Cdub, I wish that was the case. It is not.
Please for your reading enjoyment find: 1. B of the note rules.
b. Until the Thirtieth (30th) day after the Issuance Date the Company may pay the principal at a cash redemption premium of 110%, in addition to outstanding interest, without the Holder’s consent; from the 31st day to the Sixtieth Day (60th) after the Issuance Date, the Company may pay the principal at a cash redemption premium of 115%, in addition to outstanding interest, without the Holder’s consent; from the 61st day to the Ninetieth Day (90th) after the Issuance Date, the Company may pay the principal at a cash redemption premium of 120%, in addition to outstanding interest, without the Holder’s consent; from the 90th day to the One Hundred and Twentieth Day (120th) after the Issuance Date, the Company may pay the principal at a cash redemption premium of 125%, in addition to outstanding interest, without the Holder’s consent; from the 121st day to the One Hundred and Fiftieth Day (150th) after the Issuance Date, the Company may pay the principal at a cash redemption premium of 130%, in addition to outstanding interest, without the Holder’s consent; from the 150th after the Issuance Date to the Pre-Payment Date , the Company may pay the principal at a cash redemption premium of 135%, in addition to outstanding interest, without the Holder’s consent; After the Prepayment Date up to the Maturity Date this Note shall have a cash redemption premium of 140% of the then outstanding principal amount of the Note, plus accrued interest and Default Interest, if any, which may only be paid by the Company upon Holder’s prior written consent. At any time on or after the Maturity Date, the Company may repay the then outstanding principal plus accrued interest and Default Interest (defined below), if any, to the Holder.
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Cdub, please look at the last very long sentence in 1.B for early repayment. If payed as scheduled it is not so bad just the 8% plus the discount fees of what looks like $18,000.00. That gives you an aggregated APR for borrowed funds of 18.9%. This is why we need all hands on deck to find libor/commercial trade financing.
Stop everything else and get this done or we are!
ST
