Common use of Terms of Note Clause in Contracts

Terms of Note. The Loan shall be evidenced by a promissory note substantially in the form attached as EXHIBIT B (the "note), the terms of which are herein incorporated by reference as if fully set forth in this Agreement. The Note shall bear interest at the rates described hereinbelow on the principal amount outstanding thereunder from time to time from the date of the initial advance thereunder until payment in full. Advances shall be deemed to have been made under the Note on the dates and in amounts corresponding to advances under the Air South HUD-Guaranteed Note regardless of whether disbursed to the Borrower on such date. Interest shall be payable on the first day of each month commencing February 1, 1996 through the date of maturity on August 1, 2014 or earlier prepayment. The Note shall initially bear interest at the rate per annum equal to four percent (4%) through July 31, 1997. Effective August 1, 1997 and as of any Public Offering Date after August 1, 1997, the interest rate on the Note shall be adjusted to the rate or rates per annum sufficient to enable JEDA and the County to recoup interest and other reasonable costs associated with the Air South HUD-Guaranteed Note. Principal on the Note shall be payable on the first day of each month commencing September 1, 1997, in equal installments sufficient to pay the then outstanding principal balance of the Note over the remaining term of the Note. There shall be due and owing by the Borrower a late charge of five percent (5%) of any monthly payment on any such payment which is fifteen (15) days or more past due. Upon an Event of Default hereunder followed by a declaration of acceleration of amounts due with respect to the Note, the interest rate on the Note shall be increased to the Default Rate. The note shall be subject to the other terms and conditions as provided in the Note. The Borrower may prepay the Note in whole or in part at a price equal to the principal amount thereof to be prepaid together with interest thereon to the date of prepayment at any time. The Note shall be subject to mandatory prepayment of one-half of the then outstanding

Terms of Note. The Loan shall be evidenced by a promissory note (the "Note") duly executed and delivered by Borrower on the Closing Date substantially in the form attached as EXHIBIT B of Exhibit A hereto. The Note shall, (i) have a principal amount of $7,000,000; (ii) bear interest from and including the Closing Date through the Maturity Date on the unpaid principal amount under the Note at an interest rate per annum of 10% (the "note), Loan Rate") and (iii) mature on the terms of which are herein incorporated by reference as if fully set forth in this AgreementMaturity Date. The entire principal amount of the Note shall bear interest at the rates described hereinbelow on the principal amount outstanding thereunder from time to time from the date of the initial advance thereunder until payment in full. Advances shall be deemed to have been made under the Note on the dates due and in amounts corresponding to advances under the Air South HUD-Guaranteed Note regardless of whether disbursed to the Borrower on such date. Interest shall be payable on the first day of each month commencing February 1, 1996 through the date of maturity on August 1, 2014 or earlier prepayment. The Note shall initially bear Maturity Date; Accrued interest at the rate per annum equal to four percent (4%) through July 31, 1997. Effective August 1, 1997 and as of any Public Offering Date after August 1, 1997, the interest rate on the Note shall be adjusted due and payable monthly commencing on the calendar date corresponding to the rate or rates per annum sufficient to enable JEDA Closing Date in the first calendar month succeeding the calendar month of the Closing Date ("Payment Commencement Date") and the County to recoup interest and other reasonable costs associated with the Air South HUD-Guaranteed Note. Principal shall be due thereafter on the Note shall be payable on the first same numerical day of each month commencing September 1, 1997, in equal installments sufficient to pay the then outstanding principal balance of the Note over the remaining term of the Notethereafter as Closing Date. There Interest shall be due computed on the basis of a thirty (30) day month. The first payment of accrued interest to be made on the Payment Commencement Date shall be the accrued interest from and owing by after the Borrower Closing Date through and including the Payment Commencement Date. Lender shall record on its books and records or on a late charge of five percent (5%) of any monthly payment on any such payment which is fifteen (15) days or more past due. Upon an Event of Default hereunder followed by a declaration of acceleration of amounts due with respect schedule to the Note, the amount of all payments of principal and interest rate on the Note shall be increased to the Default Rate. The note shall be subject to the other terms and conditions as provided in the Note. The Borrower may prepay record of such information, whether shown on Lender' books and records or on the Note in whole or in part at a price equal schedule to the principal amount thereof Note, shall be prima facie evidence as to be prepaid all such amounts; provided, however, the failure of Lender to record any of the foregoing shall not limit or otherwise affect the obligation of Borrower to repay the Loan, together with accrued interest thereon to the date of prepayment at any time. The Note shall be subject to mandatory prepayment of one-half of the then outstandingthereon.

Terms of Note. The Loan shall be evidenced by a promissory note (the "Note") duly executed and delivered by Borrower on the Closing Date substantially in the form attached as EXHIBIT B of Exhibit A hereto. The Note shall, (i) have a principal amount of $5,700,000; (ii) bear interest from and including the Closing Date through the Maturity Date on the unpaid principal amount under the Note at an interest rate per annum of 12% (the "note), Loan Rate") and (iii) mature on the terms of which are herein incorporated by reference as if fully set forth in this AgreementMaturity Date. The entire principal amount of the Note shall bear interest at the rates described hereinbelow on the principal amount outstanding thereunder from time to time from the date of the initial advance thereunder until payment in full. Advances shall be deemed to have been made under the Note on the dates due and in amounts corresponding to advances under the Air South HUD-Guaranteed Note regardless of whether disbursed to the Borrower on such date. Interest shall be payable on the first day of each month commencing February 1, 1996 through the date of maturity on August 1, 2014 or earlier prepayment. The Note shall initially bear Maturity Date; Accrued interest at the rate per annum equal to four percent (4%) through July 31, 1997. Effective August 1, 1997 and as of any Public Offering Date after August 1, 1997, the interest rate on the Note shall be adjusted due and payable monthly commencing on the calendar date corresponding to the rate or rates per annum sufficient to enable JEDA Closing Date in the first calendar month succeeding the calendar month of the Closing Date (the "Payment Commencement Date") and the County to recoup interest and other reasonable costs associated with the Air South HUD-Guaranteed Note. Principal shall be due thereafter on the Note shall be payable on the first same numerical day of each month commencing September 1, 1997, in equal installments sufficient to pay the then outstanding principal balance of the Note over the remaining term of the Notethereafter as Closing Date. There Interest shall be due computed on the basis of a thirty (30) day month. The first payment of accrued interest to be made on the Payment Commencement Date shall be the accrued interest from and owing by after the Borrower Closing Date through and including the Payment Commencement Date. Lender shall record on its books and records or on a late charge of five percent (5%) of any monthly payment on any such payment which is fifteen (15) days or more past due. Upon an Event of Default hereunder followed by a declaration of acceleration of amounts due with respect schedule to the Note, the amount of all payments of principal and interest rate on the Note shall be increased to the Default Rate. The note shall be subject to the other terms and conditions as provided in the Note. The Borrower may prepay record of such information, whether shown on Lender's books and records or on the Note in whole or in part at a price equal schedule to the principal amount thereof Note, shall be prima facie evidence as to be prepaid all such amounts; provided, however, the failure of Lender to record any of the foregoing shall not limit or otherwise affect the obligation of Borrower to repay the Loan, together with accrued interest thereon to the date of prepayment at any time. The Note shall be subject to mandatory prepayment of one-half of the then outstandingthereon.