Common use of The Note and Interest Clause in Contracts

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. (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 Twenty Million Dollars ($40,000,000.00) 20,000,000.00), in form substantially the same as the copy of the Note attached hereto as Exhibit “2.3A.” (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 balance 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 366 360 days, as is appropriate) at the Applicable Rate (a rate or rates per annum as that term is defined 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 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.