Common use of Interest Applicable Clause in Contracts

Interest Applicable. Interest shall accrue on the Accreted Principal Amount of the Note (in each case computed on the basis of a 365/366-day year and the actual number of days elapsed in any year) at an annual rate equal to 7.0% per annum or (if less) at the highest rate then permitted under applicable law, which shall be payable by adding such interest to the Accreted Principal Amount of the Note on each Interest Payment Date (as defined below), and on the final maturity of the Note (the “PIK Amount”). At any time, the outstanding principal amount of the Note, including all PIK Amounts added thereto through such time, is referred to herein as the “Accreted Principal Amount.” The Company shall pay to the holder of the Note all accrued interest (including interest on the Accreted Principal Amount) on each anniversary date of the Note (each, an “Interest Payment Date”), including the final maturity date of the Note. Interest shall accrue on any principal payment due under the Note (including as to accrued interest added to the principal) until such time as payment therefor is actually delivered to the holder of the Note.