Supercuts 2004 Annual Report Download - page 110

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and October 31, 2007, (c) 1.065% of the original amount of the Loan if the prepayment occurs between November 1, 2007 and October 31,
2008, (d) 0.6% of the original amount of the Loan if the prepayment occurs between November 1, 2008 and October 31, 2009, and (e) 0.25%
of the original principal amount of the Loan if the prepayment occurs at any time thereafter prior to the Maturity Date. As used herein, the term
“Swap Breakage”
means any loss sustained by the Lender (or any of its participants) which is directly incurred or incurred through a payable or
in any other way arises out of the termination of any interest rate swap agreement entered into in connection with the funding of the Loan. The
amount of the loss, if any, resulting from the termination of such interest rate swap agreement will be directly born by the Borrower. The
Lender (and its participants) will provide to the Borrower written documentation regarding the calculation of the specific amount of any such
loss upon the written request of the Borrower, which documentation shall be conclusive and binding on the Borrower in the absence of
manifest error.
5. Manner of Making Payments. Unless otherwise instructed by the Lender, all payments of principal and interest due hereunder shall be
made to the Lender, in immediately available funds during regular business hours, at the Lender’
s office or such other place as so designated by
Lender, and such payments shall be effective only upon receipt. All payments made hereunder shall be applied first to accrued and unpaid
interest and then to principal and shall be made in U.S. Dollars, which shall be the exclusive currency for payment of the obligations hereunder,
free of any restrictions or deductions whatsoever for present or future taxes, charges, assessments, withholdings or costs, the payment of which
shall be the sole responsibility of the Borrower.
6. Loan Agreement and Other Financing Documents. This Note is the “Note” referred to in the Loan Agreement of even date herewith by
and between the Borrower and the Lender (as the same may from time to time be amended, restated, supplemented or otherwise modified being
hereinafter called the “Loan Agreement”). The Lender is entitled to all of the benefits of the Loan Agreement and the other Financing
Documents.
7. Defaults. In the event the Borrower fails to pay any amount payable hereunder or under the Loan Agreement within ten (10) days of the
date due and payable or upon the occurrence of any other Default (as defined in the Loan Agreement), after giving effect to any applicable
grace or cure period, then the Lender may, by notice to the Borrower, declare the outstanding Principal Sum, together with all accrued but
unpaid interest due thereon, any prepayment fee, and all other amounts payable hereunder to be forthwith due and payable, whereupon all such
sums shall become immediately due and payable without further demand, notice, presentment or protest, all of which are hereby waived by the
Borrower; provided, however, that in the case of a default under Sections 6.11 or 6.12 of the Loan Agreement, the balance of this Note,
together with all interest accrued thereon and all
other amounts payable hereunder shall become automatically due and payable, without in each
instance having given the Borrower any notice. In addition, the Borrower shall be liable to the Lender for all reasonable costs of collection
including, without limitation, all court costs, attorney’s fees and expenses. Upon a Default hereunder or under any other Financing Document,
the Lender may exercise all rights and remedies under the Financing Documents.
8. Late Charge. In addition, and without waiving any of its other rights and remedies, if the Borrower fails to make any payment of principal
or interest as and when due hereunder, the Lender, at its option, may charge a late charge equal to 5% of the amount delinquent if not paid
within ten (10) days after the same was due. The late charge may be collected only once for each late payment.
9. Waiver of Presentment, Etc. The Borrower hereby waives presentment for payment, demand, notice of demand, notice of non-
payment or
dishonor, protest and notice of protest of this Note,