Laserfiche WebLink
Principal for that Loan Payment Date. On each Loan Payment Date, a general <br />partner of the Company shall calculate the amount of the Alternate Loan Pay- <br />ment (includin~ the Alternate Loan Payment for Interest and the Alternate Loan <br />Payment for Principal) due on the date and shall, in a certificate to the <br />Trustee, set forth the basis for the calculation and certify as to its <br />accuracy. <br /> <br />"Alternate Loan Payment for Interest" means <br /> <br />(i) <br /> <br />on each Loan Payment Date on or before December <br />1, 1989, 95% of Unaudited Net Operating Income, <br />and <br /> <br />(ii} <br /> <br />on each Loan Payment Date after December 1, 1989, <br />the ~reater of (a) $10,833 or (b) 95% of Unaudit- <br />ed Net Operating Income up to $10,833, plus that <br />amount, if any, of 95% of Unaudited Net Operating <br />Income which is in excess of the sum of $10,833 <br />and the Maximum Principal Payable on that date; <br /> <br />provided, however, in no event shall the Alternate Loan Payment for Interest <br />exceed an amount equal to a rate of interest for the applicable period of <br />12.95% per annum times the outstanding principal amount of the Project Bonds <br />for that period; and provided further that on the Loan Payment Date occurring <br />in the third calendar month of each fiscal year, the Alternate Loan Payment <br />for Interest due on that date shall be increased or decreased, as the case may <br />be, by the amount of any Adjustment for Interest. <br /> <br />"Alternate Loan Payment for Principal" means: <br /> <br />(i) <br /> <br />on each Loan Payment Date on or before December <br />1, 1989, that amount, if any, of 95% of Unaudited <br />Net Operating Income which is in excess of the <br />maximum Alternate Loan Payment for Interest due <br />on that date, up to the amount Of the Maximum <br />Principal Payable on that date, and <br /> <br />(ii) <br /> <br />on each Loan Payment Date after December 1, 1989, <br />that amount, if any, of 95% of Unaudited Net <br />Operating Income which is in excess of $10,833, <br />up to the amount of the Maximum Principal Payable <br />on that date; <br /> <br />provided, however, that on the Loan Payment Date occurring in the third <br />calendar month of each fiscal year, the Alternate Loan Payment for Principal <br />due on that date shall be increased or decreased, as the case may be, by the <br />amount of any Adjustment for Principal. <br /> <br /> "Amending Bond Legislation" means Ordinance No. 87-88 passed by the <br />Legislative Authority on February 1, 1988, amending Ordinance No. 116-84 <br />passed by the Legislative Authority on December 3, 1984, providing for the <br /> <br />- 3 - <br /> <br /> <br />