Common use of Interest Clause in Contracts

Interest. (a) Commencing on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Convertible Note Purchase Agreement (DiamondHead Holdings Corp.), Convertible Note Purchase Agreement (DiamondHead Holdings Corp.)

Interest. (a) Commencing on Videotron Ltd., a corporation under the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary laws of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Québec (the “Interest RateCompany”), promises to pay interest (as defined in the Indenture) on the principal amount of this Note at 5.75% per annum until maturity. Interest The Company shall be payable monthly pay interest semi-annually in arrears in equal installments (except as noted below) on March 15 and September 15 of each year, or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). (b) All . Interest on the Notes shall accrue from the most recent date to which interest on this Note shall be has been paid in cashor, if no interest has been paid, from the date of issuance; provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on any the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date during the term of this Noteshall be March 15, the Issuer 2016. The Company shall have the option pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1% per annum in excess of ten percent the interest rate then in effect under the Indenture and this Note; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either on overdue installments of interest (i) in cash or (ii) by capitalizing such interest and adding it without regard to any applicable grace periods), from time to time on demand at the same rate to the then outstanding principal amount extent lawful. In the case of this Note the final interest period, if applicable (“PIK Interest”from September 15, 2025 to January 15, 2026), it being understood and agreed that, unless interest will be calculated on the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion basis of the entire actual number of days elapsed from September 15, 2025 to (but excluding) January 15, 2026 divided by 365. In the case of any other interest period that is shorter than a full semi-annual interest period due to redemption, interest will be calculated on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all basis of the interest in cash. Interest on this Note shall be computed based on a 360365-day year and the actual number of twelve 30-day months days elapsed from (and all PIK including) the date of the previous interest payment to (but excluding) the interest payment date for such interest period. For the purposes of the Interest Act (Canada), whenever interest is computed on this Note will be compounded quarterly on a basis of a year (the last day “deemed year”) which contains fewer days than the actual number of each quarter (eachdays in the calendar year of calculation, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest such rate of interest shall be treated expressed as Principal Amount a yearly rate for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all Interest Act (Canada) by multiplying such PIK Interest so added to rate of interest by the Principal Amount shall be automatically evidenced actual number of days in the calendar year of calculation and dividing it by this Notethe number of days in the deemed year.

Appears in 2 contracts

Sources: Indenture (Videotron Ltee), Indenture (Quebecor Media Inc)

Interest. (a) Commencing on Videotron Ltd., a corporation under the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary laws of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Québec (the “Interest RateCompany”), promises to pay interest (as defined in the Indenture) on the principal amount of this Note at 5.625% per annum until maturity. Interest The Company shall be payable monthly pay interest semi-annually in arrears in equal installments (except as noted below) on April 15 and October 15 of each year, or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). (b) All . Interest on the Notes shall accrue from the most recent date to which interest on this Note shall be has been paid in cashor, if no interest has been paid, from the date of issuance; provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on any the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date during the term of this Noteshall be October 15, the Issuer 2013. The Company shall have the option pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1% per annum in excess of ten percent the interest rate then in effect under the Indenture and this Note; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either on overdue installments of interest (i) in cash or (ii) by capitalizing such interest and adding it without regard to any applicable grace periods), from time to time on demand at the same rate to the then outstanding principal amount extent lawful. In the case of this Note the first interest period (“PIK Interest”from the Issue Date, which is June 17, 2013, until the first interest payment date, which is October 15, 2013), it being understood and agreed that, unless interest will be calculated on the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion basis of the entire interest due on such Interest Payment actual number of days elapsed from the Issue Date as PIK Interestto (but excluding) October 15, 2013 divided by 365. In addition, in the Issuer shall be deemed to have elected to pay all case of the final interest in cashperiod, if applicable (from April 15, 2025 to June 15, 2025), interest will be calculated on the basis of the actual number of days elapsed from April 15, 2025 to (but excluding) June 15, 2025 divided by 365. Interest In the case of any other interest period that is shorter than a full semi-annual interest period due to redemption, interest will be calculated on this Note shall be computed based on the basis of a 360365-day year and the actual number of twelve 30-day months days elapsed from (and all PIK including) the date of the previous interest payment to (but excluding) the interest payment date for such interest period. For the purposes of the Interest Act (Canada), whenever interest is computed on this Note will be compounded quarterly on a basis of a year (the last day “deemed year”) which contains fewer days than the actual number of each quarter (eachdays in the calendar year of calculation, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest such rate of interest shall be treated expressed as Principal Amount a yearly rate for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all Interest Act (Canada) by multiplying such PIK Interest so added to rate of interest by the Principal Amount shall be automatically evidenced actual number of days in the calendar year of calculation and dividing it by this Notethe number of days in the deemed year.

