Common use of Interest on Term Note Clause in Contracts

Interest on Term Note. On July 1, 2008, Ford shall cause the LLC to deposit $142,500,000 in the TAA. This amount represents the first 9.50% interest payment payable under the terms of the Term Note (i.e., interest from January 1, 2008 to the Interest Payment Date (as defined in the Term Note)). If $142,500,000 is not deposited in the TAA on July 1, 2008, Interest shall accrue on such amount from and including July 1, 2008 to but excluding the date of deposit. If prior to the transfer of the Term Note pursuant to Section 8.E of this Settlement Agreement, any additional interest payments are payable under the terms of the Term Note, Ford shall cause the LLC to make such deposits in the TAA.