Principal and Interest Payments. The entire outstanding principal of the Notes shall be payable on June 15, 2024 (the “Maturity Date”). The rate at which the Notes shall bear interest shall be 6.25% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue interest for the period from such date of issuance to the Interest Payment Date immediately following such Regular Record Date); the Interest Payment Dates for the Notes shall be March 15, June 15, September 15 and December 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.
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Principal and Interest Payments. The entire outstanding principal of the Notes shall be payable on June November 15, 2024 2022 (the “Maturity Date”). The rate at which the Notes shall bear interest shall be 6.256.95% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be May 1, 2012, or the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue which interest for the period from such date of issuance to the Interest Payment Date immediately following such Regular Record Date)has been paid or provided for; the Interest Payment Dates for the Notes shall be March February 15, June May 15, September August 15 and December November 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time August 15, 2012 (except that if Notes are issued after a Regular Record Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including May 1, 2012 (or the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time which interest has been paid or provided for), to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March February 1, June May 1, September August 1 or December November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. The initial interest payment on the Notes on the August 15, 2012 Interest Payment Date shall be equal to $0.501944 per $25 principal amount of the Notes. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.
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Principal and Interest Payments. The entire outstanding principal of the Notes Monthly interest payments (each a "Monthly Interest Payment") shall be payable on June 15, 2024 (the “Maturity Date”). The rate at which the Notes shall bear interest shall be 6.25% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue due on the Notes shall be first day of each calendar month for the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue interest for the period from such date of issuance to the Interest Payment Date immediately following such Regular Record Date); the Interest Payment Dates for the Notes shall be March 15, June 15, September 15 and December 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debtscalendar month; provided, however, that at the option installment of interest due on February 1, 1997 (as hereinbelow required) shall include interest accruing from the date of this Note. The first Monthly Interest Payment shall be due and payable on February 1, 1997, with subsequent monthly interest payments being due on the first day of each consecutive month thereafter. Payment of principal shall be due on the date which is ten (10) days after demand. Said date is herein referred to as the "Maturity Date". It is expressly understood and agreed that this Note constitutes a line of credit equal to the face amount hereof, which is available to the Borrower. It is anticipated that the sums borrowed under this Note may from time to time be repaid, in part or in full, and thereafter reborrowed. In such case, this Note shall remain an enforceable obligation to the extent that additional funds are available hereunder, notwithstanding the earlier repayment hereof. The Borrower has the right to prepay all or any part of the Company outstanding principal sum, together with the accrued and unpaid interest thereon, at any time during the term of this Note, without penalty or fee, upon two (2) days prior written notice by Borrower to Lender. Any prepayment of this Note, shall not postpone the due date for any subsequent payment. THIS NOTE IS PAYABLE IN FULL ON THE MATURITY DATE. AT MATURITY THE BORROWER MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THIS NOTE AND UNPAID INTEREST THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE OR RENEW THE NOTE AT THAT TIME. THE BORROWER WILL THEREFORE BE REQUIRED TO MAKE PAYMENTS OUT OF OTHER ASSETS THE BORROWER MAY OWN, OR THE BORROWER WILL HAVE TO FIND A LENDER WILLING TO LEND THE BORROWER THE MONEY. IF THE BORROWER REFINANCES OR RENEWS THIS NOTE AT MATURITY, THE BORROWER MAY HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF THE BORROWER OBTAINS REFINANCING FROM THE SAME LENDER. The Lender may, at its option, collect a late charge not to exceed five percent (5.0%) of any payment not made within ten (10) days after coming due, to reimburse Lender for expenses of interest may be made by check mailed to servicing the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day monthsdelinquent payment.
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Sources: Renewal Floorplan Line of Credit Note (First Team Automotive Corp)
Principal and Interest Payments. The entire (a) Unless otherwise accelerated pursuant to the terms hereof, principal and interest on the Senior Subordinated Note shall be due and payable as follows:
(i) All outstanding principal of the Notes shall be due and payable on June 15, 2024 (the “Maturity Date”). The rate at which the Notes shall bear interest .
(ii) Interest shall be 6.25% per annum due and payable (the “Applicable Interest Rate”). The date from which interest shall accrue A) monthly in arrears on the Notes shall be the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue interest for the period from such date of issuance to the Interest Payment Date immediately following such Regular Record Date); the Interest Payment Dates for the Notes shall be March 15, June 15, September 15 and December 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), commencing March 31, 2013, and (B) on the subsequent interest periods will Maturity Date.
