Interest Rate; Maturity Date. Interest shall accrue on the outstanding balance of the principal sum evidenced hereby at the rate of 0.50% per annum from the date hereof. Interest shall be payable in arrears to the Holder on the date that is twelve (12) months after the date of this Note. The entire unpaid principal balance of this Secured Promissory Note (the “Note”), together with all accrued but unpaid interest, shall be and become due and payable in full on the date that is sixty (60) months after the date of this Note (the “Maturity Date”). Any amount of principal and/or interest hereon which is not paid when due, whether at stated maturity, by acceleration or otherwise, shall bear interest from the date when due until said principal and/or interest amount is paid in full, at the lesser of (a) an interest rate equal to two percent (2%) per annum in excess of the interest rate set forth above, and (b) the highest rate of interest allowable under applicable law.”
Interest Rate; Maturity Date. From the date set forth on the face of this Note above through the Maturity Date, the outstanding balance of the Loan and of any other amounts due hereunder (other than the Loan Fee and including any amounts added to principal under the Loan Documents) shall bear interest at the Basic Rate of interest per annum. Any amounts owed hereunder and not repaid on the Maturity Date shall thereafter bear interest and shall be subject to the late charges set forth in Section 2.05 of the Credit Agreement.
Interest Rate; Maturity Date. Commencing on the Effective Date of the Agreement, through the date that all indebtedness and other amounts payable under this Note are paid in full, interest shall accrue on the outstanding principal balance of this Note at a rate equal to the Wall Street Journal Prime Rate in effect on the Effective Date of this Agreement, which is 3.25% simple interest per annum. The entire outstanding principal balance of this Note, together with accrued interest, and all other sums accrued hereunder shall be payable in full on fifth anniversary of the date that the Town issues a certificate of occupancy for the Project (the “Maturity Date”). Notwithstanding the foregoing, the entire outstanding principal balance of this Note, together with accrued interest and all other sums due hereunder, shall be immediately due and payable upon the occurrence of an Event of Default (as defined in Section 6).
Interest Rate; Maturity Date. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement, dated as of April 25, 2017 (the “Purchase Agreement”), between the Company and the Holder, and (b) the terms set forth in Section 4.10 shall have the meanings set forth therein.
Interest Rate; Maturity Date. The undersigned hereby certifies that the interest rate on the Surrendered Note(s) on the Exchange Date is equal to ___% per annum. Pursuant to Section 2.2(c) of the Bridge Loan Agreement, the Exchange Notes to be issued pursuant to this Exchange Notice will bear interest at the rate of __% per annum [insert the interest rate then in effect on the Surrendered Note(s) as of the Exchange Date plus 100 basis points]. Pursuant to Section 2.2 of the Bridge Loan Agreement, the maturity date of the Exchange Notes shall be ___________ __ [insert maturity date that corresponds to the Maturity Date of the Surrendered Note(s)].
