Description of Note. The Note shall bear interest from the Issuance Date at the rate of 5% per annum; provided, however, that in the event that the Issuer defaults in any payment of interest or principal on the Note when the same becomes due and payable, the portion of the principal or interest for which interest has not been paid when due or such portion of the principal or interest which has not been paid when due shall bear interest at the rate of 10% per annum. Interest shall accrue on the principal amount of the Note on a daily basis until such time as the principal amount is paid off in full in cash in accordance with the terms of this Agreement. PIK Interest (as defined below) on each Note shall be compounded annually on each anniversary of the Issuance Date and, except as otherwise provided in this Agreement, shall be added at such time to, and thereafter be a part of and treated as principal of the Note. The unpaid principal amount of and accrued interest on the Note shall be due and payable in cash on the earliest of (a) [INSERT DATE THAT IS 8 YEARS FROM ISSUANCE DATE], (b) the Redemption Date, with respect to all or any portion of the Note required to be redeemed on such date in accordance with the terms of this Agreement, (c) the occurrence of an Event of Default and (d) [INSERT DATE THAT IS 6 YEARS FROM ISSUANCE DATE] in the event that, prior to the expiration thereof, the Letters of Credit have been returned undrawn to the Letter of Credit Issuer and cancelled (as such terms are defined in the Letter of Credit Reimbursement Agreement between the Issuer and the Lender (or any of its Affiliates) dated as of the date hereof (as amended, restated, supplemented and otherwise modified from time to time, the “L/C Agreement”)) as a result of a Holdback Release (the earliest to occur of clauses (a)-(d), the “Maturity Date”). Interest shall be determined in all instances based upon a 365-day year (or 366 days in the case of a leap year) and the actual number of days elapsed, including the first day but excluding the payment date. If any payment on the Note becomes due and payable on a day other than a day on which commercial banks in New York, New York and London, England are open for the transaction of normal business (a “Business Day”), the maturity thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension.
Description of Note. In order to provide for the financing, the Company will authorize the issue and sale of its 6.90% Senior Secured Note due August 15, 2031 (the “Note”) in the principal amount of $4,038,000. The Note will be dated the date of issue, will bear interest from the date of issue until maturity at the rate of 6.90% per annum and principal and interest thereon will be paid in installments as provided in the amortization schedule attached as Annex I to the Note. The Note will be otherwise substantially in the form attached hereto as Exhibit A. Interest on the Note will be computed on the basis of a 360-day year of twelve 30-day months. You, the above addressee, are hereinafter sometimes referred to as the “Purchaser.”
Description of Note. The Company has authorized the purchase and sale of Three Million Dollars ($3,000,000) aggregate principal amount of the Note to be dated the Closing Date, to bear interest from such date at the rate of five percent (5%) per annum, payable quarterly in arrears on January 31, April 30, July 31 and October 31, each year (commencing October 31, 1998) and at maturity and to bear interest on overdue principal and premium, if any, and (to the extent legally enforceable) on any overdue payment of principal or interest at the rate of ten percent (10%) per annum after the date due, whether at stated maturity or by declaration, acceleration or otherwise, until paid, to be expressed to mature on September 30, 2003, and to be substantially in the form attached hereto as Exhibit A. The Note is not subject to redemption or prepayment. The Note is convertible into Common Stock on the terms and conditions set forth in Section 11 hereof.
Description of Note. The Scholarship made by Aspirus for the Student’s benefit hereunder will be evidenced by a promissory note in the form attached hereto and incorporated herein as Exhibit A (“Note”), dated as of the date hereof, executed by the Student, and delivered to Aspirus prior to disbursing the Scholarship described in Section 1 hereof.
Description of Note. The Company has duly authorized the issuance and sale of its Senior Subordinated Convertible Note Due December 31, 2003 in the aggregate principal amount of Four Million Dollars ($4,000,000) (the "Note"), in the form of EXHIBIT A, and shall bear interest at a rate of 12% per annum. The Note will be dated the date of issue, will bear interest from such date as respectively set forth therein, payable quarterly on the first day of each January, April, July and October in each year (commencing January 1, 1997) and at maturity. The Note will bear interest on overdue principal (including any overdue prepayment of principal) and on any overdue installment of interest at the Overdue Rate after the due date thereof, whether by mandatory prepayment, by acceleration or otherwise, until paid. The Note will be expressed to mature on December 31, 2003 and will be subject to mandatory prepayments prior to such date. Interest on the Note shall be computed on the basis of a 360-day year of twelve 30-day months. At its option until December 31, 2000, the Company may pay quarterly interest by notifying the Purchaser in writing to add the amount of the interest payment then due and payable to the Note; PROVIDED, HOWEVER, that for all periods for which the Company makes such election, the Note shall bear interest at a rate of 14% per annum. The Note is not subject to prepayment or redemption at the option of the Company prior to its expressed maturity date except on the terms and subject to the conditions referred to in SECTION 2 of this Agreement. The terms which are capitalized herein shall have the meanings set forth in SECTION 8.1 hereof unless the context shall otherwise require.
Description of Note. The Company will authorize the issue and exchange of its Amended and Restated Subordinated Note in the principal amount of $2,000,000.00, to be dated the date of issue, to bear interest from such date at a rate of 15% per annum, compounding semiannually on the fifteenth day of each June and December in each year (commencing on the first of such dates after the date hereof) (each an "Interest Date"), payable as provided in Section 2.3 hereof and at maturity, and to pay interest on overdue principal (including overdue required prepayment of principal) and (to the extent legally enforceable) on any overdue installment of interest at the rate of 16% per annum after maturity, whether by acceleration or otherwise, until paid, to be expressed to mature on February 28, 2004, and otherwise to be substantially in the form attached hereto as Annex I. The Amended and Restated Subordinated Note will be exchanged for the Company's 15% Subordinated Note Due August 31, 2003 in the principal amount of $2,000,000.00, dated August 16, 1995 (the "OLD SUBORDINATED NOTE") as provided in Section 1.2. Interest on the Amended and Restated Subordinated Note shall be computed on the basis of a 360-day year of twelve 30-day months.
Description of Note. This note is a single bridge Note being issued to Noteholder to evidence certain outstanding debt owed to Noteholder incident to Noteholder's providing bridge and working capital financing to Maker, receipt of all of which is hereby acknowledged.
Description of Note. This Note represents a Capitalization Loan, as defined in that certain Management Agreement dated April ___, 1999, by and among, inter alia, Borrower and Lender (the "Management Agreement").
Description of Note. The Company has authorized the purchase and sale of Five Million Dollars ($5,000,000) aggregate principal amount of the Note to be dated the date of issue, to bear interest from such date at the rate of five percent (5%) per annum, payable quarterly in arrears on January 31, April 30, July 30 and October 31, each year (commencing January 31, 1998) and at maturity and to bear interest on overdue principal and premium, if any, and (to the extent legally enforceable) on any overdue installment of interest at the rate of eight percent (8%) per annum after the date due, whether at maturity or by declaration, acceleration or otherwise, until paid, to be expressed to mature on October 31, 2002, and to be substantially in the form attached hereto as Exhibit A. The Note is not subject to redemption or prepayment. The Note is convertible into Common Stock on the terms and conditions set forth in Section 0 hereof. The term "Note" as used herein shall include the Note delivered pursuant to this Agreement in the form attached hereto as Exhibit A.
Description of Note. 1 1.2 Commitments, Closing Date . . . . . . . . . . . . . . . . 1 1.3 Conversion. . . . . . . . . . . . . . . . . . . . . . . . 2
