Common use of Interest and Principal Payments Clause in Contracts

Interest and Principal Payments. If the Company shall have paid or agreed to pay any interest or premium on this Note in excess of that permitted by law, then it is the express intent of the Company and the holder hereof that all excess amounts previously paid or to be paid by the Company be applied to reduce the principal balance of this Note, and the provisions hereof immediately be deemed reformed and the amounts thereafter collectable hereunder reduced, without the necessity of the execution of any new document, so as to comply with the then applicable law, but also so as to permit the recovery of the fullest amount otherwise called for hereunder. Interest shall be due and payable on each March 15 and September 15 beginning March 15, 1999 and ending when all outstanding amounts hereunder have been paid. Principal in the amount of $833,333 shall be due and payable on each of March 15, 2004 and March 15, 2005 and in the amount of $833,334 shall be due and payable on March 15, 2006. Notwithstanding anything to the contrary contained herein or in the Securities Exchange Agreement, however, the final payment due hereunder (whether at maturity, by acceleration or otherwise) shall be in an amount sufficient to pay in full all outstanding principal, together with all accrued interest and premiums due hereon. The interest rate payable on this Note shall increase by one percent upon any failure of the Company to make payments when due hereunder.

Interest and Principal Payments. If the Company shall have paid or agreed to pay any interest or premium on this Note in excess of that permitted by law, then it is the express intent of the Company and the holder hereof that all excess amounts previously paid or to be paid by the Company be applied to reduce the principal balance of this Note, and the provisions hereof immediately be deemed reformed and the amounts thereafter collectable hereunder reduced, without the necessity of the execution of any new document, so as to comply with the then applicable law, but also so as to permit the recovery of the fullest amount otherwise called for hereunder. Interest shall be due and payable on each March 15 and September 15 beginning March September 15, 1999 2000 and ending when all outstanding amounts hereunder have been paid. Principal in the amount of $833,333 shall be due and payable on each of March 15, 2004 and March 15, 2005 and in the amount of $833,334 shall be due and payable on March 15, 2006. Notwithstanding anything to the contrary contained herein or in the Securities Exchange Agreement, however, the final payment due hereunder (whether at maturity, by acceleration or otherwise) shall be in an amount sufficient to pay in full all outstanding principal, together with all accrued interest and premiums due hereon. The interest rate payable on this Note shall increase by one percent upon any failure of the Company to make payments when due hereunder. Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months.