Exhibit 10.11
Promissory Note
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$103,000,000.00 November 25, 1997
FOR VALUE RECEIVED, the undersigned, DS HOTEL LLC, a Delaware limited
liability company ("MAKER"), promises to pay to the order of GMAC COMMERCIAL
MORTGAGE CORPORATION, a California corporation, its successors and assigns
("HOLDER"), on or before the Stated Maturity Date at such place as Holder may
from time to time designate in writing, the principal sum of ONE HUNDRED THREE
MILLION DOLLARS ($103,000,000) in lawful money of the United States of America,
together with interest thereon, to be computed and paid as specified in Section
1 below.
Except as otherwise defined or limited herein, capitalized terms used
herein shall have the meanings ascribed to them in that certain Loan Agreement
(the "LOAN AGREEMENT"), dated as of November 25, 1997, by and between Maker and
Holder. This is the Note referred to in the Loan Agreement. The terms of this
Note are hereby supplemented in full by the terms of the Loan Agreement, the
Mortgage and the other Loan Documents, including, without limitation, with
respect to Loan repayment and Defeasance, Yield Maintenance Payments, offsets,
counterclaims and defenses and expenses of Lender.
1. PAYMENTS OF PRINCIPAL AND INTEREST
Commencing with the Payment Date on December 11, 1997, and on each and
every Payment Date thereafter through but excluding the Stated Maturity Date,
the principal amount of the Loan and interest thereon at the applicable Interest
Rate shall be payable in monthly installments of principal and interest
(computed on the basis of the actual number of days in the Interest Accrual
Period), as set forth in Schedule A attached hereto. In addition, as set forth
----------
in the Loan Agreement, commencing with the Anticipated Repayment Date, and on
each and every Payment Date thereafter through the Stated Maturity Date, Maker
shall make additional payments of principal and interest on the Loan in
accordance with Section 2.2.1(e) thereof. On the date hereof, Maker shall make
a payment of interest only on the Loan at the Initial Interest Rate for the
period beginning on the date hereof to but excluding the Payment Date on
December 11, 1997.
On the Stated Maturity Date, payment in full of all remaining obligations
of Maker under this Note, the Loan Agreement and the other Loan Documents shall
be due and paid.
Payments made at any time hereon (including payments from the proceeds of
any sale of any Collateral (as hereinafter defined)) pursuant to any of the Loan
Documents shall be applied as provided in the Loan Agreement and the Mortgage.
For purposes of this Note, "COLLATERAL" shall mean all monies, accounts,
instruments and other property
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(including, without limitation, all rent, revenues, issues, Proceeds, profits,
security and other monies payable or receivable under any Loan Document or with
respect thereto and the after-acquired property clauses thereof) subject or
intended to be subject to the lien of the Mortgage and the other Loan Documents
for the performance by Maker of its obligations thereunder or hereunder as of
any particular time, and the proceeds of the foregoing.
2. SECURITY FOR THE LOAN.
This Note is secured by, among other things, the Mortgaged Property,
including all assets of Maker related thereto, pursuant to the Mortgage
encumbering the Land (as defined in the Mortgage) and Improvements and granting
a Lien on and security interest in certain other property described therein, and
by other Loan Documents affecting and granting a Lien on and security interest
in other portions of the Collateral.
3. EVENTS OF DEFAULT.
The entire Debt or any portion thereof, shall without notice, except such
notice as is required under the terms of any Loan Document, become immediately
due and payable at the option of Holder, unless otherwise specified under the
applicable Loan Document, if an Event of Default shall have occurred and be
continuing. In the event that Holder retains counsel to collect all or any part
of the Debt, or to protect, or foreclose the Collateral, Maker agrees to pay
reasonable costs of collection incurred by Holder, including reasonable
attorneys' fees.
4. DEFAULT INTEREST RATE.
Maker does hereby agree that, if an Event of Default shall have occurred
and is continuing, Maker shall pay interest at the Default Rate on the
outstanding amount of the Loan and due but unpaid interest thereon, upon demand
from time to time, to the extent permitted by applicable law.
5. AUTHORITY.
Maker represents that it has full power, authority and legal right to
execute and deliver this Note and to perform its obligations hereunder, and that
this Note constitutes the valid and binding obligation of Maker, enforceable
against Maker in accordance with its terms, except as enforceability may be
limited by (i) applicable bankruptcy, insolvency,
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reorganization, moratorium, or similar laws affecting the enforcement of
creditors' rights generally and (ii) general principles of equity, regardless of
whether considered in proceedings at law or in equity.
6. NOTICES.
All notices or other communications required or permitted to be given
pursuant hereto shall be given in the manner specified in the Loan Agreement
directed to the parties at their respective addresses as provided therein.
7. CONSENT TO JURISDICTION; GOVERNING LAW.
(a) THIS NOTE WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY MAKER
AND ACCEPTED BY HOLDER IN THE STATE OF NEW YORK, AND THE PROCEEDS DELIVERED
PURSUANT HERETO WERE DIS BURSED FROM THE STATE OF NEW YORK, WHICH STATE THE
PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE
UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE
OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO NOTES MADE
AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF
AMERICA, IT BEING UNDERSTOOD THAT THE LAW OF THE STATE OF NEW YORK SHALL
GOVERN THE VALIDITY AND THE ENFORCEABILITY OF THE NOTE AND ALL OF THE
INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER OR UNDER THE LOAN AGREEMENT.