Appears in 2 contracts

Sources: Indenture (Quebecor Media Inc), Indenture (Videotron Ltee)

Interest. Ventas Realty, Limited Partnership and Ventas Capital Corporation (a) Commencing collectively, the "Issuers"), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at ___% per annum from ________________, 2002 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 4 of the Registration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, if any, semi-annually in arrears on ___________ and ___________ of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be _____________, 200__. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; the Issuers will pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Ventas Inc), Indenture (Ventas Inc)

Interest. The Issuers promise to pay interest on the principal amount of this Note in accordance with the following terms: (a) Commencing on the Issue Dateduring such time that any Refinanced Debt is outstanding, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary shall accrue interest (the “Refinance Term Interest”) at the aggregate rate of 5% plus the highest regular interest rate payable on such Refinanced Debt, provided that in any event, the Refinance Term Interest Rate”)shall not be lower than 10% per annum. During the period when Refinance Term Interest is accruing on this Note, such Refinance Term Interest shall be payable monthly 50% in arrears cash, payable quarterly in arrears, and 50% as PIK Interest, compounded quarterly in arrears. By way of example, if the Refinanced Debt has a per annum interest rate of 7%, the per annum interest rate of this Note shall be 12% and shall be payable 6% in cash and 6% in PIK Interest; and (b) during such time that no Refinanced Debt is outstanding, this Note shall accrue cash interest at the rate of 10% per annum, payable quarterly in arrears, until maturity. The Issuers will pay interest quarterly on January 1, April 1, July 1, and October 1 each year, or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). . Interest on the Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be April 1, 2010. The Issuers shall pay interest (bincluding post-petition interest in any proceeding under any Bankruptcy Law) All during any period in which an Event of Default has occurred and is continuing (including any interest on this Note overdue principal, Redemption Price and Purchase Price and on overdue installments of interest (without regard to any applicable grace period)) at the rate equal to 2% per annum in excess of the then applicable interest rate on the Notes to the extent lawful, which excess rate shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Morris Publishing Group LLC), Indenture (Morris Publishing Group LLC)

Interest. (a) Commencing on the Issue DateCompressco Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.P., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Compressco Finance Inc., a Delaware corporation (together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 7.25% per annum until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Liquidated Damages, if any, semi-annually in arrears on the last calendar day February 15 and August 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be , the Issuer shall have the option . The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it equal to the then outstanding principal amount applicable interest rate on the Notes; they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note interest and Liquidated Damages, if any (“PIK Interest”without regard to any applicable grace periods), it being understood and agreed that, unless from time to time on demand at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 2 contracts

Sources: Indenture (Tetra Technologies Inc), Indenture (Compressco Partners, L.P.)

