Common use of Interest on the Notes Clause in Contracts

Interest on the Notes. 3.1.1. The PIK Notes and the Interest Notes (as defined herein) shall bear interest at a rate equal to 15% per annum on the unpaid principal amount thereof from and including the Closing Date or, in the case of an Interest Note, from and including the interest payment date on which the interest with respect to which such Interest Note is issued was due and payable, until the principal amount shall become due and payable. The PIK Notes and the Interest Notes (as defined herein) shall bear simple interest at the rate of 17% per annum on any overdue principal (including any overdue prepayment of principal, at the prepayment price specified for such prepayment, and any principal due upon acceleration) and on any overdue installment of interest (to the extent permitted by applicable law), in each case without regard to whether such payment may then be made to the Lenders under Section 11 hereof. 3.1.2. Interest shall be paid with respect to the PIK Notes and the Interest Notes on the last Business Day of each March and September, commencing on the last Business Day of September 2000, through the issuance of additional notes substantially in the form attached hereto as Exhibit ▇- ▇ (the "Interest Notes"), each such Interest Note having a stated principal amount equal to the amount of interest due and payable to the respective Lender on such interest payment date. 3.1.3. Interest on the Notes shall be computed on the basis of a 360 day year of twelve 30 day months. In computing such interest, the date or dates of the issuance of the Notes shall be included and the date or dates of payment shall be excluded, it being understood that for federal income tax purposes, the accrual period for the Notes (excluding the first accrual period) shall be a semi-annual period ending on the last Business Day of each March or September.

Interest on the Notes. 3.1.1. The PIK Notes and the Interest Notes (as defined herein) shall bear interest at a rate equal to 1512% per annum on the unpaid principal amount thereof from and including the Closing Date or, in the case of an Interest Note, from and including the interest payment date on which the interest with respect to which such Interest Note is issued was due and payable, until the principal amount shall become due be paid. Interest shall be payable in arrears on the tenth day of each October, January, April and payableJuly and on the Maturity Date (each a “Payment Date”), commencing on October 10, 2003, and upon any scheduled repayment or mandatory or voluntary prepayment of the Notes (to the extent of accrued interest on the principal amount of the Notes so repaid or prepaid) and at the scheduled or accelerated maturity of the Notes; provided, however, that for each day during any period that there shall have occurred and be continuing any Interest Increase Event, the interest rate on the unpaid principal amount of the Notes shall be increased to 14% per annum; provided, that if such Default Interest is not paid in cash on account of the provisions of Section 12, such unpaid interest shall compound (at the rate of interest then in effect with respect to the Notes) on each Payment Date until paid. 3.1.2. The PIK Notes and the Interest Notes (as defined herein) shall bear simple interest at the rate of 1714% per annum on any overdue principal (including any overdue prepayment of principal, at the prepayment price specified for such prepayment, and any principal due upon accelerationacceleration and, in either case, any Applicable Premium thereon) and on any overdue installment of interest (to the extent permitted by applicable law), in each case case, without regard to whether such payment may then be made to the Lenders Noteholders under Section 11 12 hereof. 3.1.2. ; provided, that if such Default Interest is not paid in cash on account of the provisions of Section 12, such unpaid interest shall be paid compound (at the rate of interest then in effect with respect to the PIK Notes and the Interest Notes Notes) on the last Business Day of each March and September, commencing on the last Business Day of September 2000, through the issuance of additional notes substantially in the form attached hereto as Exhibit ▇- ▇ (the "Interest Notes"), each such Interest Note having a stated principal amount equal to the amount of interest due and payable to the respective Lender on such interest payment datePayment Date until paid. 3.1.3. Interest on the Notes shall be computed on a daily basis and on the basis of a 360 360-day year of twelve 30 30-day months. In computing such interest, the date or dates of the issuance making of the Notes shall be included and the date or dates of payment shall be excluded, it being understood that for federal income tax purposes, the accrual period for the Notes (excluding the first accrual period) shall be a semi-annual period ending on the last Business Day of each March or September.