TO THE FULLEST EXTENT PERMITTED BY LAW, MAKER HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION
GOVERNS THIS NOTE, AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
(b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST MAKER OR HOLDER ARISING
OUT OF OR RELATING TO THIS NOTE SHALL BE INSTITUTED IN ANY FEDERAL OR STATE
COURT IN NEW YORK, NEW YORK, AND MAKER WAIVES ANY OBJECTION WHICH IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING, AND MAKER HEREBY IRREVOCABLY SUBMITS
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TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
MAKER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, WITH
OFFICES AT 80 STATE STREET, ALBANY, NY 12207-2543, AS ITS AUTHORIZED AGENT TO
ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY
BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE
COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE OF MAKER MAILED OR
DELIVERED TO MAKER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY
RESPECT EFFECTIVE SERVICE OF PROCESS UPON MAKER, IN ANY SUCH SUIT, ACTION OR
PROCEEDING IN THE STATE OF NEW YORK. MAKER (I) SHALL GIVE PROMPT NOTICE TO
HOLDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT
ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH
AN OFFICE IN NEW YORK, NEW YORK (WHICH OFFICE SHALL BE DESIGNATED AS THE
ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A
SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO MAINTAIN THE ABOVE-REFERENCED
OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.
8. MISCELLANEOUS.
(a) No release of any security for the Debt or any Person liable for
payment of the Debt, no extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision
of the Loan Documents made by agreement between Holder and any other Person
or party shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Maker or any other Person or party who
might be or become liable for the payment of all or any part of the Debt,
under the Loan Documents, except as explicitly provided in a writing
satisfying the requirements of paragraph 8(c) hereof.
(b) Maker and all others who may become liable for the payment of all or
any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, protest, notice of protest, notice of non-
payment, and notice of intent to accelerate the maturity hereof and (except
as may be expressly provided for in the Loan Documents) of acceleration.
(c) This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part
of Maker or
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Holder, but only by an agreement in writing signed by the party against whom
enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought.
(d) Whenever used, the singular number shall include the plural, the
plural the singular, and the words "Holder" and "Maker" shall include their
respective successors, assigns, heirs, executors and administrators as
permitted under the Loan Documents.
9. EXCULPATION
NOTWITHSTANDING ANYTHING HEREIN THAT MAY BE CONSTRUED TO THE CONTRARY,
THE TERMS OF SECTION 13.24 OF THE LOAN AGREEMENT RELATING TO THE EXCULPATION
OF BORROWER ARE INCORPORATED HEREIN BY REFERENCE AS IF FULLY SET FORTH
HEREIN. NO NEGATIVE INFERENCE REGARDING THE TERMS OF THIS NOTE IS TO BE
DRAWN BY REFERENCE TO SAID SECTION 13.24 IN ONLY CERTAIN PROVISIONS HEREOF.
10. CONFLICTS
In the event of any conflict between the provisions of this Note and
the Loan Agreement, the provisions of the Loan Agreement shall control.
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IN WITNESS WHEREOF, Maker has duly executed or has caused its respective
duly authorized officers to execute this Note on its behalf, as of the day and
year first above written.
MAKER:
DS HOTEL LLC, a Delaware limited liability
company
By: /s/ Patricia K. Brady
-----------------------------
Name: Patricia K. Brady
Title: Vice President
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SCHEDULE A
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Amortization Schedule: $103,000,000 Grande
Interpolated 12-yr UST 5.87%
Spread 1.93%
Coupon (Actual/360) 7.80%
Amortization 25.00
Anticipated Maturity 12.50
Constant 9.19%
Closing Date: 11/26/97
Senior Place
