Interest on the Note. Borrower hereby irrevocably authorizes and directs Lender to disburse Loan funds for payment of interest under the Note, if not paid by Borrower when due, directly to itself by journal entry without further authorization by Borrower. All such amounts shall be evidenced by the Note and secured by the Deed of Trust and all of the other Loan Documents.
Interest on the Note. The Note shall initially bear interest at the Initial Rate. If on the Interest Rate Reset Date the following statements shall be true and correct and the Lender shall have received a certificate incorporating by reference the definitions of the capitalized terms defined in the Loan Agreement, signed by the Director and dated the Interest Rate Reset Date, stating that (i) the representations and warranties of the Borrower contained in the Loan Agreement and in each of the other Related Documents are true and correct on and as of the Interest Rate Reset Date as though made on and as of such date, (ii) no Default or Event of Default has occurred and is continuing as of Interest Rate Reset Date, and (iii) no Event of Non-Allocation has occurred, commencing on the Interest Rate Reset Date the Note shall bear interest at the Bank Rate and be subject to amortization as set forth in the Loan Agreement. During the Amortization Period interest on the Note will be calculated as set forth in the Loan Agreement and will be payable as set forth in the Loan Agreement. Each determination of interest rates shall be conclusive and binding on the Borrower, the Note Registrar, and the Noteholders. Any Noteholder may ascertain the rate of interest on the Note by contacting the Note Registrar.
Interest on the Note. (a) The Company shall pay interest on the unpaid principal amount from time to time outstanding under this Note at the rate of 11% per annum; provided, that once any principal amount hereof or interest hereon shall have become due and payable, if such amount is not timely paid, the Company shall thereafter pay interest on any such overdue principal amount and, to the extent permitted by applicable law, on any such overdue interest, at the rate of 13% per annum until such amounts shall have been paid in full in cash. Interest on this Note shall be computed on the basis of actual days elapsed over a 360-day year.
(b) Interest on this Note shall be payable in cash semi-annually in arrears on each June 30 and December 31 hereafter (each an "Interest Payment Date") and on the Maturity Date; provided, that with respect to any principal amount of this Note that shall at any time become due and payable prior to the Maturity Date (whether by means of amortization, acceleration or otherwise), all accrued and unpaid interest on such principal amount hereof shall also become due and payable on such earlier date; provided, further, that interest on overdue amounts shall be payable on demand.
(c) Notwithstanding anything to the contrary contained above, the Company may elect (by providing not less than ten days prior written notice of such election to the Holder at the address for such Holder appearing in the Register) to pay the interest that would otherwise be due and payable in cash hereunder on December 31, 2001 and/or June 30, 2002 in-kind rather than in cash (any such election, an "Interest Deferral Election"). If any Interest Deferral Election is made pursuant to this Section 3(c), the Company shall satisfy its obligation to pay interest hereunder by issuing to the Holder a Note in a principal amount equal to the product of (A) such unpaid amount of interest and (B) 14/11 (each a "Deferred Interest Note"). Deferred Interest Notes shall be in substantially the form hereof and shall be dated as of the Interest Payment Date to which such Interest Deferral Election applies.
Interest on the Note. (i) Borrower agrees to pay interest on the outstanding principal amount of the Note from the date of disbursement of the Loan proceeds until the Maturity Date at the rate of nine percent (9%) per annum.
(ii) Borrower agrees to pay interest on any overdue installment payment of principal or interest, from the due date thereof until paid, at the Default Interest Rate.
(iii) Interest accrued on the Note through the Maturity Date shall be payable on the first day of each calendar month commencing August 1, 1996.
(iv) No provision of this Agreement or the Note shall require the payment or allow the collection of interest in excess of the rate permitted by applicable law.
Interest on the Note. The Loan shall be evidenced by the Note and shall be due and payable in accordance with and as required by Section 2.
Interest on the Note. Interest shall accrue on the unpaid principal amount of the Note from and including the Closing Date, at an interest rate of 15.0% perannum, payable at the election of the holder in cash or by wire transfer of immediately available funds to the respective account designated in writing by Purchaser, monthly in arrears on the last day of each month (or, if the last day of any such month is not a Business Day, on the next Business Day after such last day). Interest on the Note will be computed on the basis of a 360-day year composed of twelve 30-day months. The Note shall bear interest on any overdue principal, including any overdue payment or prepayment of principal and premium, if any, and (to the extent permitted by applicable law) on any overdue installment of interest, at the rate of 2% per annum in excess of the interest rate applicable to timely payments thereon.
