costs in connection therewith other than in connection with the execution of
such additional or replacement Notes.
At no time shall the aggregate original
principal amount of the Note (or of such replacement Notes) exceed the Loan
Amount.
26
Section 2.5.
Principal and Interest.
(A)
BORROWER SHALL PAY TO LENDER INTEREST ON THE PRINCIPAL
INDEBTEDNESS OF THE LOAN FROM THE CLOSING DATE THROUGH THE END OF THE INTEREST
ACCRUAL PERIOD FOLLOWING OR DURING WHICH THE LOAN IS PAID IN FULL AT THE
INTEREST RATE PROVIDED IN THIS SECTION 2.5.
INTEREST ON THE LOAN SHALL ACCRUE
ON THE PRINCIPAL INDEBTEDNESS COMMENCING ON THE CLOSING DATE AND SHALL BE
PAYABLE IN ADVANCE ON THE CLOSING DATE WITH RESPECT TO THE PERIOD FROM THE
CLOSING DATE TO AND INCLUDING FEBRUARY 29, 2004.
THEREAFTER, INTEREST SHALL BE
PAYABLE IN ARREARS ON THE LAST DAY OF EACH AND EVERY MONTH THEREAFTER UNTIL SUCH
TIME AS THE LOAN SHALL BE REPAID IN FULL, UNLESS, IN ANY SUCH CASE, SUCH LAST
DAY IS NOT A BUSINESS DAY, IN WHICH EVENT SUCH INTEREST SHALL BE PAYABLE ON THE
FIRST BUSINESS DAY IMMEDIATELY PRIOR TO SUCH DATE (SUCH DATE FOR ANY PARTICULAR
MONTH, THE "PAYMENT DATE").
LENDER OR ITS SERVICER SHALL CALCULATE LIBOR ON
EACH INTEREST DETERMINATION DATE FOR THE RELATED INTEREST ACCRUAL PERIOD AND
PROMPTLY COMMUNICATE TO BORROWER SUCH RATE FOR SUCH PERIOD.
THE ENTIRE
OUTSTANDING PRINCIPAL INDEBTEDNESS OF THE LOAN AND THE NOTE, TOGETHER WITH ALL
ACCRUED BUT UNPAID INTEREST THEREON AND ALL OTHER AMOUNTS DUE UNDER THE LOAN
DOCUMENTS (INCLUDING, WITHOUT LIMITATION, THE EXIT FEE), SHALL BE DUE AND
PAYABLE BY BORROWER TO LENDER ON THE MATURITY DATE.
INTEREST SHALL BE COMPUTED
ON THE BASIS OF A 360 DAY YEAR AND THE ACTUAL NUMBER OF DAYS ELAPSED DURING ANY
MONTH OR OTHER ACCRUAL PERIOD.
(B)
FOR EACH INTEREST ACCRUAL PERIOD, THE PRINCIPAL INDEBTEDNESS SHALL
BEAR INTEREST AT A RATE PER ANNUM EQUAL TO THE SUM OF LIBOR DETERMINED AS OF THE
INTEREST DETERMINATION DATE FOR SUCH INTEREST ACCRUAL PERIOD PLUS 3.00%.
(C)
WHILE AN EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING, BORROWER
SHALL PAY TO LENDER INTEREST AT THE DEFAULT RATE ON ANY AMOUNT OWING TO LENDER
NOT PAID WHEN DUE UNTIL SUCH AMOUNT IS PAID IN FULL.
(D)
IF ANY PAYMENT OF PRINCIPAL, INTEREST OR OTHER SUMS SHALL NOT BE
MADE TO LENDER ON THE DATE THE SAME IS DUE HEREUNDER OR UNDER ANY OF THE OTHER
LOAN DOCUMENTS, THEN BORROWER SHALL PAY TO LENDER, IN ADDITION TO ALL SUMS
OTHERWISE DUE AND PAYABLE, A LATE FEE IN AN AMOUNT EQUAL TO FIVE PERCENT (5.0%)
OF SUCH PRINCIPAL, INTEREST OR OTHER SUMS DUE HEREUNDER (OTHER THAN THE ENTIRE
PRINCIPAL BALANCE OF THE LOAN DUE UPON ACCELERATION OF THE LOAN OR UPON
MATURITY, AS TO WHICH THE DEFAULT ADMINISTRATION FEE SHALL APPLY) OR UNDER ANY
OTHER LOAN DOCUMENT (OR, IN THE CASE OF A PARTIAL PAYMENT, THE UNPAID PORTION
THEREOF), SUCH LATE CHARGE TO BE IMMEDIATELY DUE AND PAYABLE WITHOUT DEMAND BY
LENDER.
(E)