04-26-2023 Council Packet - Laserfiche WebLink

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77060900v2 A-2 “Surplus Funding Loan Proceeds” means all drawn but unexpended moneys and any unliquidated investments with respect thereto remaining upon final Completion and after payment in full of the Project Costs, except for Funding Loan proceeds retained to pay for Project Costs not then due and payable. All other capitalized terms used but not defined in this Note shall have the meanings given to such terms in the Borrower Loan Agreement. 2. Method of Payment. All payments due under this Note shall be payable to Fiscal Agent, or, if there is no Fiscal Agent, to the Funding Lender, or its successor. Each such payment shall be made by wire transfer of immediately available funds in accordance with wire transfer instructions that the Funding Lender or Controlling Person shall supply by written notice to the Borrower from time to time on the date that is two Business Days before any other date that any payment of interest, premium, if any, principal or other amount is required to be made hereunder. 3. Payments Due on Non-Business Days. In any case where the date of maturity of, interest on or premium, if any, or principal of this Note or the date fixed for prepayment of any Borrower Note shall not be a Business Day, then payment of such interest, premium or principal need not be made on such date but shall be made on the next succeeding Business Day, with the same force and effect as if made on the date of maturity or the date fixed for prepayment, and, in the case of such payment, no interest shall accrue for the period from and after such date. 4. Interest Rate. Interest shall accrue on the drawn and unpaid principal of this Note f rom, and including, the Closing Date, until the Maturity Date, at the Fixed Rate. Notwithstanding any other provision of this Note to the contrary, interest shall not exceed the Maximum Rate. 5. Payment of Principal and Interest. Principal and interest shall be paid as follows: (a) Borrower shall pay all amounts due under this Note at the times and in the amounts set forth herein and in the Borrower Loan Agreement. Borrower shall make its payments under this Note in immediately available funds. (b) Commencing on the First Loan Payment Date and continuing on each Loan Payment Date thereafter until and including the First Principal Payment Date, Borrower shall pay monthly payments of interest only, at the Interest Rate, in successive monthly installments. Such payments shall be made to the Fiscal Agent by 2:00 p.m., New York City time, on each Loan Payment Date. (c) Commencing on the First Principal Payment Date, and continuing on each Loan Payment Date thereafter until and including the Maturity Date, Borrower shall pay monthly payments of principal and interest as set forth on the Debt Service Schedule as provided in Section 2.1(f) of the Borrower Loan Agreement, in successive monthly installments to the Borrower Loan Agreement, in successive monthly installments. Such payments shall be made to the Funding Lender or the Controlling Person by 2:00 p.m., New York City time, on each Loan Payment Date. (d) Any accrued interest remaining past due may, at Funding Lender’s discretion, be added to and become part of the unpaid principal balance and shall bear interest at the rate or rates specified in this Note, and any reference below to “accrued interest” shall refer to accrued interest that has not become part of the unpaid principal balance.