Orange County NC Website
33 <br /> EXHIBIT B-1 — <br /> Schedule of Installment Payments for First Advance <br /> For repayment of the First Advance, principal is payable in the amounts and on the <br /> dates as shown below, subject to prepayment as provided in this Contract. Interest is pay- <br /> able on each May 1 and November 1, beginning November 1, 2016. <br /> Each portion of the Amount Advanced will bear interest from the Closing Date <br /> until paid. Interest on the First Advance is calculated at the annual rate of 2.30%, as de- <br /> scribed below. Interest will be calculated on the basis of a 360-day year consisting of <br /> twelve 30-day months. The schedule below shows the expected interest payment <br /> amounts. <br /> First Advance = $2,275,000 <br /> [Table to come] <br /> EXHIBIT B-2 — <br /> Schedule of Installment Payments for Second Advance <br /> For repayment of the Second Advance, principal is payable in the amounts and on <br /> the dates as shown below, subject to prepayment as provided in this Contract. Interest is <br /> payable on each May 1 and November 1, beginning November 1, 2016. <br /> Each portion of the Amount Advanced will bear interest from the Closing Date <br /> until paid. Interest on the Second Advance is calculated at the annual rate of 2.95%, as <br /> described below. Interest will be calculated on the basis of a 360-day year consisting of <br /> twelve 30-day months. The schedule below shows the expected interest payment <br /> amounts. <br /> Second Advance = $5,875,000 <br /> [Table to come] <br /> 26 <br />