Common use of Interest on Note Clause in Contracts

Interest on Note. (a) Company shall pay interest to Purchaser, ---------------- semi-annually in arrears on the last day of each July and January, commencing on January 31, 2000 (each, an "Interest Payment Date"), at a rate equal to 6.30% per annum, based on a year of 360 days for the actual number of days elapsed, and based on the amounts outstanding from time to time under the Note. (b) If any payment on the Note becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as any Event of Default shall be continuing, the interest rate applicable to the Note shall be increased by 2% per annum above the rate otherwise applicable. (d) Notwithstanding anything to the contrary set forth in this Section 2.6, if at any time until payment in full of the Note, the interest rate payable thereon exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the "Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable on the Note shall be equal to the Maximum Lawful Rate; provided, however, that -------- ------- if at any time thereafter the interest rate payable thereon is less than the Maximum Lawful Rate, Company shall continue to pay interest thereunder at the Maximum Lawful Rate until such time as the total interest received by Purchaser is equal to the total interest which it would have received had the interest rate on the Note been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable shall be the stated interest rate unless and until such rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Purchaser pursuant to the terms hereof exceed the amount which it could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 2.6(d), shall make a final determination that Purchaser has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Purchaser shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid under the Note, then to the outstanding principal of the Note, then to other unpaid Obligations and thereafter shall refund any excess to Company or as a court of competent jurisdiction may otherwise order.

Interest on Note. (a) Company shall pay interest to Purchaser, ---------------- semi-annually quarterly in arrears on the last day of each July March, June, September and JanuaryDecember, commencing on January 31June 30, 2000 1999 (each, an "Interest Payment Date"), at a rate equal to 6.3012% per annum, based on a year of 360 days for the actual number of days elapsed, and based on the amounts outstanding from time to time under the Note; PROVIDED, HOWEVER, that if Company shall not have consummated a Qualified IPO on or prior to July 8, 2000, such rate shall be increased to 15% per annum effective as of such date. (b) If any payment on the Note becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as any Event of Default shall be continuing, the interest rate applicable to the Note shall be increased by 2% per annum above the rate otherwise applicable. (d) If and so long as Company pays or is required to pay damages pursuant to Section 2(d) of the Registration Rights Agreement, dated as of April 23, 1999, among Company, ▇▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Growth Fund, Ltd. and ▇▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Growth Fund, L.P., Company shall pay to Purchaser additional interest on the Note in an amount per month equal to 2% of the outstanding principal amount of the Note payable on the last day of each month. (e) Notwithstanding anything to the contrary set forth in this Section 2.6, if at any time until payment in full of the Note, the interest rate payable thereon exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the "Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable on the Note shall be equal to the Maximum Lawful Rate; providedPROVIDED, howeverHOWEVER, that -------- ------- if at any time thereafter the interest rate payable thereon is less than the Maximum Lawful Rate, Company shall continue to pay interest thereunder at the Maximum Lawful Rate until such time as the total interest received by Purchaser is equal to the total interest which it would have received had the interest rate on the Note been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable shall be the stated interest rate unless and until such rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Purchaser pursuant to the terms hereof exceed the amount which it could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 2.6(d2.6(e), shall make a final determination that Purchaser has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Purchaser shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid under the Note, then to the outstanding principal of the Note, then to other unpaid Obligations and thereafter shall refund any excess to Company or as a court of competent jurisdiction may otherwise order.

Interest on Note. (a) Company shall pay interest to Purchaser, ---------------- semi-annually in arrears on the last day of each July October and JanuaryApril, commencing on January October 31, 2000 1999 (each, an "Interest Payment Date"), at a rate equal to 6.304.75% per annum, based on a year of 360 days for the actual number of days elapsed, and based on the amounts outstanding from time to time under the Note. (a) If Company has not consummated a public offering of equity securities registered under the Securities Act with gross proceeds of at least $40 million by June 15, 1999 and until Company does consummate such an offering, the interest rate applicable to the Note shall be at a rate equal to 13.00% per annum. After Company consummates such an offering, the interest rate applicable to the Note shall return to 4.75% per annum. (b) If any payment on the Note becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as any Event of Default shall be continuing, the interest rate applicable to the Note shall be increased by 2% per annum above the rate otherwise applicable. (d) Notwithstanding anything to the contrary set forth in this Section 2.6, if at any time until payment in full of the Note, the interest rate payable thereon exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the "Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable on the Note shall be equal to the Maximum Lawful Rate; provided, however, that -------- ------- if at any time thereafter the interest rate payable thereon is less than the Maximum Lawful Rate, Company shall continue to pay interest thereunder at the Maximum Lawful Rate until such time as the total interest received by Purchaser is equal to the total interest which it would have received had the interest rate on the Note been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable shall be the stated interest rate unless and until such rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Purchaser pursuant to the terms hereof exceed the amount which it could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 2.6(d), shall make a final determination that Purchaser has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Purchaser shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid under the Note, then to the outstanding principal of the Note, then to other unpaid Obligations and thereafter shall refund any excess to Company or as a court of competent jurisdiction may otherwise order.Closing