88-87 Amend 116-84 - Laserfiche WebLink

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"Agreement" means the Original Agreement, as amended by the Amendment of Loan Agreement, and as further amended or supplemented from time to time. "Alternate Interest Payment" means the sum of all Loan Payments with respect to interest on the Project Bonds, and any Alternate Loan Payments for Interest which may have been made in lieu of any such Loan Payments, for the six successive Loan Payment Dates ending on a~ Interest Payment Date. "Alternate Loan Payment for Interest" means (i) on each Loan Payment Date on or before December 1, 1989, 95~ of Unaudited Net Operating Income, and (ii) on each Loan Payment Date after December 1, 1989, the greater of (a) $10,833 or (b) 95~ of Unaudited Net Operat- ing Income up to $10,833, plus that amount, if any, of 95% of Unaudited Net Operating Income which is in excess of the sum of $10,833 and the Maximum Principal Payable on that date; provided, however, in no event shall the Alternate Loan Payment for Interest exceed an amount equal to a rate of interest for the applicable period of 12.95% per annum times the outstanding principal amount of the Project Bonds for that period; and provided further that on the Loan Payment Date occurring in the third calendar month of each fiscal year, the Alternate Loan Payment for Interest due on that date shall be increased or decreased, as the case may be, by the amount of any Adjustment for Interest. "Alternate Loan Payment for Principal" means: (i) on each Loan Payment Date on or before December 1, 1989, that amount, if any, of 95% of Unaudited Net Operating Income which is in excess of the maximum Alternate Loan Payment for Interest due on that date, up to the amount of the Maximum Principal Payable on that date, and (ii) on each Loan Payment Date after December 1, 1989, that amount, if any, of 95% of Unaudited Net OperatinE Income which is in excess of $10,833, up to the amount of the Maximum Principal Payable on that date; provided, however, that on the Loan Payment Date occurring in the third calen- dar month of each fiscal year, the Alternate Loan Payment for Principal due on that date shall be increased or decreased, as the case may be, by the amount of any Adjustment for Principal. "Alternate Principal Payment" means the sum of all Loan Payments with respect to the principal of the Project Bonds, and any Alternate Loan Payments for Principal which may have been made in lieu of any such Loan Payments, for the six successive Loan Payment Dates ending on a Principal Payment Date. -3-