Authorization and Issue of Notes. The Borrower has duly authorized the issue, sale and delivery of its 7.79% Senior Notes Due 2002 in the aggregate principal amount of $32,000,000, to be dated the date of issue thereof, to bear interest on the outstanding principal thereof (computed on the basis of a 360-day year of twelve 30-day months) from such date, payable in arrears in cash semi-annually on the 19th day of May and November in each year (commencing May 19, 1993) and at maturity, at the rate of 7.79% per annum, and to bear interest at a rate equal to the greater of 9.79% or the rate of interest announced publicly from time to time by Citibank, N.A. in New York, New York as its “prime rate” on any overdue principal and prepayment charge and, to the extent permitted by applicable law, on any overdue interest (determined as of the date such principal, payment charge or interest first becomes overdue), until the same shall be paid in full, to mature on November 19, 2002, and to be substantially in the form of Exhibit A hereto attached (all such Notes originally issued pursuant to this Agreement or the Other Agreements, or delivered in substitution or exchange for any thereof, being collectively called the “Notes” and individually a “Note”). You, together with the other purchasers named in Schedule I to this Agreement, are herein sometimes referred to collectively as the “Purchasers” and individually as a “Purchaser”.
Authorization and Issue of Notes. Prior to the Closing Date (as hereinafter defined), the Issuer shall have duly authorized the issue, sale and delivery of its 9.50% Guaranteed Secured Note due January 1, 2018 in the aggregate principal amount of $3,000,000,000 (the "Note"), to be dated the date of issue thereof, to bear interest (computed on the basis of a 360-day year of twelve 30-day months) from such date at the rate of 9.50% (the “Interest Rate”) per annum, payable semi-annually in arrears on the first day of each January and July through maturity, commencing July 1, 2008, and to bear interest (so computed) after maturity, whether by acceleration or otherwise, on any overdue principal and, to the extent permitted by applicable law, on any overdue interest, until the same shall be paid in full, at a rate per annum equal to 1% in excess of the Interest Rate, to mature on January 1, 2018 and to be substantially in the form of Exhibit A. If any day on which a payment is due in respect of the Note is not a business day, then such payment shall not be made until the next following business day and no additional principal or interest or other payment shall result from such delay. For the purposes of this Agreement, the term “business day” shall mean a day other than a Saturday or a Sunday or a day on which banks are authorized or obligated by law to close in either the State of New York or the State of Michigan.
Authorization and Issue of Notes. The Company has authorized the issue and sale of up to $161,744,391.02 aggregate principal amount of its Notes plus the amount of Note Commitments converted from Term Loan Commitments in connection with the Syndication. The Notes shall be substantially in the form set out in Exhibit P, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Agreement.
