Payment of Interest; Interest Rate. (a) The Borrower hereby promises to pay to the Lenders interest on the unpaid principal amount of each Tranche for the period commencing on the Initial Drawdown Date for such Tranche until but not including the stated maturity thereof (whether by acceleration or otherwise) or the date of prepayment thereof at the Applicable Rate, which shall be the rate per annum which is equal to the aggregate of (a) the LIBOR Rate plus (b) the Margin. The Facility Agent shall promptly notify the Borrower and the Lenders in writing of the Applicable Rate as and when determined. Each such determination, absent manifest error, shall be conclusive and binding upon the Borrower.
(b) Notwithstanding the foregoing, the Borrower agrees that after the occurrence and during the continuance of an Event of Default, the Facility shall bear interest at the Default Rate. In addition, the Borrower hereby promises to pay interest (to the extent that the payment of such interest shall be legally enforceable) on any overdue interest, and on any other amount payable by the Borrower hereunder which shall not be paid in full when due (whether at stated maturity, by acceleration or otherwise), for the period commencing on the due date thereof until but not including the date the same is paid in full at the Default Rate.
(c) The Borrower shall give the Facility Agent an Interest Notice specifying the Interest Period selected at least three (3) Banking Days prior to the end of any then existing Interest Period, which notice the Facility Agent agrees to forward on to all Lenders as soon as practicable. If at the end of any then existing Interest Period the Borrower fails to give an Interest Notice, the relevant Interest Period shall be three (3) months. The Borrower's right to select an Interest Period shall be subject to the restriction that no selection of an Interest Period shall be effective unless each Lender is satisfied that the necessary funds will be available to such Lender for such period and that no Event of Default or event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default shall have occurred and be continuing.
(d) Accrued interest on each Tranche shall be payable in arrears on the last day of each Interest Period relating to such Tranche, except that if the Borrower shall select an Interest Period in excess of three (3) months, accrued interest shall be payable during such Interest Period on each three (3) month anniversary of the comme...
Payment of Interest; Interest Rate. (a) The Borrower hereby promises to pay to the Lenders interest on the unpaid principal amount of the Facility for the period commencing on the Drawdown Date until but not including the stated maturity thereof (whether by acceleration or otherwise) or the date of prepayment thereof at the Applicable Rate. The Facility Agent shall promptly notify the Borrower and the Lenders in writing of the Applicable Rate as and when determined. Each such determination, absent manifest error, shall be conclusive and binding upon the Borrower. Accrued interest on the Facility shall be payable in arrears on each Payment Date.
(b) Notwithstanding the foregoing, the Borrower agrees that after the occurrence and during the continuance of an Event of Default, the Facility shall bear interest at the Default Rate. In addition, the Borrower hereby promises to pay interest (to the extent that the payment of such interest shall be legally enforceable) on any overdue interest, and on any other amount payable by the Borrower hereunder which shall not be paid in full when due (whether at stated maturity, by acceleration or otherwise), for the period commencing on the due date thereof until but not including the date the same is paid in full at the Default Rate.
(c) Interest payable at the Default Rate shall be payable from time to time on demand of the Facility Agent.
Payment of Interest; Interest Rate. Interest on the outstanding principal balance of this note (the “Note”) shall accrue, beginning from the date hereof, at a rate of 12% per annum. Interest on the outstanding principal balance of the Note shall be computed on the basis of the actual number of days elapsed and a year of three hundred and sixty (360) days and shall be payable, to the extent not previously paid, on each Interest Payment Date (as defined below), on the Maturity Date, upon earlier prepayment of this Note or in the form of shares of New Securities (as defined below) of the Borrower upon conversion of this Note as set forth in Section 1.2 below. On or prior to the 5th business day of each calendar month (each an “Interest Payment Date”), the Borrower shall pay all unpaid interest that has accrued during the previous calendar month on the outstanding principal balance of this Note. Any payments of interest on this Note may, at the sole election of the Borrower, be made in the form of the Borrower’s common stock, par value $.01 per share (“Common Stock”). If the Borrower elects to pay interest in shares of Common Stock, the Borrower shall deliver certificates representing such shares of Common Stock to the Holder on or prior to the date on which the applicable payment of interest is due. If interest is to be paid in shares of Common Stock, the Common Stock shall be valued at the Current Market Price (as defined below) as of the date that is three business days prior to the date on which the applicable payment of interest is due.
Payment of Interest; Interest Rate. Each Borrower hereby jointly and severally promises to pay to the Lenders interest on the unpaid principal amount of each Advance for the period commencing on the Drawdown Date of such Advance until but not including the stated maturity thereof (whether by acceleration or otherwise) or the date of prepayment thereof at the Applicable Rate which shall be the rate per annum which is equal to the aggregate of (a) the LIBOR Rate for the relevant Interest Period plus (b) the Applicable Margin. The Applicable Rate with respect to the Advance shall be determined by the Administrative Agent two (2) Banking Days prior to the first day of the relevant Interest Period. The Administrative Agent shall promptly notify the Borrowers and the Lenders in writing of the Applicable Rate and the duration of each Interest Period as and when determined. Each such determination, absent manifest error, shall be conclusive and binding upon the Borrowers.
