($91,647).
Maximum Principal Balance. This note is given to evidence Borrower's obligation to repay all sums which Lender may from time to time advance to Borrower ("Advances") under a revolving line of credit. The unpaid principal balance of all Advances outstanding under this note ("Principal Balance") at any one time shall not exceed $30,000,000 minus the then outstanding principal balance of the FPC Note. However, subject to the terms and conditions of the Loan Agreement and this note, Advances may be borrowed, repaid and reborrowed and the aggregate Advances loaned hereunder may exceed such maximum amount.
Maximum Principal Balance. The maximum aggregate principal balance of the Loan at any time outstanding shall not exceed $17,000,000, less the principal amount of conversions under Section 1.7 and option exercises under Section 1.8 ("Maximum Principal Balance"), provided that, notwithstanding the foregoing, at the time of each Advance hereunder, and after giving effect thereto, the ratio of the outstanding principal balance of the Loan to the funded cash equity of the Company shall not exceed 1.31 to 1 (the "Borrowing Ratio"). In the event the Company receives the proceeds of an Advance on a day when, after giving effect to such Advance, the Borrowing Ratio is exceeded, the Company shall repay to Boston Chicken such amount of the Loan as is necessary to cause compliance with the Borrowing Ratio.
Maximum Principal Balance. If at any time the aggregate outstanding principal balance of the Revolving Loan advances and Lender Guaranty Liabilities shall exceed the lesser of (i) the Total Revolving Loan Facility or (ii) the Borrowing Base (any such excess being referred to herein as an "Overadvance"), the Borrower shall immediately and without notice or demand of any kind (a) repay the outstanding advances under the Revolving Loan to the extent necessary to eliminate such excess and (b) if any excess remains after payment in full of the outstanding balance of the Revolving Loan, cash collateralize the Lender Guaranty Liabilities in accordance with subsection 2.7(b) to the extent necessary to eliminate such remaining excess; provided that if such Overadvance results from the Agent's exercise of its Permitted Discretion under subsection 2.1(a), so long as no Default or Event of Default shall have occurred and be continuing, such Overadvance shall be repaid by the Borrower within thirty (30) days of the occurrence of such Overadvance.
Maximum Principal Balance. This note is given to evidence Borrower's obligation to repay all sums which Lender may from time to time advance to Borrower ("Advances") under a revolving line of credit. The unpaid principal balance of all Advances outstanding under this note ("Principal Balance") at any one time shall not exceed the lesser of (a) $2,000,000 or (b) $30,000,000 minus the then outstanding principal balance of the TRM-USA Note. However, subject to the terms and conditions of the Loan Agreement and this note, Advances may be borrowed, repaid and reborrowed and the aggregate Advances loaned hereunder may exceed such maximum amount.
Maximum Principal Balance. The aggregate outstanding principal ------------------------- balance of the Loans shall at no time exceed $17,500,000, less the principal amount of debt contributed in respect of option exercises under Section 3.9 (the "Maximum Principal Balance").