Payment Date Month Beginning Balance Interest Principal Payment End Balance
12/11/97 15 1 103,000,000.00 334,750.00 - 334,750.00 103,000,000.00
1/11/98 31 2 103,000,000.00 691,816.67 96,909.57 788,726.24 102,903,090.43
2/11/98 31 3 102,903,090.43 691,165.76 97,560.48 788,726.24 102,805,529.94
3/11/98 28 4 102,805,529.94 623,686.88 165,039.36 788,726.24 102,640,490.58
4/11/98 31 5 102,640,490.58 680,401.96 99,324.28 788,726.24 102,541,166.30
5/11/98 30 6 102,541,166.30 666,517.58 122,208.66 788,726.24 102,416,957.64
6/11/98 31 7 102,418,957.64 687,914.00 100,812.24 788,726.24 102,318,145.40
7/11/98 30 8 102,318,145.40 665,067.95 123,658.30 788,726.24 102,194,487.10
8/11/98 31 9 102,194,487.10 686,406.31 102,319.94 788,726.24 102,092,167.17
9/11/98 31 10 102,092,167.17 685,719.06 103,007.18 788,726.24 101,989,159.98
10/11/98 30 11 101,989,159.98 662,929.54 125,796.70 788,726.24 101,863,363.28
11/11/98 31 12 101,863,363.28 684,182.26 104,543.96 788,726.24 101,758,818.30
12/11/98 30 13 101,768,819.30 661,432.33 127,293.92 788,726.24 101,631,525.38
1/11/99 31 14 101,831,525.36 682,625.08 106,101.16 788,726.24 101,525,424.22
2/11/99 31 15 101,525,424.22 681,912.43 106,613.81 788,726.24 101,418,610.41
3/11/99 28 16 101,418,610.41 615,272.90 173,453.34 788,726.24 101,246,167.07
4/11/99 31 17 101,246,167.07 680,029.97 106,696.27 788,726.24 101,136,460.80
5/11/99 30 18 101,136,460.80 657,387.00 131,339.25 788,726.24 101,005,121.56
6/11/99 31 19 101,005,121.56 678,417.73 110,308.51 788,726.24 100,894,813.05
7/11/99 30 20 100,894,813.05 655,816.29 132,909.96 788,726.24 100,761,903.09
8/11/99 31 21 100,761,903.09 676,784.12 111,942.13 788,726.24 100,649,960.97
9/11/99 31 22 100,649,960.97 676,032.24 112,694.00 788,726.24 100,537,266.97
10/11/99 30 23 100,537,266.97 653,492.24 135,234.01 788,726.24 100,402,032.96
11/11/99 31 24 100,402,032.96 674,366.99 114,359.25 788,726.24 100,287,673.71
12/11/99 30 25 100,287,673.71 651,869.68 136,856.36 788,726.24 100,150,817.34
1/11/00 31 26 100,150,817.34 672,679.66 116,046.58 788,726.24 100,034,770.76
2/11/00 31 27 100,034,770.76 671,900.21 116,828.03 788,726.24 99,917,944.73
3/11/00 29 28 99,917,944.73 627,817.75 160,908.49 788,726.24 99,757,036.24
4/11/00 31 29 99,757,036.24 670,034.76 118,691.48 788,726.24 99,638,344.76
5/11/00 30 30 99,638,344.76 647,649.24 141,077.00 788,726.24 99,497,257.76
6/11/00 31 31 99,497,267.76 668,289.98 120,438.28 788,726.24 99,376,831.50
7/11/00 30 32 99,376,831.50 645,949.40 142,776.64 788,726.24 99,234,054.66
8/11/00 31 33 99,234,054.66 686,522.07 122,204.17 788,726.24 99,111,850.40
9/11/00 31 34 99,111,850.40 685,701.26 123,024.98 788,726.24 98,988,825.51
10/11/00 30 35 98,988,825.51 643,427.37 145,298.88 788,726.24 98,843,526.64
11/11/00 31 36 98,843,526.64 663,899.02 124,827.22 788,726.24 98,718,899.42
12/11/00 30 37 98,718,899.42 641,671.55 147,054.69 788,726.24 98,571,644.72
1/11/01 31 38 98,671,644.72 662,072.88 126,853.36 788,726.24 98,444,991.36
2/11/01 31 39 98,444,991.36 661,222.19 127,504.05 788,726.24 98,317,487.31
3/11/01 28 40 98,317,487.31 596,459.42 192,266.62 788,726.24 96,125,220.49
4/11/01 31 41 96,125,220.49 659,074.40 129,651.64 788,726.24 97,995,568.65
5/11/01 30 42 97,995,568.65 638,971.20 151,755.04 788,726.24 97,843,513.60
6/11/01 31 43 97,843,513.60 657,184.26 131,541.96 788,726.24 97,712,271.65
7/11/01 30 44 97,712,271.65 635,129.77 153,596.48 788,726.24 97,558,675.17
8/11/01 31 45 97,558,675.17 655,260.10 133,457.14 788,726.24 97,425,218.03
9/11/01 31 46 97,425,218.03 654,372.71 134,353.53 788,726.24 97,290,864.50
10/11/01 30 47 97,290,864.50 632,390.62 156,335.62 788,726.24 97,134,528.88
11/11/01 31 48 97,134,528.88 552,420.25 136,305.99 788,726.24 96,998,222.89
12/11/01 30 49 96,998,222.89 630,488.45 158,237.79 788,726.24 96,839,985.10
1/11/02 31 50 96,839,985.10 650,441.90 138,284.34 788,726.24 96,701,700.76
2/11/02 31 51 96,701,700.76 649,513.09 139,213.15 788,726.24 96,582,487.61
3/11/02 28 52 96,562,487.61 585,812.42 202,913.82 788,726.24 96,359,573.79
4/11/02 31 53 96,359,573.79 647,215.14 141,511.10 788,726.24 96,218,062.69
5/11/02 30 54 96,218,062.69 625,417.41 163,308.83 788,726.24 96,054,753.85
6/11/02 31 55 96,054,753.85 645,167.76 143,558.46 788,726.24 95,911,195.38
