Repayment of Growth Capital Loans. Principal of, and interest on, each Growth Capital Loan shall be payable as set forth in a Note evidencing such Growth Capital Loan (substantially in the form attached hereto as Exhibit “A”), which Note shall provide substantially as follows: principal shall be fully amortized over the Amortization Period in equal, monthly principal installments plus, in each case, unpaid interest thereon at the Designated Rate, commencing after the Interest-only Period of interest-only installments at the Designated Rate. In particular, on the Borrowing Date applicable to such Growth Capital Loan, Borrower shall pay to Lender (i) if the Borrowing Date is earlier than the Loan Commencement Date, interest only at the Designated Rate, in advance, on the outstanding principal balance of the Growth Capital Loan for the period from the Borrowing Date through the last day of the calendar month in which such Borrowing Date occurs, and (ii) the first (1st) interest-only installment at the Designated Rate, in advance, on the outstanding principal balance of the Note evidencing such Loan for the ensuing month. Commencing on the first day of the second (2nd) full month after the Borrowing Date and continuing on the first (1st) day of each month during the Interest-only Period thereafter, Borrower shall pay to Lender interest only at the Designated Rate, in advance, on the outstanding principal balance of the Loan evidenced by such Note for the ensuing month. Commencing on the first (1st) day of the first (1st) full month after the Interest-only Period, and continuing on the first (1st) day of each consecutive calendar month thereafter, Borrower shall pay to Lender principal, plus interest at the Designated Rate, in advance, in equal consecutive monthly installments in an amount sufficient to fully amortize the Loan evidenced by such Note over the Amortization Period. On the Maturity Date, all principal and accrued interest then remaining unpaid and the Final Payment shall be due and payable.
Repayment of Growth Capital Loans. First Tranche. Principal of, and interest on, each Growth Capital Loan advanced to Borrower by each Lender under the First Tranche of such Lender’s Commitment shall be payable as set forth in the Note evidencing such Growth Capital Loan (substantially in the form attached hereto as Exhibit “A-1”), which Note shall provide substantially as follows: principal and interest at the Designated Rate shall be fully amortized over a period of thirty (30) months in equal, monthly installments, commencing after an initial 12-month period of interest-only monthly payments at the Designated Rate. In particular: On the Borrowing Date, Borrower will prepay interest at the Designated Rate calculated in arrears, on the Loan amount, for the period from the Borrowing Date through the last day of the month in which the borrowing occurs. On the first day of the month following the Borrowing Date, Borrower will not make a payment on the Loan. On the first day of the second month following the Borrowing Date, and continuing for X1 months, Borrower will pay interest-only, at the Designated Rate calculated in arrears, on the outstanding principal balance of the Loan. On the first day of each consecutive calendar month thereafter, Xxxxxxxx shall pay to each Lender, principal, plus interest at the Designated Rate calculated in arrears, to fully amortize the Loan in thirty (30) equal consecutive installments.
Repayment of Growth Capital Loans. Principal of and interest on each Growth Capital Loan shall be payable as set forth in the Note, substantially in the form attached hereto as Exhibit “A-2”, evidencing such Loan, which Note shall provide substantially as follows. Principal and interest at the Designated Rate shall be fully amortized over a period of 30 months in equal, monthly installments, commencing after an initial 2 and one-half months period of interest-only monthly payments which shall commence on June 15, 2006. In particular, if the Borrowing Date is on June 15, 2006, then on that date Borrowers shall pay to Lender a first (1st) interest-only installment at a rate of 1.00% per month on the outstanding principal balance of the Note for the period from June 15, 2006 through June 30, 2006. If the Borrowing Date is prior to June 15, 2006, then on the first day of the first full calendar month after such Borrowing Date, Borrowers shall pay to Lender interest only at a rate of 1.00% per month on the outstanding principal balance of the Loan for the period from such Borrowing Date through June 30, 2006. Commencing on July 1, 2006 after the Borrowing Date, and continuing on August 1, 2006, Borrowers shall pay interest only, in advance, at a rate of 1.00% per month on the outstanding principal balance of the Note for the ensuing month. Commencing on September 1, 2006, and continuing on the first day of each consecutive calendar month thereafter, principal and interest shall be payable, in advance, in thirty (30) equal consecutive installments in an amount sufficient to fully amortize the Loan evidenced by such Note. Borrowers shall pay the Final Payment on each Loan within 30 days of the last amortization payment. The payment factors for the amortizing payments are based on a Prime Rate of 7.50% (the “Base Rate") and will be indexed so that the all in yield (inclusive of any interest-only and Final Payments) of the Loan shall be increased or decreased by any change in the Prime Rate from the Base Rate, subject to a minimum Prime Rate of 7.50%.
