Interest Rate Payments. Subject to Holder's right to charge the Default Rate (as hereinafter defined) pursuant to Section 4 hereof, this Note shall bear interest, and Maker shall make payments as follows:
Interest Rate Payments. Subject to Holder's right to charge the Default Rate (as hereinafter defined) pursuant to Section 4 hereof, this Note shall bear interest, and Maker shall make payments as follows: Interest shall accrue on the unpaid principal balance of this Note at the Interest Rate as defined in Exhibit A. For purposes of computing interest on the debt evidenced hereby, interest shall be calculated on the basis of a three hundred sixty-five (365) day calendar year applied to the actual number of days funds are outstanding. Payments (or prepayments) made on account hereof shall be applied first to the payment of late charges or other fees and costs owed to Holder (if any), next to the payment of accrued and unpaid interest, and then to principal, or, during the continuance of an Event of Default (as hereinafter defined), in such other order or proportion as Holder, in its sole discretion, may elect from time to time. Interest and principal shall be due and payable in accordance with the Payment Schedule set forth in Exhibit B. Maker may at any time or from time to time make a voluntary prepayment, whether in whole or in part, of this Note, without premium or penalty.
Interest Rate Payments. The Indebtedness shall accrue interest at the rates and in the manner set forth in the Note. Borrower shall make payments of principal and interest at the times and in the manner set forth in the Note.
Interest Rate Payments. Section 2.3(a) of the Loan Agreement is amended and restated in its entirety as follows:
Interest Rate Payments. Under this Term Loan Note, interest (the “Interest Rate”) shall accrue as described in Section 4.1.1 of the Financing Agreement. Payments under this Term Loan Note shall be made according to the provisions of Section 4.1.2 of the Financing Agreement. Commencing on the first day of the first calendar month after the expiration of the Deferral Period or the Demand Deferral Period, whichever is later, IGU shall pay equal monthly payments on the first day of each month sufficient to fully amortize the Term Loan by the Maturity Date. All payments shall be applied first to interest, and then to principal. If not sooner paid, the Term Loan shall be paid in full by the Maturity Date. Default. IGU will be in default if any of the Events of Default under the Financing Agreement have occurred and continue after any applicable cure period has expired. Upon the occurrence of an Event of Default and after any applicable cure period has expired, the Authority, at its sole option, may declare the entire unpaid principal balance on this Term Loan Note and all accrued unpaid interest immediately due, without notice, and exercise such remedies and take such actions as are provided for in the Financing Agreement.
Interest Rate Payments. (a) Interest Rate. Advances accrue interest on the outstanding principal balance at the interest rate set forth on Schedule 2. After an Event of Default, Obligations accrue interest at 5 percent above the rate effective immediately before the Event of Default. The interest rate increases or decreases when the Prime Rate changes. Interest is computed on a 360 day year for the actual number of days elapsed.
Interest Rate Payments. Interest on the outstanding principal amount of the Loans shall accrue from and including the date of issuance through and until full and final repayment of the principal amount of the Loans and payment of all interest in full at an aggregate rate equal to (i) the Current Interest Rate plus (ii) the Deferred Interest Rate and shall be compounded monthly and computed on the basis of the actual number of days elapsed and a 360-day year. On the first day of each month in which the Loans are outstanding, or if such day is not a Business Day, the next succeeding Business Day to occur after such date (each such date, an “Interest Payment Date”), the Borrower shall pay in arrears in cash by automatic bank draft to an account designated in writing by each Lender interest accrued on the outstanding principal amount of the Loans at the Current Interest Rate. The full remaining portion of all interest accruing on the Loans at the Deferred Interest Rate (the “Deferred Interest”) may, at the option of the Borrower, be paid in cash on each Interest Payment Date and, to the extent not paid in cash, shall be paid as set forth in Section 2.6(b).
Interest Rate Payments. (a) Principal and Interest Payments On Payment Dates. Borrowers will repay each Equipment Advance on the terms provided in the related Loan Supplement. Borrowers will make payments monthly in advance of principal and accrued interest for each Equipment Advance (collectively, “Scheduled Payments”), on the first Business Day of the month following the Funding Date (or commencing on the Funding Date if the Funding Date is the first Business Day of the month) with respect to such Equipment Advance and continuing thereafter during the Repayment Period on the first Business Day of each calendar month (each a “Payment Date”), in an amount equal to the Loan Factor multiplied by the Loan Amount for such Equipment Advance as of such Payment Date. All unpaid principal and accrued interest is due and payable in full on the last Payment Date with respect to such Equipment Advance. Payments received after 12:00 noon Eastern time are considered received at the opening of business on the next Business Day. An Equipment Advance may only be prepaid in accordance with Sections 2.1.2(d) and 2.1.2(f). Bank may debit any of Borrowers’ deposit accounts including Account Number _ for principal and interest payments owing or any amounts Borrowers owe Bank if not paid when due or within the applicable cure period. Bank will promptly notify Company when it debits Borrowers’ accounts. These debits are not a set-off. When a payment is due on a day that is not a Business Day, the payment is due the next Business Day and additional fees or interest accrue.
Interest Rate Payments. The rate at which the Notes shall bear interest shall be [__]% per annum. Interest shall accrue on the Notes from [__], 2023 or from the most recent Interest Payment Date to which interest has been paid or duly provided for to, but excluding, the Maturity Date or earlier Redemption Date. Interest shall be paid quarterly in arrears on March 31, June 30, September 30 and December 31 in each year and on the Maturity Date (each an “Interest Payment Date”), beginning December 31, 2023; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Notes (or predecessor Notes) are registered (which shall initially be the Depositary) at the close of business on March 15, June 15, September 15 or December 15 (whether or not a Business Day), as the case may be, preceding such Interest Payment Date, and September 15 immediately preceding the Maturity Date (each, a “Regular Record Date”). Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. For so long as the Notes are represented in global form by one or more Global Notes, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Note. In the event that certificated Notes shall have been issued in exchange for beneficial interests in a Global Note, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts of the registered Holders thereof; provided, that the Company may elect to make such payments at the office of the Paying Agent; and provided further, that the Company may at its option pay interest by check mailed on the Interest Payment Date to the registered address of each Holder of a certificated Note.
Interest Rate Payments. Section 2.3(b) is amended in its entirety and replaced with the following:
