The Note and Interest Clause Samples
The "Note and Interest" clause defines the borrower's obligation to repay the principal amount of a promissory note along with any accrued interest. Typically, this clause specifies the interest rate, how interest is calculated (such as simple or compound), and the schedule for payments. It may also outline what happens if payments are late or if the interest rate changes over time. The core function of this clause is to clearly establish the financial terms of the loan, ensuring both parties understand the repayment expectations and reducing the risk of disputes over payment amounts or timing.
The Note and Interest. The Revolving Credit Loan shall be evidenced by one (1) promissory note of the Borrower, payable to the order of the Bank in the principal amount of Twenty Million and NO/100 Dollars ($20,000,000.00), in form substantially the same as the copy of the Revolving Credit Note attached hereto as Exhibit ”A.” The entire principal amount of the Loan shall be due and payable on the Termination Date of Revolving Credit Loan. The unpaid principal balances of the Revolving Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances at a rate per annum described in the Note.
The Note and Interest. The Revolving Credit Loan shall be evidenced by two (2) promissory notes of the Borrower and one (1) promissory note of Lakeshore, each payable to the order of the Bank in the aggregate principal amount of Eighty Million Dollars ($80,000,000.00), in form substantially the same as the copy of the Revolving Credit Note and the Lakeshore Note attached hereto as Exhibit "C." The entire principal amount of the Loan shall be due and payable on the Termination Date of Revolving Credit Loan. The unpaid principal balances of the Revolving Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances (calculated on the basis of a year of 365 or 366 days as is appropriate) at a rate per annum as specified in the Note. Said interest shall be payable monthly on the first day of each month after the Closing Date, commencing August 1, 1997 provided the Bank has in each instance mailed to the Borrower a billing notice at least ten (10) days prior thereto setting 13 forth the payment amount next due, with the final installment of interest, together with the entire outstanding principal balance of the Revolving Credit Loan, being due and payable on the Termination Date of Revolving Credit Loan. The first selection of the one (1) month, three (3) months, six (6) months or one (1) year LIBOR Rate shall be made by the Borrower and Lakeshore (but the rate selected by Lakeshore must always be the same as the rate selected by the Borrower) on or prior to the date of the Note and each selection thereafter shall be made at least twenty-four (24) hours prior to the end of the then applicable interest rate period. Neither the Borrower nor Lakeshore may ever select a rate period which exceeds the Termination Date of the Revolving Credit Loan.
The Note and Interest. (a) All advances with respect to the Loan shall be evidenced by the promissory note of the Borrower, payable to the order of the Bank in the principal amount of Thirty-Two Million Dollars ($32,000,000.00), in form substantially the same as the copy of the Note attached hereto as Exhibit “A.” The entire principal amount of the Loan shall be due and payable on the Termination Date. The unpaid principal balances of the Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances as specified in the Note. Said interest shall be payable monthly on the first (1st) day of each month after the Closing Date, with the final installment of interest being due and payable on the Termination Date, or on such earlier date as the Loan shall become due and payable.
(b) In the event that the Bank should at any time agree to increase the amount of the Commitment, the Borrower will either execute a new note for the amount of such increase, or a new note for the aggregate increased amount of the commitment; and in either event, the term “Note”, as used herein, shall be deemed to mean and include such new note, as the circumstances shall require.
The Note and Interest. (a) All advances with respect to the Loan shall be evidenced by the promissory note of the Borrower, payable to the order of the Bank in the principal amount of Forty Million Dollars ($40,000,000.00) in form substantially the same as the copy of the Note attached hereto as Exhibit “2.3” (the “Note”). The entire principal amount of the Loan shall be due and payable (if not sooner declared to be due and payable by reason of Borrower's default) on the Termination Date. The unpaid principal balances of the Loan shall bear interest prior to maturity from the Closing Date on disbursed and unpaid principal balances (calculated on the basis of a year of 365 or 366 days, as is appropriate) at the Applicable Rate (as that term is defined in the Note). Said interest shall be payable monthly on the first day of each month after the Closing Date, with the final installment of interest being due and payable on the Termination Date, or on such earlier date as the Loan shall become due and payable.
(b) In the event that the Bank should at any time agree to increase the Committed Amount, the Borrower will either execute a new note for the amount of such increase, or a new note for the aggregate increased Committed Amount; and in either event, the term “Note”, as used herein, shall be deemed to mean and include such new note, as the circumstances shall require.
The Note and Interest. The Revolving Credit Loan shall be evidenced by one (1) promissory note of the Borrower, payable to the order of the Bank in the principal amount of Thirty Million and NO/100 Dollars ($30,000,000.00). The entire principal amount of the Loan shall be due and payable on the Termination Date of Revolving Credit Loan. The unpaid principal balances of the Revolving Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances at a rate per annum described in the Note.