Interest. ▇▇▇▇▇▇ American Corp., a Delaware corporation (a) Commencing the "Company"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”)at 11 3/4% per annum from ________________, it being understood 20__ until maturity and agreed thatshall pay the Liquidated Damages, unless the Issuer shall notify the Holder at least two Business Days prior if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on June 15 and December 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be _____________, 20__. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect to the extent lawful; it will pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 2 contracts

Sources: Indenture (M & F Worldwide Corp), Indenture (M & F Worldwide Corp)

Interest. (a) Commencing on the Issue DateLegacy Reserves LP, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Legacy Reserves Finance Corporation, a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 6.625% per annum from May 28, 2013 until maturity and shall pay the Additional Interest payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on June 1 and December 1of each year, commencing December 1, 2013, or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate equal to the interest rate on the Notes then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Legacy Reserves Inc.), Indenture (Legacy Reserves Lp)

Interest. (a) Commencing The Company promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at a rate of twelve percent (“PIK Interest”12%) per annum (the "Interest Rate") commencing on the date hereof. The Company will pay interest semi-annually in arrears on August 15, 2002 and February 15 of each year or, if any such day is not a Business Day, on the next succeeding Business Day (the "Interest Payment Date"), it being understood commencing August 15. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, however, that if there is no existing -------- ------- Default in the payment of interest, and agreed thatif this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date. Interest shall accrue with respect to principal on this Note to, but not including the Issuer shall notify the Holder at least two Business Days prior date of repayment of such principal; provided, however, that if -------- ------- payment to the Interest Payment Date that it intends to treat some portion of the entire Paying Agent occurs after 10:00 a.m., New York City time, interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all accrue until the following Business Day. On each Interest Payment Date, interest on the Notes will be paid for the immediately preceding accrual period. Any accrued and unpaid interest outstanding on the Maturity Date shall be paid on the Maturity Date concurrently with payment of the Principal. To the extent lawful, the Company shall pay interest (including post-petition interest in cashany proceeding under any Bankruptcy Law) on (i) overdue Principal, if any, at a rate equal to the sum of the Interest Rate and an additional two percent (2%) per annum (such sum being referred to herein as the "Default Rate"), compounded semiannually; and (ii) overdue installments of interest, if any (without regard to any applicable grace period) at the Default Rate, compounded semiannually. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Cellstar Corp), Indenture (Cellstar Corp)

Interest. (a) Commencing on the Issue DateCPM Holdings, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateInc., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware corporation (the “Interest RateCompany”), promises to pay interest on the principal amount of this Note at 10⅝% per annum from ________________, 20__ until maturity and shall pay the Special Interest, if any, payable pursuant to Section 4 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Company will pay interest and Special Interest, if any, semi-annually in arrears on the last calendar day March 1 and September 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be _____________, the Issuer shall have the option 20_. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 2% per annum in excess of ten percent the rate then in effect to the extent lawful; it will pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either (i) in cash or (ii) by capitalizing such on overdue installments of interest and adding it Special Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 2 contracts

Sources: Indenture (CPM Holdings, Inc.), Indenture (CPM Holdings, Inc.)

Interest. (a) Commencing The Company promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 8 1/8% per annum from March 4, 2003 until maturity. The Company will pay interest semiannually on March 1 and September 1 of each year (“PIK Interest”each an "Interest Payment Date"), it being understood and agreed thator if any such day is not a Business Day, unless on the Issuer shall notify the Holder at least two next succeeding Business Days prior Day, to the holder of record at the close of business on February 15 or August 15 immediately preceding such Interest Payment Date. Interest on the Notes will accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from March 4, 2003; provided that it intends if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to treat some portion of on the entire face hereof and the next succeeding Interest Payment Date, interest due on shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date as PIK Interestshall be September 1, 2003. Further, the Issuer Company shall be deemed pay interest on overdue principal and premium, if any, from time to have elected time on demand at a rate equal to pay all of the interest rate then in casheffect; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on months. [The Holder of this Note is entitled to the benefits of a registration rights agreement, dated as of March 4, 2003, between the Company and the Initial Purchasers named therein (the "Registration Rights Agreement"). In the event that a Registration Default (as defined in the Registration Rights Agreement) occurs, liquidated damages ("Liquidated Damages") will accrue on the affected Transfer Restricted Notes and the affected Private Exchange Notes, as applicable. The rate of Liquidated Damages will be compounded quarterly on $0.05 per week per $1,000 principal amount of Transfer Restricted Notes and affected Private Exchange Notes held by such Holder for the last first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional $0.05 per week per $1,000 principal amount of Transfer Restricted Notes and affected Private Exchange Notes with respect to each quarter (each, subsequent 90-day period thereafter up to a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount maximum amount of Liquidated Damages for all purposes under this Note Registration Defaults of $0.50 per week per $1,000 principal amount of Transfer Restricted Notes and affected Exchange Notes, from and including the Note Purchase Agreement date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which all Transfer Restricted Notes and shall bear interest in accordance with this Section 2.02. The obligation Private Exchange Notes otherwise become freely transferrable by Holders other than affiliates of the Issuer to pay all such PIK Interest so added to Company without further registration under the Principal Amount shall be automatically evidenced by this NoteSecurities Act.]**

