Interest on the Notes Sample Clauses

Interest on the Notes. The Notes shall bear interest ("INTEREST") at a rate of 8.0% per annum, which shall be cumulative, accrue daily from the date of issuance of the Notes (the "ISSUANCE DATE") and be payable on June 30, September 30, December 31 and March 31 of each year until the Maturity Date (each an "INTEREST PAYMENT DATE"). If an Interest Payment Date is not a Business Day (as defined below) then the Interest shall be due and payable on the Business Day immediately following the Interest Payment Date. Interest shall be payable in cash or, at the option of the Company, in shares of Common Stock based on the Interest Conversion Price (as defined below) on the Interest Payment Date; provided that the Interest which accrued during any period shall be payable in shares of Common Stock only if the Company provides written notice ("INTEREST ELECTION NOTICE") to each holder of Notes at least 10 days prior to the Interest Payment Date. Notwithstanding the foregoing, the Company must pay such Interest in cash if (a) any event constituting an Event of Default, or an event that with the passage of time would constitute an Event of Default if not cured, has occurred and is continuing on the date of the Company's Interest Election Notice or on the Interest Payment Date, unless otherwise consented to in writing by the holder of Notes entitled to receive such Interest, or (b) the Registration Statement has not been declared effective by the SEC on or before the Interest Payment Date. Any accrued and unpaid interest which is not paid (in stock or cash as applicable) within five (5) Business Days after the Interest Payment Date for such accrued and unpaid interest shall bear interest at the rate of 15% per annum from such Interest Payment Date until the same is paid in full (the "DEFAULT INTEREST"). For purposes of this Agreement, the "INTEREST CONVERSION PRICE" means the average Closing Bid Price (as defined in the Certificate of Designations) of the Common Stock for the (5) five trading days immediately preceding the Interest Election Notice. If the average of the Closing Bid Prices of the Common Stock used to determine the number of shares of Common Stock required to pay interest on the Notes with respect to any interest payment is more than the average of the Closing Bid Prices of the Common Stock for the five (5) consecutive Trading Days immediately following the Interest Payment Date, the Company shall pay to the recipient of such shares, on or prior to the date that is ten (10) Tra...

Interest on the Notes. (1) The outstanding principal balance of the Notes shall accrue and bear interest at a rate per annum of 10.75% (the "Interest Rate"). (2) Interest on the Notes shall be payable in cash by Borrowers to Lender quarterly in arrears (on March 31, June 30, September 30 and December 31 of each year), except that no interest payment shall be required to be paid by the Borrowers until the first anniversary of the date of issuance of the Term A Notes; provided, however, if no Event of Default has occurred and is continuing, the Borrowers may defer any scheduled interest payment until the Maturity Date. Upon each such deferral, Borrowers shall deliver to Lender a convertible promissory note substantially in the form of Exhibit D hereto (each, a "PIK Note"). The outstanding principal balance of the PIK Notes shall accrue and bear interest at the Interest Rate, subject to adjustment in accordance with Section 1.4(e). The PIK Notes shall be eligible for conversion in accordance with Article 2 of this Agreement. (3) If any payment on the Notes (including payment of interest and Fees) becomes due and payable on a day other than a Business Day, the maturity thereof will be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (4) All computations of interest and Fees calculated on a per annum basis shall be made by the Lender on the basis of a three hundred and sixty-five (365) day year, in each case for the actual number of days occurring in the period for which such interest and Fees are payable. (5) So long as any Event of Default shall have occurred and be continuing, the interest rates applicable to the Notes shall be increased by two percentage points (2%) per annum above the rates of interest or the rate of such Fees otherwise applicable hereunder ("Default Rate"), and all outstanding Obligations shall bear interest at the Default Rate applicable to such Obligations. Interest at the Default Rate shall accrue from the initial date of such Event of Default until that Event of Default is cured or waived and shall be payable upon demand. (6) Notwithstanding anything to the contrary set forth in this Section 1.4, if a court of competent jurisdiction determines in a final order that the rate of interest payable on the Notes exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate wo...

Interest on the Notes. The unpaid principal amount of the Notes (including any PIK Interest) shall bear interest at a rate equal to LIBOR plus 2% per annum; provided that upon and during the continuance of an Event of Default under Section 7.1.1, the interest rate shall increase by an additional 2% per annum. Interest on the Notes shall be paid on the last Business Day of each calendar quarter (the “Interest Payment Date”), starting with the calendar quarter ending March 31, 2014. Such interest may be paid in cash at the option of the Company (and shall be paid in cash to the extent of any unapplied Monetization Revenues) and otherwise shall be paid by increasing the principal amount of the Notes by the amount of such interest, effective as of the applicable Interest Payment Date (“PIK Interest”).