The Note and Interest. The Revolving Credit Loan shall be evidenced by two (2) promissory notes of the Borrower, one (1) promissory note of Lakeshore and one (1) promissory note of Lakes Mall, each payable to the order of the Bank in the aggregate principal amount of One Hundred Million Dollars ($100,000,000.00), in form substantially the same as the copy of the Notes, attached hereto as Exhibit "
The Note and Interest. The Revolving Credit Loan shall be evidenced by two (2) promissory notes of the Borrower, one (1) promissory note of Lakeshore and one (1) promissory note of Lakes Mall, each payable to the order of the Bank in the aggregate principal amount of Eighty Million Dollars ($80,000,000.00), in form substantially the same as the copy of the Revolving Credit Note, the Lakeshore Note and the Lakes Mall Note, attached hereto as Exhibit "C." The entire principal amount of the Loan shall be due and payable on the Termination Date of Revolving Credit Loan. The unpaid principal balances of the Revolving Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances (calculated on the basis of a year of 365 or 366 days as is appropriate) at a rate per annum as specified in the Note. Said interest shall be payable monthly on the first day of each month after the Closing Date, commencing January 1, 2005. The Bank shall mail to the Borrower a billing notice at least ten (10) days prior thereto setting forth the payment amount next due, but any failure to send such notice shall not relieve the Borrower, Lakeshore or Lakes Mall of the obligation to pay accrued interest. The final installment of interest, together with the entire outstanding principal balance of the Revolving Credit Loan, shall be due and payable on the Termination Date of Revolving Credit Loan. The first selection of the one (1) month, three (3) months, six (6) months or, if funds are available in the interbank eurodollar market, twelve (12) months LIBOR Rate shall be made by the Borrower, Lakeshore and Lakes Mall (but the rate selected by Lakeshore and Lakes Mall must always be the same as the rate selected by the Borrower) on or prior to the date of the Note and each selection thereafter shall be made at least three (3) Business Days prior to the end of the then applicable interest rate period. Neither the Borrower, Lakeshore nor Lakes Mall may ever select a rate period which exceeds the Termination Date of the Revolving Credit Loan. In the event funding at the LIBOR Rate is not available as a matter of law, funding to the extent allowed hereunder shall be at the Base Rate minus one and one half percent (1 1/2%).
The Note and Interest. (a) All advances with respect to the Loan shall be evidenced by the promissory note of the Borrower, payable to the order of the Bank in the principal amount of Forty Million Dollars ($40,000,000.00), in form substantially the same as the copy of the Note attached hereto as EXHIBIT "B." The entire principal amount of the Loan shall be due and payable on the Termination Date. The unpaid principal balances of the Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances (calculated on the basis of a year of 360 days) at a rate per annum as specified in the Note. Said interest shall be payable monthly on the first day of each month after the Closing Date, with the final installment of interest being due and payable on the Termination Date, or on such earlier date as the Loan shall become due and payable.
(b) In the event that the Bank should at any time agree to increase the Committed Amount, the Borrower and Co-Borrowers will either execute a new note for the amount of such increase, or a new note for the aggregate increased Committed Amount; and in either event, the term "Note", as used herein, shall be deemed to mean and include such new note, as the circumstances shall require.
The Note and Interest. The Revolving Credit Loan shall be evidenced by the Note, a copy of which is attached hereto as Exhibit C. The unpaid principal balances of the Revolving Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances at the LIBOR Rate. The first selection of the one (1) month, two (2) months, three (3) months, or six (6) months LIBOR interest period shall be made by the Borrower on or prior to the date of the Note and each selection thereafter shall be made at least twenty-four (24) hours prior to the end of the then applicable interest rate period. The Borrower may not select a rate period which extends beyond the Maturity Date. Interest shall be payable monthly on the fifteenth (15th) day of each month after the Closing Date, commencing October 15, 2003, with the final installment of interest, together with the entire outstanding principal balance of the Revolving Credit Loan, being due and payable on the Maturity Date.
The Note and Interest. The Revolving Credit Loan shall be evidenced by two (2) promissory notes of the Borrower, one (1) promissory note of Lakeshore and one (1) promissory note of Lakes Mall, each payable to the order of the Bank in the aggregate principal amount of Eighty Million Dollars ($80,000,000.00), in form substantially the same as the copy of the Revolving Credit Note, the Lakeshore Note and the Lakes Mall Note, attached hereto as Exhibit "C." The entire principal amount of the Loan shall be due and payable on the Termination Date of Revolving Credit Loan. The unpaid principal balances of the Revolving Credit Loan shall bear interest from the Closing Date on disbursed and unpaid principal balances (calculated on the basis of a year of 365 or 366 days as is appropriate) at a rate per annum as specified in the Note. Said interest shall be payable monthly on the first day of each month after the Closing Date, commencing July 1,