(b) Each payment under Section 2.1(a)(i) shall be the periods from applied first to any expenses to which Purchaser may be entitled, second to accrued interest, third to Deferred Interest and including an Interest Payment Date to, but excludingfourth to principal. If any payment is not received by Purchaser on or before its due date, the next Interest Payment Date Company shall pay a late fee equal to the greater of (a) $1,000 or (b) one percent (1%) of the Stated Maturityamount due.
(c) At the Company's sole option, as the case Company may be; the interest so payable, and punctually paid or duly provided forelect, on any Interest Payment Date, will be paid Date with respect to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business interest payment then due on the Regular Record Date for such interestSenior Subordinated Note, which shall be March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, next preceding by giving notice to Purchaser on such Interest Payment Date, to pay in cash a portion of such interest payment at a rate not less than twelve percent (12.0%) per annum, and to defer the remaining portion of the accrued but unpaid interest then due (the "Partial Deferral"). If the Company elects to defer a portion of the interest then due, the Company will execute and deliver to Purchaser a note, in the form attached hereto as Exhibit A-2 (together with any and all notes issued in replacement or substitution therefor, the "Deferral Note"), which note will be in the amount of the deferred interest, will bear interest at the rate of sixteen percent (16.0%) per annum prior to an Event of Default and nineteen percent (19.0%) per annum subsequent to and during the continuance of an Event of Default, payable monthly on each Interest Payment Date, and will be due and payable on the Maturity Date. On each succeeding Interest Payment Date, the company, at its sole option, will be entitled to elect a Partial Deferral for the interest payment then due on the Senior Subordinated Note, and to elect to either pay the interest then due on the Deferral Note in cash or to defer the payment of such interest (a "Subsequent Interest Deferral"). On any Interest Payment Date that the Company elects a Partial Deferral, a Subsequent Interest Deferral or both, the Company will execute and deliver a replacement Deferral Note in the new principal amount equal to the principal amount of (and premiumthe then existing Deferral Note, plus the interest deferred on the Senior Subordinated Note pursuant to the then-elected Partial Deferral, if any) , plus the interest deferred pursuant to the then-elected Subsequent Interest Deferral, if any. The outstanding principal amount of the Deferral Note, together with all accrued and any such unpaid interest thereon, shall be due and payable on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day monthsMaturity Date.
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Principal and Interest Payments. The (a) Payments of principal and interest under this Note, calculated in accordance with the terms hereof, shall be due and payable as follows:
(i) interest only at the Interest Rate in effect for the First Interest Accrual Period shall be due and payable on the date hereof;
(ii) interest at the Interest Rate in effect for the Interest Accrual Period ending on the day preceding such Payment Date shall be due and payable on the Payment Date in December, 2002, and on each subsequent Payment Date through and including the Payment Date in October, 2005; thereafter
(iii) the entire outstanding principal amount of the Notes this Note, together with all accrued and unpaid interest and any other charges due hereon, shall be due and payable on June 15the Payment Date occurring in November, 2024 2005 (the “Maturity Date”"MATURITY DATE"). The rate at which the Notes shall bear interest .
(b) Payments shall be 6.25% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be the most recent Interest Payment Date immediately preceding the date of issuance of the Notes paid by Borrower, without set-off or counterclaim, by wire transfer to Lender at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, or to such other location or account as Lender may specify to Borrower from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue interest for the period from such date of issuance to the Interest Payment Date time, in federal or other immediately following such Regular Record Date); the Interest Payment Dates for the Notes shall be March 15, June 15, September 15 and December 15 of each year, commencing the Interest Payment Date immediately following the date of issuance available funds in lawful money of the Notes from time to time (except that if Notes are issued after a Regular Record United States of America, not later than 12:00 noon, New York City time, on each Payment Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance . If any payment hereunder or under any of the Notes)(in each case, if an Interest Payment Date falls Loan Documents becomes due and payable on a day that is not other than a Business Day, then the applicable interest such payment will shall not be made on payable until the next succeeding Business Day and no additional interest will accrue as a result Day. Interest on the principal sum of such delayed payment); this Note shall be calculated on the initial interest period will be the period from and including the most recent Interest Payment Date immediately preceding the date of issuance basis of the Notes actual number of days elapsed in a three hundred sixty (360) day year.
