Interest; Principal. Interest shall accrue on the Principal at the rate of 6.0% per annum, calculated on the basis of the actual number of days elapsed in a 365 day year, and shall compound monthly and be added to the Principal on the first day of each month beginning January 1, 2021, and the first day of each month thereafter, and shall be due and payable with the Principal. The Company acknowledges that this addition to Principal will result in the total outstanding principal amount of indebtedness evidenced by this Note exceeding the face amount of this Note. If an Event of Default has occurred and is continuing, the interest rate then in effect will be increased by 2.0% per annum (the “Default Margin”) and all overdue obligations under this Note will bear interest at the interest rate in effect at such time plus the Default Margin. Subject to the provisions of the Subordination Agreements, on the earlier to occur of acceleration of this Note and the Maturity Date, all Principal plus all accrued and unpaid Interest shall be due and payable.
Interest; Principal. LIBOR Advances, Base Rate Advances and Cost of Funds Advances will bear interest at a per annum rate as provided in the Line of Credit Note. Such interest shall be payable as specified in the Line of Credit Note. Principal shall also be repaid in accordance with the terms of the Line of Credit Note. Upon the occurrence of and during the continuance of an Event of Default or after maturity or after judgment has been rendered on the Line of Credit Note, Borrower's right to select pricing options shall, at the option of the Bank, cease and the unpaid principal of all advances shall, at the option of the Bank, bear interest at a rate which is two (2) percentage points per annum greater than that which would otherwise be applicable. All agreements between Borrower and Bank are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to Bank for the use or the forbearance of the indebtedness evidenced hereby and by the Line of Credit Note exceed the maximum permissible under applicable law. As used herein, the term "applicable law" shall mean the law in effect as of the date hereof provided, however, that in the event there is a change in the law which results in a higher permissible rate of interest, then the Line of Credit Note shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of Borrower and Bank in the execution, delivery and acceptance of the Line of Credit to contract in strict compliance with the laws of the State of Connecticut from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof, the Line of Credit Note or of any of the Related Agreements at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any circumstances whatsoever Bank should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance evidenced hereby and not to the payment of interest. This provision shall control every other provision of all agreements between Borrower and Bank.
Interest; Principal. Except as otherwise provided in this Agreement, the principal amount of the Bonds once drawn upon, shall bear interest (computed on the basis of a 360-day year for the actual number of days elapsed) at the Tax-Exempt Rate. Interest on the total outstanding principal balance of the Bonds shall accrue on the drawn amount of the Bonds beginning on the Closing date.
Interest; Principal. The unpaid principal of this line of credit shall bear simple interest at the rate of up to one and a half percent (1.5%) per month. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances. Interest on the unpaid balance of this Note shall accrue monthly but shall not be due and payable until such time as when the principal balance of this Note becomes due and payable. The principal balance of this Note shall be due and payable on the Maturity Date. There shall be no penalty for early repayment of all or any part of the principal.
Interest; Principal. On the Original Issue Date, the Company shall pay an upfront interest charge of $112,500 in cash to the Investor, resulting in a net principal amount to the Company of $750,000. The principal amount of this Note shall be repaid within three (3) Trading Days following the earlier of the closing of (i) the Company’s proposed public offering resulting in gross proceeds of at least $40,000,000 or (ii) any capital raise by the Company from the date of the execution of this agreement, including the proposed public offering of at least $40,000,000, resulting in gross proceeds of at least $3,000,000, as long as there remains any principal owed to the Investor pursuant to this note; provided, however, that if the Company does not complete a capital raise by the six month anniversary of the Original Issue Date, then Investor may make an election to be repaid by either (A) receiving 25% of future monthly cash flows of the Company until such time as all principal due under this Note has been repaid and/or (B) converting the unpaid principal amount of the Note into Common Stock in accordance with Section 5.
Interest; Principal. The unpaid principal of this line of credit shall bear simple interest at the rate of up to one and a half percent (1.5%) per month. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances. Interest on the unpaid balance of this Note shall accrue monthly but shall not be due and payable until such time as when the principal balance of this Note becomes due and payable. The principal balance of this Note shall be due and payable on the Maturity Date. There shall be no penalty for early repayment of all or any part of the principal. / Borrower: Cheetah Net Supply Chain Service Inc By: /s/ XXXX XXX Name: XXXX XXX Title: CEO FIRST AMENDMENT TO 2022 REVOLVING CREDIT AGREEMENT
Interest; Principal. The unpaid principal of this Loan Agreement shall bear simple interest at the rate of ten percent (10%) per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances made hereunder. Interest on the unpaid balance of this Loan Agreement shall accrue monthly but shall not be due and payable until such time as when the principal balance of this Note becomes due and payable. The principal balance of this Note shall be due and payable on December 31, 2011. There shall be no penalty for early repayment of all or any part of the principal.
Interest; Principal. Interest accrued on this Note shall be due and payable on the 1st Business Day of each month commencing with the first month after the date of this Note. Notwithstanding anything to the contrary contained in this Note or the Interest Rate Provisions Agreement attached to this Note as Exhibit A, in no event shall the interest rate on the outstanding principal balance of this Note at any time be less than four and one-half percent (4.50%) per annum based on a 360-day year and charged on the basis of actual days elapsed (“Interest Rate Floor”). Notwithstanding the foregoing, if Borrower and Lender now or hereafter enter into an interest rate swap transaction in connection with this Note, THEN, for the duration of such interest rate swap transaction, the Interest Rate Floor shall not apply to so much of the principal balance of this Note as is equal to the notional amount of such interest rate swap transaction. On the 1st Business Day of each month commencing with the first month after the date of this Note, Borrower shall make a principal payment to Lender in the amount of $30,000.00 each. DOCUMENTARY STAMP TAXES IN THE AMOUNT OF $53,760 HAVE BEEN PURCHASED AND AFFIXED TO THE MEMORANDUM OF MODIFICATION AGREEMENT AMENDING MORTGAGE SECURING THIS NOTE Loan No. WB13991
Interest; Principal. Interest on the unpaid principal balance of this Note shall accrue (a) from the date hereof at the rate of eight (8.0%) percent per annum, (b) from and after any Payment Date, as defined herein, by which the applicable Installment Payment, as defined herein, has not been made and continuing until such Installment Payment is made, or during the continuance of an Event of Default pursuant to Section 6(b), (c), (d) or (e), at the rate set forth in (i) plus eight (8.0%) percent, or (iii) if less than the rates applicable under (i) and (ii), the maximum rate permitted by law. Interest shall be calculated on the basis of a 365 day year for the actual days elapsed. Subject to the terms and conditions of the Subordination Agreement and the Loan Agreement, each as hereinafter defined, the Borrower shall (i) pay to the Holder all accrued interest on each Payment Date (as defined below) and (ii) shall prepay to the Holder the outstanding Principal Sum hereunder in installments equal to the amount of Excess Cash Flow permitted to be received by the Holder under the Subordination Agreement and Loan Agreement each as hereinafter defined, as and when permitted thereunder (such date(s) on which payments under clauses (a) and (b) are made, each a “Payment Date”, until October 25, 2013 (the “Maturity Date”) at which time any remaining Principal Sum, together with accrued interest shall be repaid. If any such interest or principal payment is not permitted to be made under the Subordination Agreement or Loan Agreement (as defined below), such amounts shall be paid on the first Business Day that such payment is permitted to be made under the Subordination Agreement or Loan Agreement.