Appears in 2 contracts

Sources: Indenture (Northwest Pipeline Corp), Indenture (Williams Companies Inc)

Interest. CEMEX Finance LLC, a Delaware limited liability company (atogether with its successors and assigns, the “Issuer”) Commencing promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at the rate per annum shown above. The Issuer will pay interest semiannually in arrears on each Interest Payment Date of each year commencing June 14, 2010; provided that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from December 14, 2009; provided that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after December 14, 2009), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from December 14, 2009. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“PIK Defaulted Interest”), it being understood and agreed thatwithout regard to any applicable grace period, unless at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note months. All payments made by the Issuer in respect of the Notes will be compounded quarterly made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied by or on behalf of any Taxing Authority, unless such withholding or deduction is required by law or by the last day of interpretation or administration thereof. In that event, the Issuer will pay to each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation Holder of the Issuer to pay all such PIK Interest so added Notes Additional Amounts as provided in the Indenture subject to the Principal Amount shall be automatically evidenced by this Notelimitations set forth in the Indenture.

Appears in 2 contracts

Sources: Indenture (Cemex Sab De Cv), Indenture (Cemex Sab De Cv)

Interest. Targa Resources Partners LP, a Delaware limited partnership (a) Commencing “Targa Resources Partners”), and Targa Resources Partners Finance Corporation, a Delaware corporation (“Finance Corp.” and, together with Targa Resources Partners, the “Issuers”), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at 5.125% per annum from October 6, 2016 until maturity and shall pay the Issue Date up Liquidated Damages, if any, payable pursuant to (but not including) the fourth (4th) anniversary Section 4 of the Issue DateRegistration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, at a rate of fifteen percent (15.00%) per annumif any, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly semi-annually in arrears on the last calendar day February 1 and August 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be February 1, 2017. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate then in effect to the extent lawful; and they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Targa Resources Partners LP), Indenture (Targa Resources Corp.)

Interest. Targa Resources Partners LP, a Delaware limited partnership (a) Commencing “Targa Resources Partners”), and Targa Resources Partners Finance Corporation, a Delaware corporation (“Finance Corp.” and, together with Targa Resources Partners, the “Issuers”), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at 5.375% per annum from October 6, 2016 until maturity and shall pay the Issue Date up Liquidated Damages, if any, payable pursuant to (but not including) the fourth (4th) anniversary Section 4 of the Issue DateRegistration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, at a rate of fifteen percent (15.00%) per annumif any, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly semi-annually in arrears on the last calendar day February 1 and August 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be February 1, 2017. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate then in effect to the extent lawful; and they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Targa Resources Partners LP), Indenture (Targa Resources Corp.)

