Deferral Rate. If the Company is prohibited or otherwise restricted from paying any amounts owing to Holder due to obligations or restrictions related to its senior indebtedness or under applicable law, the Company shall have the right to defer any such payment(s); provided, however, that from the date of such deferral, the interest rate applicable to such deferred payment shall increase to eight percent (8%) per annum (3.9% accreting to principal and 4.1% payable in cash), compounding, until such payment is made.
Appears in 5 contracts
Samples: Note Purchase Agreement (Orion Energy Systems, Inc.), Note Agreement (Orion Energy Systems, Inc.), Note Agreement (Orion Energy Systems, Inc.)
