Note, dated April 14, 2020, by and between Astrotech Corporation and Pioneer Bank SSB
Exhibit 10.1
SBA Loan #
PLP # PB #
SBA Loan Name
Astrotech Corporation
Date
04/14/2020
Loan Amount
$541,500.00
Interest Rate
1.00% Fixed
Borrower
Astrotech Corporation
Operating Company
N/A
Lender
Pioneer Bank, SSB
PROMISE TO PAY:
U.S. Small Business Administration
NOTE
In return for the Loan, Borrower promises to pay to the order of Lender the amount of
Five Hundred Forty-One Thousand Five Hundred and No/100 ($541,500.00)
interest on the unpaid principal balance, and all other amounts required by this Note.
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| 2. | DEFINITIONS: |
Dollars,
“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note. “Guarantor” means each person or entity that signs a guarantee of payment of this Note.
“Loan” means the loan evidenced by this Note.
“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral.
“SBA” means the Small Business Administration, an Agency of the United States of America.
SBA Form 147 (06/03/02) Version 4.1
Page 1/6
Exhibit 10.1
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| 3. | PAYMENT TERMS: |
Borrower must make all payments at the place Lender designates. The payment terms for this Note are:
Maturity: This Note will mature in 2 years from date of Note. Repayment Terms: The interest rate is fixed at 1% per year.
Borrower must pay principal and interest payments of $30,462.60 every month, beginning 7 months from the month this Note is dated; payments must be made on the first calendar day in the months they are due.
Lender will apply each installment payment first to pay interest accrued to the day Lender receives the payment, then to bring principal current, then to pay any late fees, and will apply any remaining balance to reduce principal.
The interest rate identified in the Note may not be changed during the life of the Loan unless changed in accordance with SOP 50 10 or the CARES Act.
Interest Calculation Method: Interest on this Note is computed on a 30/360 simple interest basis; that is, with the exception of odd days before the first full payment cycle, monthly interest is calculated by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by a month of 30 days. Interest for the odd days before the first full month is calculated on the basis of the actual days and a 360-day year. All interest payable under this Note is computed using this method.
Lender must adjust the payment amount at least annually as needed to amortize principal over the remaining term of the note.
If SBA purchases the guaranteed portion of the unpaid principal balance, the interest rate becomes fixed at the rate in effect at the time of the earliest uncured payment default. If there is no uncured payment default, the rate becomes fixed at the rate in effect at the time of purchase.
Loan Prepayment:
Notwithstanding any provision in this Note to the contrary:
Borrower may prepay this Note. Borrower may prepay 20 percent or less of the unpaid principal balance at
any time without notice. If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must:
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| a. | Give Lender written notice; |
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| b. | Pay all accrued interest; and |
c.If the prepayment is received less than 21 days from the date Lender receives the notice, pay an amount equal to 21 days' interest from the date lender receives the notice, less any interest accrued during the 21 days and paid under subparagraph b., above.
If Borrower does not prepay within 30 days from the date Lender receives the notice, Borrower must give Lender a new notice.
All remaining principal and accrued interest is due and payable 2 years from the date of Note.
Late Charge: If a payment on this Note is more than 10 days late, Lender may charge Borrower a late fee of up to 5.00% of the unpaid portion of the regularly scheduled payment.
Return Check or ACH Insufficient Funds Fee: You will pay a processing fee of $45.00 for each loan payment, made by check or ACH, and is returned for non-sufficient funds, stop payment or account closed.
SBA Form 147 (06/03/02) Version 4.1
Page 2/6
Exhibit 10.1
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| 4. | DEFAULT: |
Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company:
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| A. | Fails to do anything required by this Note and other Loan Documents; |
