THE TERM NOTE/PAYMENTS Sample Clauses

THE TERM NOTE/PAYMENTS. The obligation of the Company to repay the Term Loan shall be evidenced by a promissory note executed by the Company to the Bank in the form of EXHIBIT "F" attached hereto (as the same may be amended, modified, extended, renewed, supplemented, replaced and/or restated from time to time and at any time, the "TERM NOTE"). The principal of the Term Loan shall be repayable in equal monthly installments: (i) from and after the Closing Date until the earlier of the Term Loan Maturity Date or the expiration of the Construction Period, each in an amount equal to $33,333.00; and (ii) from and after the expiration of the Construction Period until the Term Loan Maturity Date, each in an amount equal to $58,333.00. Such monthly installments shall be due and payable on the last Banking Day of October, 1997, and on the last Banking Day of each successive calendar month thereafter until the Term Loan Maturity Date, at which time the entire principal balance of the Term Loan and all unpaid, accrued interest thereon, shall be due and payable in full without demand. Subject to the contemporaneous payment of any Prepayment Premium which would become due on account of any proposed prepayment, the principal of the Term Loan may be prepaid at any time in whole or in part, provided that any partial prepayment shall be in an amount which is an integral multiple of Fifty Thousand Dollars ($50,000) and provided further that all partial prepayments shall be applied to the latest maturing installments of principal payable under the Term Loan in inverse order of maturity.