Payment of Interest; Interest Rate. (a) The Borrower hereby agrees to pay to the Lenders as primary obligor interest on the unpaid principal amount of each Advance for the period commencing on the Drawdown Date of such Advance or if such Advance is a deemed Advance pursuant to Section 2.13 the date of the relevant drawing under the Letter of Credit until but not including the stated maturity thereof (whether by acceleration or otherwise) or the date of prepayment thereof at the Applicable Rate which shall be the rate per annum which is equal to the aggregate of (i) the LIBOR Rate for the relevant Interest Period plus (ii)
Payment of Interest; Interest Rate. (a) Each Borrower hereby promises to pay to the Lenders interest on the unpaid principal amount of the Loan Balance for the period commencing on the Drawdown Date until but not including the stated maturity thereof (whether by acceleration or otherwise) or the date of prepayment thereof at the Applicable Rate which shall be the rate per annum which is equal to the aggregate of (a) the LIBOR Rate for the relevant Interest Period plus (b) the Applicable Margin. The Applicable Rate with respect to the Loan shall be determined by the Facility Agent two Banking Days prior to the first day of each relevant Interest Period. The Facility Agent shall promptly notify the Borrowers and the Lenders in writing of the Applicable Rate and the duration of each Interest Period as and when determined. Each such determination, absent manifest error, shall be conclusive and binding upon the Borrowers.
Payment of Interest; Interest Rate. From the date of original issuance of the Notes through and including the fourth anniversary of the Issue Date, interest on the Notes shall accrue and compound on the Compounded Value in effect immediately prior to the applicable Interest Payment Date (as defined in paragraph 1 of the Note attached hereto as Exhibit A) as if the Compounded Value were principal, or, at the option of the Company and in its sole discretion, be paid in whole or in part in cash. After the fourth anniversary of the Issue Date, the Company shall pay interest on the Notes in cash. The Company shall notify the Trustee in writing of its election to pay interest in cash prior to the fourth anniversary of the Issue Date not less than 10 nor more than 45 days prior to the record date for an Interest Payment Date. Interest paid in cash shall not compound on the Compounded Value. From the Issue Date through and including the second anniversary of the Issue Date, interest on a Note shall accrue at the rate of (i) 12% per annum from the most recent date to which interest has been paid, or if no interest has been paid, from the date of issuance of the Note through the most recent Interest Payment Date (each, an "Interest Period") with respect to the interest on the Note for such Interest Period that the Company has elected to pay in cash or (ii) 13% per annum during any applicable Interest Period with respect to the interest on the Note for such Interest Period that was compounded on the Compounded Value. From the second anniversary of the Issue Date through and including the fourth anniversary of the Issue Date, interest on a Note shall accrue at a rate of (i) 13% per annum during any applicable Interest Period with respect to the interest on the Note for such Interest Period that the Company has elected to pay in cash or (ii) 14% per annum during any applicable Interest Period with respect to the interest on the Notes for such Interest Period was compounded on the Compounded Value. Following the fourth anniversary of the Issue Date, interest on a Note shall accrue at a rate of 12% per annum. Any interest payment on the Notes made on the Notes through a combination of cash and compounding to the Compounded Value shall be made on a pro rata basis. All references in this Indenture to principal of the Notes as of any date shall mean the Compounded Value as of such date.
Payment of Interest; Interest Rate. (a) The Borrower hereby promises to pay to the Lenders interest on the unpaid principal amount of the Loan for the period commencing on the Drawdown Date until but not including the stated maturity thereof (whether by acceleration or otherwise) or the date of prepayment thereof at the Applicable Rate, which shall be the rate per annum which is equal to the aggregate of (a) the LIBOR Rate plus (b) the Applicable Margin; provided, however, that if the Borrower has requested and the Lenders have agreed to an Interest Period of less than one (1) month, for the purposes of determining the Applicable Rate, the LIBOR Rate shall be replaced with the Lenders’ cost of funds for such period. The Facility Agent shall promptly notify the Borrower and the Lenders in writing of the Applicable Rate as and when determined. Each such determination, absent manifest error, shall be conclusive and binding upon the Borrower.
Payment of Interest; Interest Rate. On each Payment Date, beginning on the Payment Date immediately following the first Closing Date and ending on the applicable Note Maturity Date, the Borrowers shall pay interest in arrears accrued at the Interest Rate on the outstanding principal balance of each Note.
Payment of Interest; Interest Rate. On each Interest Payment Date, beginning on the Interest Payment Date immediately following the first Closing Date, the Borrower shall pay to the order of DFC interest in arrears accrued at the Interest Rate on the daily outstanding principal balance of each Note; provided, that if the Interest Payment Date immediately following any Closing Date occurs within fifteen (15) Business Days after such Closing Date, the Borrower shall make its first interest payment under the related Note on the second Interest Payment Date following such Closing Date.