Common use of Calculation and Payment of Interest Clause in Contracts

Calculation and Payment of Interest. (a) This Note shall bear interest (“Interest”) at a rate equal to fifteen (15%) percent (the “Interest Rate”) per annum on a 360-day year basis. Interest shall be payable monthly in arrears commencing on December 31, 2009, and continuing on the last day of each succeeding month on all outstanding principal until all amounts owed under the Note shall be fully repaid and shall be payable in full on the earlier of (i) the Base Period Maturity Date or the Extended Period Maturity Date, as the case may be, and (ii) the Prepayment Date (as defined in Section 4 hereof, as the case may be); provided, however, that notwithstanding anything to the contrary provided herein or elsewhere any interest accruing on overdue amounts pursuant to Section 3(b) hereof shall be payable on demand. Interest shall be calculated on a simple interest basis and shall accrue monthly and be payable monthly, in arrears. (b) The Company agrees that upon the occurrence and during the continuation of an Event of Default, whether or not the Holder has accelerated payment of this Note, or after judgment has been rendered on this Note or after the Base Period Maturity Date or Extended Period Maturity Date, as the case may be, the unpaid principal of all advances shall bear interest on all amounts which are not paid or reimbursed to the Holder at an annual rate equal to nineteen and one-half percent (19.5%) and Holder shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in the collection of the amount of non-payment on the Note or any accrued but unpaid interest thereon. (c) All payments to be made by the Company hereunder or pursuant to the Note shall be made, without setoff or counterclaim, in lawful money of the United States and in immediately available funds.

Calculation and Payment of Interest. (a) This Note All Obligations hereunder shall bear interest at the Contract Rate set forth on the Fee Schedule annexed hereto; except, that, (“Interest”i) at a rate equal to fifteen any time that an Over-Formula Amount exists, all Obligations hereunder shall bear interest at the Over-Formula Rate set forth on the Fee Schedule annexed hereto, and (15%ii) percent from the occurrence of an Event of Default (as defined in Section 8.2 below), and at all times during its continuance, all Obligations hereunder shall bear interest at the “Interest Rate”) per annum Default Rate set forth on a 360-day year basisthe Fee Schedule annexed hereto. Interest shall be hereunder is payable monthly in arrears commencing on December 31, 2009, and continuing on the last day of each succeeding month on all outstanding principal until all amounts owed under the Note shall be fully repaid daily and shall be charged to Client’s account daily as an Advance. All interest due and payable in full hereunder by Client shall be calculated on the earlier basis of (i) the Base Period Maturity Date a 360 day year, for actual days elapsed. The Contract Rate shall be increased or the Extended Period Maturity Datedecreased, as the case may be, and (ii) the Prepayment Date (as defined in Section 4 hereof, as the case may be)LIBOR Rate is increased or decreased and to the extent thereof; each such change to be effective as of the Business Day on which the related change in such LIBOR Rate occurs. In no event shall the Contract Rate be less than the Minimum Contract Rate as set forth on the Fee Schedule annexed hereto, nor shall the Contract Rate be in excess of the maximum interest rate permitted under the laws of the State of New York; provided, however, that, if Factor receives payment of interest in excess of such highest lawful rate, Client agrees that notwithstanding anything Client’s sole remedy is to the contrary provided herein seek repayment of such excess, and Client irrevocably waives any and all other rights and remedies which may be available to Client under law or elsewhere any interest accruing on overdue amounts pursuant to Section 3(b) hereof shall be payable on demand. Interest shall be calculated on a simple interest basis and shall accrue monthly and be payable monthly, in arrearsequity. (b) The Company agrees that upon the occurrence If Client purchases goods or services from another factored client of Factor, and during the continuation of an Event of Default, whether or not the Holder has accelerated Client fails to timely make payment of this Note, or after judgment has been rendered on this Note or after the Base Period Maturity Date or Extended Period Maturity Date, as the case may be, the unpaid principal of all advances shall bear interest on all amounts which are not paid or reimbursed to the Holder at an annual rate equal to nineteen and one-half percent (19.5%) and Holder shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in the collection Factor of the amount of non-payment on the Note or any accrued but unpaid invoices in connection with such purchases, Factor may charge to Client’s account as an Advance a late interest thereoncharge, at Factor’s then late interest rate, with respect to such past due invoices. (c) All payments to be made by the Company hereunder or pursuant to the Note shall be made, without setoff or counterclaim, in lawful money of the United States and in immediately available funds.