Interest. Trinity Industries, Inc., a Delaware corporation (a) Commencing such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”)Security at the rate of 3 7 / 8 % per annum. The Company will pay interest semiannually on June 1 and December 1 of each year commencing December 1, it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash2006. Interest on this Note shall the Securities will accrue from the most recent date to which interest has been paid on the Securities or, if no interest has been paid, from June 7, 2006. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. Interest on this Note Securities converted after the close of business on a Regular Record Date, but prior to the opening of business on the corresponding interest payment date, will be compounded quarterly paid to the Holder on the last day Regular Record Date but, upon conversion, the Holder must pay the Company the interest which has accrued and will be paid to the Holder on such interest payment date. No such payment need be made with respect to Securities in respect of each quarter (each, which a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest Redemption Date has been declared that falls within such period or on such interest payment date. A Holder shall be treated as Principal Amount entitled to receive accrued and unpaid interest, including any Contingent Interest, in respect of a Security (A) if the Company calls such Security for all purposes under redemption and such Holder converts such Security on or prior to the Redemption Date, (B) if the Company establishes a Fundamental Change Purchase Date during the period from the close of business on any Regular Record Date to the opening of business on the corresponding interest payment date has been established that falls within this Note period or on such interest payment day and such Holder converts its Security prior to the Note Fundamental Change Purchase Agreement and shall bear Date, (C) if a Holder converts the Securities following the Record Date immediately preceding the Stated Maturity, or (D) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to a Security. If the principal hereof or any portion of such principal is not paid when due (whether upon acceleration, upon the date set for payment of the redemption price pursuant to paragraph 6 hereof, upon the date set for payment of a Purchase Price or Fundamental Change Purchase Price pursuant to paragraph 7 hereof or upon the Stated Maturity of this Security) or if interest (including Contingent Interest, if any) due hereon or any portion of such interest is not paid when due in accordance with this Section 2.02. The obligation paragraph, then in each such case the overdue amount shall bear interest at the rate of the Issuer to pay all such PIK Interest so added 3 7 / 8 % per annum, compounded semiannually (to the Principal Amount extent that the payment of such interest shall be automatically evidenced by this Notelegally enforceable), which interest shall accrue from the date such overdue amount was due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable on demand.

Appears in 2 contracts

Sources: Indenture (Trinity Industries Inc), Indenture (Trinity Industries Inc)

Interest. ICON Health & Fitness, Inc., a Delaware corporation (a) Commencing the "Company"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 11.25% per annum from April 9, 2002 until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on July 1 and January 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be July 1, 2002. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it will pay interest due (including post-petition interest in any proceeding under any Bankruptcy Law) on such Interest Payment Date as PIK overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the Issuer shall be deemed same rate to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 2 contracts

Sources: Indenture (Icon Health & Fitness Inc), Indenture (Icon Health & Fitness Inc)

