Common use of Interest and Principal Payments Clause in Contracts

Interest and Principal Payments. (a) The Company shall pay interest on the unpaid principal amount of each Loan from the date of the making thereof until the principal amount thereof shall be paid in full at a rate of 7.5% per annum. Interest shall be due and payable by the Company with respect to each Loan quarterly, in arrears on the last Business Day of each calendar quarter. All amounts paid shall first be applied to any accrued but unpaid interest. All payments required to be made by the Company under this Agreement shall be paid to the Lender to an account of the Lender designated to the Company in writing. (b) On or prior to June 30, 2001, the Company may repay all or a portion of the outstanding principal amount of the Note in its sole discretion (by approval of the Non-Alpharma Directors) on no more than one occasion in each calendar quarter on the last Business Day of such calendar quarter. Subject to the terms and conditions of this Agreement, amounts so repaid may be reborrowed pursuant to Section 2.1 on or prior to December 31, 2001. The Company shall repay the aggregate principal amount of the Note outstanding as of December 31, 2001 in accordance with the following schedule: % of Principal Amount of Note Date of Payment Outstanding as of December 31, 2001 ------------------------------------------------------- March 30, 2004 5% June 30, 2004 5% September 30, 2004 5% December 31, 2004 5% March 30, 2005 10% June 30, 2005 70% provided that any then remaining principal and interest outstanding with respect to the Note shall be paid in full on June 30, 2005. Notwithstanding the foregoing, Loans made pursuant to Section 2.6 may not be repaid by the Company. (c) Notwithstanding the foregoing, if the Closing Date has not occurred on or prior to September 30, 1999 (i) the Lender shall have no further obligation to make Loans and (ii) all unpaid principal and accrued interest on the Note shall be and become immediately due and payable by the Company without any declaration or other act on the part of any Holder. (d) If any required payment of principal or interest is not paid when due, whether at stated maturity, by acceleration or otherwise, the interest rate applicable to the 13 18 amount of any such payment shall be the 7.5% per annum provided above plus an additional 2% per annum, all payable on demand.

Interest and Principal Payments. (a) The Company shall pay interest Interest on the unpaid outstanding principal balance of this Mortgage Note shall accrue at the rate of Eight and Thirty-Two One Hundredths (8.32%) percent per annum (the "Interest Rate") (in the event of an Event of Default, payment of an additional amount equal to interest at the Default Rate (as hereinafter defined) on the outstanding principal amount of this Mortgage Note shall also be due for each Loan from Interest Accrual Period during any part of which such Event of Default continues in accordance with the date provisions of Paragraph 3 hereof). Interest at the Interest Rate shall be payable in equal monthly installments in arrears (each such monthly payment being an "Interest Installment") of $200,373.33 (except in the case of the making thereof Interest Installment due July 16, 1996, which shall be equal to $213,731.56) on or before 12:00 noon, Eastern Standard Time, on the fourth (4th) Business Day prior to the twentieth (20th) day of each calendar month or if such 20th day is not a Business Day, the next succeeding Business Day (the "Due Date") during the term hereof, commencing on July 16, 1996 until the principal amount thereof Maturity Date (as hereinafter defined) or otherwise. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each, and thirty (30) days' interest shall be paid in full at a rate on each Due Date and shall accrue from and including each Due Date to but not including the next succeeding Due Date, except with respect to the Due Date on July 16, 1996 on which thirty-two (32) days' interest shall be paid. The entire outstanding principal balance of 7.5% per annum. Interest this Mortgage Note, together with all accrued but unpaid interest hereon, shall be due and payable by the Company with respect to each Loan quarterly, in arrears Lender on the last Business Day Due Date in June 2003 (the "Maturity Date") or on such earlier date as may be required under the terms of each calendar quarter. All amounts paid shall first be applied to any accrued but unpaid interestthis Mortgage Note. All payments required to hereunder shall be made by wire transfer of immediately available funds into an account designated by Lender (the Company under this Agreement shall be paid "Collection Accounx") xx accordance with the Cash Collateral Agreement. In the event of any prepayment pursuant to the Lender to an account provisions of the Lender designated to the Company in writing. (b) On Paragraph 4 or prior to June 30, 20015 hereof, the Company may repay all or a portion of the outstanding principal amount of the Note in its sole discretion (by approval of the Non-Alpharma Directors) on no more than one occasion in each