(c) Lender shall determine the LIBOR Rate, Base Rate, Prime Rate and Federal Funds Rate as in effect from time to time to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date)time, and each such determination of the subsequent interest periods will LIBOR Rate, Base Rate, Prime Rate and Federal Funds Rate shall be the periods from conclusive and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payablebinding absent manifest error.
(d) Payments made by Borrower under this Note shall be made free and clear of, and punctually paid without reduction for or duly provided foron account of, on any Interest Payment Datepresent or future income, will be paid to the Person in whose name the Note (stamp or one other taxes, levies, imposts, duties, charges, fees, deductions or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interestwithholdings, which shall be March 1now or hereafter imposed, June 1levied, September 1 collected, withheld or December 1 (whether or not a Business Day)assessed by any Governmental Authority, as the case may be, next preceding such Interest Payment Date. Payment of principal of (excluding income and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency franchise taxes of the United States of America as or any political subdivision or taxing authority thereof or therein (such non-excluded taxes being called "Additional Taxes"). If any Additional Taxes are required to be withheld from any amounts payable to Lender hereunder or under any of the other Loan Documents, the amounts so payable to Lender shall be increased to the extent necessary to yield to Lender (after payment of all Additional Taxes) interest or any such other amounts payable hereunder at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear rates or in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day monthsamounts specified in this Note.
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Principal and Interest Payments. The entire outstanding principal (a) Accrual of Interest before the Notes shall be payable on June 15Optional Prepayment Date. ------------------------------------------------------- Prior to the Optional Prepayment Date, 2024 (the “Maturity Date”). The rate at which the Notes shall bear interest shall be 6.25% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes outstanding principal balance of the Note and all other amounts due to Lender under the Loan Documents (i) from (and including) the Closing Date to the earlier to occur of (x) the Optional Prepayment Date and (y) February 11, 1999, if Borrower makes the election described in clause (ii) of the definition of "Cut-Off Date", at ----------- the Initial Interest Rate; and (ii) from (and including) February 11, 1999, if Borrower makes the election described in clause (ii) of the definition of "Cut- ----------- Off Date" to the Optional Prepayment Date at the Revised Initial Interest Rate.
(b) Accrual of Interest on or after the Optional Prepayment ------------------------------------------------------- Date. On and after the Optional Prepayment Date, interest shall be accrue on the most recent ---- outstanding principal balance of the Note and all other amounts due to Lender under the Loan Documents at the Revised Interest Rate.
(c) Monthly Base Payments of Principal and Interest. ----------------------------------------------- Commencing on the first Payment Date immediately preceding after the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue interest for the period from such date of issuance to the Interest Closing Date, and continuing on each Payment Date immediately following such Regular Record thereafter until the Stabilization Date); , Borrower shall pay to Lender monthly payments of accrued interest only on the Interest Principal Indebtedness. On each Payment Dates for Date commencing on the Notes shall be March 15, June 15, September 15 and December 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Stabilization Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date Borrower shall pay to Lender a monthly constant payment of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day principal and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which payment shall be March 1based on (i) if Operator does not make the election described in clause (ii) of the definition of "Cut-off Date", June 1, September 1 the ----------- Initial Interest Rate and an amortization schedule equal to the number of months from the Stabilization Date to the Maturity Date or December 1 (whether or not a Business Day), as ii) if Operator has made the case may be, next preceding such election described in clause (ii) of the definition of "Cut-Off Date," the ----------- Revised Initial Interest Payment Rate and an amortization schedule equal to the number of months from the Stabilization Date to the Maturity Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of Each payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may required to be made by check mailed Borrower pursuant to the address of the Person entitled thereto this Section 2.5(c) is hereinafter ------- ------ sometimes referred to as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months"Base Payment." ------------
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Principal and Interest Payments. The entire 2.1.1. Unless otherwise accelerated pursuant to the terms hereof, principal and interest on the Senior Subordinated Note shall be due and payable as follows:
(a) Principal shall be due and payable in quarterly payments on the last day of the quarter each in the amount of $1,500,000 commencing on the earlier of (i) the last day of the month which is six months after payment in full of the Senior Term Debt, and (ii) November 30, 2007, and continuing until the Maturity Date, when the outstanding principal amount of the Notes Senior Subordinated Note shall be payable on June 15, 2024 due and payable.