7/11/02 30 56 95,911,195.38 623,422.77 165,303.47 788,726.24 95,745,091.91
8/11/02 31 57 95,745.891.91 643,093.24 145,633.00 788,726.24 95,600,258.91
9/11/02 31 58 95,600,258.91 642,115.07 146,611.17 788,726.24 95,453,647.74
10/11/02 30 59 95,453,647.74 620,446.71 168,277.53 788,726.24 95,285,370.21
11/11/02 31 60 95,285,370.21 640,000.07 146,726.17 788,726.24 95,136,644.03
12/11/02 30 61 95,136,544.03 618,366.19 170,338.05 788,726.24 94,966,305.98
1/11/03 31 62 94,966,305.98 637,857.02 150,869.22 788,726.24 94,815,436.76
2/11/03 31 63 94,815,436.76 636,843.68 151,882.56 788,726.24 94,683,554.20
3/11/03 28 64 94,683,554.20 574,292.23 214,434.01 788,726.24 94,449,120.19
4/11/03 31 65 94,449,120.19 634,383.26 154,342.98 788,726.24 94,294,777.21
Amortization Schedule: $103,000,000 Grande
Interpolated 12-yr UST 5.8%
Spread 1.93%
Coupon (Actual/360) 7.80%
Amortization 25.00
Anticipated Maturity 12.50
Constant 9.919%
Closing Date: 11/26/97
Senior Place
Payment Date Month Beginning Balance Interest Principal Payment End Balance
5/11/03 30 66 94,294,777.21 612,916.05 175,810.19 788,726.24 94,118,967.02
6/11/03 31 67 94,118,967.02 632,165.73 158,560.51 788,726.24 99,062,406.51
7/11/03 30 68 93,962,406.51 610,755.64 177,970.60 788,726.24 93,784,435.91
8/11/03 31 69 93,784,435.91 629,918.79 158,807.45 788,726.24 93,625,626.46
9/11/03 31 70 93,625,628.46 628,852.14 159,874.10 788,726.24 93,465,754.36
10/11/03 30 71 93,465,754.36 607,527.40 181,198.84 788,726.24 93,284,555.52
11/11/03 31 72 93,284,555.52 626,561.26 162,164.98 788,726.24 93,122,390.54
12/11/03 30 73 93,122,390.54 605,295.54 183,430.70 788,726.24 92,936,959.84
1/11/04 31 74 92,938,959.84 624,240.01 164,466.23 788,726.24 92,774,479.61
2/11/04 31 75 92,774,479.61 623,135.21 165,591.03 788,726.24 92,606,882.59
3/11/04 29 76 92,606,882.59 581,892.48 206,633.76 788,726.24 92,402,048.82
4/11/04 31 77 92,402,048.82 620,633.76 168,092.48 788,726.24 92,233,956.34
5/11/04 30 78 92,233,956.34 599,620.72 189,205.52 788,726.24 92,044,760.82
6/11/04 31 79 92,044,760.82 618,233.76 170,493.33 788,726.24 91,874,258.49
7/11/04 30 80 91,874,258.49 507,182.68 191,643.56 788,726.24 91,682.714.93
8/11/04 31 81 91,682.714.93 615,802.24 172,924.01 788,726.24 91,509,790.72
9/11/04 31 82 91,509,790.72 614,640.76 174,085.48 788,726.24 91,335,705.44
10/11/04 30 83 91,335,705.44 593,682.09 195,044.16 788,726.24 91,140,661.29
11/11/04 31 84 91,140,661.29 612,161.44 176,564.80 788,726.24 90,964,096.49
12/11/04 30 85 90,964,096.49 591,266.63 197,459.61 788,726.24 90,766,656.87
1/11/05 31 86 90,766,656.87 609,649.24 179,077.00 788,726.24 90,587,559.88
2/11/05 31 87 90,587,559.88 808,448.44 180,279.80 788,726.24 90,407,280.08
3/11/05 28 88 90,407,280.08 548,470.83 240,255.41 788,726.24 90,167,024.67
4/11/05 31 89 90,167,024.67 605,621.85 183,104.39 788,726.24 90,983,920.28
5/11/05 30 90 90,983,920.28 584,895.48 203,830.76 788,726.24 89,780,089.52
6/11/05 31 91 89,780,089.52 603,022.93 185,703.31 788,726.24 89,594,386.21
7/11/05 31 92 89,594,386.21 582,363.51 206,362.73 788,726.24 89,388,023.46
8/11/05 31 93 89,388,023.46 600,389.56 188,336.68 788,726.24 89,199,686.80
9/11/05 31 94 89,199,686.80 599,124.66 189,601.68 788,726.24 89,010,085.12
10/11/05 30 95 89,010,085.12 578,565.55 210,160.66 788,726.24 88,799,924.43
11/11/05 30 96 88,799,924.43 596,439.49 192,286.76 788,726.24 88,607,637.68
12/11/05 30 97 88,607,637.68 575,949.64 212,776.60 788,726.24 88,394,061.09
1/11/06 31 98 88,394,061.09 593,718.62 195,007.42 788,726.24 88,199,853.66
2/11/06 31 99 88,199,853.66 592,409.02 196,317.22 788,726.24 88,003,536.44
3/11/06 28 100 88,003,536.44 533,888.12 254,838.12 788,726.24 87,748,698.32
4/11/06 31 101 87,748,698.32 580,378.76 189,347.48 788,726.24 87,540,350.84
5/11/06 30 102 87,549,350.84 568,070.78 219,655.46 788,726.24 87,329,695.37
6/11/06 31 103 87,329,695.37 586,564.45 202,161.79 788,726.24 87,127,533.59
7/11/06 30 104 87,127,533.59 566,328.97 222,397.27 788,726.24 86,906,136.31
8/11/06 31 105 86,905,136.31 583,712.83 205,013.41 788,726.24 86,700,122.91
9/11/06 31 106 86,700,122.91 582,335.83 206,390.42 788,726.24 86,493,732.49
10/11/06 30 107 86,493,732.49 562,209.26 226,516.96 788,726.24 86,267,215.51
11/11/06 31 108 86,267,215.51 579,426.13 209,298.11 788,726.24 86,057,917.40