calendar quarter on the last Business Day of such calendar quarter. Subject to the terms and conditions of this Agreement, amounts so repaid may be reborrowed pursuant to Section 2.1 on or prior to December 31, 2001. The Company shall repay the aggregate principal amount of the Note outstanding as of December 31, 2001 in accordance with the following schedule: % of Principal Amount of Note Date of Payment Outstanding as of December 31, 2001 ------------------------------------------------------- March 30, 2004 5% June 30, 2004 5% September 30, 2004 5% December 31, 2004 5% March 30, 2005 10% June 30, 2005 70% provided that any then remaining principal and interest outstanding with respect to the Note Interest Installment shall be paid in full on June 30, 2005. Notwithstanding the foregoing, Loans made pursuant adjusted to Section 2.6 may not be repaid by the Companyreflect such prepayment. (c) Notwithstanding the foregoing, if the Closing Date has not occurred on or prior to September 30, 1999 (i) the Lender shall have no further obligation to make Loans and (ii) all unpaid principal and accrued interest on the Note shall be and become immediately due and payable by the Company without any declaration or other act on the part of any Holder. (d) If any required payment of principal or interest is not paid when due, whether at stated maturity, by acceleration or otherwise, the interest rate applicable to the 13 18 amount of any such payment shall be the 7.5% per annum provided above plus an additional 2% per annum, all payable on demand.

Interest and Principal Payments. (a) The Company shall pay interest Interest on the unpaid principal amount of each Loan from the date of the making thereof until the principal amount thereof shall be paid in full at a rate of 7.5% per annum. Interest Eurodollar Rate Borrowing or on each Fixed Rate Borrowing shall be due and payable by the Company with respect to each Loan quarterly, in arrears as it accrues on the last Business Day day of its respective Interest Period and on the Termination Date and the Term Loan Maturity Date, as applicable; PROVIDED THAT if any Interest Period is a period greater than three (3) months, then accrued interest shall also be due and payable on each calendar quarterdate that is a multiple of three (3) months after the commencement of such Interest Period. All amounts paid shall first be applied to any accrued but unpaid interest. All payments required to be made by the Company under this Agreement Interest on each Base Rate Borrowing shall be paid to due and payable as it accrues on each March 31, June 30, September 30, and December 31, and on the Lender to an account of the Lender designated to the Company in writing.Termination Date and Term Loan Maturity Date. 364-DAY REVOLVING CREDIT AGREEMENT (b) On or prior To the extent that the Principal Debt is not converted to June 30, 2001, the Company may repay all or a portion of the outstanding principal amount of the Note in its sole discretion (by approval of the Non-Alpharma Directors) on no more than one occasion in each calendar quarter on the last Business Day of such calendar quarter. Subject to the terms and conditions of this Agreement, amounts so repaid may be reborrowed pursuant to Section 2.1 Term Loan on or prior to December 31the Termination Date, 2001. The Company Borrower shall repay the aggregate principal amount of the Note pay on such Termination Date all outstanding as of December 31Principal Debt not so converted to a Term Loan, 2001 in accordance with the following schedule: % of Principal Amount of Note Date of Payment Outstanding as of December 31, 2001 ------------------------------------------------------- March 30, 2004 5% June 30, 2004 5% September 30, 2004 5% December 31, 2004 5% March 30, 2005 10% June 30, 2005 70% provided that any then remaining principal TOGETHER WITH all accrued and unpaid interest outstanding with respect to the Note shall be paid in full on June 30, 2005. Notwithstanding the foregoing, Loans made pursuant to Section 2.6 may not be repaid by the Companyand fees. (c) Notwithstanding To the foregoingextent any portion of the Principal Debt is converted to a Term Loan, if the Closing Date has not occurred on or prior to September 30, 1999 (i) Principal Debt outstanding under the Lender shall have no further obligation to make Loans and (ii) all unpaid principal and accrued interest on the Note Term Loan shall be and become immediately due and payable by the Company without any declaration or other act in a single installment on the part of any HolderTerm Loan Maturity Date. (d) If On any required payment date of determination, if the Principal Debt exceeds the Commitment then in effect, then Borrower shall make a mandatory prepayment of the Principal Debt in at least the amount of such excess, TOGETHER WITH (i) all accrued and unpaid interest on the principal amount so prepaid and (ii) any Consequential Loss arising as a result thereof. (e) After giving Administrative Agent advance written notice of the intent to prepay, Borrower may voluntarily prepay all or any part of the Principal Debt from time to time