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Document Preview Secured Term Note |
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Title: |
Secured Term Note |
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Entities: |
ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap4 |
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Date: |
2006 |
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Size: |
Preview shows 4KB of 25KB total |
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Price: |
$37 |
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ID: |
#2608483 |
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SECURED TERM NOTE
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FOR VALUE RECEIVED, GARWOOD PETROSEARCH, INC., a Texas corporation
("GARWOOD") promises to pay to LAURUS MASTER FUND, LTD., c/o M&C Corporate
Services Limited, P.O. Box 309 GT, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the "HOLDER") or its
registered assigns or successors in interest, the sum of Eight Million Three
Hundred Thousand Dollars ($8,300,000), together with any accrued and unpaid
interest hereon, on November 1, 2009 (the "MATURITY DATE") if not sooner paid.
Capitalized terms used herein without definition shall have the
meanings ascribed to such terms in that certain Securities Purchase Agreement
dated as of the date hereof by and between Garwood and the Holder (as amended,
modified and/or supplemented from time to time, the "PURCHASE AGREEMENT").
The following terms shall apply to this Secured Term Note (this
"NOTE"):
ARTICLE 1
CONTRACT RATE AND AMORTIZATION
1.1 Contract Rate. Subject to Sections 2.2 and 3.9, interest
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payable on the outstanding principal amount of this Note (the "PRINCIPAL
AMOUNT") shall accrue at a rate per annum equal to the "PRIME RATE" published in
The Wall Street Journal from time to time (the "PRIME RATE"), plus two percent
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(2%) (the "CONTRACT RATE"). The Contract Rate shall be increased or decreased
as the case may be for each increase or decrease in the Prime Rate in an amount
equal to such increase or decrease in the Prime Rate; each change to be
effective as of the day of the change in the Prime Rate; provided, however, that
the Contract Rate shall not at any time be less than eight percent (8%) or more
than fifteen percent (15%). Interest shall be (i) calculated on the basis of a
360 day year, and (ii) payable monthly, in arrears, commencing on the First
Payment Date (as hereinafter defined), on the first business day of each
consecutive calendar month thereafter through and including the Maturity Date,
and on the Maturity Date, whether by acceleration or otherwise. For purposes of
this Section 1.1 and Section 1.2, the term "FIRST PAYMENT DATE" shall mean the
earlier of (i) the first business day of the month following Garwood's receipt
of proceeds from first production from the Kallina 46 #1 Well in the Southwest
Garwood field in Colorado County, Texas or (ii) one-hundred twenty (120) days
from the date hereof.
1.2 Payments. Amortizing payments of the aggregate principal
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amount outstanding under this Note shall be made by Garwood on the First Payment
Date and on the first business day of each succeeding month thereafter through
and including the Maturity Date (each, an "AMORTIZATION DATE"). Subject to
Article III below, commencing on the first Amortization Date, Garwood shall make
monthly payments of principal and interest to the Holder on each Amortization
Date equal to the Amortization Amount (as hereafter defined). All such payments
shall be applied by the Holder first to accrued and unpaid interest, fees and
expenses owing by Garwood to the Holder and then to the outstanding principal
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