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On or about June 23, 1987, TBPC executed a document entitled
“Restated Promissory Note” in favor of Contel Credit Corp.
(Contel) in which it promised to pay to Contel the principal
amount of $5.3 million. This Restated Promissory Note restated
and superseded the Promissory Note that TBPC had executed in
favor of Norstar on February 3, 1987, in the original principal
amount of $6.5 million. The terms of the Restated Promissory
Note required that the outstanding principal balance bear
interest at a rate of 9.9 percent through June 14, 1992, and
10.25 percent thereafter, that the interest on the outstanding
principal amount be calculated on the basis of a 360-day year,
that payments of principal and accrued interest be made monthly
beginning on July 15, 1987, and that any remaining balance of
principal and accrued interest become due and payable on December
15, 1995.
Also on or about June 23, 1987, TPTC executed a document
entitled “Consolidation Note” in favor of Contel in which it
promised to pay to Contel the principal amount of $6.5 million.
The principal amount of this Consolidation Note included and
consolidated the principal balance of the Promissory Note that
TPTC had executed in favor of Norstar on February 3, 1987, in the
original principal amount of $4 million as well as the principal
balance of an Additional Advance Note that TPTC had executed in
favor of Contel in the original principal amount of $2.5 million.
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