Example ContractsClausesModified Principal and Interest Payments During the Forbearance Period
Modified Principal and Interest Payments During the Forbearance Period
Modified Principal and Interest Payments During the Forbearance Period contract clause examples

Modified Principal and Interest Payments During the Forbearance Period. During the Forbearance Period (as hereinafter defined) only and subject to the provisions of Section 8(h) hereof: # the U.S. Borrower and the Dutch Borrower, as applicable, shall not be required to make the regularly scheduled cash amortization payments on the Tranche A Term Loans or the Tranche B Term Loans pursuant to [Section 2.03(a) and (b)])] of the Financing Agreement, (ii) (x) interest in respect of the Loans which accrues on the Loans held by Callodine Commercial Finance SPV, LLC and its successors and assigns shall be paid in cash on the applicable interest payment date at a rate per annum equal to the LIBOR Rate plus 7.95% (it being understood and agreed that the LIBOR Rate will be no less than 2.00% as set forth in the definition of “LIBOR Rate”) and # all other interest (including the balance of the interest in respect of the Loans which accrues on the Loans held by Callodine Commercial Finance SPV, LLC and its successors and assigns) shall be automatically paid-in-kind on the applicable interest payment date by capitalizing and adding such amounts to the principal amount of the applicable Loans on which such interest accrued (the interest under this [clause (y)], theCapitalized Interest”) and # the Loans shall not accrue interest at the Post-Default Rate. The Capitalized Interest shall be treated as principal of the applicable Loans on which such interest accrued for all purposes of the Loan Documents and thereafter bear interest as provided in [Section 2.04] of the Financing Agreement. For the avoidance of doubt, # this Section 8(d) only modifies the Financing Agreement as explicitly set forth herein, # after the Initial Tax Refunds (as hereinafter defined) and Subsequent Tax Refunds (as hereinafter defined) in an aggregate amount of at least $4,900,000 have been received by the Loan Parties (which are required to be applied to the Obligations in accordance with the provisions of Section 8(h) hereof), clauses (i) and (ii) in the first sentence of this Section 8(d) shall no longer apply and all of the payment and repayment provisions in the Financing Agreement with respect thereto shall govern, and # after the Forbearance Period ends (but subject to the provisions of Section 8(h) hereof), this Section 8(d) shall no longer apply and all of the payment and repayment provisions in the Financing Agreement with respect thereto shall govern.

Principal and Interest Payments. Commencing one month after the expiration of the Deferral Period, and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the Note on the last day of the Deferral Period by the Maturity Date.

Principal and Interest Payments. Commencing one month after the expiration of the Deferral Period, and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the Note on the last day of the Deferral Period by the Maturity Date.

Principal and Interest Payments. Commencing on January 1, 2021 (theConversion Date”) and continuing on the first (1st) calendar day of each month thereafter through the Term Loan Maturity Date, Borrower shall repay the Term Loan in twenty-four (24) equal installments of principal, plus monthly payments of accrued interest (theTerm Loan Payment”). Borrower’s final Term Loan Payment, due on the Term Loan Maturity Date, shall include all outstanding principal and accrued and unpaid interest under the Term Loan. Once repaid, the Term Loan may not be reborrowed.

Principal and Interest Payments. Commencing one month after the expiration of the Deferral Period, and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the Note on the last day of the Deferral Period by the Maturity Date.

Principal and Interest Payments. Commencing one month after the expiration of the Deferral Period, and continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the Note on the last day of the Deferral Period by the Maturity Date.

Principal and Interest Payments. Interest on the Loan shall be calculated on the basis of a year of 360 days for the actual number of days elapsed. Borrower will pay interest on January 22, 2024, and then on the same day of each month thereafter (or the next succeeding Business Day if such day is not a Business Day) (each an “Interest Only Payment Date”) until Borrower commences making the principal and interest installments described below. Borrower shall repay the amount outstanding on the Loan in equal combined installments of principal and interest beginning on January 22, 2025, and on the same day of each month thereafter (or the next succeeding Business Day if such day is not a Business Day) (each an “Amortized Payment Date), and ending on the Maturity Date (defined below). Each installment shall be in an amount sufficient to fully amortize principal and interest over the remaining term of the Loan, based on the assumptions that the interest rate would remain unchanged from the rate in effect on the first day of each period or recalculation period described in Section 1.1 of this Note and the remaining payments would be level. Lender will provide Borrower with the new payment amount due upon the adjustment of the interest rate above.

