Section 6 -- Principal Payment. The entire principal balance, together with all accrued and unpaid interest and any other charges, advances, and fees, if any, outstanding hereunder, shall be due and payable in full on the earlier of the Maturity Date or upon acceleration of this Note notwithstanding any other inconsistent or contradictory provisions contained herein. The outstanding principal balance of this Note may be prepaid, either in whole or in part, without penalty or premium, at any time and from time to time upon five days prior written notice to the Registered Owner. If a successor interest rate is selected pursuant to Section 4(h) hereof, any prepayment shall be subject to the Registered Owner's then-current requirements and procedures.

Section 7 -- Late Payments; Default Rate; Fees. If any payment is not paid when due (whether by acceleration or otherwise) or within ten days thereafter, undersigned agrees to pay to the Registered Owner a late payment fee equal to 5% of the payment amount with a minimum fee of $20.00. After an Event of Default, the Governmental Agency agrees to pay to the Registered Owner a fixed charge of $25.00, or the Governmental Agency agrees that the Registered Owner may, without notice, increase the Interest Rate by three percentage points (the "Default Rate"), whichever is greater (provided that the Default Rate may not exceed the highest interest rate permitted by applicable law). The Registered Owner may impose a non-sufficient funds fee for any check that is presented for payment that is returned for any reason. In addition, the Registered Owner may charge loan documentation fees as may be reasonably determined by the Registered Owner.

Section 8 -- Representations and Warranties. The Governmental Agency hereby warrants and represents to the Registered Owner for the purpose of inducing the Registered Owner to make the Loan, the following:

  • The Governmental Agency is a validly existing public body corporate and an agency and instrumentality and public educational institution of the Commonwealth of Kentucky with full power to own its properties and conduct its affairs.
  • The Resolution has been duly and properly adopted by the Governmental Agency and this Note has been duly authorized, executed and delivered by the Governmental Agency and is a valid and binding obligation of the Governmental Agency enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by equitable principles and by bankruptcy, reorganization, moratorium, insolvency or similar laws heretofore or hereafter enacted relating to or affecting the enforcement of creditors' rights or remedies generally.
  • The Governmental Agency has all necessary power and authority to adopt the Resolution and to perform and consummate all transactions contemplated thereby, and to execute and deliver the documents and instruments to be executed and delivered by it in connection with the issuance of this Note.
  • The issuance of this Note does not and will not conflict with, violate or constitute a default under any court or administrative order, decree or ruling, or any law, statute, order, resolution or regulation, or any agreement, indenture, mortgage, lease, note or other obligation or instrument, binding upon the Governmental Agency, or any of its properties or assets, and the Governmental Agency has obtained each and every