12/11/06 30 109 86,057,917.40 559,376.46 229,349.78 788,726.24 85,828,567.62
1/11/07 31 110 85,828,567.62 576,481.88 212,244.36 788,726.24 85,616,323.26
2/11/07 31 111 85,616,323.26 575,058.30 213,619.94 788,726.24 85,402,653.32
3/11/07 28 112 85,402,653.32 518,109.43 270,616.81 788,726.24 85,132,036.51
4/11/07 31 113 85,132,036.51 571,803.51 216,922.73 788,726.24 84,915,113.78
5/11/07 30 114 84,915,113.78 551,948.24 236,778.00 788,726.24 84,678,335.78
6/11/07 31 115 84,678,335.78 568,756.16 219,970.09 788,726.24 84,458,365.70
7/11/07 30 116 84,458,365.70 548,979.38 239,746.86 788,726.24 84,218,618.83
8/11/07 31 117 84,218,618.83 565,668.39 223,057.85 788,726.24 83,995,560.98
9/11/07 31 118 83,995,560.98 564,170.18 224,556.06 788,726.24 83,771,004.92
10/11/07 30 119 83,771,004.92 544,511.53 244,214.71 788,726.24 83,526,790.22
11/11/07 31 120 83,526,790.22 561,021.61 227,704.63 788,726.24 83,299,085.58
12/11/07 30 121 83,299,085.58 541,444.06 247,282.16 788,726.24 83,051,803.40
1/11/08 31 122 83,051,803.40 557,831.28 230,894.96 788,726.24 82,820,908.44
2/11/08 31 123 82,820,908.44 556,280.43 232,445.81 788,726.24 82,588,462.63
3/11/08 29 124 82,588,462.63 518,930.84 269,795,40 788,726.24 82,318,667.23
4/11/08 31 125 82,318,667.23 552,907.05 235,810.19 788,726.24 82,082,848.04
5/11/08 30 126 82,082,848.04 533,538.51 255,187.73 788,726.24 81,827,660.31
6/11/08 31 127 81,827,660.31 549,609.12 239,117.12 788,726.24 81,588,543.18
7/11/08 30 128 81,588,543.18 530,325.53 258,400.71 788,726.24 81,330,142.47
8/11/08 31 129 81,330,142.47 546,267.46 242,458.78 788,726.24 81,087,683.69
9/11/08 31 130 81,087,683.69 544,638.94 244,087.30 788,726.24 80,843,596.39
Amortization Schedule: $103,000,000 Grande
Interpolated 12-yr UST 5.87%
Spread 1.93%
Coupon (Actual/360) 7.80%
Amortization 25.00
Anticipated Maturity 12.50
Constant 9.19%
Closing Date: 11/26/97
Senior Place
Payment Date Month Beginning Balance Interest Principal Payment End Balance
10/11/08 30 131 80,843,596.39 525,483,38 263,242.85 788,726.24 80,580,353.53
11/11/08 31 132 80,580,353.53 541,231.37 247,494.57 788,726.24 80,332,858.66
12/11/08 30 133 80,332,858.66 522.163.58 266,562.66 788,726.24 80,066,296.00
1/11/09 31 134 80,066,296.00 537,778.62 250,947.62 788,726.24 79,815,348.38
2/11/09 31 135 79,815,348.38 536,093.09 252,633.15 788,726.24 79,582,715.23
3/11/09 28 136 79,562,715.230 482,680.47 306,045.77 788,726.24 79,256,669.46
4/11/09 31 137 79,256,669.46 532,340.63 256,385.61 788,726.24 79,000,283.85
5/11/09 30 138 79,000,283.85 513,601.85 275,224.40 788,726.24 78,725,059.46
6/11/09 31 139 78,725,059.45 528,769.98 259,956.26 788,726.24 78,465,103.19
7/11/09 30 140 78,465,103.19 510,023.17 278,703.07 788,726.24 78,156,400.12
8/11/09 31 141 78,186,400.12 525,151.99 263,574.25 788,726.24 77,922,825.87
9/11/09 31 142 77,922,825.87 523,344.59 265,344.59 788,726.24 77,657,481.28
10/11/09 30 143 77,657,481.28 504,773.63 283,952.61 788,726.24 77,373,528.66
11/11/09 31 144 77,373,528.66 519,692.20 269,034.04 788,726.24 77,104,494.62
12/11/09 30 145 77,104,494.62 501,179.22 287,547.03 788,726.24 76,616,947.60
1/11/10 31 146 76,816,947.60 515,953.83 272,772.41 788,726.24 76,544,175.19
2/11/10 31 147 76,544,175.19 514,121.71 274,604.53 788,726.24 76,269,570.66
3/11/10 28 148 76,269,570.66 462,702.06 326,024.18 788,726.24 75,943,546.48
4/11/10 31 149 75,943,546.48 510,087.49 278,638.75 788,726.24 75,664,907.72
5/11/10 30 150 75,664,907.12 491,821.90 296,904.34 788,726.24 75,368,003.38
6/11/10 31 151 75,368,003.38 506,221.76 282,504.49 788,726.24 75,085,498.90
7/11/10 30 152 75,085,498.90 488,055.74 300,670.50 788,726.24 74,784,828.40
8/11/10 31 153 74,784,828.40 502,304.76 286,421.48 788,726.24 74,498,406.92
9/11/10 31 154 74,498,406.92 500,380.97 288,345.27 788,726.24 74,210,061.65
10/11/10 30 155 74,210,061.65 482,365.40 306,360.84 788,726.24 73,903,700.81
11/11/10 31 156 73,903,700.81 496,386.52 292,339.72 788,726.24 73,611,361.09
12/11/10 30 157 73,611,361.09 478,473.85 310,252.39 788,726.24 73,301,108.70
1/11/11 31 158 73,301,108.70 492,339.11 296,387.13 788,726.24 73,004,721.57
2/11/11 31 159 73,004,721.57 490,348.38 298,377.86 788,726.24 72,706,343.71