Interest. (a) Commencing Beginning on the Issue issuance date of this Note (the “Issuance Date”), interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal balance of this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Dateshall bear interest, in arrears, at a rate of fifteen per annum equal to ten percent (15.0010%) per annum), with such rate to increase by one percent (1.00%) per annum beginning payable quarterly on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day October 1, January 1, April 1 and July 1 of each month year (each, an “Interest Payment Date”). (b) All interest , commencing April 1, 2009, and on this Note the Maturity Date. Interest shall be paid payable at the option of the Maker in cash(A) cash or (B) in registered shares of the Maker’s common stock, par value $0.001 per share (the “Common Stock”); provided, that on any however, (i) payment of interest in shares of Common Stock may only occur if during the 20 Trading Days immediately prior to the applicable Interest Payment Date during and through and including the term date such shares of this NoteCommon Stock are issued to the Holder all of the Equity Conditions, unless waived by the Issuer Holder in writing, have been met and the Maker shall have given the option Holder notice in accordance with the notice requirements set forth below, and (ii) as to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at Date, on or prior to such Interest Payment Date, the rate in excess Maker shall have delivered to the Holder’s account with The Depository Trust Company a number of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing shares of Common Stock to be applied against such interest and adding it payment equal to the then outstanding principal amount quotient of this Note (“PIK Interest”), it being understood and agreed that, unless x) the Issuer shall notify applicable interest payment divided by (y) 90% of the Holder at least two Business average VWAP for the five (5) Trading Days prior to immediately preceding the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashDate. Interest on this Note shall be computed based on the basis of a 360-day year of twelve (12) 30-day months months, shall compound monthly and all PIK Interest on this Note will be compounded quarterly shall accrue commencing on the last day Issuance Date. Furthermore, upon the occurrence of each quarter an Event of Default (eachas defined in Section 2.1 hereof), the Maker will pay interest to the Holder, payable on demand, on the outstanding principal balance of and unpaid interest on the Note from the date of the Event of Default until such Event of Default is cured at the rate of the lesser of eighteen percent (18%) and the maximum applicable legal rate per annum. Notwithstanding the above, the Maker may not issue a number of shares of Common Stock in excess of the Maximum Monthly Interest Share Amount toward the payment of Interest, as to all outstanding Series A Notes and Series B Notes, in the aggregate, during any rolling twenty (20) Trading Day period. For purposes hereof, PIK Maximum Monthly Interest Share Amount” means 20% of the aggregate dollar trading volume (as reported on Bloomberg) of the Common Stock on the principal Trading Market over the twenty (20) consecutive Trading Day period immediately prior to the applicable Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Senior Secured Convertible Promissory Note (Urigen Pharmaceuticals, Inc.), Senior Secured Convertible Promissory Note (Urigen Pharmaceuticals, Inc.)

Interest. (a) Commencing The Company promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at a rate of five percent (“PIK Interest”5%) per annum (the "Interest Rate") commencing on the date hereof. The Company will pay interest in arrears on August 15, 2002 or if such day is not a Business Day, on the next succeeding Business Day (the "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; provided, however, that if there is no -------- ------- existing Default in the payment of interest, and agreed thatif this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date. Interest shall accrue with respect to principal on this Note to, but not including the Issuer shall notify the Holder at least two Business Days prior date of repayment of such principal; provided, however, -------- ------- that if payment to the Interest Payment Date that it intends to treat some portion of the entire Paying Agent occurs after 10:00 a.m., New York City time, interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all accrue until the following Business Day. On each Interest Payment Date, interest on the Notes will be paid for the immediately preceding accrual period. Any accrued and unpaid interest outstanding on the Maturity Date shall be paid on the Maturity Date concurrently with payment of the Principal. To the extent lawful, the Company shall pay interest (including post-petition interest in cashany proceeding under any Bankruptcy Law) on (i) overdue Principal, if any, at a rate equal to the sum of the Interest Rate and an additional two percent (2%) per annum (such sum being referred to herein as the "Default Rate"), compounded semiannually; and (ii) overdue installments of interest, if any (without regard to any applicable grace period) at the Default Rate, compounded semiannually. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Cellstar Corp), Indenture (Cellstar Corp)

Interest. (a) Commencing The Company promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at 91/2% per annum from the Issue Date up to (but not including) date hereof until maturity [and shall pay Additional Interest, if any, as provided in the fourth (4th) anniversary of the Issue DateRegistration Rights Agreement, at a rate of fifteen percent (15.00%) per annumdated January 20, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest 2011+ referred below].* The Company shall be payable monthly pay interest [and Additional Interest, if any,] semi-annually in arrears on the last calendar day February 15th and August 15th of each month year (each, each an “Interest Payment Date”). . Interest on the Notes shall accrue from the most recent date to which interest has been paid on the Notes (bor one or more Predecessor Notes) All or, if no interest on has been paid, from the date of original issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be [August 15, the Issuer 2011]:. The Company shall have the option pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay a portion of the accrued and unpaid interest time on this Note on such Interest Payment Date that has accrued demand at the rate borne by the Notes; it shall pay interest (including post-petition interest in excess any proceeding under any Bankruptcy Law) on overdue installments of ten percent interest [and Additional Interest] (10.00%without regard to any applicable grace periods) per annum either (i) in cash or (ii) by capitalizing such interest and adding it from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. If an Interest on this Note will Payment Date is not a Business Day, payment may be compounded quarterly made on the last next succeeding day of each quarter (eachthat is a Business Day, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest and no interest shall be treated as Principal Amount accrue on such payment for all purposes under this the intervening period. [This Exchange Note and was issued in connection with the Note Purchase Agreement and shall bear interest Exchange Offer pursuant to which the 9½% Senior Notes due 2019 in accordance with this Section 2.02like principal amount were exchanged for Exchange Notes. The obligation Exchange Notes rank pari passu in right of payment with the Issuer to pay all such PIK Initial Notes. For any period in which the Initial Note exchanged for this Exchange Note was outstanding, Additional Interest so added to may be due and owing on the Principal Amount shall be automatically evidenced by this NoteInitial Note in connection with the Registration Rights Agreement.]**

