Subordinated Notes Interest Payment Sample Clauses

Subordinated Notes Interest Payment. The Purchasers agree that the Subordinated Notes shall hereby be amended to provide that the accrued interest due and payable on July 1, 1999 under the Subordinated Notes (as previously agreed by the Purchasers) shall instead be due and payable on the Payment Date and hereby waive any default arising under the Purchase Agreement from the Company's failure to make the required interest payment on July 1, 1999. In connection with such amendment, the Company hereby agrees that during the period from June 1, 1999 through the Payment Date the interest rate on the Subordinated Notes shall be increased from 8% to 9% and that, at such time as the Company pays the Subordinated Notes Interest Payment