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Document Preview Promissory Note |
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Title: |
Promissory Note |
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Date: |
2003 |
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5KB total |
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$35 |
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ID: |
#389792 |
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PROMISSORY NOTE
Due December 31, 2009
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$135,000,000 |
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Eagan, Minnesota |
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_________, 2003 |
FOR VALUE RECEIVED, PINNACLE AIRLINES, INC., a Georgia corporation formerly known as Express Airlines I, Inc. (the Borrower), hereby promises to pay to the order of Northwest Airlines, Inc., a Minnesota corporation (Northwest), or its assignees on December 31, 2009 the principal sum of One Hundred Thirty-Five Million Dollars ($135,000,000), together with interest on the outstanding principal amount hereof at a rate of 3.4% per annum calculated on the basis of a year comprised of twelve 30-day months and 360 days, payable on each March 31, June 30, September 30 and December 31 and at maturity (whether by required prepayment, acceleration, declaration or otherwise) and thereafter on demand. Any portion of the principal amount hereof which is not paid at maturity (as aforesaid) shall thereafter bear interest at a rate of 5.4% per annum until paid.
The Borrower shall make prepayments of the outstanding principal amount hereof in the amount of $3,000,000 each on the last business day (i.e., a day on which banks are not required or authorized to close in Minneapolis, Minnesota) of each March, June, September and December, commencing December 2003 and continuing through September 2009.
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