New Note. Contemporaneously with the execution and delivery of this Amendment, the Borrower, as maker, shall execute and deliver a new revolving credit note, in the stated principal amount of $11,700,000, in favor of U.S. Bank National Association, as payee (the “New Note”), which New Note shall amend, restate and replace the Note dated as of March 20, 2009, from the Borrower, as maker, to U.S. Bank National Association, as payee, in the stated principal amount of $18,000,000 (the “Old Note”), and which New Note, as the same may be amended, renewed, restated, replaced or consolidated from time to time, shall be a “Revolving Credit Note” referred to in the Credit Agreement.
New Note. Upon receipt of evidence reasonably satisfactory to the Borrower of the loss, theft, destruction or mutilation of the Note, the Borrower will issue a new Note, of like tenor and amount and dated the date to which interest has been paid, in lieu of such lost, stolen, destroyed or mutilated Note, and in such event the Lender agrees to indemnify and hold harmless the Borrower in respect of any such lost, stolen, destroyed or mutilated Note.
New Note. The New Note;
New Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, the Company will issue a new promissory note, of like tenor and amount and dated the original date of this Note, in lieu of such lost, stolen, destroyed or mutilated Note, and in such event the Holder thereof agrees to indemnify and hold harmless the Company in respect of any such lost, stolen, destroyed or mutilated Note.
New Note. In replacement for that certain Note payable to the order of Xxxxxx Trust and Savings Bank dated as of June 13, 2003 in the principal amount of $3,000,000 (the “Previous Note”), the Borrower shall execute and deliver to the Bank a new demand note in the amount of $7,500,000, dated as of the date of its issuance and otherwise in the form of Exhibit A attached hereto (the “New Note”) which shall substitute for the Bank’s Previous Note and shall evidence the loans outstanding to the Bank. All references in the Loan Agreement shall be deemed references to the New Note.
New Note. The Borrower agrees to promptly execute and deliver to the New Lender a Note ("NEW NOTE").
New Note. In replacement for that certain Promissory Note payable to the order of Bank of Montreal dated as of February 13, 2008 in the principal amount of $370,000,000 (the “Previous Note”), the Borrower shall execute and deliver to the Bank a new demand note in the amount of $76,000,000, dated as of the date of its issuance and otherwise in the form of Exhibit A attached hereto (the “New Note”) which shall substitute for the Bank’s Previous Note and shall evidence the loans outstanding to the Bank. All references in the Loan Agreement to the Note shall be deemed references to the New Note.
New Note. The Borrower agrees to promptly execute and deliver to the Increasing Lender an A Note in the amount of its increased Commitment set forth in Section 1 above (the "New Note"), and the Increasing Lender agrees to return to the Borrower, with reasonable promptness, the A Note previously delivered to the Increasing Lender by the Borrower.
New Note. To modify the Note in accordance with the terms set forth in a "New Note" in the form of EXHIBIT B attached hereto, such that (among other things):
(a) The principal amount shall be equal to the amount stated in the New Note (calculated as to the sum of all outstanding principal plus all accrued and unpaid interest (at the rate applicable under the Note after maturity) from and after December 1, 1985 through the "Closing Date" (defined below) plus a capitalized restructuring fee. The restructuring fee is approximately equal to the difference between (i) the total amount of interest payments made under the Note from and after December 1, 1985 through the Closing Date, plus accrued and unpaid interest owing on the Note, and (ii) the amount which would have been paid under the Note if the interest rate applicable thereunder for the period from December 1, 1985 through the Closing Date equalled seventeen percent (17%) per annum computed on the basis of a 360 day year for actual days elapsed;
(b) The maturity date shall be extended until the first to occur of (i) September 1, 2003, or (ii) acceleration due to the occurrence of an "Event of Default";
(c) Interest shall accrue on the outstanding principal amount of the New Note at a rate per annum prior to maturity of seventeen percent (17%) per annum, and after maturity at a rate per annum equal to the greater of (i) seventeen percent (17%)per annum , or (ii) the "Prime Rate" (being charged by the Bank from time to time, changing with each change in such Prime Rate) plus five percent (5%), in either case, based on a 360-day year for actual days elapsed.
(d) The Loan (and all costs and expenses and other payment obligations of Borrower) may be prepaid at any time without penalty; and
(e) The New Note interest and principal shall be due when and to the extent that any Subject Disbursements, Management Disbursements, or other Collateral or proceeds are available in cash, and such amounts shall be allocated first to expenses and other amounts due other than principal and interest, then to interest and then to principal. However, notwithstanding the foregoing, so long as the Property Manager is obligated to make monthly installment payments (each called a "Manager's Payment") of the Management Disbursements to Borrower or the Bank under the Manager's Letter Agreement (or the LLC is obligated to withhold any portion of any installment of the $300,000 payment from Property Manager, if requested by Carlyle or the Bank),...