Modified Principal and Interest Payments During the Forbearance Period. During the Forbearance Period (as hereinafter defined) only and subject to the provisions of Section 8(h) hereof: # the U.S. Borrower and the Dutch Borrower, as applicable, shall not be required to make the regularly scheduled cash amortization payments on the Tranche A Term Loans or the Tranche B Term Loans pursuant to [Section 2.03(a) and (b)])] of the Financing Agreement, (ii) (x) interest in respect of the Loans which accrues on the Loans held by Gordon Brothers Finance Company, LLC and its successors and assigns shall be paid in cash on the applicable interest payment date at a rate per annum equal to the LIBOR Rate plus 7.95% (it being understood and agreed that the LIBOR Rate will be no less than 2.00% as set forth in the definition of “LIBOR Rate”) and # all other interest (including the balance of the interest in respect of the Loans which accrues on the Loans held by Gordon Brothers Finance Company, LLC and its successors and assigns) shall be automatically paid-in-kind on the applicable interest payment date (including, without limitation, on September 1, 2020) by capitalizing and adding such amounts to the principal amount of the applicable Loans on which such interest accrued (the interest under this [clause (y)], theCapitalized Interest”) and # the Loans shall not accrue interest at the Post-Default Rate. The Capitalized Interest shall be treated as principal of the applicable Loans on which such interest accrued for all purposes of the Loan Documents and thereafter bear interest as provided in [Section 2.04] of the Financing Agreement. For the avoidance of doubt, # this Section 8(d) only modifies the Financing Agreement as explicitly set forth herein, # after the Initial Tax Refunds (as hereinafter defined) and Subsequent Tax Refunds (as hereinafter defined) in an aggregate amount of at least $4,900,000 have been received by the Loan Parties (which are required to be applied to the Obligations in accordance with the provisions of Section 8(h) hereof), clauses (i) and (ii) in the first sentence of this Section 8(d) shall no longer apply and all of the payment and repayment provisions in the Financing Agreement with respect thereto shall govern, and # after the Forbearance Period ends (but subject to the provisions of Section 8(h) hereof), this Section 8(d) shall no longer apply and all of the payment and repayment provisions in the Financing Agreement with respect thereto shall govern.

Modified Principal and Interest Payments During the Forbearance Period. During the Forbearance Period (as hereinafter defined) only and subject to the provisions of Section 8(h) hereof: # the U.S. Borrower and the Dutch Borrower, as applicable, shall not be required to make the regularly scheduled cash amortization payments on the Tranche A Term Loans or the Tranche B Term Loans pursuant to [Section 2.03(a) and (b)])] of the Financing Agreement, (ii) (x) interest in respect of the Loans which accrues on the Loans held by Callodine Commercial Finance SPV, LLC and its successors and assigns shall be paid in cash on the 10083707

Modified Principal and Interest Payments During the Forbearance Period. During the Forbearance Period (as hereinafter defined) only and subject to the provisions of Section 8(h) hereof: # the U.S. Borrower and the Dutch Borrower, as applicable, shall not be required to make the regularly scheduled cash amortization payments on the Tranche A Term Loans or the Tranche B Term Loans pursuant to [Section 2.03(a) and (b)])] of the Financing Agreement, (ii) (x) interest in respect of the Loans which accrues on the Loans held by Callodine Commercial Finance SPV, LLC and its successors and assigns shall be paid in cash on the applicable interest payment date at a rate per annum equal to the LIBOR Rate plus 7.95% (it being understood and agreed that the LIBOR Rate will be no less than 2.00% as set forth in the definition of “LIBOR Rate”) and # all other interest (including the balance of the interest in respect of the Loans which accrues on the Loans held by Callodine Commercial Finance SPV, LLC and its successors and assigns) shall be automatically paid-in-kind on the applicable interest payment date by capitalizing and adding such amounts to the principal amount of the applicable Loans on which such interest accrued (the interest under this [clause (y)], theCapitalized Interest”) and # the Loans shall not accrue interest at the Post-Default Rate. The Capitalized Interest shall be treated as principal of the applicable Loans on which such interest accrued for all purposes of the Loan Documents and thereafter bear interest as provided in [Section 2.04] of the Financing Agreement. For the avoidance of doubt, # this Section 8(d) only modifies the Financing Agreement as explicitly set forth herein, # after the Initial Tax Refunds (as hereinafter defined) and Subsequent Tax Refunds (as hereinafter defined) in an aggregate amount of at least $4,900,000 have been received by the Loan Parties (which are required to be applied to the Obligations in accordance with the provisions of Section 8(h) hereof), clauses (i) and (ii) in the first sentence of this Section 8(d) shall no longer apply and all of the payment and repayment provisions in the Financing Agreement with respect thereto shall govern, and # after the Forbearance Period ends (but subject to the provisions of Section 8(h) hereof), this Section 8(d) shall no longer apply and all of the payment and repayment provisions in the Financing Agreement with respect thereto shall govern.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.