Calculation and Payment of Interest. (a) This Note shall bear interest (“Interest”) at a rate equal to fifteen twenty-four percent (1524%) percent (the “Interest Rate”) per annum on a 360-day year basis. Interest shall be payable monthly in arrears commencing arrears, compounding daily through and including the last day of each calendar month, with the first interest payment being due on December 31July 3, 20092011, and continuing on the last third day of each and every succeeding month on all outstanding principal until all amounts owed under the Note shall be have been fully repaid and repaid. The Note shall be payable in full on the earlier of (i) the Base Period Maturity Date or the Extended Period Maturity Date, as the case may be, and (ii) the Prepayment Date (as defined in Section 4 hereof, as the case may be); provided, however, that notwithstanding anything to the contrary provided herein or elsewhere any interest accruing on overdue amounts pursuant to Section 3(b) hereof shall be payable on demand. Interest shall be calculated on a simple interest basis and shall accrue monthly and be payable monthly, in arrears. (b) The Company agrees that upon the occurrence and during the continuation of an Event of Default, whether or not the Holder has accelerated payment of this Note, or and after judgment has been rendered on this Note or and after the Base Period Maturity Date or Extended Period Maturity Date, as the case may be, the unpaid principal of all advances on this Note shall bear interest on all amounts which are not paid or reimbursed to the Holder at an annual rate equal to nineteen and one-half percent of thirty (19.530%) percent and the Holder shall be entitled to reasonable any and all attorneys’ fees, costs and expenses incurred in the collection of the amount of non-payment on the Note or and any accrued but unpaid interest thereon. (c) All payments to be made by the Company hereunder or pursuant to the Note shall be made, without setoff or counterclaim, in lawful money of the United States and in immediately available funds. (d) In the event that it is determined that, under the laws relating to usury applicable to the Company or the indebtedness evidenced by this Note (“Applicable Usury Laws”), the interest charges and fees payable by the Company in connection herewith or in connection with any other document or instrument executed and delivered in connection herewith cause the effective interest rate applicable to the indebtedness evidenced by this Note to exceed the maximum rate allowed by law (the “Maximum Rate”), then such interest shall be recalculated for the period in question and any excess over the Maximum Rate paid with respect to such period shall be credited, without further agreement or notice, to the Principal Amount outstanding hereunder to reduce said balance by such amount with the same force and effect as though the Company had specifically designated such extra sums to be so applied to principal and the Payee had agreed to accept such extra payment(s) as a premium-free prepayment. All such deemed prepayments shall be applied to the principal balance payable at maturity. In no event shall any agreed-to or actual exaction as consideration for this Note exceed the limits imposed or provided by Applicable Usury Laws in the jurisdiction in which the Company is resident applicable to the use or detention of money or to forbearance in seeking its collection in the jurisdiction in which the Company is resident.

Calculation and Payment of Interest. (a) This Note shall bear interest (“Interest”) at a rate equal to fifteen (15%) percent (the “Interest Rate”) per annum on a 360-day year basis. Interest shall be payable monthly in arrears commencing on December 31With any notice of prepayment of principal, 2009with each payment of interest, and continuing on the last day of each succeeding month on all outstanding principal until all amounts owed under the Note Agent shall be fully repaid calculate for the applicable period and shall be payable in full for each affected Series of Notes the amount of interest accrued on such Series of Notes at the earlier of (i) the Base Period Maturity Date or the Extended Period Maturity Date, as the case may be, and (ii) the Prepayment Date (as defined in Section 4 hereof, as the case may be); provided, however, that notwithstanding anything to the contrary provided herein or elsewhere any interest accruing on overdue amounts pursuant to Section 3(b) hereof shall be payable on demand. Interest shall be calculated on a simple interest basis and shall accrue monthly and be payable monthly, in arrearsRate for such Series plus applicable Default Interest through but not including such payment date. (b) The Company agrees Any prepayment of the principal of any Series of Notes shall be accompanied by the payment of all interest accrued on that upon Series through, but not including, that date of payment. (c) Upon the occurrence and during doing the continuation continuance of an Event of Default, whether or not Default Interest shall accrue on each Series of Notes in addition to interest at the Holder has accelerated Interest Rate. All references to the calculation and payment of “interest” in this Note, or after judgment has been rendered on this Note or after the Base Period Maturity Date or Extended Period Maturity Date, as the case may be, the unpaid principal of all advances Agreement shall bear interest on all amounts which are not paid or reimbursed include Default Interest to the Holder at an annual rate equal to nineteen and one-half percent (19.5%) and Holder shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in the collection of the amount of non-payment on the Note or any accrued but unpaid interest thereonextent it has accrued. (cd) All payments Notwithstanding any provision to the contrary contained in this Agreement, the Issuer shall not be made required to pay, and the Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: (i) the Company provisions of this paragraph shall control; (ii) the Issuer shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that a Note Purchaser may have received hereunder shall be, at the Note Purchaser’s option, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or pursuant for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (C) any combination of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Agreement and the Note shall be madedeemed to have been and shall be, without setoff or counterclaim, in lawful money reformed and modified to reflect such reduction; and (v) the Issuer shall not have any action against the Note Purchaser for any damages arising out of the United States payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Note due and in immediately available fundsowing to the Note Purchaser is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Note due and owing to the Note Purchaser shall, to the extent permitted by law, remain at the Maximum Rate until the Note Purchaser shall have received the amount of interest which the Note Purchaser would have received during such period on the Note due and owing to the Note Purchaser had the rate of interest not been limited to the Maximum Rate during such period.