Interest Rates and Interest Payments. (a) So long as no Event of Default has occurred and is continuing, each Base Rate Loan shall bear interest on the outstanding principal amount thereof for each day until paid at an annual rate equal to the Adjusted Base Rate. So long as any Event of Default has occurred and is continuing, each Base Rate Loan shall bear interest on the outstanding principal amount thereof for each until it is paid, at an annual rate equal to Five Percent (5%) over and above the Adjusted Base Rate. Such interest shall be payable monthly in arrears on the last day of each calendar month commencing October 31, 2009 and at the maturity of the Note (whether by reason of acceleration or otherwise). From and after the maturity of the Note, whether by reason of acceleration or otherwise, each Base Rate Loan shall bear interest, payable on demand, for each day until paid at an annual rate equal to Five Percent (5%) over and above the Adjusted Base Rate.
(b) So long as no Event of Default has occurred and is continuing, each LIBOR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at an annual rate equal to the LIBOR Rate. So long as any Event of Default has occurred and is continuing, each LIBOR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period applicable thereto at an annual rate equal to Five Percent (5%) over and above the LIBOR Rate. Such interest shall be payable for each Interest Period on the last day thereof, unless the duration of such Interest Period exceeds three (3) months, in which case such interest shall be payable on the last day of each three (3) month period during such Interest Period and on the last day of such Interest Period, and at the maturity of the Note (whether by reason of acceleration or otherwise). From and after the maturity of the Note, whether by reason of acceleration or otherwise, each LIBOR Loan shall bear interest, payable on demand, for each day until paid, at an annual rate equal to Five Percent (5%) over and above the higher of (i) the LIBOR Rate applicable to such LIBOR Loan for the immediately preceding Interest Period or (ii) the Adjusted Base Rate.
(c) Lender shall determine each interest rate applicable to the Base Rate Loans and LIBOR Loans hereunder and its determination thereof shall be conclusive in the absence of manifest error.
Interest Rates and Interest Payments. The Company covenants and agrees to make payments to the Purchasers of accrued interest on the Notes on December 31, 2005. The Notes will bear interest on the outstanding principal amount thereof at a fixed rate equal to 6% per annum. Interest on the Notes will be computed on the basis of a year of 360 days, composed of 12, 30-day months, and the actual number of days elapsed.
Interest Rates and Interest Payments. So long as no Event of Default has occurred and is continuing, the Revolving Credit Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Revolving Credit Loan is made until it becomes due, at the Interest Rate. So long as any Event of Default has occurred and is continuing, the Revolving Credit Loan shall bear interest on the outstanding principal amount thereof, at a per annum rate equal to the Prime Rate plus five percent (5%). Such interest shall be payable monthly in arrears on the thirtieth (30th) day of each month, commencing on the later of April 30, 2004, and at the maturity of the Note (whether by reason of acceleration or otherwise). From and after the maturity of the Note, whether by reason of acceleration or otherwise, the Revolving Credit Loan shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Prime Rate plus five percent (5%). Interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed.
Interest Rates and Interest Payments. Interest shall accrue on the unpaid balance of the Advances at a floating rate per annum equal to the sum of the Reference Rate plus 3% (the "Applicable Rate") and shall be due and payable monthly in arrears on the last day of each calendar month; provided, however, that upon the occurrence and during the continuance of any failure by the Borrower to comply with any agreement or covenant of the Borrower under any Loan Document, the unpaid balance of the Advances shall thereafter bear interest at a floating rate equal to the sum of (a) the Applicable Rate, plus (b) 2% and shall be due and payable on demand; and provided further that the minimum amount of interest due and payable in any month shall not be less than $7,500.