Appears in 2 contracts

Sources: Indenture (Laredo Petroleum Holdings, Inc.), Indenture (Laredo Petroleum, Inc.)

Interest. (a) Commencing on the Issue DateEclipse Resources I, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateLP, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), promises to pay or cause to be paid interest on the principal amount of this Security at the rate of 12.0% per annum in the case of cash interest (“Cash Interest”) and 13.0% per annum in the case of PIK Interest from June 26, 2013 until maturity. Interest shall be payable monthly The Company will pay interest, if any, semi-annually in arrears on the last calendar day January 15 and July 15 of each month year (each, an “Interest Payment Date”). (b) All interest , or if any such day is not a Business Day, on this Note shall be paid in cashthe next succeeding Business Day; provided, that no interest shall accrue for the intervening period. Interest on any the Securities will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from the date of original issuance; provided that, if this Security is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date during shall be January 15, 2014. At the term of this NoteCompany’s option, for the Issuer shall have first two semi-annual interest payments following the option to pay a portion of Issue Date, interest will be payable by increasing the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note the outstanding Global Securities or by issuing PIK Securities (“PIK Interest”). At the Company’s option, it being understood for the subsequent four semi-annual interest payments thereafter, interest will be payable in the form of 6.0% per annum in cash and agreed that7.0% per annum in PIK Interest. Thereafter, unless interest can only be paid as Cash Interest. In the Issuer absence of an interest payment election made by the Company as set forth above, interest on the Securities shall notify the Holder at least two Business Days prior be payable as Cash Interest only. Notwithstanding anything to the contrary, the payment of accrued interest in connection with any redemption or purchase of the Securities, as described in Sections 3.05, 4.07, 4.09 and 4.18 of the Indenture shall be made solely as Cash Interest only. At all times, PIK Interest on the Securities will be payable (x) with respect to Securities represented by one or more Global Securities registered in the name of, or held by, The Depository Trust Company (“DTC”) or its nominee on the relevant record date, by increasing the principal amount of the outstanding Global Security by an amount equal to the amount of PIK Interest payable for the applicable interest period (rounded down to the nearest whole dollar) as provided in an Authentication Order from the Company to the Trustee and (y) with respect to Securities represented by Definitive Securities, by issuing PIK Securities in certificated form in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded down to the nearest whole dollar), and the Trustee will, at the request of the Company, authenticate and deliver such PIK Securities for original issuance to the Holders on the relevant record date, as shown by the records of the register of Holders. Following an increase in the principal amount of the outstanding Global Securities as a result of a PIK Payment, the Securities will bear interest on such increased principal amount from and after the date of such PIK Payment. Any PIK Securities will be dated as of the applicable Interest Payment Date that it intends and will bear interest from and after such date. All Securities issued pursuant to treat some portion of a PIK Payment will mature on July 15, 2018 and will be governed by, and subject to the entire interest due on such Interest Payment Date as PIK Interestterms, provisions and conditions of, the Issuer Indenture and shall have the same rights and benefits as the Securities issued on the Issue Date. Any PIK Securities will be deemed to have elected to pay all issued with the description “PIK” on the face of the interest in cashsuch PIK Security. Interest on this Note shall will be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Eclipse Resources Corp), Indenture (Eclipse Resources Corp)

