Common use of Calculation and Payment of Interest Clause in Contracts

Calculation and Payment of Interest. Interest on the principal balance of this Note outstanding from time to time until paid in full in cash shall accrue at the rate equal to the Applicable Rate per annum, computed on the basis of a 365 or 366-day year, as appropriate, for the actual number of days elapsed, commencing on the date hereof (and on the date of issuance with respect to any PIK Note). “Applicable Rate” shall mean (A) 10.0% prior to the occurrence of any Event of Default (as defined below) hereunder and, (B) 15.0% after the occurrence and during the continuance of an Event of Default; provided, however, that if this Note is voluntarily prepaid in full in cash on or before the date that is six (6) months from the date hereof, “Applicable Rate” shall mean 0%. Interest shall be payable quarterly in arrears, beginning on the last day of the first calendar quarter following the Issue Date and on the last day of each calendar quarter thereafter; provided that after the occurrence and during the continuance of any Event of Default, interest shall be payable monthly in arrears, beginning on the last day of the first month following the applicable Event of Default and on the last date of each month thereafter (each, an “Interest Payment Date”) until paid in full, and shall be made either (i) by the deemed issuance of a promissory note in a principal amount equal to interest accrued but not otherwise paid (by the issuance of a PIK Note or otherwise) on the principal amount hereof through and including such Interest Payment Date and otherwise having such terms and provisions that are the same as the terms and provisions of this Note (each such promissory note a “PIK Note”), and Payor shall be deemed to have issued a PIK Note for any such interest and shall not be obligated to actually deliver any such PIK Note or (ii) by increasing the principal amount of this Note by the amount of such cash interest (such payment of interest, whether made under subclause (i) or (ii), the “Interest”). For the avoidance of doubt, if the “Applicable Rate” shall mean 0% as a result of a qualifying prepayment pursuant to this Section 1.1, all PIK Notes will (and any interest accrued on such PIK Notes) will be equal to $0.

Calculation and Payment of Interest. The Principal Amount shall bear interest for each day at a rate per annum equal to (i) the Prime Interest Rate as reported in The Wall Street Journal on the first business day of the then-current calendar quarter plus 1.00%, divided by (ii) 100.00% minus the then-current federal corporate income tax rate (expressed as a percentage) (the “Interest Rate”); provided, that [(x)] the Interest Rate shall at no time exceed the maximum rate as described under Section 5-501 of the General Obligations Law of the State of New York [and (y) if the Interest Rate as calculated pursuant to this clause (i) would exceed 12.00%, then the Interest Rate will, with respect to such applicable calendar quarter, equal the Prime Interest Rate as reported in The Wall Street Journal on the first day of the then-current calendar quarter 1 Principal amount to be determined pursuant to Article II of the Purchase Agreement. 2 The Lender would be the lender under the surplus note for which surplus exceeds the principal balance amount of the surplus note. plus 500 basis points]3; provided, further, that upon the occurrence of any Principal Adjustment, the amount of interest that accrued on the Principal Amount (including any interest that was capitalized and added to the Principal Amount and any interest accrued on any such capitalized interest) during the period beginning on [___], 2010 (the “Closing Date”) and ending on the date of such Principal Adjustment shall be adjusted to reflect the amount of interest that would have accrued had such Principal Adjustment been made on the Closing Date. Interest payable under this Note outstanding from time to time until paid in full in cash shall accrue at the rate equal to the Applicable Rate per annum, be computed on the basis of a 365 or 366360-day year, as appropriate, for year and the actual number of days elapsed, commencing on the date hereof (and on the date of issuance with respect to any PIK Note). “Applicable Rate” shall mean (A) 10.0% prior to the occurrence of any Event of Default (as defined below) hereunder and, (B) 15.0% after the occurrence and during the continuance of an Event of Default; provided, however, that if this Note is voluntarily prepaid in full in cash on or before the date that is six (6) months from the date hereof, “Applicable Rate” shall mean 0%. Interest shall be payable quarterly in arrears, beginning on the last day of the first calendar quarter following the Issue Date and on the last day of each calendar quarter thereafter; provided that after the occurrence and during the continuance of any Event of Default, interest shall be payable monthly in arrears, beginning on the last day of the first month following the applicable Event of Default and on the last date of each month thereafter (each, an “Interest Payment Date”) until paid in full, and shall be made either (i) by the deemed issuance of a promissory note in a principal amount equal to interest accrued but not otherwise paid (by the issuance of a PIK Note or otherwise) on the principal amount hereof through and including such Interest Payment Date and otherwise having such terms and provisions that are the same as the terms and provisions of this Note (each such promissory note a “PIK Note”), and Payor shall be deemed to have issued a PIK Note for any such interest and shall not be obligated to actually deliver any such PIK Note or (ii) by increasing the principal amount of this Note by the amount of such cash interest (such payment of interest, whether made under subclause (i) or (ii), the “Interest”). For the avoidance of doubt, if the “Applicable Rate” shall mean 0% as a result of a qualifying prepayment pursuant to this Section 1.1, all PIK Notes will (and any interest accrued on such PIK Notes) this Note will not be equal represented as an addition to $0or be a part of the Principal Amount and will not accrue further interest.

Calculation and Payment of Interest. Interest on the principal balance of this Note outstanding from time to time until paid in full in cash shall accrue at the rate equal to the Applicable Rate of ten percent (10%) per annum, annum computed on the basis of a 365 or 366-day year, as appropriate, for the actual number of days elapsed, commencing on the date hereof (and on the date of issuance with respect to any PIK Note)hereof. “Applicable Rate” shall mean (A) 10.0% prior to the occurrence of any Event of Default (as defined below) hereunder and, (B) 15.0% after the occurrence and during the continuance of an Event of Default; provided, however, that if this Note is voluntarily prepaid in full in cash on or before the date that is six (6) months from the date hereof, “Applicable Rate” shall mean 0%. Interest Such interest shall be payable quarterly semi-annually in arrears, beginning on June 15, 1999 and thereafter on each June 15 and December 15 until the last day Maturity Date; PROVIDED, HOWEVER, that any amount of cash interest which is not paid as a result of the first calendar quarter following the Issue Date and on the last day of each calendar quarter thereafter; provided that after the occurrence and during the continuance of any Event of Default, interest shall be payable monthly in arrears, beginning on the last day application of the first month following provisions of Section 8.7 of the applicable Event of Default and on Credit Agreement or any similar provision contained in any documents relating to the last date of each month thereafter refinancing thereof (each, an “Interest Payment Date”a "PAYMENT RESTRICTION") until paid in full, and shall be made either (i) by the deemed issuance of a promissory note in a principal amount equal to interest accrued but not otherwise paid (by the issuance of a PIK Note or otherwise) on the principal amount hereof through and including such Interest Payment Date and otherwise having such terms and provisions that are the same as the terms and provisions of this Note (each such promissory note a “PIK Note”), and Payor shall be deemed to have issued a PIK Note for any such interest and regardless of whether Payor shall not be obligated to have actually deliver delivered any such PIK Note or Note. Each PIK Note, together with all accrued interest thereon, shall be due and payable on the earlier of (i) the Maturity Date and (ii) by increasing the principal amount first day following the expiration of this Note by the amount first 365 day period in which no Payment Restriction exists; PROVIDED, HOWEVER, that, with respect to clause (ii) above, in no event shall more than an aggregate of such cash interest (such payment $880,000 of interest, whether made under subclause (i) or principal and interest with respect to all PIK Notes then outstanding and (ii)) current interest on all Promissory Notes (as defined in the Purchase Agreement) then outstanding, become due and payable in any fiscal year. Principal and interest on any PIK Note that is not paid solely by reason of the “Interest”)proviso in the preceding sentence shall be due and payable on the first Business Day of the next succeeding fiscal year, subject to such proviso. For Each Holder, by its acceptance hereof, acknowledges (i) that Payor is contractually bound hereunder to pay cash interest only to the avoidance extent not prohibited by a Payment Restriction, (ii) that any cash interest not so paid shall be paid in the form of doubta PIK Note, if and (iii) the “Applicable Rate” shall mean 0% failure to pay cash interest as a result of a qualifying prepayment pursuant to Payment Restriction shall not constitute a default or Event of Default under this Section 1.1, all PIK Notes will (and any interest accrued on such PIK Notes) will be equal to $0Note.

