Regular Floating Rate Note Unless this Note is specified on the face hereof as a Floating Rate/Fixed Rate Note, this Note (a “Regular Floating Rate Note”) will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on the first Interest Reset Date, the rate at which interest on this Regular Floating Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate.
Original Class B Principal Balance The Original Class B Principal Balance is $12,006,549.92.
Interest and Principal Payments Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding principal amount of this Note at the annual rate of eight percent (8%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.
Term Notes The Term Loan made by each Lender and interest accruing thereon shall be evidenced by the records of Agent and such Lender. At the request of any Lender, Borrowers shall deliver a Term Note to such Lender.
Principal Balance Each Receivable had a remaining Principal Balance as of the Cutoff Date of not less than $500.
Principal Payment The Borrower shall fail to pay any principal of any Note when the same becomes due and payable as set forth in this Agreement;
Interest Unpaid Class Accrued Certificate Interest Shortfalls Interest Class Interest Payable Pay-out Rate ----- -------- ------------------- ------- ------------ PO2 $ 0.00 $ 0.00 $ 0.00 % 0.000000000 2A1 $ 235,400.00 $ 0.00 $ 235,400.00 % 6.600000000 2A2 $ 127,997.92 $ 0.00 $ 127,997.92 % 6.550000171 2A3 $ 9,258.33 $ 0.00 $ 9,258.33 % 6.749997553 2A4 $ 314,134.25 $ 0.00 $ 314,134.25 % 5.812500000 2A5 $ 118,222.36 $ 0.00 $ 118,222.36 % 11.358153172 2A6 $ 27,022.30 $ 0.00 $ 27,022.30 % 7.499999705 2A7 $ 0.00 $ 0.00 $ 0.00 % 0.000000000 2A8 $ 5,537.40 $ 0.00 $ 0.00 % 6.749997303 2A9 $ 178,875.00 $ 0.00 $ 178,875.00 % 6.750000000 2R $ 0.56 $ 0.00 $ 0.56 % 6.720000000 2RL $ 0.56 $ 0.00 $ 0.56 % 6.720000000 2M $ 20,782.11 $ 0.00 $ 20,782.11 % 6.749998691 2B1 $ 8,429.58 $ 0.00 $ 8,429.58 % 6.749999865 2B2 $ 4,495.40 $ 0.00 $ 4,495.40 % 6.749997063 2B3 $ 4,495.40 $ 0.00 $ 4,495.40 % 6.749997063 2B4 $ 2,250.51 $ 0.00 $ 2,250.51 % 6.750008717 2B5 $ 4,495.86 $ 0.00 $ 4,495.86 % 6.750007347
Aggregate Principal Amount The aggregate principal amount of the Senior Notes that may be authenticated and delivered under this First Supplemental Indenture shall be unlimited; provided that the Obligor complies with the provisions of this First Supplemental Indenture.
Interest and Principal (a) On each Payment Date, Borrower shall pay to Lender (to be applied to each Note on a pro rata, pari passu basis) interest on the Principal Indebtedness for the applicable Interest Accrual Period at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Spread and (ii) at any time the Loan is a Prime Rate Loan, the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Prime Rate Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(e), the Loan shall at all times be a LIBOR Loan. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date) and the next payment of interest shall be due and payable on the next subsequent Payment Date.
(b) No prepayments of the Loan shall be permitted except for (i) prepayments made pursuant to Section 2.1, Section 2.3 and Section 5.4 and (ii) prepayments resulting from Casualty or Condemnation as described in Section 5.16. The entire outstanding Principal Indebtedness, together with all interest thereon through (x) prior to a Securitization, the Maturity Date and (y) after a Securitization, the end of the Interest Accrual Period in which the Maturity Date falls (calculated as if such Principal Indebtedness were outstanding for the entire Interest Accrual Period) and in each case all other amounts then due under the Loan Documents shall be due and payable by Borrower to Lender on the Maturity Date.
(c) If all or any portion of the Principal Indebtedness is paid to Lender during the Spread Maintenance Period following acceleration of the Loan (except as a result of a Casualty or Condemnation), Borrower shall pay to Lender an amount equal to the applicable Spread Maintenance Premium. Amounts received in respect of the Indebtedness during the continuance of an Event of Default shall be applied toward interest, principal and other components of the Indebtedness (in such order as Lender shall determine) before any such amounts are applied toward payment of any Spread Maintenance Premium that is due and payable, with the result that any Spread Maintenance Premium that is due and payable shall accrue as the Principal Indebtedness is repaid but no amount received from Borrower shall constitute payment of a Spread Maintenance Premium until the remainder of the Indebtedness shall have been paid in full. Borrower acknowledges that (i) a prepayment during the Spread Maintenance Period will cause damage to Lender; (ii) the Spread Maintenance Premium is intended to compensate Lender for the loss of its investment and the expense incurred and time and effort associated with making the Loan, which will not be fully repaid if the Loan is prepaid; (iii) it will be extremely difficult and impractical to ascertain the extent of Lender’s damages caused by a prepayment after an acceleration or any other prepayment during the Spread Maintenance Period; and (iv) the Spread Maintenance Premium represents Lender’s and Borrower’s reasonable estimate of Lender’s damages from the prepayment and is not a penalty.
(d) Any payments of interest and/or principal not paid when due hereunder shall bear interest at the applicable Default Rate from and after the expiration of applicable notice and cure periods and, in the case of all payments due hereunder other than the repayment of the Principal Indebtedness on the Maturity Date if not paid when due, when paid shall be accompanied by a late fee in an amount equal to the lesser of 5% of such unpaid sum and the maximum amount permitted by applicable law, in order to defray a portion of the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment.
(e) In the event that Lender shall determine in its reasonable discretion that by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining LIBOR in accordance with the definition thereof, then the Loan shall be converted to a Prime Rate Loan effective as of the commencement of the Interest Accrual Period following the date of such determination, and Lender shall give notice thereof to Borrower by telephone at least one day prior to the applicable Interest Determination Date (which notice shall thereafter be promptly confirmed by Lender in writing). If, pursuant to this Section, any portion of the Loan has been converted to a Prime Rate Loan and Lender thereafter determines in its reasonable discretion that the events or circumstances that resulted in such conversion are no longer applicable, the Loan shall be converted to a LIBOR Loan effective as of the commencement of the Interest Accrual Period following the date of such determination, and Lender shall give notice thereof to Borrower by telephone at least one day prior to the applicable Interest Determination Date (which notice shall thereafter be promptly confirmed by Lender in writing). Borrower shall pay to Lender, promptly following demand, any additional amounts necessary to compensate Lender for any reasonable out-of-pocket costs incurred by Lender in making any conversion in accordance with this Section. In the event any Note has been divided into multiple Notes or Note Components pursuant to Section 1.1(c), upon any conversion of the Loan pursuant to this Section the interest rate applicable to such Notes or Note Components shall be proportionately adjusted to reflect such conversion. Except as provided in this Section, the Loan shall at all times be a LIBOR Loan. In no event shall Borrower have the right to convert a LIBOR Loan to a Prime Rate Loan.
Cut-Off Date Aggregate Principal Balance The Cut-Off Date Aggregate Principal Balance is $ 350,274,594.21.