3/11/11 28 160 72,706,343.71 441,085.15 347,641.09 788,726.24 72,358,702.62
4/11/11 31 161 72,358,702.62 488,009.29 302,716.96 788,726.24 72,055,985.66
5/11/11 30 162 72,055,985.66 488,363.91 320,362.33 788,726.24 71,735,623.33
6/11/11 31 163 71,735,623.33 481,824.27 306,901.97 788,726.24 71,428,721.36
7/11/11 30 164 71,428,721.36 464,286.69 324,439.55 788,726.24 71,104,281.80
8/11/11 31 165 71,104,281.80 477,583.76 311,142.48 788,726.24 70,793,139.32
9/11/11 31 166 70,793,139.32 475,493.92 313,232.32 788,726.24 70,479,907.00
10/11/11 30 167 70,479,907.00 458,119.40 330,606.85 788,726.24 70,149,300.16
11/11/11 31 168 70,149,300.16 471,109.47 317,558.78 788,726.24 69,831,743.38
12/11/11 30 169 69,831,743.38 453,906.33 334,819.91 788,726.24 69,495,923.47
1/11/12 31 170 69,496,923.47 466,787.67 321,938.57 788,726.24 69,174,984.90
2/11/12 31 171 69,174,984.90 464,625.32 324,100.93 788,726.24 68,860,883.97
3/11/12 29 172 68,850,883.97 432,613.05 356,113.19 788,726.24 68,494,770.79
4/11/12 31 173 68,494,770.79 460,056.54 328,669.70 788,726.24 68,166,101.09
5/11/12 30 174 68,166,101.09 443,079.66 345,646.58 788,726.24 67,820,454.51
6/11/12 31 175 67,820,454.51 455,527.39 333,198.85 788,726.24 67,487,255.66
7/11/12 30 176 67,487,255.65 438,667.16 360,069.08 788,726.24 67,137,196.57
8/11/12 31 177 67,137,196.57 450,938.17 337,788.07 788,726.24 66,799,408.50
9/11/12 31 178 66,799,408.50 448,669.36 340,056.88 788,726.24 66,459,351.62
10/11/12 30 179 66,459,351.62 431,985.79 356,740.46 788,726.24 66,102,611.16
11/11/12 31 180 66,102,611,16 443,989.20 344,737.04 788,726.24 65,757,874.13
12/11/12 30 181 65,757,874.13 427,426.18 361,300.06 788,726.24 65,396,574.07
1/11/13 31 182 65,396,574.07 439,246.25 349,479.25 788,726.24 65,047,094.82
2/11/13 31 183 65,047,094.82 436,899.65 351,826.59 788,726.24 64,695,268.23
3/11/13 28 184 64,695,268.23 392,484.63 396,241.61 788,726.24 64,299,026.62
4/11/13 31 185 64,299,026.62 431,875.13 356,651.11 788,726.24 63,942,175.50
5/11/13 30 186 63,942,175.50 415,624.14 373,102.10 788,726.24 63,569,073.40
6/11/13 31 187 63,569,073.40 426,972.28 361,753.96 788,726.24 63,207,319.44
7/11/13 30 188 63,207,319.44 410,847.58 377,878.66 788,726.24 62,829,440.77
8/11/13 31 189 62,829,440.77 422,004.41 366,721.83 788,726.24 62,462,718.94
9/11/13 31 190 62,462,718.94 419,541.26 369,184.98 788,726.24 62,093,533.96
10/11/13 30 191 62,093,533.96 403,607.97 385,118.27 788,726.24 61,708,415.69
11/11/13 31 192 61,708,415.69 414,474.88 374,251.38 788,726.24 61,334,154.31
12/11/13 30 193 61,334,164.31 398,672.07 390,054.17 788,726.24 60,944,110.14
1/11/14 31 194 60,944,110.14 409,341.27 379,384.97 788,726.24 60,564,725.17
2/11/14 31 195 60,564,725.17 406,793.07 381,933.17 788,726.24 60,182,792.00
Amortization Schedule: $103,000,000 Grande
Interpolated 12-yr UST 5.87%
Spread 1.93%
Coupon (Actual/360) 7.80%
Amortization 25.00
Anticipated Maturity 12.50
Constant 9.19%
Closing Date: 11/26/97
Senior Place
Payment Date Month Beginning Balance Interest Principal Payment End Balance
3/11/14 28 196 60,182,792.00 365,108.94 423,617.30 788,726.24 59,759,174.70
4/11/14 31 197 59,759,174.70 401,382.46 387,343.78 766,726.24 59,371,830.91
5/11/14 30 198 59,371,830.91 385,916.90 402,809.34 788,726.24 58,969,021.57
6/11/14 31 199 58,969,021.57 396,075.26 392,660.98 788,726.24 58,576,370.59
7/11/14 30 200 58,576,370.59 380,746.41 407,979.83 788,726.24 58,168,390.76
8/11/14 31 201 58,168,390.76 390,697.69 398,028.55 788,726.24 57,770,362.21
9/11/14 31 202 57,770,362.21 388,024.27 400,701.97 788,726.24 57,369,660.24
10/11/14 30 203 57,369,660.24 372,902.79 415,823.45 788,726.24 56,953,836.79
11/11/14 31 204 56,953,836.79 382,630.94 406,168.30 788,726.24 58,547,650.48
12/11/14 30 205 56,547,650.48 367,559.73 421,166.51 788,726.24 56,126,483.97
1/11/15 31 206 56,126,483.97 376,982.88 411,743.36 788,726.24 55,714,740.61
2/11/15 31 207 55,714,740.61 374,217.34 414,508.90 788,726.24 55,300,231.71
3/11/15 28 208 55,300,231.71 335,488.07 453,238.17 788,726.24 54,646,993.54
4/11/15 31 209 54,846,993.54 368,388.97 420,337.27 788,726.24 54,426,656.28
6/11/15 30 210 54,426,656.28 353,773.27 434,952.98 788,726.24 53,991,703.30
6/11/15 31 211 53,991,703.30 382,644.27 426,081.97 788,726.24 53,565,621.33