Interest on the Notes. 3.1.1. (a) The PIK outstanding principal balance of the Notes shall accrue and the Interest Notes (as defined herein) shall bear interest at a rate equal to 15% per annum of 10.75% (the "Interest Rate"). (b) Interest on the unpaid principal amount thereof from Notes shall be payable in cash by Borrowers to Lender quarterly in arrears (on March 31, June 30, September 30 and including December 31 of each year), except that no interest payment shall be required to be paid by the Closing Date orBorrowers until the first anniversary of the date of issuance of the Term A Notes; provided, however, if no Event of Default has occurred and is continuing, the Borrowers may defer any scheduled interest payment until the Maturity Date. Upon each such deferral, Borrowers shall deliver to Lender a convertible promissory note substantially in the case form of an Exhibit D hereto (each, a "PIK Note"). The outstanding principal balance of the PIK Notes shall accrue and bear interest at the Interest NoteRate, from and including the interest payment date on which the interest subject to adjustment in accordance with respect to which such Interest Note is issued was due and payable, until the principal amount shall become due and payableSection 1.4(e). The PIK Notes and shall be eligible for conversion in accordance with Article 2 of this Agreement. (c) If any payment on the Interest Notes (including payment of interest and Fees) becomes due and payable on a day other than a Business Day, the maturity thereof will 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. (d) All computations of interest and Fees calculated on a per annum basis shall be made by the Lender on the basis of a three hundred and sixty- five (365) day year, in each case for the actual number of days occurring in the period for which such interest and Fees are payable. (e) So long as defined hereinany Event of Default shall have occurred and be continuing, the interest rates applicable to the Notes shall be increased by two percentage points (2%) per annum above the rates of interest or the rate of such Fees otherwise applicable hereunder ("Default Rate"), and all outstanding Obligations shall bear simple interest at the Default Rate applicable to such Obligations. Interest at the Default Rate shall accrue from the initial date of such Event of Default until that Event of Default is cured or waived and shall be payable upon demand. (f) Notwithstanding anything to the contrary set forth in this Section 1.4, if a court of competent jurisdiction determines in a final order that the rate of 17% per annum interest payable on the Notes exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable on the Notes shall be equal to the Maximum Lawful Rate; provided, however, that if at any overdue principal (including any overdue prepayment time thereafter the rate of principalinterest payable hereunder is less than the Maximum Lawful Rate, Borrowers shall continue to pay interest hereunder at the prepayment price specified Maximum Lawful Rate until such time as the total interest received by the Lender is equal to the total interest which would have been received had the interest rate payable on the Notes been (but for such prepaymentthe operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, interest on the Notes shall be paid at the rate(s) of interest and in the manner provided in Sections 1.4(a) through (e) above, unless and until the rate of interest again exceeds the Maximum Lawful Rate, and any principal at that time this paragraph shall again apply. In no event shall the total interest received by the Lender pursuant to the terms hereof exceed the amount which the Lender could lawfully have received had the interest due upon acceleration) and on any overdue installment the Notes been calcu lated for the full term hereof at the Maximum Lawful Rate. If 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. If, notwithstanding the provisions of this Section 1.4(f), a court of competent jurisdiction shall finally determine that the Lender has received interest (on the Notes in excess of the Maximum Lawful Rate, the Lender shall, to the extent permitted by applicable law), in each case without regard promptly apply such excess to whether such payment may then be made to repay the Lenders under Section 11 hereof. 3.1.2. Interest shall be paid with respect to the PIK Notes and the Interest Notes on the last Business Day of each March and September, commencing on the last Business Day of September 2000, through the issuance of additional notes substantially in the form attached hereto as Exhibit ▇- ▇ (the "Interest Notes"), each such Interest Note having a stated principal amount equal to the amount of interest due and payable to the respective Lender on such interest payment date. 3.1.3. Interest on the Notes shall be computed on the basis of a 360 day year of twelve 30 day months. In computing such interest, the date or dates of the issuance of the Notes and thereafter shall be included and the date refund any excess to Borrowers or dates as a court of payment shall be excluded, it being understood that for federal income tax purposes, the accrual period for the Notes (excluding the first accrual period) shall be a semi-annual period ending on the last Business Day of each March or Septembercompetent jurisdiction may otherwise order.

