Interest Rate and Payment. The principal amount of the Loan shall bear interest from the date of the Note until the Maturity Date (unless otherwise accelerated as provided herein) at a rate per annum equal to the minimum interest rate necessary to avoid income imputation under the Internal Revenue Code as of the date of the Note. Interest shall be due and payable on the Maturity Date.
Interest Rate and Payment. (i) Each Loan shall bear interest on the unpaid principal amount thereof, from and including the date of the making of such Loan to and excluding the due date or the date of any repayment thereof, at the following rates per annum: (A) for so long as and to the extent that such Loan is a Base Rate Loan, at the Base Rate plus the Applicable Margin; (B) for so long as and to the extent that such Loan is a Euro-Dollar Rate Loan, at the Euro-Dollar Rate for each Interest Period applicable thereto plus the Applicable Margin; and (C) if such Loan is a Bid Loan, at the Absolute Rate quoted by the Lender making such Bid Loan pursuant to Section 2.2(b)(ii).
(ii) Notwithstanding the foregoing provisions of this Section 2.4(a), (A) during the existence of an Event of Default pursuant to Section 7.1(a)(i), such overdue principal shall bear interest at a rate per annum equal to the Post-Default Rate, without notice or demand of any kind and (B) during the existence of any Event of Default (other than pursuant to Section 7.1(a)(i)), any principal, overdue interest or other amount payable under this Agreement and the other Loan Documents shall, at the request of the Required Lenders, bear interest at a rate per annum equal to the Post-Default Rate.
(iii) Accrued interest shall be payable in arrears (A) in the case of a Base Rate Loan, on the last Business Day of each month; (B) in the case of a Euro-Dollar Rate Loan, on the last day of each Interest Period applicable thereto; provided that if the Interest Period applicable to a Euro-Dollar Rate Loan is longer than three months, interest also shall be payable on the last day of the third month of such Interest Period; (C) in the case of a Bid Loan, on the last day of the Interest Period applicable thereto; and (D) in the case of any Loan, when the Loan shall become due, whether by reason of maturity, mandatory prepayment, acceleration or otherwise. The Agent shall provide a billing to the Borrower setting forth the amount of interest payable in sufficient time for the Borrower to make timely payments of the correct amount without incurring any penalty or interest at the Post-Default Rate.
Interest Rate and Payment. (a) Subject to Sections 4.10 and 5.6 hereof, interest payable on this Note shall accrue at a rate per annum (the “Interest Rate”) equal to the “prime rate” published in The Wall Street Journal from time to time, plus two percent (2%). Initially, the Interest Rate shall be 6.0% per annum. The Interest Rate shall be increased or decreased as the case may be for each increase or decrease in the prime rate in an amount equal to such increase or decrease in the prime rate; each change to be effective as of the day of the change in such rate. The Interest Rate shall not be less than six percent (6.00%) unless the Company shall be in compliance with Section 2.2 hereof. If the Company has satisfied the requirements of Section 2.2 hereof, the Interest Rate will be subject to adjustment as set forth in Section 1.1(b) In no event, however, shall the Interest Rate on this Note be less than zero percent ( 0 .00%). Interest shall be payable monthly in arrears commencing on May 1, 2004, on the first day of each consecutive calendar month thereafter (each, a “Repayment Date”), and on the Maturity Date, whether by acceleration or otherwise.
(b) On the last business day of each month hereafter until the Maturity Date (each a “Determination Date”), the Interest Rate for the immediately succeeding calendar month shall be determined as set forth in Section 1.1(a). Such Interest Rate, however, shall be subject to adjustment if (i) the Company shall have registered the shares of the Company’s common stock underlying the conversion of the Note and that certain warrant issued to Holder on a registration statement declared effective by the SEC, and (ii) the volume weighted average price of the Common Stock as reported by Bloomberg, L.P. on the principal market for the five (5) trading days immediately preceding a Determination Date (“VWAP”) exceeds the then applicable Fixed Conversion Price, the Interest Rate for the succeeding calendar month shall automatically be reduced by 25 basis points (0.25%) for each incremental twenty five percent (25%) increase in the VWAP of the Common Stock above the then applicable Fixed Conversion Price.
Interest Rate and Payment. The outstanding principal balance of this Note shall accrue interest at the rate of ten percent (10%) per annum. Accrued interest under this Note shall be due and payable on the Maturity Date.
