Common use of Ordinary Interest Clause in Contracts

Ordinary Interest. The principal amount of each Advance shall accrue interest at a rate per annum equal to the Applicable Rate, and such interest shall be payable, subject to Section 5.11, in cash on each Interest Payment Date; provided that unless Borrower elects, by written notice to Administrative Agent at least five (5) New York Business Days prior to any Interest Payment Date, with respect to all or any portion of such interest that would otherwise be payable on such Interest Payment Date, to pay such interest in cash (or, if applicable, the portion thereof that Borrower elects to pay in cash), (i) such interest (or the portion thereof) will be paid in kind and will be added, as of such Interest Payment Date, to the outstanding principal amount of the Advances on a Pro Rata Basis, and (ii) the remainder of such interest (if any) shall continue to be payable in cash on the Interest Payment Date. The total amount of interest due on each Interest Payment Date shall be computed by Calculation Agent on the immediately preceding New York Business Day, calculated on the basis of the actual days elapsed and a year of 360 days and taking into account the Applicable Rate that applies for each such elapsed day.

Ordinary Interest. The principal amount of each Advance shall accrue interest at a rate per annum equal to the Applicable Rate, and such interest shall be payable, subject to Section 5.11, in cash payable on each Interest Payment Date; provided that notwithstanding anything set forth herein to the contrary, unless Borrower elects, by written notice to Administrative Agent and Calculation Agent at least five (5) New York Business Days Days’ prior to any such Interest Payment Date, with respect to all or any portion of such the interest that would otherwise be payable on such Interest Payment Date, to pay such interest in cash (orcash, if applicablesuch interest shall be paid in kind, the portion thereof that Borrower elects to pay in cash), which case (i) the amount of such interest (or the portion thereof) that will be paid in kind and will be added, as of such Interest Payment Date, to the outstanding principal amount of each Advance (the Advances on a Pro Rata Basisaggregate of such added amounts, the “PIK Amount”), and (ii) the remainder portion of such interest (if any) so elected by Borrower to be in cash shall continue to be payable in cash on the such Interest Payment Date. The total amount of interest due on each Interest Payment Date shall be computed by Calculation Administrative Agent on the immediately preceding New York Business Day, calculated on the basis of the actual days elapsed and a year of 360 days and taking into account the Applicable Rate that applies for each such elapsed day.

Ordinary Interest. The principal amount of each the Advance shall accrue interest at a rate per annum equal to the Applicable Rate, and such interest shall be payable, subject to Section 5.11, in cash on each Interest Payment Date; provided that unless if Borrower electselects (such election, a “PIK Election”), by written notice to Administrative Agent at least five three (53) New York Business Days prior to any Interest Payment Date, with respect to all or any portion of such interest that would otherwise be payable on such Interest Payment Date, subject to Section 5.11, to pay such interest in cash (orkind, if applicablesuch interest shall be paid in kind, the portion thereof that Borrower elects to pay in cash), which case (i) the amount of such interest (or the portion thereof) that will be paid in kind and will be added, as of such Interest Payment Date, to the outstanding principal amount of the Advances on a Pro Rata BasisAdvance, and (ii) the remainder of such interest (if any) shall continue to be payable in cash on the such Interest Payment Date. The total amount of interest due on each Interest Payment Date shall be computed by Calculation Agent on the immediately preceding New York Business Day, calculated on the basis of the actual days elapsed and a year of 360 days and taking into account the Applicable Rate that applies for each such elapsed daydays.

Ordinary Interest. The principal amount of each Advance shall accrue interest at a rate per annum equal to the Applicable Rate, and such interest shall be payable, subject to Section 5.11, in cash payable on each Interest Payment Date; provided that that, unless Borrower elects, by written notice to the Administrative Agent at least five (5) New York Business Days Days’ prior to any such Interest Payment Date, with respect to all or any portion of such the interest that would otherwise be payable on such Interest Payment Date, to pay such interest in cash (orcash, if applicablesuch interest shall be paid in kind, the portion thereof that Borrower elects to pay in cash), which case (i) the amount of such interest (or the portion thereof) that will be paid in kind and will be added, as of such Interest Payment Date, to the outstanding principal amount of each Advance (the Advances on a Pro Rata Basisaggregate of such added amounts, the “PIK Amount”) and (ii) the remainder of such interest (if any) shall continue to be payable in cash on the such Interest Payment Date. The total amount of interest due on each Interest Payment Date shall be computed by Calculation Administrative Agent on the immediately second preceding New York Business Day, calculated on the basis of the actual days elapsed and a year of 360 days and taking into account the Applicable Rate that applies for each such elapsed day, and the Administrative Agent shall notify Borrower of the total amount of interest due on each Interest Payment Date on such second preceding Business Day.