Interest on the Notes. 3.1.1. (1) The PIK outstanding principal balance of the Notes shall accrue and the Interest Notes (as defined herein) shall bear interest at a rate equal to 15% per annum of 10.75% (the "Interest Rate"). (2) Interest on the unpaid principal amount thereof from Notes shall be payable in cash by Borrowers to Lender quarterly in arrears (on March 31, June 30, September 30 and including December 31 of each year), except that no interest payment shall be required to be paid by the Closing Date orBorrowers until the first anniversary of the date of issuance of the Term A Notes; provided, however, if no Event of Default has occurred and is continuing, the Borrowers may defer any scheduled interest payment until the Maturity Date. Upon each such deferral, Borrowers shall deliver to Lender a convertible promissory note substantially in the case form of an Exhibit D hereto (each, a "PIK Note"). The outstanding principal balance of the PIK Notes shall accrue and bear interest at the Interest NoteRate, from and including the interest payment date on which the interest subject to adjustment in accordance with respect to which such Interest Note is issued was due and payable, until the principal amount shall become due and payableSection 1.4(e). The PIK Notes and shall be eligible for conversion in accordance with Article 2 of this Agreement. (3) If any payment on the Interest Notes (including payment of interest and Fees) becomes due and payable on a day other than a Business Day, the maturity thereof will 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. (4) All computations of interest and Fees calculated on a per annum basis shall be made by the Lender on the basis of a three hundred and sixty-five (365) day year, in each case for the actual number of days occurring in the period for which such interest and Fees are payable. (5) So long as defined hereinany Event of Default shall have occurred and be continuing, the interest rates applicable to the Notes shall be increased by two percentage points (2%) per annum above the rates of interest or the rate of such Fees otherwise applicable hereunder ("Default Rate"), and all outstanding Obligations shall bear simple interest at the Default Rate applicable to such Obligations. Interest at the Default Rate shall accrue from the initial date of such Event of Default until that Event of Default is cured or waived and shall be payable upon demand. (6) Notwithstanding anything to the contrary set forth in this Section 1.4, if a court of competent jurisdiction determines in a final order that the rate of 17% per annum interest payable on the Notes exceeds the highest rate of interest permissible under law (the "Maximum Lawful Rate"), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable on the Notes shall be equal to the Maximum Lawful Rate; provided, however, that if at any overdue principal (including any overdue prepayment time thereafter the rate of principalinterest payable hereunder is less than the Maximum Lawful Rate, Borrowers shall continue to pay interest hereunder at the prepayment price specified Maximum Lawful Rate until such time as the total interest received by the Lender is equal to the total interest which would have been received had the interest rate payable on the Notes been (but for such prepaymentthe operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. Thereafter, interest on the Notes shall be paid at the rate(s) of interest and in the manner provided in Sections 1.4(a) through (e) above, unless and until the rate of interest again exceeds the Maximum Lawful Rate, and any principal at that time this paragraph shall again apply. In no event shall the total interest received by the Lender pursuant to the terms hereof exceed the amount which the Lender could lawfully have received had the interest due upon acceleration) and on any overdue installment the Notes been calculated for the full term hereof at the Maximum Lawful Rate. If 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. If, notwithstanding the provisions of this Section 1.4(f), a court of competent jurisdiction shall finally determine that the Lender has received interest (on the Notes in excess of the Maximum Lawful Rate, the Lender shall, to the extent permitted by applicable law), in each case without regard promptly apply such excess to whether such payment may then be made to repay the Lenders under Section 11 hereof. 3.1.2. Interest shall be paid with respect to the PIK Notes and the Interest Notes on the last Business Day of each March and September, commencing on the last Business Day of September 2000, through the issuance of additional notes substantially in the form attached hereto as Exhibit ▇- ▇ (the "Interest Notes"), each such Interest Note having a stated principal amount equal to the amount of interest due and payable to the respective Lender on such interest payment date. 3.1.3. Interest on the Notes shall be computed on the basis of a 360 day year of twelve 30 day months. In computing such interest, the date or dates of the issuance of the Notes and thereafter shall be included and the date refund any excess to Borrowers or dates as a court of payment shall be excluded, it being understood that for federal income tax purposes, the accrual period for the Notes (excluding the first accrual period) shall be a semi-annual period ending on the last Business Day of each March or Septembercompetent jurisdiction may otherwise order.