Interest Rate and Payment. The Applicant unconditionally promises and agrees to pay, as and when due, interest on all amounts advanced hereunder from the date of each Advance and to repay all amounts advanced hereunder with interest on the Maturity Date. Interest shall be due and payable quarterly on the first day of each January, April, July and October, commencing on the first such date after such initial Advance; except that if RTFC gives notice thereof to the Applicant before the first day of any month, interest shall thereafter be due and payable on the 15th day of such month and each month thereafter. RTFC shall invoice the Applicant at least five days prior to the due date of any such interest payment. All amounts shall be payable at RTFC's main office at Woodland Park, 0000 Xxxxxxxxxxx Xxx, Xxxxxxx, Xxxxxxxx 00000-0000, or at such other location as designated by RTFC from time to time. The interest rate on all Advances will be equal to the Prevailing Bank Prime Rate (as defined herein), plus one and one-half percent per annum or such lesser total rate per annum as may be fixed by RTFC from time to time. Interest will be computed on the basis of a year of 365 days. The interest rate will be adjusted as determined from time to time by RTFC, provided that no such adjustment may be effective on a date other than the first or sixteenth day of any month, and will remain in effect until a subsequent change in rate occurs.
Interest Rate and Payment. Each Note shall be payable and bear interest as follows:
Interest Rate and Payment. The Borrower unconditionally promises and agrees to pay, as and when due, interest on all amounts advanced hereunder from the date of each Advance and to repay all amounts advanced hereunder with interest on the date this Agreement terminates as provided herein. Interest shall be due and payable in accordance with CFC's regular billing cycles as may be in effect from time to time. CFC shall send a payment notice to the Borrower at least five days prior to the due date of any interest payment. All amounts shall be payable at CFC's main office at Woodland Park, 2201 Cooperaxxxx Xxx, Xxxxxxx, Xxxxxxxx 00000-0000 xx xx xxxx other location as designated by CFC from time to time. The interest rate on all Advances will be equal to the total rate per annum as may be fixed by CFC from time to time, which shall not exceed the Prevailing Bank Prime Rate (as defined herein), plus one percent per annum. Interest will be computed on the basis of a 365 day year for the actual number of days that any Advance is outstanding. The effective date of an interest rate adjustment will be determined from time to time by CFC, provided that no such adjustment may be effective on a date other than the first or sixteenth day of any month, and any such adjustment shall remain in effect until any subsequent change in the interest rate occurs.
Interest Rate and Payment. Borrower further promises to pay interest on the outstanding Loan amount, which interest shall accrue from the date hereof and shall be added to the principal balance of the Loan. Interest shall accrue on the sum of the daily unpaid principal balance of the Loan outstanding on each day in lawful money of the United States of America, from the Effective Date until all such principal amounts shall have been paid in full, which interest shall accrue at a rate equal to eight percent (8%) per annum. Interest shall be compounded quarterly and computed at the above rate on the basis of the actual number of days elapsed year of 365 days; provided, however, that in no event shall Borrower be bound to pay for the use or forbearance of the money loaned pursuant hereto, interest of more than the maximum rate permitted by law to be charged by Lender; the right to demand any such excess being hereby expressly waived by Lender. All accrued and unpaid interest attributable to the principal amount of the Loan then being paid shall be payable concurrently with such payment of principal, whether in connection with any prepayment, on the Maturity Date or otherwise.
Interest Rate and Payment. The Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether at the Maturity Date, by acceleration or otherwise) at the Applicable Rate. All accrued and unpaid interest on the Loan shall be compounded annually and payable on the Maturity Date. Interest on the Loan shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest on the Loan, the date of the making of the Loan shall be included and the date of payment of the Loan shall be excluded.
Interest Rate and Payment. (a) Subject to Sections 4.9 and 5.6 hereof, interest payable on this Note shall accrue at a rate per annum (the “Interest Rate”) equal to the six percent (6.00%) subject to adjustment as set forth in Section 1.1(b). Interest shall be payable monthly in arrears commencing on March 1, 2004, on the first day of each consecutive calendar month thereafter (each, a “Repayment Date”), and on the Maturity Date, whether by acceleration or otherwise.
(b) On the last business day of each month hereafter (each a “Determination Date”), the Interest Rate shall be adjusted: if (i) the Company shall have registered the shares of the Company’s common stock underlying the conversion of the Note and that certain warrant issued to Holder on a registration statement declared effective by the SEC, and (ii) the volume weighted average price of the Common Stock as reported by Bloomberg, L.P. on the principal market for the 10 trading days immediately preceding a Determination Date exceeds the then applicable Fixed Conversion Price in such percentages as outlined in the table below, the Interest Rate for the succeeding calendar month shall be decreased by one hundred basis points (1.00%) for each twenty five percent (25%) incremental increase above the Fixed Conversion Price as per the following example: 100% or less of applicable Fixed Conversion Price Interest Rate 125% of the applicable Fixed Conversion Price Interest Rate minus 1.00% 150% of the applicable Fixed Conversion Price Interest Rate minus 2.00% 175% of the applicable Fixed Conversion Price Interest Rate minus 3.00% In no event shall the Interest Rate be less than zero (0.00%)