(the “Maturity Date”). The rate at which the Notes shall bear interest b) Interest shall be 6.25% per annum due and payable (the “Applicable Interest Rate”). The date from which interest shall accrue i) monthly in arrears on the Notes shall be the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue interest for the period from such date of issuance to the Interest Payment Date immediately following such Regular Record Date); the Interest Payment Dates for the Notes shall be March 15, June 15, September 15 and December 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), commencing in December, 2002, and (ii) on the subsequent interest periods will be Maturity Date.
(c) At the periods from and including an Interest Payment Date to, but excludingCompany's sole option, the next Interest Payment Date or the Stated Maturity, as the case Company may be; the interest so payable, and punctually paid or duly provided forelect, on any Interest Payment Date, will be paid Date with respect to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business interest payment then due on the Regular Record Date for such interestSenior Subordinated Note, which shall be March 1, June 1, September 1 or December 1 (whether or not a Business Day), as the case may be, next preceding by giving notice to Purchaser on such Interest Payment Date, to pay in cash a portion of such interest payment at a rate not less than twelve percent (12%) per annum, and to defer the remaining portion of the accrued but unpaid interest then due (the "Partial Deferral"). If the Company elects to defer a portion of the interest then due, the Company will execute and deliver to Purchaser a note, in the form attached hereto as Exhibit A-2 (together with any and all notes issued in replacement or substitution therefor, the "Deferral Note"), which note will be in the amount of the deferred interest, will bear interest at the rate of 16.75% per annum prior to an Event of Default and 18.75% subsequent to and during the continuance of an Event of Default, payable monthly on each Interest Payment Date, and will be due and payable on the Maturity Date. On each succeeding Interest Payment Date, the Company, at its sole option, will be entitled to elect a Partial Deferral for the interest payment then due on the Senior Subordinated Note, and to elect to either pay the interest then due on the Deferral Note in cash or to defer the payment of such interest (a "Subsequent Interest Deferral"). On any Interest Payment Date that the Company elects a Partial Deferral, a Subsequent Interest Deferral or both, the Company will execute and deliver a replacement Deferral Note in the new principal amount equal to the principal amount of (and premiumthe then existing Deferral Note, plus the interest deferred on the Senior Subordinated Note pursuant to the then-elected Partial Deferral, if any) , plus the interest deferred pursuant to the then-elected Subsequent Interest Deferral, if any. The outstanding principal amount of the Deferral Note, together with all accrued and any such unpaid interest thereon, shall be due and payable on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for Maturity Date.
2.1.2. If any payment of public and private debts; providedprincipal is not received by Purchaser on or before its due date, however, that at the option of the Company or any payment of interest may be made and or other amounts payable hereunder is not received by check mailed Purchaser on or before the second day after such payment is due, the Company shall pay a late fee equal to the address greater of (a) $1,000 or (b) five percent (5%) of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day monthsamount due.
Appears in 1 contract
Principal and Interest Payments. The entire outstanding principal of the Notes shall be payable on June August 15, 2024 2019 (the “Maturity Date”). The rate at which the Notes shall bear interest shall be 6.254.75% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be February 19, 2014, or the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time (except that if Notes are issued after a Regular Record Date (as such dates are noted below) such Notes will not accrue which interest for the period from such date of issuance to the Interest Payment Date immediately following such Regular Record Date)has been paid or provided for; the Interest Payment Dates for the Notes shall be March 15, June 15, September February 15 and December August 15 of each year, commencing the Interest Payment Date immediately following the date of issuance of the Notes from time to time August 15, 2014 (except that if Notes are issued after a Regular Record Date, the initial Interest Payment Date for such Notes will be the Interest Payment Date following the Interest Payment Date immediately following the date of issuance of the Notes)(in each case, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including February 19, 2014 (or the most recent Interest Payment Date immediately preceding the date of issuance of the Notes from time to time which interest has been paid or provided for), to, but excluding, the next Interest Payment Date (except that if Notes are issued after a Regular Record Date, the initial interest period will be the period from and including the Interest Payment Date immediately following the issuance date of such Notes to, but excluding, the next Interest Payment Date), and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September February 1 or December August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. The initial interest payment on the Notes on the August 15, 2014 Interest Payment Date shall be equal to $23.22 per $1,000 principal amount of the Notes. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in New York, New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.
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