and at any time, in whole or in part, without premium or penalty; PROVIDED THAT: (i) such notice must be received by Administrative Agent by 12:00 noon Dallas, Texas time on (A) the third Business Day preceding the date of prepayment of a Eurodollar Rate Borrowing, and (B) one Business Day preceding the date of prepayment of a Base Rate Borrowing; (ii) each such partial prepayment must be in a minimum amount of at least $5,000,000 or a greater integral multiple of $1,000,000 thereof (if a Eurodollar Rate Borrowing or a Base Rate Borrowing); (iii) all accrued interest is not on the Obligation must also be paid when duein full, whether at stated maturity, by acceleration or otherwise, the interest rate applicable to the 13 18 amount date of any such payment shall be the 7.5% per annum provided above plus an additional 2% per annum, all payable on demand.prepayment; and

Interest and Principal Payments. (a) The Company shall pay interest Interest on the unpaid outstanding principal balance of this Mortgage Note shall accrue at the rate of Eight and Ninety-Six Hundredths (8.96%) percent per annum (the "Interest Rate") (in the event of an Event of Default, payment of an additional amount equal to interest at the Default Rate (as hereinafter defined) on the outstanding principal amount of this Mortgage Note shall also be due for each Loan from Interest Accrual Period during any part of which such Event of Default continues in accordance with the date provisions of Paragraph 3 hereof). Interest at the Interest Rate shall be payable in equal monthly installments in arrears (each such monthly payment being an "Interest Installment") of $63,466.67 (except in the case of the making thereof Interest Installment due July 16, 1996, which shall be equal to $67,697.78) on or before 12:00 noon, Eastern Standard Time, on the fourth (4th) Business Day prior to the twentieth (20th) day of each calendar month or if such 20th day is not a Business Day, the next succeeding Business Day (the "Due Date") during the term hereof, commencing on July 16, 1996 until the principal amount thereof Maturity Date (as hereinafter defined) or otherwise. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each, and thirty (30) days' interest shall be paid in full at a rate on each Due Date and shall accrue from and including each Due Date to but not including the next succeeding Due Date, except with respect to the Due Date on July 16, 1996 on which thirty-two (32) days' interest shall be paid. The entire outstanding principal balance of 7.5% per annum. Interest this Mortgage Note, together with all accrued but unpaid interest hereon, shall be due and payable by the Company with respect to each Loan quarterly, in arrears Lender on the last Business Day Due Date in June, 2003 (the "Maturity Date") or on such earlier date as may be required under the terms of each calendar quarter. All amounts paid shall first be applied to any accrued but unpaid interestthis Mortgage Note. All payments required to hereunder shall be made by the Company under this Agreement shall be paid to the Lender to wire transfer of immediately available funds into an account of designated by Xxxxxx (the Lender designated to the Company in writing. (b"Collection Account") On or prior to June 30, 2001, the Company may repay all or a portion of the outstanding principal amount of the Note in its sole discretion (by approval of the Non-Alpharma Directors) on no more than one occasion in each calendar quarter on the last Business Day of such calendar quarter. Subject to the terms and conditions of this Agreement, amounts so repaid may be reborrowed pursuant to Section 2.1 on or prior to December 31, 2001. The Company shall repay the aggregate principal amount of the Note outstanding as of December 31, 2001 in accordance with the following schedule: % Cash Collateral Agreement. In the event of Principal Amount of Note Date of Payment Outstanding as of December 31, 2001 ------------------------------------------------------- March 30, 2004 5% June 30, 2004 5% September 30, 2004 5% December 31, 2004 5% March 30, 2005 10% June 30, 2005 70% provided that any then remaining principal and interest outstanding with respect prepayment pursuant to the Note provisions of Paragraphs 4 or 5 hereof, the amount of the Interest Installment shall be paid in full on June 30, 2005. Notwithstanding the foregoing, Loans made pursuant adjusted to Section 2.6 may not be repaid by the Companyreflect such prepayment. (c) Notwithstanding the foregoing, if the Closing Date has not occurred on or prior to September 30, 1999 (i) the Lender shall have no further obligation to make Loans and (ii) all unpaid principal and accrued interest on the Note shall be and become immediately due and payable by the Company without any declaration or other act on the part of any Holder. (d) If any required payment of principal or interest is not paid when due, whether at stated maturity, by acceleration or otherwise, the interest rate applicable to the 13 18 amount of any such payment shall be the 7.5% per annum provided above plus an additional 2% per annum, all payable on demand.