Calculation and Payment of Interest. Interest on the principal balance of this Note outstanding from time to time until paid in full in cash shall accrue at the rate equal to the Applicable Rate of eleven and one-half percent (11 1/2%) per annum, annum computed on the basis of a 365 or 366-day year, as appropriate, for the actual number of days elapsed, commencing on the date hereof (and on the date of issuance with respect to any PIK Note). “Applicable Rate” shall mean (A) 10.0% prior to the occurrence of any Event of Default (as defined below) hereunder and, (B) 15.0% after the occurrence and during the continuance of an Event of Default; provided, however, that if this Note is voluntarily prepaid in full in cash on or before the date that is six (6) months from the date hereof, “Applicable Rate” shall mean 0%. Interest Such interest shall be payable quarterly semi- annually in arrears, beginning on the last day of the first calendar quarter following the Issue Date January 24, 2001 and thereafter on the last day of each calendar quarter thereafter; provided that after the occurrence July 24/th/ and during the continuance of any Event of Default, interest shall be payable monthly in arrears, beginning on the last day of the first month following the applicable Event of Default and on the last date of each month thereafter January 24/th/ (each, an “"Interest Payment Date”") until paid in fullthrough and including July 24, and shall be made either (i) 2004 by the deemed issuance of a promissory note in a principal amount equal to interest accrued but not otherwise paid (by the issuance of a PIK Note or otherwise) on the principal amount hereof through and including such Interest Payment Date and otherwise having such terms and provisions that are the same as the terms and provisions of this Note (each such promissory note a “"PIK Note”"), and (without limiting the Payor's obligation to issue in each such instance, a PIK Note) Payor shall be deemed to have issued a PIK Note to Payee for any such interest and regardless of whether Payor shall not be obligated to have actually deliver delivered any such PIK Note to Payee. On and after January 24, 2005, payment of such interest shall be made semi-annually in arrears on each Interest Payment Date until the Maturity Date (as defined below) and on the Maturity Date in cash; provided, however, that such payment shall instead be made by the issuance of a -------- ------- PIK Note for such interest, and (without limiting the Payor's obligation to issue in each such instance a PIK Note) Payor shall be deemed to have issued a PIK Note to Payee for any such interest regardless of whether Payor shall have actually delivered any such PIK Note, if (a) a payment default under the Credit Agreement or the other Bank Debt Documents has occurred and is continuing, (b) the Leverage Ratio for the most recently ended fiscal quarter is greater than 2.0:1 or (c) after giving effect to such payment, the ratio of (I) Consolidated Total Debt plus the aggregate principal amount of outstanding Notes to (II) Consolidated Adjusted EBITDA for the four Fiscal Quarter period then most recently ended would be greater than 3.0:1. Payee, by acceptance hereof, acknowledges (i) that Payor is contractually bound hereunder to pay interest in cash only if the conditions specified in Sections 1.1 (a) or (b) or (c) above are not met, (ii) by increasing that any interest not paid in cash shall be paid in the principal amount form of this Note by a PIK Note, and (iii) the amount of such failure to pay cash interest (such payment of interest, whether made under subclause (i) or (ii), the “Interest”). For the avoidance of doubt, if the “Applicable Rate” shall mean 0% as a result of Sections 1.1(a), (b) or (c) shall not constitute a qualifying prepayment pursuant to default or Event of Default under this Section 1.1, all PIK Notes will (and any interest accrued on such PIK Notes) will be equal to $0note.