Interest on Series B Notes. (i) The County shall identify in the written direction delivered pursuant to Section 3.01(b) hereof whether the Series B Notes to be issued shall bear interest at the SIFMA Index Rate, the Tax-Exempt Index LIBOR Rate or the Taxable LIBOR Index Rate. If the Series B Notes are to bear interest at the SIFMA Index Rate or the Tax-Exempt LIBOR Index Rate, the County shall also state in such written direction that the interest on such Series B Notes shall be excluded from gross income for federal income taxes. If the Series B Notes are to bear interest at the Taxable LIBOR Index Rate, the County shall also state in such written direction that the interest on such Series B Notes shall be included in gross income for federal income taxes. The interest rate on the Series B Notes shall not exceed the Maximum Rate. The Series B Notes bearing interest at the SIFMA Index Rate shall be calculated on the basis of a year of 365 or 366 days, as applicable, for the actual number of days elapsed (calculated by multiplying the aggregate outstanding principal amount outstanding on each day of the period by the interest rate applicable on such day, dividing the sum by 365 or 366, as applicable, and multiplying that amount by the actual days elapsed during the related period). The interest rate on the Series B Notes bearing interest at the Taxable LIBOR Index Rate or the Tax-Exempt LIBOR Index Rate shall be calculated on the basis of a year of 360 days for the actual number of days elapsed.
Interest on Series B Notes. (i) The County shall identify in the Request for Purchase delivered pursuant to Section 3.01(b) hereof and the terms of the Purchase Agreement whether the Series B Notes to be issued shall bear interest at the Tax-Exempt LIBOR Index Rate, the Tax-Exempt Fixed Rate, the Taxable LIBOR Index Rate or the Taxable Fixed Rate. If the Series B Notes are to bear interest at the Tax-Exempt LIBOR Index Rate or the Tax- Exempt Fixed Rate, the County shall also state in such written direction that the interest on such Series B Notes shall be excluded from gross income for federal income taxes. If the Series B Notes are to bear interest at the Taxable LIBOR Index Rate or the Taxable Fixed Rate, the County shall also state in such written direction that the interest on such Series B Notes shall be included in gross income for federal income taxes. The interest rate on the Series B Notes shall not exceed the Maximum Rate. The interest rate on the Series B Notes bearing interest at the Taxable LIBOR Index Rate, the Taxable Fixed Rate, the Tax-Exempt LIBOR Index Rate or the Tax-Exempt Fixed Rate shall be calculated on the basis of a year of 360 days for the actual number of days elapsed.
Interest on Series B Notes. The Series B Notes shall bear -------------------------- interest at an initial rate of 10.00% per annum; provided that if the Company -------- does not redeem all (but not less than all) the Series B Notes on or prior to January 1, 2000, such initial rate shall increase on each January 1 beginning January 1, 2000 and continuing thereafter by an amount equal to 1.50% per annum or such lesser amount as will result in the Series B Notes bearing interest at the Maximum Rate (the "Series B Coupon Rate"). Interest on the Series B Notes shall be paid in arrears in cash on each six-month and yearly anniversary of the Initial Series B Closing Date (each, a "Series B Payment Date"), commencing with the date of initial issuance; provided, that (i) interest payable on the Series -------- B Notes on or prior to May 11, 2004 shall be payable in Additional Series B Notes and (ii) thereafter at any time that payment of interest on the Series B Notes in cash shall be prohibited under the terms of the Credit Agreement or the High Yield Debt of the Company interest on the Series B Notes shall be payable in Additional Series B Notes. Any principal payments on the Series B Notes not paid when due and, to the extent permitted by applicable law, any interest payment on the Series B Notes not paid when due, in each case whether at stated maturity, by notice of prepayment, by acceleration or otherwise, shall thereafter bear interest payable upon demand at a rate which is 2.00% per annum in excess of the rate of interest otherwise payable under this Agreement for the Series B Notes. Interest on the Series B Notes shall be computed on the basis of a 360-day year and twelve 30-day months. In computing interest on the Series B Notes, the date of the making of the Series B Notes shall be included and the date of payment shall be excluded.