Interest and Principal Payments. (a) The Company shall pay interest Interest on the unpaid outstanding principal balance of this Mortgage Note shall accrue at the rate of Eight and Two One-Hundredths (8.02%) percent per annum (the "Interest Rate") (in the event of an Event of Default, payment of an additional amount equal to interest at the Default Rate (as hereinafter defined) on the outstanding principal amount of this Mortgage Note shall also be due for each Loan from Interest Accrual Period during any part of which such Event of Default continues in accordance with the date provisions of Paragraph 3 hereof). Interest at the Interest Rate shall be payable in equal monthly installments in arrears (each such monthly payment being an "Interest Installment") of $137,676.67 (except in the case of the making thereof until Interest Installment due July 16, 1996, which shall be equal to $146,855.11) on or before 12:00 noon, Eastern Standard Time, on the principal amount thereof fourth (4th) Business Day prior to the twentieth (20th) day of each calendar month or if such 20th day is not a Business Day, the next succeeding Business Day (the "Due Date") during the term hereof, commencing on July 16, 1996 the Maturity Date (as hereinafter defined) or otherwise. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each, and thirty (30) days' interest shall be paid in full at a rate on each Due Date and shall accrue from and including each Due Date to but not including the next succeeding Due Date, except with respect to the Due Date on July 16, 1996 on which thirty-two (32) days' interest shall be paid. The entire outstanding principal balance of 7.5% per annum. Interest this Mortgage Note, together with all accrued but unpaid interest hereon, shall be due and payable by the Company with respect to each Loan quarterly, in arrears Lender on the last Business Day Due Date in June, 2003 (the "Maturity Date") or on such earlier date as may be required under the terms of each calendar quarter. All amounts paid shall first be applied to any accrued but unpaid interestthis Mortgage Note. All payments required to hereunder shall be made by the Company under this Agreement shall be paid to the Lender to wire transfer of immediately available funds into an account of designated by Lexxxx (the Lender designated to the Company in writing. (b"Collection Account") On or prior to June 30, 2001, the Company may repay all or a portion of the outstanding principal amount of the Note in its sole discretion (by approval of the Non-Alpharma Directors) on no more than one occasion in each calendar quarter on the last Business Day of such calendar quarter. Subject to the terms and conditions of this Agreement, amounts so repaid may be reborrowed pursuant to Section 2.1 on or prior to December 31, 2001. The Company shall repay the aggregate principal amount of the Note outstanding as of December 31, 2001 in accordance with the following schedule: % Cash Collateral Agreement. In the event of Principal Amount of Note Date of Payment Outstanding as of December 31, 2001 ------------------------------------------------------- March 30, 2004 5% June 30, 2004 5% September 30, 2004 5% December 31, 2004 5% March 30, 2005 10% June 30, 2005 70% provided that any then remaining principal and interest outstanding with respect prepayment pursuant to the Note provisions of Paragraphs 4 or 5 hereof, the amount of the Interest Installment shall be paid in full on June 30, 2005. Notwithstanding the foregoing, Loans made pursuant adjusted to Section 2.6 may not be repaid by the Companyreflect such prepayment. (c) Notwithstanding the foregoing, if the Closing Date has not occurred on or prior to September 30, 1999 (i) the Lender shall have no further obligation to make Loans and (ii) all unpaid principal and accrued interest on the Note shall be and become immediately due and payable by the Company without any declaration or other act on the part of any Holder. (d) If any required payment of principal or interest is not paid when due, whether at stated maturity, by acceleration or otherwise, the interest rate applicable to the 13 18 amount of any such payment shall be the 7.5% per annum provided above plus an additional 2% per annum, all payable on demand.