Interest on the Notes. (a) The rate of interest on each 2023 Note will be 0.000% per annum, accruing from the date of original issuance or from the most recent date on which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2023 Note will be payable annually in arrears on November 12 of each year, beginning on November 12, 2022, and on the Maturity of such series. (b) The rate of interest on each 2026 Note will be 0.318% per annum, accruing from the date of original issuance or from the most recent date on which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2026 Note will be payable annually in arrears on December 15 of each year, beginning on December 15, 2022, and on the Maturity of such series. (c) The rate of interest on each 2031 Note will be 0.934% per annum, accruing from the date of original issuance or from the most recent date on which interest has been paid or duly provided for, to, but excluding, the applicable Interest Payment Date, and interest on each 2031 Note will be payable annually in arrears on December 15 of each year, beginning on December 15, 2022, and on the Maturity of such series. (d) Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated, and including the last date on which interest was paid or duly provided for in the Notes (or from the issue date, if no interest has been paid on the Notes), but excluding the next following Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA), as defined in the rulebook of the International Capital Markets Association. The amount of interest payable for any period shorter than a full monthly period will be computed on the basis of the actual number of calendar days elapsed in such a period. (e) If the date on which a payment of interest or principal on such series of Notes is scheduled to be paid is not a Business Day, then the interest or principal payable on that date will be paid on the next succeeding Business Day, and no further interest will accrue as a result of such delay. (f) Interest will be payable to the Persons in whose names such Notes (or one or more Predecessor Securities) are registered on the relevant Record Date; provided, that interest payable at the Maturity of such series will be payable to the Persons to whom the principal of such Notes...

Interest on the Notes. Interest will accrue on the Notes from and including the issue date until such principal is paid in full (whether at maturity or by redemption or conversion) and be payable in arrears on each of March 31, June 30, September 30, December 31 of each year, commencing June 30, 2007, and on the date on which such principal is repaid in full (whether at maturity or by redemption or conversion). The Notes will bear interest on the outstanding principal amount thereof at a rate equal to 9 1/4% per annum. Each payment of principal or interest on the Notes will be made to each Purchaser by certified or bank cashier’s check or wire transfer of immediately available funds, at such address or to such account as such Purchaser specifies in writing to the Company at least five Business Days before such payment is to be made.

Interest on the Notes. Interest (computed on the basis of a 360-day year of twelve 30-day months) shall accrue on the unpaid principal balance of the Notes at 7.05% per annum from the date of each Note, and shall be payable to the holders thereof semi-annually, on January 2 and July 2 in each year, commencing with the later of July 2,1998 and the payment date next succeeding the date of such Note, until the principal thereof shall have become due and payable, and, to the extent permitted by law in respect of any Note, on any overdue payment of principal, any overdue payment of interest and any overdue payment of Make-Whole Amount with respect thereto, payable, on demand, at a rate per annum equal to the Default Rate.

Interest on the Notes. The outstanding principal balance of the Notes shall bear interest at the Interest Rate. All such payments of interest shall be made on each Payment Date for the related Due Period, with the initial Payment Date being December 20, 2022. The monthly interest due on the principal balance of the Notes outstanding shall be computed for the actual number of days elapsed during the month in question on the basis of a year consisting of three hundred sixty (360) days and shall be calculated by determining the average daily principal balance outstanding for each day of the month in question. The daily rate shall be equal to 1/360th times the then applicable Interest Rate. The Administrative Agent will furnish a monthly statement of amounts due.

Interest on the Notes. Subject to the provisions of Section 2.5, the Notes shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at the Interest Rate, payable in accordance with the Notes.

Interest on the Notes. The unpaid principal amount of the Notes (including any PIK Interest) shall bear cash interest at a rate equal to LIBOR plus 7% per annum plus 3% per annum of PIK interest (defined below); provided that upon and during the continuance of an Event of Default under Section 7.1.1, the cash interest rate shall increase by an additional 2% per annum. Interest on the Notes shall be paid on the last Business Day of each calendar month (the “Interest Payment Date”), starting with the calendar month ending October 31, 2014. Such interest shall be paid in cash except that 3.00% per annum of the interest due on each Interest Payment Date shall be paid-in-kind, by increasing the principal amount of the Notes by the amount of such interest, effective as of the applicable Interest Payment Date (“PIK Interest”). PIK Interest shall be treated as principal of the Note for all purposes of interest accrual or calculation of any premium.