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 February 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. The Term Loan will bear interest at a per annum rate as provided in the Term Note. Such interest shall be payable as specified in the Term Note. Principal shall also be repaid in accordance with the terms of the Term 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 Term Note, Borrower's right to select pricing options shall, at the option of the Bank, cease and the unpaid principal of the Term Loan 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 Term 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 Term 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 Term Note 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 Term 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.
(a) The interest accruing on the Series A Bonds shall be payable on each Interest Payment Date beginning , 2010. Principal Payments on the Series A Bond shall be made annually, beginning , 2011 in accordance with the schedule attached hereto as Exhibit A.
(b) Interest accruing on the Series B Bond during the Construction Period shall be capitalized, paid on each Interest Payment Date, and added to the principal amount payable on the Bonds. Once the Project is complete and the Construction Period has ended, interest on the Series B Bond shall thereafter be payable by Borrower on each Interest Payment Date. After the Construction Period has ended, no further draws on the Series B Bonds are permitted and the Principal Payments on the Series B Bonds (including capitalized interest not previously paid, (if any)), shall be payable annually in thirty (30) mortgage style principal installments as provided in an exhibit prepared by the Lender at the end of the Construction Period, copied to the Borrower and attached hereto as Exhibit A-2.
(c) The Bonds are also due upon earlier demand in accordance with the terms hereof or prepayment in accordance with the terms of the Bonds and Section 2.07 hereof.
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 five [5%] 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 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 December 1, 2022. There shall be no penalty for early repayment of all or any part of the principal.
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. LIBOR Advances, Base Rate Advances and Cost of Funds Advances will bear interest at a per annum rate as provided in the Note. Such interest shall be payable as specified in the Note. Principal shall also be repaid in accordance with the terms of the Note. Upon the occurrence of and during the continuance of an Event of Default or after maturity or after judgment has been rendered on this 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 four (4) percentage points per annum greater than that which would otherwise be applicable.
Interest; Principal. The unpaid principal of this note shall not have an interest rate credited to it, as the Borrower believes the Lender will be able to sell the herein referenced securities for enough to satisfy principal, interest and any carrying costs associated with this note. The principal balance of this Note shall be due and payable on 12/30/2018. There shall be no penalty for early prepayment of all or any part of the principal.
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.
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.
