INTEREST ON THE TERM NOTES. Interest on the outstanding balance of the Term Loan under the Term Notes shall be payable monthly in arrears on the first day of each calendar month at an annual rate of Prime Rate plus 5.00%; provided, however, that, notwithstanding any other provision of any Loan Document, the interest on the outstanding principal balance of the Term Loan under the Term Notes shall be not less than 10.00%, in each case calculated on the basis of a 360-day year and for the actual number of calendar days elapsed in each interest calculation period. Interest accrued on the Term Loan shall be due and payable on the first day of each calendar month commencing on August 1, 2002, and continuing until the later of the expiration of the Term and the full performance and irrevocable payment in full in cash of the Obligations and termination of this Agreement. Advances under the Revolving Facility may be made automatically by Lenders for the payment of interest and principal on the Term Loan and other Obligations on the date when due to the extent available and as provided for herein.
INTEREST ON THE TERM NOTES. 7 2.8 REPAYMENT OF TERM LOAN; MATURITY........................................................ 7 2.9 MANNER OF PAYMENT....................................................................... 7 2.10
INTEREST ON THE TERM NOTES. (a) Interest will accrue (computed on the basis of a 365- or 366-day year, and actual days elapsed) on the principal outstanding under the Term Notes from time to time from the Closing Date to the date of payment thereof at the applicable rate provided in Section 2.7 and, subject to Section 11.14, will be compounded as described in Section 2.3(b)-(d).
INTEREST ON THE TERM NOTES. Notwithstanding anything to the contrary contained in any of the Transaction Documents (including without limitation, Section 1.2 of either of the Term Notes), Company shall pay interest to Lender, on the Maturity Date or at such earlier time as payment is made pursuant to the terms of the applicable Term Note, at a rate equal to the lesser of fifteen percent (15%) per annum and the maximum applicable legal rate, computed on the basis of a 360-day year of twelve (12) thirty-day months, on the outstanding principal balance of each of the Term Notes. Furthermore, upon and from the occurrence of an Event of Default (as defined in the applicable Term Note) described in Sections 2.1(a), (h) or (i) of the applicable Term Note, Company shall also be obligated to pay Lender, on demand, additional default interest at a rate equal to the lesser of three percent (3%) per month (prorated for partial months) and the maximum applicable legal rate, computed on the basis of a 360-day year of twelve (12) thirty-day months, on the outstanding principal balance of such Term Note and on all unpaid interest.
