Principal Reduction Clause Samples

Principal Reduction. In consideration of Lender entering into this Amendment and modifying the terms of the Loans as provided herein, as of the date hereof, Borrowers have made a partial paydown of the outstanding principal balance in the amount of Twenty-Two Million One Hundred Ninety-Nine Thousand Two Hundred Ninety-Five and 84/100 Dollars ($22,199,295.84) to reduce the outstanding principal amount of the Loans to Ninety-Seven Million Four Hundred Thousand and 00/100 Dollars ($97,400,000.00). Such principal paydown shall be allocated among the Loans as set forth on Exhibit A attached hereto and made a part hereof, which Exhibit A supersedes that certain Exhibit A attached to the Original Loan Agreement.

Principal Reduction. The principal of the Notes is subject to reduction, retroactive to the date of issuance of the Notes, by reason of a Merger Consideration Principal Reduction. The principal of the Notes is also subject to reduction, effective as of the date of payment, by reason of a Litigation Payment Principal Reduction. In the event of a Merger Consideration Principal Reduction or a Litigation Payment Principal Reduction, the aggregate principal of all outstanding Notes and all outstanding 4.5% Notes shall be reduced on a pro rata basis. The Company shall promptly give notice to the Trustee of any Merger Consideration Principal Reduction or Litigation Payment Principal Reduction (and concurrently send a copy of its notice to the Shareholder Representative).

Principal Reduction. Borrower pays to each Holder an amount equal to Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (i.e. Five Million and 00/100 Dollars ($5,000,000.00) in the aggregate with respect to both Notes) which amount will be applied by the Holders as a principal repayment thereby reducing the outstanding balance of the Loan by such paid amount.

Principal Reduction. If at any time the AD/AV Ratio is not satisfied, Borrower shall within ten (10) Business Days following Administrative Agent’s notice thereof make a principal payment in an amount sufficient to reduce the AD/AV Ratio to not more than eighty percent (80%). It shall be an Event of Default if such payment is not so made.

Principal Reduction. Commencing on December 31, 2017, the Corporation shall repay the principal, together with interest calculated at 6.00% per annum on the principal remaining from time-to-time unpaid, in eight (8) equal quarterly installments calculated to repay the outstanding principal in full by thirty-six (36) months following the Closing. Interest shall be computed on the basis of a year consisting of twelve (12) months of thirty (30) days each. All payments shall be made in lawful money of the United States of America. Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal.

Principal Reduction. For each $1 that the outstanding principal amount under the Gemini Note is reduced, whether by conversion, repayment or otherwise thereunder, $1 of principal amount outstanding under this Note shall be automatically converted into one (1) share of Series A Preferred Stock. For clarification, it is understood that the outstanding principal amount hereunder shall never be greater than the principal amount outstanding under the Gemini Note. Gemini shall be a third party beneficiary of this Note and may enforce the terms of this Note, it being understood that Gemini is materially relying on the terms of this Note and the Purchase Agreement, including without limitation this Section 4, in entering into the Asset Purchase Agreement. Except in accordance with Section 6(b) following a default, the principal amount of this Note shall not be increased.

Principal Reduction. On or prior to this date of this Amendment, Borrowers shall pay to Lender a principal payment of $5,000,000.00.

Principal Reduction. Borrower shall concurrently pay to Silicon the sum of $500,000 to be applied to the Obligations in such order as Silicon shall determine in its discretion.

Principal Reduction. If at any time the Loan to Cost Ratio is not satisfied, Borrower shall within ten (10) Business Days following Administrative Agent's notice thereof (i) make a principal payment in an amount sufficient to reduce the Loan to Cost Ratio to not more than seventy-five percent (75%) (accompanied by an unwind of a part of the interest rate swap in the same notational amount of such principal reduction) or (ii) deliver additional collateral for the Loan in the form of cash or other collateral satisfactory to the Administrative Agent in its sole discretion. Such additional collateral shall not be deemed to have been delivered to the Administrative Agent unless and until (A) the Administrative Agent is satisfied that the Administrative Agent, for the ratable benefit of the Lenders, has a valid first priority security interest in the additional collateral, (B) the Borrower shall have executed, delivered and caused to be recorded or filed security agreements, UCC-1 financing statements and other documentation as the Administrative Agent shall require, and (C) the Borrower shall have reimbursed the Administrative Agent for all of its reasonable costs and expenses (including attorneys' fees and disbursements) in connection with the delivery of such additional collateral. It shall be an Event of Default if such payment or delivery of additional collateral is not made.