7/11/15 30 212 63,686,621.33 348,176.54 440,549.70 788,726.24 53,125,071.63
8/11/15 31 213 53,125,071.63 356,823.40 431,902.84 788,726.24 52,693,168.79
9/11/15 31 214 52,693,168.79 353,922.45 434,803.79 788,726.24 62,268,366,00
10/11/15 30 215 52,268,385.00 339,679.37 449,046.87 788,726.24 51,809,318.13
11/11/15 31 216 51,809,318.13 347,985.92 440,740.32 788,726.24 51,368,577.81
12/11/15 30 217 51,388,577.81 333,895.76 454,830.40 788,726.24 50,913,747.32
1/11/16 31 218 50,913,747.32 341,970.67 446,755.57 788,726.24 50,466,991.75
2/11/16 31 219 50,466,991.75 338,959.96 440,758.28 788,726.24 50,017,235.47
3/11/16 29 220 50,017,235.47 314,274.96 474,451.28 788,726.24 49,542,784.19
4/11/16 31 221 49,542,784.19 332,762.37 455,983.87 788,726.24 49,088,820.32
5/11/16 30 222 49,086,820.32 319,064.33 469,661.91 788,726.24 48,617,168.41
6/11/16 31 223 48,617,158.41 326,545.25 462,180.99 788,726.24 48,154,977.42
7/11/16 30 224 48,154,977.42 313,007.35 475,718.89 788,726.24 47,679,258.53
8/11/16 31 225 47,679,258.53 320,245.69 468,480.55 788,726.24 47,210,777.97
9/11/16 31 226 47,210,777.97 317,099.06 471,627.18 788,726.24 46,739,160.79
10/11/16 30 227 46,739,150.79 303,804.48 484,921.76 788,726.24 46,254,229.03
11/11/16 31 228 46,254,229.03 310,674.24 478,052.00 788,726.24 45,776,177.03
12/11/16 30 229 45,776,177.03 297,545.15 491,181.09 788,726.24 45,284,995.94
1/11/17 31 230 45,284,995.94 304,164.22 484,562.02 788,726.24 44,800,433.92
2/11/17 31 231 44,800,433.92 300,909.58 467,816.66 788,726.24 44,312,617.26
3/11/17 28 232 44,312,617.26 268,829.88 519,896.36 788,726.24 43,792,720.00
4/11/17 31 233 43,792,720.90 294,141.11 494,585.13 788,726.24 43,298,135.76
5/11/17 30 234 43,298,135,76 281,437.88 507,288.36 788,726.24 42,790,847.40
6/11/17 31 235 42,790,847.40 287,411.86 501,314.38 788,726.24 42,289,533.02
7/11/17 30 236 42,289,633.02 274,681.96 513,844.28 788,726.24 41,775,688.75
8/11/17 31 237 41,775,688.75 280,593.38 508,132.87 788,726.24 41,267,555.88
9/11/17 31 238 41,267,555.88 277,180.42 511,545.82 788,726.24 40,756,010.06
10/11/17 30 239 40,756,010.06 264,914.07 523,812.18 788,726.24 40,232,107.88
11/11/17 31 240 40,232,197.88 270,226.26 518,499.98 788,726.24 39,713,697.90
12/11/17 30 241 39,713,697.90 258,130.04 530,587.20 788,726.24 39,183,110.70
1/11/18 31 242 39,183,110.70 263,179.89 525.546.35 788,726.24 38,667,684.35
2/11/18 31 243 38,657,564.35 259,649.97 529,076.27 788,726.24 38,128,488.08
3/11/18 28 244 38,128,488.08 231,312.83 557,413.41 788,726.24 37,571,074.87
4/11/18 31 245 37,671,074.67 252,362.38 636,373.86 788,726.24 37,034,700.81
5/11/18 30 246 37,034,700.81 240,725.56 548,000.69 788,726.24 36,486,700.13
6/11/18 31 247 36,486,700.13 245,069.00 543,657.24 788,726.24 35,943,042.89
7/11/18 30 248 35,943,042.89 233,629.78 555,096.46 788,726.24 35,387,948.43
8/11/18 31 249 35,387,946.43 237,689.04 551,037.20 788,726.24 34,836,909.22
9/11/18 31 250 34,836,909.22 233,987.91 554,738,33 788,726.24 34,282,170.80
10/11/18 30 251 34,282,170.89 222,834.11 565,892.13 788,726.24 33,716,278.76
11/11/18 31 252 33,716,278.76 226,461.01 562,265.24 788,726.24 33,154,013.52
12/11/18 30 253 33,154,013.52 215,501.09 573,225.15 788,726.24 32,580,788.37
1/11/19 31 254 32,580,788.37 218,834.30 569,891.95 788,726.24 32,010,896.43
2/11/19 31 255 32,010,896.43 215,006.52 573,719.72 788,726.24 31,437,176.71
3/11/19 28 256 31,437,176.71 190,718.87 598,007.37 788,726.24 30,839,169.34
4/11/19 31 257 30,839,169.34 207,136.42 581,589.82 788,726.24 30,257,579.52
5/11/19 30 258 30,257,579.52 196,674.27 592,051.97 788,726.24 29,665,527.54
6/11/19 31 259 29,666,527.54 199,253.46 589,472.78 788,726.24 29,076,054.76
7/11/19 30 260 29,076,054.76 188,994.36 599,731.89 788,726.24 28,476,322.88
Amortization Schedule: $103,000,000 Grande
Interpolated 12-yr UST 5.87%
Spread 1.93%
Coupon (Actual/360) 7.80%
Amortization 25.00
Anticipated Maturity 12.50
Constant 9.19%
Closing Date: 11/26/97
Senior Place
Payment Date Month Beginning Balance Interest Principal Payment End Balance
8/11/19 31 261 28,476,322.88 191,265.97 697,460.27 788,726.24 27,878.8
9/11/19 31 262 27,876,862.60 187,253.03 601,473.21 788,726.24 27,277.3
10/11/19 30 263 27,277,389.30 177,303.03 611,423.21 788,726.24 26,665.
