Scheduled Interest Payments. (i) Pursuant to the Notes and Section 5.01 of the First Supplemental Indenture, the Company is obligated to make payments of interest (each, a “Scheduled Interest Payment”) on the Notes on each of October 15, 2008, April 15, 2009, October 15, 2009, April 15, 2010, October 15, 2010 and April 15, 2011 (each, a “Scheduled Interest Payment Date”). The Scheduled Interest Payments due on the Notes shall be made from amounts held in the Escrow Account in accordance with the procedures set forth in Section 4(b)(ii) below; provided, however, that nothing herein shall be construed as limiting the Company’s obligation to make all interest payments due on the Notes at the times and in the amounts required by the Notes, which obligation shall be absolute and unconditional.
(ii) If the Company determines that Government Securities held in the Escrow Account will have to be liquidated in order for a Scheduled Interest Payment to be made, the Company shall, not later than five (5) Business Days prior to the applicable Scheduled Interest Payment Date, so notify the Escrow Agent and identify, in a written direction to the Escrow Agent, the particular Government Securities to be liquidated. The Escrow Agent shall liquidate the Government Securities so identified such that the proceeds of such sale shall be received by the Escrow Agent not later than the Business Day immediately preceding the applicable Scheduled Interest Payment Date. Unless otherwise instructed by the Trustee one (1) Business Day prior to the applicable Scheduled Interest Payment Date, not later than 10:00 a.m., New York time, on the applicable Scheduled Interest Payment Date, the Escrow Agent shall debit the Escrow Account and credit to the account of the Trustee as set forth in Section 4(e)(ii) hereof funds necessary to provide for payment in full of the next Scheduled Interest Payment on the Notes.
Scheduled Interest Payments. Pursuant to the Notes, the Company is obligated to make payments of interest on the Notes on each of February 15, 2013, August 15, 2013, February 15, 2014, August 15, 2014, February 15, 2015 and August 15, 2015 (each such interest payment, a “Scheduled Interest Payment”, and the date of each such interest payment, a “Scheduled Interest Payment Date”). The Scheduled Interest Payments due on the Notes are to be made, at the election of the Company, from (1) amounts held in the Escrow Account in accordance with the procedures set forth in Section 4(b)(i) below or (2) other sources of funds available to the Company, as anticipated in Section 4(b)(ii) below, or from any combination of (1) and (2) above; provided, however, that nothing herein shall be construed as limiting the Company’s obligation to make all interest payments due on the Notes at the times and in the amounts required by the Notes, which obligation shall be absolute and unconditional.
Scheduled Interest Payments. Borrower shall pay accrued interest on the unpaid principal amount of each Loan in arrears (i) in the case of a Base Rate Loan or Base Rate Portion, on the first day in each January, April, July and October (commencing October 1, 2000), (ii) in the case of a LIBOR Loan or LIBOR Portion, on the last day of each Interest Period therefor (and, if any such Interest Period is longer than three (3) months, every three (3) months); and (iii) in the case of all Loans, upon prepayment (to the extent thereof) and at Maturity.
Scheduled Interest Payments. Pursuant to the Notes and Section 2.1 of the Indenture, the Company is obligated to make payments of interest on the Notes on each of November 16, 2004, May 16, 2005, November 16, 2005, May 16, 2006, November 16, 2006 and May 16, 2007 (each, a “Scheduled Interest Payment”). The Scheduled Interest Payments due on the Notes may be made, at the election of the Company, from (1) amounts held in the Escrow Account in accordance with the procedures set forth in subsection (i) below or (2) other sources of funds available to the Company, as anticipated in subsection (ii) below, or from any combination of (1) and (2) above; provided, however, that nothing herein shall be construed as limiting the Company’s obligation to make all interest payments due on the Notes at the times and in the amounts required by the Notes, which obligation shall be absolute and unconditional.
Scheduled Interest Payments. Pursuant to the Debentures and Section 2.03 of the Supplemental Indenture, the Company is obligated to make payments of interest on the Debentures on each of October 15, 2008, April 15, 2009, October 15, 2009, April 15, 2010, October 15, 2010 and April 15, 2011 (each, a “Scheduled Interest Payment”). The Scheduled Interest Payments due on the Debentures are to be made from amounts held in the Escrow Account in accordance with the procedures set forth in this Section 4(b); provided, however, that nothing herein shall be construed as limiting the Company’s obligation to make all interest payments due on the Debentures at the times and in the amounts required by the Debentures, which obligation shall be absolute and unconditional. At or prior to 1:00 p.m., New York City time on the Business Day prior to the date of each Scheduled Interest Payment, the Escrow Agent shall, and is hereby instructed by the Company to, liquidate Permitted Money Market Securities in an amount yielding cash equal to the applicable Scheduled Interest Payment and transfer such funds to the Paying Agent as set forth in Section 4(e)(ii) hereof, and shall notify the Company in writing that it has made such transfer to the Paying Agent.
