OVERDUE PAYMENTS; BUSINESS DAYS. If any principal amount of any of the Notes is not paid when due, then interest shall accrue on the entire Note outstanding from the date such sum is due until paid at the rate of ten percent (10%) per annum, compounded quarterly, or at the maximum rate permitted by law, whichever is less. Interest shall be calculated on the basis of the actual number of days elapsed in a year of 360 days from the last day on which interest was paid (or if no interest has been paid, from the day on which interest began to accrue). Whenever any payment of principal or interest on any of the Notes shall be stated to be due, or whenever any date specified in this Agreement or in any of the Notes would otherwise occur on a Legal Holiday, such payment shall be made, and such other date shall occur, on the next succeeding Business Day. Any such extension of time shall be included in the computation of interest payable.
OVERDUE PAYMENTS; BUSINESS DAYS. If any principal or interest of any of the Notes is not paid when due, then interest shall accrue on the entire principal amount of the Notes outstanding from the date such overdue principal or interest is due until it is paid at the rate which is 300 basis points higher than the interest rate which would otherwise apply to the Notes under Section 2.02, compounded quarterly, or at the maximum rate permitted by law, whichever is less. Whenever any payment of principal or interest on any of the Notes shall be stated to be due, or whenever any date specified in this Agreement or in any of the Notes would otherwise occur on a Legal Holiday, such payment shall be made, and such other date shall occur, on the next succeeding Business Day. Any such extension of time shall be included in the computation of interest payable.
OVERDUE PAYMENTS; BUSINESS DAYS. If any principal amount of, or ------------------------------- interest or premium on, any Senior Subordinated Notes is not paid (or, in the case of interest, such interest is not accrued pursuant to the second paragraph of Section 2.3.2, above) when due (whether by acceleration or otherwise), or if any other sum owed to Lender pursuant to this Agreement or any other Loan Document is not paid when due, then interest shall accrue on such delinquent amount from the date such delinquent amount was due (not giving effect to any grace or cure periods) until paid at the rate of twenty-one percent (21%) per annum, compounded daily, calculated on the basis of a 360-day year, actual days elapsed, for an annual effective yield of twenty three and thirty six one hundredths percent (23.36 %), or at the maximum rate permitted by law, whichever is less. Whenever any payment of principal or interest on the Senior Subordinated Notes shall be stated to be due, or whenever any date specified herein would otherwise occur, on a day other than a Business Day, such payment shall be made, and such other date shall be deemed to occur, on the next succeeding Business Day. Any such extension of time shall be included in the computation of interest payable.
