Building Purchase. Means the purchase by WTC of all of the Property for an aggregate purchase price of One Hundred Fifty Million Dollars ($150,000,000) payable to Williams Headquarters Building Company as follows: (i) the issuance of a promissory note made by WTC and WCL, as co-issuers, and guaranteed by Reorganized Communications in the stated face amount of Seventy-Four Million Three Hundred Sixty Thousand Two Hundred Ninety-Five Dollars and Thirty Cents
... ($74,360,295.30), which amount is payable in full on December 29, 2006 and represents the original principal amount of Forty Four Million Eight Hundred Thousand Dollars ($44,800,000) (which sum reflects a $50,000,000 portion of the purchase price reduced by $5,200,000 relating to the certain credits as set forth in the agreements and documents evidencing the Building Purchase) and accreted interest on the outstanding principal commencing at the rate of 10% per annum through December 31, 2003, and increasing each calendar year thereafter by 2% per annum until the maturity date of December 29, 2006, and (ii) the issuance of a promissory note made by WTC and WCL, as co-issuers, and guaranteed by Reorganized Communications, in the amount of One Hundred Million Dollars ($100,000,000) with interest at the rate of 7% per annum, and principal to be amortized until maturity on the basis of a 30-year schedule, with the entire outstanding principal balance and accrued but unpaid interest thereon due and payable in full on the date which is seven and one half (7 1/2) years from the date of Closing. The payment of each promissory note referred to in clauses (i) and (ii) above, is secured by a first lien mortgage and security interest in and to the Property and a second lien on certain pledged collateral subject to Permitted Encumbrances as defined in the Mortgage with Power of Sale, Security Agreement, Assignment of Leases, Rents and Profits, Financing Statement and Fixture Filing date as of October 15, 2002 made by Williams Technology Center, LLC to Williams Headquarters Building Company.
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