11/11/19 31 264 26,665,966.18 179,106.41 609,619.63 788,726.24 26,056.3
12/11/19 30 265 26,056,346.34 169,366.25 619,359.99 788,726.24 25,436.
1/11/20 31 266 25,436,986.35 170,851.76 617,674,48 788,726.24 24,819.1
2/11/20 31 267 24,819,111.87 166,701.70 622,024.54 788,726.24 24,197.0
3/11/20 29 268 24,197,087.33 152,036.37 636,687.88 788,726.24 23,580.
4/11/20 31 269 23,560,399.48 158,247.35 630,478.89 788,726.24 22,929.
5/11/20 30 270 22,929,920.57 149,044.48 639,681.76 788,726.24 22,290.
6/11/20 31 271 22,290,236.61 149,716.10 639,010.14 788,726.24 21,651.2
7/11/20 30 272 21,651,228.67 140,732.99 647,993.25 788,726.24 21,003.2
8/11/20 31 273 21,003,235.42 141,071.73 647,654.51 788,726.24 20,355.
9/11/20 31 274 20,355,580.91 136,721.65 652,004.59 788,726.24 19,703.
10/11/20 30 275 19,703,576.32 128,073.25 660,653.00 788,726.24 19,042.
11/11/20 31 276 19,042,923.32 127,904.97 660,821.27 788,726.24 18,382.
12/11/20 30 277 18,382,102.05 119,463.66 66 ,242.58 788,726.24 17,712.
1/11/21 31 278 17,712,859.47 118,971.37 669,754.87 788,726.24 17,043.
2/11/21 31 279 17,043,104.60 114,472.85 674,253.39 788,726.24 16,368.
3/11/21 28 280 16,388,851.21 99,304.36 689,421.88 788,726.24 15,679.
4/11/21 31 281 15,679,429.34 105,313.50 683,412.74 788,726.24 14,996.
5/11/21 30 282 14,996,016.60 97,474.11 691,252.13 788,726.24 14,304.
6/11/21 31 283 14,304,764.46 96,080.33 692,645.91 788,726.24 13,612.
7/11/21 30 284 13,612,118.56 86,478.77 700,247.47 788,726.24 12,911.
8/11/21 31 285 12,911,671.09 86,724.73 702,001.51 788,726.24 12,209.
9/11/21 31 286 12,209,869.58 82,009.52 706,716.62 788,726.24 11,503.
10/11/21 30 287 11,503,152.96 74,770.49 713,955.75 788,726.24 10,789.
11/11/21 31 288 10,789,197.22 72,467.44 716,258.80 788,726.24 10,072.
12/11/21 30 289 10,072,938.42 65,474.10 723,252.14 788,726.24 9,349.
1/11/22 31 290 9,349,886.27 62,796.73 725,927.51 788,726.24 8,623.
2/11/22 31 291 6,523,758.78 67,922.91 730,803.33 788,726.24 7,892.
3/11/22 28 292 7,602,955.43 47,883.93 740,842.31 788,726.24 7,152.
4/11/22 31 293 7,152,113.12 48,038.36 740,687.88 788,726.24 6,411.
5/11/22 30 294 6,411,425.24 41,674.26 747,051.98 788,726.24 5,664.
6/11/22 31 295 5,664,373.26 38,045.71 750,680.53 788,726.24 4,913.
7/11/22 30 296 4,913,692.73 31,939.00 756,787.24 788,726.24 4,156.
8/11/22 31 297 4,156,905.49 27,920.55 760,805.6 788,726.24 3,396.
9/11/22 31 298 3,396,099.80 22,810.47 765,915.77 788,726.24 2,630.
10/11/22 30 299 2,630,184.03 17,096.20 771,630.04 788,726.24 1,858.
11/11/22 31 300 1,858,553.98 12,483.29 776,242.95 788,726.24 1,082.
12/11/22 30 301 1,082,311.03 7,035.02 1,082,311.03 1,089,348.05