Payment of Notes; Satisfaction of Obligations. The Company shall pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes. To the extent lawful, the Company shall pay interest (including interest accruing after the commencement of any proceeding under any Bankruptcy Law) on all unpaid amounts outstanding under the Notes (including overdue installments of principal or interest) at a rate equal to 7.5% per annum, payable quarterly on each January 1, April 1, July 1 and October 1, beginning July 1, 1998. Such interest rate is subject to adjustment as set forth in Section 3(b) to the Registration Rights Agreement.
Appears in 6 contracts
Samples: Convertible Subordinated Note Purchase Agreement (Regent Assisted Living Inc), Convertible Subordinated Note Purchase Agreement (LTC Healthcare Inc), Convertible Subordinated Note Purchase Agreement (Regent Assisted Living Inc)