Scheduled Interest Payments. Pursuant to the Debentures and Section 2.1 of the Indenture, the Company is obligated to make payments of interest on the Debentures on each of November 16, 2003, May 16, 2004, November 16, 2004, May 16, 2005, November 16, 2005 and May 16, 2006 (each, a “Scheduled Interest Payment”). The Scheduled Interest Payments due on the Debentures may be made, at the election of the Company, from (1) amounts held in the Escrow Account in accordance with the procedures set forth in subsection (i) below or (2) other sources of funds available to the Company, as anticipated in subsection (ii) below, or from any combination of (1) and (2) above; provided, however, that nothing herein shall be construed as limiting the Company’s obligation to make all interest payments due on the Debentures at the times and in the amounts required by the Debentures, which obligation shall be absolute and unconditional.
Scheduled Interest Payments. Interest accrued shall be due and payable annually in arrears on the first day of each calendar year except that interest for December 1997 shall be payable with interest for calendar year 1998 on January 1, 1999. For the period from December 1, 1997 to January 1, 1999, interest shall be paid in shares of Common Stock of the Borrower (the "Common Stock"). For each calendar year thereafter, Lender shall have the option to receive the interest in cash or in shares of Common Stock provided that with respect to each year's interest, Lender must elect cash or shares of Common Stock no later than June 30 of such year. The number of shares issuable in payment of interest shall be determined by dividing accrued interest for the applicable period by the fair market value of the Common Stock as of the end of each period determined based on the average fair market value of the Common Stock on the last ten business days of each calendar quarter ending during such calendar year. "Fair market value" shall be deemed to equal the mean between the low bid and high asked prices of the Common Stock as quoted on the OTC Bulletin Board display service operated by the National Association of Securities Dealers, Inc., or the closing market price of the Common Stock on a national securities exchange or the Nasdaq National Market on each applicable trading day, whichever is applicable, or if none of these are applicable, as shall be reasonably determined in good faith by the Board of Directors of the Borrower. If interest is payable in shares of Common Stock, Borrower shall deliver such shares to Lender on or before January 15 of the year following its accrual. Cash interest payments shall be sent by wire transfer to an account specified by Lender.
Scheduled Interest Payments. Interest accrued shall be due and payable in full on March 31, 2001, unless otherwise provided below:
(a) 1998 Interest Payment. Interest accrued on the Loan from July 1, 1998 through December 31, 1998 equals $830,897 (the "1998 Interest Payment"). The Lender may, upon written notice to the Borrower delivered on or before March 31, 2001, convert the 1998 Interest Payment into 158,266 shares of Common Stock of the Borrower (the "Common Stock").
(b) 1999 and Partial 2000 Interest Payment. Interest accrued on the Loan from January 1, 1999 through March 31, 2000 equals $1,039,919 (the "1999 and Partial 2000 Interest Payment"). The Borrower shall deliver to the Lender, and the Lender shall accept from the Borrower, 984,624 shares of Common Stock as full payment of the 1999 and Partial 2000 Interest Payment.
Scheduled Interest Payments. Pursuant to the Notes and Section 4.01 of the Indenture, the Company is obligated to make payments of interest on the Notes on each of [—] and [—] through [—], 2010, with the first interest payment due on [—], 2008 (each, a “Scheduled Interest Payment”). The Scheduled Interest Payments due on the Notes may be made (1) from amounts held in the Debt Service Reserve Account in accordance with the procedures set forth in subsection (d)(i) below or (2) from other sources of funds available to the Company or from any combination of (1) and (2) above.
Scheduled Interest Payments. Pursuant to the Securities and Section 3.01 of the Indenture, from the date of this Agreement through and including [l], 2011, the Company is obligated to make scheduled payments of interest on the Securities on each of [l], 2009, [l], 2009, [l], 2010, [l], 2010, [l], 2011 and [l], 2011 (each, a “Scheduled Interest Payment”). The Scheduled Interest Payments due on the Securities shall be made from (1) amounts held in the Escrow Account in accordance with the procedures set forth in Section 4(b)(i) hereof or (2) at the election of the Company, other sources of funds available to the Company not held in the Escrow Account (“Company Funds”) in accordance with the procedures set forth in Section 4(b)(ii) hereof; provided, however, that nothing herein shall be construed as limiting the Company’s obligation to make all interest payments due on the Securities at the times and in the amounts required by the Indenture and the Securities, which obligation shall be absolute and unconditional.
