Payment of Interest; Default Rate. So long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall pay interest in cash on the unpaid principal balance of this Note at a rate per annum (the "Base Rate") equal to (a) for any period ending prior to September 11, 2002, the rate per annum provided for in the Original Note applicable to such period, and (b) for any period ending on or after September 11, 2002, thirteen and one-quarter percent (13.25%) until this Note is fully paid; provided, however, that if (i) based upon a completed audit by the Company's independent auditors of the Company's consolidated financial statements for the Fiscal Year ending September 30, 2003, the Company achieves a minimum EBITDA for such Fiscal Year of at least $16.0 million and (ii) the Company thereafter delivers to the Holder an Officers' Certificate, in form and substance satisfactory to the Holder and signed by the President and Chief Executive Officer and Chief Financial Officer of the Company, certifying that the Company has achieved such minimum EBITDA and attaching thereto copies of such audited consolidated financial statements and the notes thereto (together with the independent auditor's opinion) and the calculation thereof, prepared in reasonable detail, the Base Rate will be reduced to twelve and one-half percent (12.50%), effective from and after the date of receipt of such Officers' Certificate (and the attachments) by the Holder. Interest shall be payable monthly in arrears on the last Business Day of each calendar month (or portion thereof) (each an "Interest Payment Date"). Interest shall be computed on the basis of the actual number of days elapsed over a 360-day year, including the first and the last day. If any Default or Event of Default shall have occurred and be continuing, then, in addition to the rights, powers and remedies available to the Holder under the Securities Purchase Agreement, this Note, the other Investment Documents and Applicable Law, the Borrower shall pay interest on the unpaid principal balance of, premium, if any, and accrued and unpaid interest on, and other amounts owing under, this Note at a rate per annum (the "Default Rate") equal to the Base Rate then in effect, plus two percent (2.0%). The Default Rate shall begin to accrue on the date on which such Default or Event of Default shall be deemed to have occurred (determined as provided in the last paragraph of Section 11.1 of the Securities Purchase Agreement) and shall continue ...
Payment of Interest; Default Rate. (a) So long as no Event of Default, Senior Financial Covenant Violation (as such term is defined below) or Interest Rate Event (as such term is defined below) shall have occurred and be continuing, the Issuers shall jointly and severally pay interest in cash on the unpaid principal balance of, premium, if any, and accrued and unpaid interest on this Note from the date hereof until fully paid at a rate per annum equal to twelve and one-half percent (12.50%) (the "BASE INTEREST RATE"); PROVIDED, HOWEVER, that interest due on any Interest Payment Date (as such term is defined below) may, at the option of the Issuers, be paid in additional senior subordinated notes of like tenor, valued at 100.0% of the interest payment due on such Interest Payment Date and including the same terms and other provisions contained in this Note, with the principal amount of each such additional note equal to the amount of such interest payment (each a "PIK NOTE"); PROVIDED FURTHER, HOWEVER, that if the Issuers elect to pay interest due on any Interest Payment Date in the form of a PIK Note, then (i) the interest payable on such Interest Payment Date only shall be calculated at a rate per annum equal to fifteen percent (15.0%) and (ii) GDSC shall pay interest due to the holders of the Convertible Subordinated Notes which accrues during the period during which interest shall have accrued with respect to such Interest Payment Date solely in the form of Additional Notes (as defined in the Convertible Subordinated Notes) in accordance with Section 2 thereof.
Payment of Interest; Default Rate. Interest shall be payable on the outstanding unpaid principal amount of the Notes at the rate and at the times specified in the Notes. The Borrower shall make all interest payments among the Lenders in proportion to their respective Commitment Percentage. Any amounts not paid when due shall bear interest at the Default Rate (as such term is defined in the Notes).
Payment of Interest; Default Rate. So long as no Default or Event of Default shall have occurred and be continuing, the Company Parties jointly and severally agree to pay interest in cash on the unpaid principal balance of this Note from the Original Issue Date until fully paid at a rate per annum equal to fifteen percent (15.0%). Interest on this Note shall be payable monthly in arrears on the last Business Day of each calendar month (or portion thereof), commencing on January 31, 2000 (each an "INTEREST PAYMENT DATE"). Interest shall be computed on the basis of the actual number of days elapsed over a 360-day year, including the first and the last day. If any Default or Event of Default shall occur and be continuing, then, in addition to the rights and remedies available to the Holder under the Securities Purchase Agreement, this Note, the other Investment Documents and Applicable Laws, the Company Parties jointly and severally agree to pay interest in cash on the unpaid principal balance of, premium, if any, accrued and unpaid interest on, and all other amounts owing under this Note at a rate per annum (the "DEFAULT RATE") equal to fifteen percent (15.0%), PLUS two percent (2.0%) during the first sixty (60) days that such Default or Event of Default remains uncured or unwaived and, thereafter, such rate shall further increase by one percent (1.0%) per annum over the applicable rate during the first sixty (60) day period or subsequent thirty (30) day period, as the case may be, for each additional thirty (30) days that such Default or Event of Default remains uncured or unwaived.
Payment of Interest; Default Rate. So long as no Default or Event of Default shall have occurred and be continuing, the Company shall pay interest in cash on the unpaid principal balance of this Note until fully paid at a rate per annum (the "BASE RATE") equal to following:
Payment of Interest; Default Rate. (a) So long as no Event of Default shall have occurred and be continuing, interest will accrue on the unpaid principal amount of the Note at a rate per annum equal to 12.0%.
Payment of Interest; Default Rate. (a) Subject to Section 2(b) hereof, the Borrower shall pay interest on the unpaid principal balance of this Note from and including April 15, 1999 at a rate per annum equal to 14.50%. Interest shall be payable monthly in arrears on the last Business Day of each calendar month (or portion thereof), commencing on April 30, 1999 (each an "Interest Payment Date"). Interest shall be computed on the basis of the actual number of days elapsed over a 360-day year, including the first day and excluding the last day.
Payment of Interest; Default Rate. Interest shall be payable on the outstanding unpaid principal amount of the Notes at the rate and at the times specified in the Notes. Any amounts not paid when due shall bear interest at the Default Rate (as such term is defined in the Notes).
Payment of Interest; Default Rate. So long as no Default or Event of Default shall have occurred and be continuing, the Company Parties jointly and severally agree to pay interest on the unpaid principal balance of this Note from the date hereof until fully paid as follows:
Payment of Interest; Default Rate. (a) The outstanding principal amount of each Loan shall bear interest at a rate per annum equal to the Applicable Interest Rate. Interest shall be payable on the Expiration Date and quarterly in arrears on the first day of each Fiscal Quarter following the making of such Loan.