Interest and Principal Payments. (a) The Company shall pay interest on Subject to the unpaid principal amount further provisions of each Loan from the date of the making thereof until this Note, including Sections 3 and 5 below, the principal amount thereof outstanding hereunder shall be paid in full bear interest at a rate per annum (the "LIBOR Interest Rate") equal to four and one-half percent (4.5%) in excess of 7.5% per annum. LIBOR for the relevant Interest shall be due and payable by the Company with respect to each Loan quarterly, in arrears on the last Business Day of each calendar quarter. All amounts paid shall first be applied to any accrued but unpaid interest. All payments required to be made by the Company under this Agreement shall be paid to the Lender to an account of the Lender designated to the Company in writingAccrual Period. (b) On Prior to the Maturity Date (or prior to June 30the date the unpaid principal balance otherwise becomes due, 2001whether by acceleration or otherwise), the Company may repay all or a portion interest accruing during each Interest Accrual Period shall be payable monthly in arrears on each Payment Date. In addition, Borrower shall pay, in reduction of the outstanding principal amount of the Note in its sole discretion Loan, (i) on each Payment Date an amount equal to the Net Proceeds for the preceding calendar month, (ii) on July 1, 1999, the amount (if any) by approval which the sum of (x) the aggregate Net Proceeds paid to Lender during the preceding twelve (12) calendar months, excluding Net Proceeds attributable to the sale of an Individual Property or Release Parcel during such period, plus (y) the aggregate payments to Lender under Sections 2(b)(i), (ii) or (iii) of the Non-Alpharma DirectorsPelican Strand Note during the preceding twelve (12) calendar months (including payments on July 1, 1999), shall be less than $14,050,000 and (iii) on no more than one occasion in each July 1, 2000, the amount (if any) by which the sum of (x) the aggregate Net Proceeds paid to Lender during the preceding twenty-four (24) calendar quarter on the last Business Day of such calendar quarter. Subject months, excluding Net Proceeds attributable to the terms and conditions sale of an Individual Property or Release Parcel during such period, plus (y) the aggregate payments to Lender under Sections 2(b)(i), (ii) or (iii) of the Pelican Strand Note during the preceding twenty-four (24) calendar months (including payments on July 1, 2000), shall be less than $36,550,000. The entire unpaid principal balance of this AgreementNote together with all accrued and unpaid interest, amounts so repaid may be reborrowed pursuant to Section 2.1 on or prior to December 31if not sooner paid, 2001. The Company shall repay the aggregate principal amount of the Note outstanding as of December 31, 2001 in accordance with the following schedule: % of Principal Amount of Note Date of Payment Outstanding as of December 31, 2001 ------------------------------------------------------- March 30, 2004 5% June 30, 2004 5% September 30, 2004 5% December 31, 2004 5% March 30, 2005 10% June 30, 2005 70% provided that any then remaining principal and interest outstanding with respect to the Note shall be paid payable in full on June 30, 2005. Notwithstanding the foregoing, Loans made pursuant to Section 2.6 may not be repaid by the CompanyMaturity Date. (c) Notwithstanding the foregoing, if the Closing Date has not occurred on or prior to September 30, 1999 (i) the Lender All interest payable hereunder shall have no further obligation to make Loans and (ii) all unpaid principal and accrued interest be computed on the Note basis of a 360-day year for the actual number of days elapsed. In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and become immediately due and payable by the Company without any declaration or other act day on which funds are repaid shall, subject to paragraph (d) below, be excluded. Interest shall accrue on each payment of principal hereunder through the part of any Holderdate on which such payment is credited, as provided below. (d) If All sums payable to Lender hereunder shall be payable, without setoff, deduction or counterclaim, in immediately available funds, no later than noon New York time on the date when due by wire transfer to such account or address as Lender may from time to time designate in a written notice to Xxxxxxxx. Payments received by Lender in immediately available funds on any required day after noon New York time shall be treated for all purposes of the Loan as having been paid and received by Lender on the next Domestic Business Day. Notwithstanding anything to the contrary contained herein, when any payment is due hereunder or under any of principal or interest the other Loan Documents on a day which is not paid when duea Domestic Business Day, whether at stated maturity, by acceleration or otherwise, the interest rate applicable to the 13 18 amount of any such payment shall be made on the 7.5% per annum provided above plus an additional 2% per annum, all payable on demandnext succeeding Domestic Business Day.