What the filed contracts say
| Contract | What the filed wording says |
|---|---|
| Macquarie $100m development note | Interest is 8% a year. |
| Macquarie $100m development note | Interest is paid in kind for the first 12 months and added to principal, then in cash. |
| Macquarie $100m development note | After a default, interest rises by a further 1.5% a month. |
| Macquarie $100m development note | The base return is 1.25 times the amount lent, reduced to 1.06 times if repaid within four months and 1.10 times within twelve. |
| Macquarie $100m development note | The multiple counts principal repaid, cash interest and upfront fees against everything lent, including interest added to principal. |
| Macquarie $100m development note | The base return is due on every prepayment, including after acceleration. |
| Macquarie $50m development note | The earlier $50m note set the base return at 1.10 times. |
The filed wording
at a rate per annum equal to the sum of the rate of interest applicable to the Loan plus an additional one and one half percent (1.5%) per month, on such amount (the “Post-Default Rate”). … Accrued interest on the Loan shall be payable in arrears on each Monthly Date (x) from the Closing Date until the date that is twelve (12) months following the Closing Date (the “PIK Period”), in kind, with such paid in kind payment being capitalized to principal on each Monthly Date and at such other times as may be specified herein (each such payment in kind capitalized to principal pursuant to this Section 2(e), a “Principal Increase”) and such Principal Increase shall be considered principal of the applicable Loans for all purposes, including, without limitation, the calculation of interest on subsequent Monthly Dates, and (y) following the expiration of the PIK Period, in cash;
