Notes and Note Payments Sample Clauses
Notes and Note Payments. 4.01. Notes........................................................... 30 4.02. Prepayments..................................................... 30 4.03. Payment of Interest on the Notes............................... 31 4.04. Calculation of Interest Rates.................................. 31 4.05. Manner and Application of Payments............................. 31 4.06. Pro Rata Treatment............................................. 32 4.07. Lending Office................................................. 32 4.08. Taxes.......................................................... 32 4.09. Sharing of Payments, etc....................................... 33
Notes and Note Payments. On the Closing Date, the Borrower shall execute and deliver to the order of each Lender a Note in the amount of such Lender’s Commitment. Each Note shall be dated as of the Closing Date and shall bear interest on the unpaid principal balance from time to time outstanding at the rate of 13% per annum. Interest only on each Note shall be due and payable quarterly in arrears commencing on January 15, 2015, and continuing on the fifteenth (15) day of each April, July, October, and January thereafter through April 15, 2016. Commencing on July 15, 2016, and continuing on the fifteenth (15) day of each October, January, April and July thereafter, principal and interest shall be due and payable quarterly based upon a fifteen (15) year amortization schedule. The unpaid principal balance, and all accrued and unpaid interest, shall be due and payable on the Maturity Date. After maturity (whether by acceleration or otherwise), the Notes shall bear interest at a per annum rate equal from day to day to the Default Rate payable on demand. Interest shall be calculated on the basis of a year of 365 or 366 days, as applicable. In the event that any Lender shall receive any payments on its Note in excess of its Pro-rata Share of the payment received by all Lenders, then such Lender shall pay any excess to the other Lenders so that each Lender shall have received its Pro-rata Share of the entire payment. All payments and prepayments shall be made in lawful money of the United States of America in immediately available funds. Any payments or prepayments on the Notes received by the Lenders after 3:00 o’clock p.m. (Dallas, Texas time) shall be deemed to have been made on the next succeeding Business Day. Any voluntary prepayment shall be applied first to accrued but unpaid interest then to the next succeeding installment(s) of principal.
Notes and Note Payments