All Notes will initially mature three (3) months from the date of issue, but will automatically renew for successive periods of three (3) months (each additional three-month term is referred to as a “Renewal Term”; the final day of each Renewal Term is referred to as a “Renewal Maturity Date”). The Notes will accrue interest at a rate of eight percent (8%) per year. The Notes feature monthly payments of interest only on the first day of each month during the initial term and each Renewal Term. At the sole option of the holder, each Note may be redeemed in whole or in part on or before ten (10) calendar days prior to the initial maturity date or the Renewal Maturity Date then in effect, as applicable.
The Notes have a Final Maturity Date three (3) years from the date of issue.
Any portion of a Note not redeemed prior to the Final Maturity Date will be repaid in full together with any accrued and unpaid interest on the Final Maturity Date.
In addition, the Notes may be prepaid and/or redeemed by the Company upon 30 days’ notice to the holder.