Interest Rates and Interest Payments. Interest shall accrue on the unpaid balance of the Advances at a floating rate per annum equal to the sum of the Reference Rate plus 2.0% (the "Blended Rate"), which Blended Rate Borrower acknowledges to be a combination of the interest rates charged by Lender (equal to the sum of the Reference Rate plus 2.5%) and the Bank (equal to the sum of the Reference Rate plus 1.5%) with both Lender and the Bank participating equally in the Advances, and shall be due and payable monthly in arrears on the last day of each calendar month; PROVIDED, HOWEVER, that (i) upon the occurrence and during the continuance of any failure by the Borrower to comply with any agreement or covenant of the Borrower under any Loan Document or (ii) the inability or unwillingness of the Bank to continue providing funding for fifty percent (50%) of the Advances due to the Bank's determination, in its sole and absolute discretion of an increased credit risk or a materially adverse change in the Borrower's business, the unpaid balance of the Advances shall thereafter bear interest at a floating rate equal to the sum of (a) the Blended Rate, plus (b) 2% and shall be due and payable on demand; AND PROVIDED FURTHER that the minimum amount of interest due and payable in any calendar year shall not be less than $250,000 prorated monthly. For example the minimum interest for calendar year 1998 due and payable on January 2, 1999 shall be $62,500. For example the minimum interest for calendar year 1999, assuming this Agreement is terminated as of September 30, 1999 shall be $187,500 due and payable on October 1, 1999.
Interest Rates and Interest Payments. Interest shall accrue commencing on the Closing Date and shall be payable on the Notes in arrears on the last Business Day of each Fiscal Quarter of the Company during the term of the Notes, commencing with a payment on March 31, 2004. The Notes shall bear interest, payable in cash, on the outstanding principal amount thereof at a rate per annum equal to twelve percent (12.0%). Interest on the Notes will be computed on the basis of a year of 360 days, composed of twelve 30-day months, and the actual number of days elapsed. Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default under Sections 10.1(a), (c), (f) or (g), the Notes shall bear interest on the outstanding principal amount thereof at a rate equal to the Default Rate.
Interest Rates and Interest Payments. On the first Business Day of each month commencing on May 1, 2004, (a) the US Loan Parties, jointly and severally, covenant and agree to make payments in arrears to Agent for the ratable benefit of Purchasers of accrued interest on the US Notes and (b) the Canadian Loan Parties, jointly and severally, covenant and agree to make payments in arrears to Agent for the ratable benefit of the Purchasers of accrued interest on the Canadian Notes. The Notes will bear interest on the outstanding principal amount thereof at a rate equal to twelve and one-half percent (12.5%). Interest on the Notes will be computed on the basis of a year of 360 days, composed of twelve 30-day months, and the actual number of days elapsed.
Interest Rates and Interest Payments. The Company covenants and agrees to make payments to the Noteholders, of accrued interest on the Notes on each Interest Payment Date in accordance with the following. The Notes will bear interest on the outstanding principal amount thereof at a rate equal to fourteen percent (14%) per annum from the Closing Date through and including September 15, 2006, and at a rate equal to sixteen percent (16%) per annum after September 15, 2006. The Company shall pay the portion of accrued interest in respect of the Notes equal to fourteen percent (14%) per annum, in cash on each Interest Payment Date. The Company shall pay any additional portion of accrued interest in respect of the Notes in excess of fourteen percent (14%) per annum by adding such amount to the outstanding principal amount of the Notes on each Interest Payment Date, it being understood, however, that if the Senior Credit Agreement expressly permits the payment of such additional portion of accrued interest in cash, the Company shall pay such accrued interest in cash. Any relevant Noteholder may request the issuance of additional Notes or to reflect such additional principal amount, but absent manifest error, the records of such Noteholder regarding the amount of such additional principal shall be deemed to be true and accurate even if additional Notes shall not have been issued to evidence the same. Interest on the Notes will be computed on the basis of a year of 360 days, composed of twelve 30-day months, and the actual number of days elapsed. Upon the occurrence and during the continuation of any Event of Default, the outstanding principal amount of all Notes and, to the extent permitted by applicable law, any interest payments thereon not paid when due and any fees and other amounts then due and payable hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) payable upon demand at a rate that is 2% per annum in excess of the interest rate otherwise payable under this Agreement with respect to the Notes. Payment or acceptance of the increased rates of interest provided for in this Section 3.01 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Agent or any Noteholder.
Interest Rates and Interest Payments. Section 2.3 of the Financing Agreement is amended in its entirety as follows:
Interest Rates and Interest Payments. Interest on the Notes shall accrue on the outstanding principal amount at the applicable interest rate and compound annually. Interest on the Notes will be computed on the basis of a year of 365 days, for the number of actual days elapsed during which principal is outstanding.