Interest on the Note. The Loan shall be evidenced by the Notes attached hereto as Exhibit "A" and shall be due and payable in accordance with and as required by the terms and conditions contained therein and as hereinafter provided in Section 2.07. The Company shall not be liable under the Notes except with respect to funds actually advanced to the Company by the Bank pursuant to the terms hereof. The Note interest on the Notes evidencing each of the credit facilities shall be paid as follows:
(a) The note for Loan "A" in the amount of $1,000,000 shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding at a fluctuating interest rate per annum equal to the lesser of (i) the interest: rate announced by Sun Bank, Inc., from time to time as the Prime Rate (as herein defined) plus .75%, or (ii) the maximum rate of interest permitted by law. Each change in the fluctuating interest rate on the Note due to a change in the Prime Rate shall be effective as of the opening of business for the Bank on the date of such change in the Prime Rate.
(b) The note for Loan "B" in the amount of $500,000.00 shall bear interest from the date thereof on the unpaid principal balance thereof from time to time outstanding at a fluctuating interest rate per annum equal to the lesser of (i) the interest rate announced by Sun Bank, Inc., from time to time as the Prime Rate (as herein defined) plus .75% or (ii) the maximum rate of interest permitted by law. Each change in the fluctuating interest rate on the Note due to a change in the Prime Rate shall be effective as of the opening of business for the Bank on the date of such change in the Prime Rate.
Interest on the Note. The Loan shall be evidenced by the Note and shall be due and payable in accordance with and as required by Section 2.8. The Note shall bear interest from the date thereof through maturity (whether by acceleration or otherwise) on the unpaid principal balance thereof from time to time outstanding at the Interest Rate and shall be payable as set forth in Section 2.8 hereof. From and after the Due Date, interest shall accrue on the unpaid principal balance of the Loan and on all accrued but unpaid interest thereon, or on such defaulted payment, from the Due Date at the Default Rate. Such interest shall continue to accrue until the date of payment in full of all principal and accrued but unpaid interest of such defaulted payment, if applicable.
Interest on the Note. The Loan shall bear interest on the unpaid -------------------- principal amount thereof from the date made through maturity (whether by acceleration or otherwise) at a floating rate equal to the Prime Rate plus one and one-half percent (1.50%), and shall be payable as set forth in paragraph (g) of this Section 2. If appropriate, the Interest Rate on the Loan shall be adjusted quarterly and shall fluctuate based upon the Borrower's Funded Debt to EBITDA Ratio ("FD/EBITDA"), as determined by the Bank, and shall be a fluctuating rate equal to the Prime Rate ("P") plus the Applicable Margin, as follows: FD/EBITDA INTEREST RATE --------- ------------- More than or equal to 3.75:1 + less than or equal to 4.0:1 P + 2.00% More than or equal to 3.5:1 + less than 3.75:1 P + 1.75% More than or equal to 3.0:1 + less than 3.5:1 P + 1.50% More than or equal to 2.0:1 + less than 3.0:1 P + 1.25% More than 2.0:1 P + 1.00% Any increase or decrease in the Interest Rate which is occasioned by a change in the FD/EBITDA shall be effective as of the first Day of the month following the receipt by the Bank of the Borrower's quarterly financial statements reflecting such change, and shall be calculated by the Bank based upon such quarterly financial statements. During the first year after the closing, the Borrower's FD/EBITDA shall be calculated by annualizing the Borrower's EBITDA as reflected on the Borrower's financial statements and dividing the result into the Borrower's Funded Debt as at the end of the applicable calendar quarter. After the first year, the Borrower's FD/EBITDA shall be calculated by the Bank on a rolling four quarter basis, based on the Borrower's most recent quarterly financial statements and its financial statements for the preceding three quarters. From and after the Due Date, interest shall accrue on the unpaid principal balance of the Loan and on all accrued but unpaid interest thereon, or on such defaulted payment, from the Due Date at the Default Rate. Such interest shall continue to accrue until the date of payment in full of all principal and accrued but unpaid interest on such defaulted payment, if applicable.
Interest on the Note. (a) Except as otherwise provided in this Section 2.5, the aggregate principal balance of the Advances outstanding from time to time shall bear interest and shall be payable as set forth in Section 2.2 hereof.
(b) If the Borrower shall Default in the payment of the principal of, or interest on, any Advances made pursuant to Section 2.2 hereof, then in any such event the Borrower shall, on demand, pay interest on the amount in Default from the date of such Default up to the date of actual payment, at the Default Rate.
(c) Interest hereunder shall be charged only on the sums outstanding and shall be computed from the date such indebtedness is incurred to the date of repayment.
