Principal Amortization Payments Clause Samples
The Principal Amortization Payments clause defines the schedule and method by which the borrower repays the principal amount of a loan over time. Typically, this clause outlines the frequency of payments—such as monthly or quarterly—and specifies the amounts or calculation method for each installment, which may be equal or vary according to an agreed formula. By establishing a clear repayment structure, this clause ensures predictability for both parties and helps manage the lender’s risk by providing a systematic reduction of the outstanding loan balance.
Principal Amortization Payments. (a) Subject to clause (c) below, starting from the end of the month in which the Registration Statement is declared effective, at Holder’s request, the Company shall pay to the Holder the principal amount hereunder in monthly installments (each a “Monthly Payment”) in increments of one-twelfth (1/12) of the original principal amount (“Monthly Payment Amount”) on a date determined by the Holder, but not more than once per calendar month (each, a “Payment Date”), until the principal has been paid in full prior to or on the Maturity Date or, if earlier, upon acceleration, conversion or prepayment of this Note in accordance with its terms, provided that the Company shall not be required to make a Monthly Payment if an update of information pursuant to Item 8.A.4 of Form 20-F is needed to effect sales under the Registration Statement but which information is not yet required to be filed with the Commission, including, for the avoidance of doubt, as a result of Rule 12b-25 under the Exchange Act.
(b) The Company and the Holder agree that all payments made under this Note, including the provisions of this Section 3, shall be subject in all cases to the terms of the Purchase Agreement, including, without limitation, Section 2.3 (Closing Conditions) thereof.
(c) At the option of the Company, the Monthly Payments shall be made in cash or in Ordinary Shares of the Company; provided that, prior to repayment of the Senior Debt in full, Monthly Payments may only be made in Ordinary Shares; and provided further, that if the the Amortization Conversion Price is less than the Conversion Floor: (a) the relevant Monthly Payment shall be cancelled and be of no effect as if a request from the Holder to pay the relevant Monthly Payment had never been made and (b) in cash if the Company is in material breach of its obligations under the Note. The Company shall deliver to the Holder Ordinary Shares that are either free trading shares or unlegended shares that can be immediately resold pursuant to Rule 144 under the Securities Act, unless the Holder in its sole discretion elects to waive this requirement for a specific Monthly Payment. If such a waiver is not granted, the relevant Monthly Payment shall be cancelled and be of no effect as if a request from the Holder to pay the relevant Monthly Payment had never been made. In connection with any Monthly Payment made in Ordinary Shares, the number of shares to be delivered shall be determined by dividing the Monthly Payment Amount b...
Principal Amortization Payments. Commencing on March 7, 2014 and continuing on the fifth (5th) Business Day of each month thereafter during the term of the Loans (including any Extension Period), monthly principal payments on the Loans in an amount equal to forty-two hundredths percent (0.42%) of the Outstanding amount of the Loans as of March 1, 2014 shall be due and payable.
Principal Amortization Payments. Continuing on June 1, 2014, and on each Payment Date thereafter, Borrowers shall pay Agent for the account of the Lenders (other than a Defaulting Lender) a monthly principal amortization payment with respect to each Existing Ten Project Loan in accordance with Schedule 2.3 attached hereto. If June 1, 2014, is not a Business Day, then the applicable payment due hereunder shall be made on the first Business Day immediately following such date.
Principal Amortization Payments. Commencing on August 1, 2006, and on the first (1st) day of each month thereafter until the Maturity Date, Borrower shall make a monthly principal amortization payment in accordance with Schedule 2.3 in addition to the interest payments required under Section 2.3(a), above. If the first day of a month is not a Business Day, then the applicable payment due hereunder shall be made on the first Business Day immediately following the first day of such month.
Principal Amortization Payments. Continuing on December 1, 2009 and on the first (1st) day of each month thereafter until the Ten Project Loans Maturity Date, Ten Project Borrowers shall make a monthly principal amortization payment in accordance with Schedule 2.3(a) attached hereto. If the first day of a month is not a Business Day, then the applicable payment due hereunder shall be made on the first Business Day immediately following the first day of such month.
Principal Amortization Payments. Commencing on March 7, 2014 and continuing on the fifth (5th) Business Day of each month thereafter during the term of the Loans, monthly principal payments on the Loans shall be due and payable in an aggregate principal amount equal to the sum of (i) forty-two hundredths percent (0.42%) of the Outstanding amount of the Loans as of March 1, 2014, plus (ii) beginning January 8, 2016 and continuing on the fifth (5th) Business Day of each month thereafter, the additional monthly principal amount of $1,000,000 in January, $1,150,000 in February and $1,000,000 in March.”
Principal Amortization Payments. On the first to occur of: (A) the second anniversary of the Agreement Execution Date or on any date thereafter on which the Refinanceable Equity Ratio is less than 2 to 1, or (B) the third anniversary of the Agreement Execution Date (if the Extension Option has been exercised by the Borrower), the Borrower shall commence making Monthly Amortization Payments and shall continue to make the applicable Monthly Amortization Payments on the first Business Day of each calendar month thereafter until the full remaining principal balance of the Advances becomes due and payable on the Facility Termination Date. All such Monthly Amortization Payments shall be applied first to repay Floating Rate Advances and then to pay Fixed Rate Advances, including any funding indemnification amounts payable under Section 3.4 as a result of repayment of such Fixed Rate Advance prior to the end of the Interest Period applicable thereto.
Principal Amortization Payments. Commencing on July 1, 2013 and continuing on the first day of each October, January, April and July thereafter during the term of the Loans (including any Extension Period), quarterly principal payments on the Loans in an amount equal to $1,875,000 shall be due and payable.
Principal Amortization Payments. Commencing on the first (1st) day of the first (1st) calendar month immediately following the Earnout Advance (if any) (the "EARNOUT AMORTIZATION COMMENCEMENT DATE"), and on the first (1st) day of each month thereafter through March, 2009, Borrowers shall (in addition to the interest payments required under Section 2.3(a)) make a monthly principal amortization payment to Agent based upon the principal amount of the Earnout Advance (if any), using a twenty-five (25) year period commencing on the Earnout Amortization Commencement Date and an annual interest rate equal to six percent (6.0%), as reasonably calculated by Agent. Commencing on April 1, 2009, and on the first (1st) day of each month thereafter until the Maturity Date, Borrower shall (in addition to the interest payments required under Section 2.3(a)) make a monthly principal amortization payment to Agent based upon the outstanding principal balance of the Loan as of March 31, 2009, using a twenty-five (25) year period commencing on April 1, 2009, and an annual interest rate equal to six percent (6.0%) as reasonably calculated by Agent. If the first (1st) day of a month is not a Business Day, then the applicable payment due under this Section 2.3(b) shall be made on the first (1st) Business Day immediately following the first (1st) day of such month.
Principal Amortization Payments. Commencing on June 1, 2010, and continuing on each Payment Date thereafter until and including the Maturity Date, in addition to the interest payments required under Section 2.3(a) above, Borrowers shall make a monthly principal amortization payment on (i) the Initial Loan prior to the Swap Termination Date, based upon a 25-year amortization schedule in the amount shown on Part 1 of Schedule 2.3, and (ii) on the Restatement Date Loan, based upon a 30-year amortization schedule in the amount shown on Part 2 of Schedule 2.3 and (iii) the Initial Loan on and after the Swap Termination Date, based upon a 30-year amortization schedule in the amount shown on Part 3 of Schedule 2.3. If the first day of a month is not a Business Day, then the applicable payment due hereunder shall be made on the first Business Day immediately following the first day of such month.