Payments on the Note. The Issuer shall make payments of principal and interest on the Note when due; provided that prior to the Maturity Date, interest shall accrue on the principal amount of the Note until such time as the principal amount is paid off in accordance with the terms of this Agreement. All interest shall be compounded annually on each anniversary of the Issuance Date and shall be added at such time to, and thereafter be a part of and treated as principal of, the Note (regardless of whether evidenced by a Note) (“PIK Interest”) and shall be payable on the Maturity Date.
Payments on the Note. All payments made on the Note shall -------------------- be made in the manner, and subject to the conditions, provided in this Agreement and the Note. The Note shall not be prepayable except as expressly provided for in this Section 3.1, Section 2.3 hereof, Section 2.6 hereof and Sections 4.4 and 7.10 of the Cash Management Procedures. In addition, on the Optional Prepayment Date and each Debt Service Payment Date thereafter, the Note may be prepaid, at the option of the Borrower, in full or in part, without penalty or premium.
Payments on the Note. The Borrowers shall make all payments required by the Note in the time, the manner and the form as provided in the Note.
Payments on the Note. No payment shall be made with respect to the principal of, premium, if any, or interest on the Note if:
(a) a default in the payment of principal, premium, if any, or interest in respect of Designated Senior Indebtedness occurs and is continuing (a "Payment Default"), unless and until such Payment Default shall have been cured or waived or shall have ceased to exist; or
(b) a default, other than a Payment Default, on any Designated Senior Indebtedness occurs and is continuing that then permit holders of such Designated Senior Indebtedness to accelerate its maturity and the Purchaser receives a notice of the default (a "Payment Blockage Notice") from a Representative of Designated Senior Indebtedness (a "Non-Payment Default"). If the Purchaser receives any Payment Blockage Notice pursuant to clause (b) above, no subsequent Payment Blockage Notice shall be effective for purposes of this Section 11.2 unless and until (i) at least three hundred sixty-five (365) days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice and (ii) all scheduled payments of principal, premium, if any, and interest on the Note that have come due have been paid in full in cash. No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Purchaser shall be, or be made, the basis for a subsequent Payment Blockage Notice. The Company may and shall resume payments on and distributions in respect of the Note upon:
(1) in the case of a Payment Default, the earlier of (i) the date upon which any such Payment Default is cured or waived or ceases to exist or the underlying indebtedness has been repaid or (ii) two hundred seventy (270) days after such Payment Default, or
(2) in the case of a Non-Payment Default, the earlier of (i) the date upon which such default is cured or waived or ceases to exist or (ii) one hundred seventy-nine (179) days after the applicable Payment Blockage Notice is received by the Purchaser if the maturity of such Designated Senior Indebtedness has not been accelerated and no Payment Default with respect to any Designated Senior Indebtedness has occurred which has not been cured or waived (in which case clause (1) shall be applicable) or (iii) the Person who declared such Payment Blockage approves such payment, unless this Section 11 otherwise prohibits the payment or distribution at the time of such payment or distribution. Upon any payment by the Company, or distri...
Payments on the Note. Principal and interest of the Note shall be -------------------- payable as follows:
Payments on the Note. The Note will be paid and prepaid in accordance with the terms set out in this Section.
A. The unpaid principal amount of the Note, together with all accrued but unpaid interest thereon, and unpaid Commitment Fees, shall be due and payable on the Commitment Termination Date. Interest on the Note shall be due and payable monthly as it accrues, on the Interest Payment Dates.
(1) The Borrowers shall make prepayments of the Loans from time to time such that the Availability equals or exceeds zero at all times. Any prepayments required by this Section shall be applied to outstanding Alternate Base Rate Loans up to the full amount thereof before they are applied to outstanding Eurodollar Loans. The Borrowers shall not, however, be required to make any prepayment of any Eurodollar Loan pursuant to this Section until the last day of the Interest Period with respect thereto so long as an amount equal to such required prepayment is deposited by the Borrowers in a cash collateral account with the Agent to be held in such account on terms satisfactory to the Agent.
(2) On the date of any termination or reduction of the Commitment pursuant to Section 2.6, the Borrowers shall pay or prepay so much of the Loans as shall be necessary in order that the Availability equals or exceeds zero following such termination or reduction. Any prepayments required by this Section shall be applied to outstanding Alternate Base Rate Loans up to the full amount thereof before they are applied to outstanding Eurodollar Loans. The Borrowers shall not, however, be required to make any prepayment of any Eurodollar Loan pursuant to this Section until the last day of the Interest Period with respect thereto so long as an amount equal to such required prepayment is deposited by the Borrowers in a cash collateral account with the Agent to be held in such account on terms satisfactory to the Agent.
(3) Within three (3) days of (i) the sale of any assets of the Borrowers (excluding sales of assets in the ordinary course of business subject, however, to Section 6.4), (ii) the consummation of the sale or issuance in a public or private offering of any debt or equity securities of the Borrowers, or (ii) there shall occur a Change of Control, the Borrowers shall make a mandatory prepayment of the Loans in an amount equal to one hundred (100) per cent of the proceeds received or realized (net of taxes due and any expenses of sale) by the Borrowers or in the case of a Change of Control, by the sellers o...
Payments on the Note. The unpaid principal amount of the Note shall be due and payable on the Maturity Date, on which date all principal on the Note shall be payable in full. Interest on the Note shall be due and payable on the Interest Payment Date.
Payments on the Note. The unpaid principal amount of the Note shall be due and payable on the Maturity Date, on which date all principal on the Note shall be payable in full. Interest on the Note shall be due and payable monthly on the Interest Payment Dates in each month commencing on the Interest Payment Date in July 1997."
2.3 AMENDMENT TO SECTION 6.1.C.
Section 6.1. C is deleted in its entirety and there is substituted therefor the following:
Payments on the Note. Subject to such restrictions as may be imposed by the Intercreditor Agreement (as long as such agreement is in full force and effect):
Payments on the Note. Guarantees may and shall be resumed (a) in the case of a Payment Event of Default, upon the date on which such default is cured or waived and (b) in case of a Non-payment Event of Default, the earlier of the date on which such Non-payment Event of Default is cured or waived or 179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Designated Senior Indebtedness has been accelerated. No new period of payment blockage may be commenced by a Payment Blockage Notice unless and until 360 days have elapsed since the first day of the effectiveness of the immediately prior Payment Blockage Notice. No Non-payment Event of Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice, unless such default has been cured or waived for a period of not less than 90 days. 109 98