Interest. CEMEX Finance LLC, a Delaware limited liability company (a) Commencing together with its successors and assigns, the “Issuer”), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at the rate per annum shown above. The Issuer will pay interest semiannually in arrears on each Interest Payment Date of each year commencing October 1, 2014; provided, that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from April 1, 2014; provided, that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after April 1, 2014), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from April 1, 2014. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“PIK Defaulted Interest”), it being understood and agreed thatwithout regard to any applicable grace period, unless at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest months. Each interest period shall end on this Note (but not include) the relevant interest payment date. All payments made by the Issuer in respect of the Notes will be compounded quarterly made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied by or on behalf of any Taxing Jurisdiction, unless such withholding or deduction is required by law or by the last day of interpretation or administration thereof. In that event, the Issuer will pay to each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation Holder of the Issuer to pay all such PIK Interest so added Notes Additional Amounts as provided in the Indenture subject to the Principal Amount shall be automatically evidenced by this Notelimitations set forth in the Indenture.

Appears in 2 contracts

Sources: Indenture (Cemex Sab De Cv), Indenture (Cemex Sab De Cv)

Interest. The Musicland Group, Inc., a Delaware corporation, or its successor (a) Commencing the "COMPANY"), promises to pay interest on the Issue principal amount of this Senior Subordinated Note at the rate of 9_% per annum and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, in United States dollars (except as otherwise provided herein) semi-annually in arrears on March 15 and September 15, commencing on September 15, 1998, or if any such day is not a Business Day, on the next succeeding Business Day (each an "INTEREST PAYMENT DATE"). Interest on the Senior Subordinated Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; PROVIDED that if there is no existing Default or Event of Default in the payment of interest, and if this Senior Subordinated Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the ------------------------------ 1 These paragraphs should be payable removed upon the exchange of Regulation S Temporary Global Notes for Regulation S Permanent Global Notes pursuant to the Indenture. original issuance of Senior Subordinated Notes, in which case interest shall accrue from the date of authentication. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the outstanding Principal Amount Senior Subordinated Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and all overdue amounts under this Note from Liquidated Damages (without regard to any applicable grace period) at the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such same rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”)extent lawful. Interest shall be payable monthly in arrears computed on the last calendar day basis of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall be computed based on a 360-day year comprised of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Musicland Stores Corp), Indenture (Musicland Group Inc /De)

Interest. (a) Commencing on Each Debenture shall bear interest at the Issue Date, interest shall be payable on rate of _____% per annum (the outstanding Principal Amount and all overdue amounts under this Note "Coupon Rate") from the Issue Date up original date of issuance until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (but not includingsubject to the provisions of Article IV) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly quarterly in arrears on the last calendar day March 31, June 30, September 30, and December 31 of each month year (each, an "Interest Payment Date," commencing on ________________, 1999), to the Person in whose name such Debenture or any Predecessor Debenture is registered, at the close of business on the regular record date for such interest installment, which shall be the fifteenth day of the last month of the calendar quarter. (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal The amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note payable for any period shall be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will months. The amount of interest payable for any period shorter than a full quarterly period for which interest is computed shall be compounded quarterly computed on the last basis of the number of days elapsed in a 360- day year of each quarter twelve 30-day months. In the event that any date on which interest is payable on the Debentures is not a Business Day, then payment of interest payable on such date shall be made on the next succeeding day which is a Business Day (each, a “PIK Interest Payment Date”)and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date such payment was originally payable. (c) Amounts representing PIK Interest If, at any time while the Property Trustee is the holder of any Debentures, the Trust or the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any case, the Company shall pay as additional interest ("Additional Interest") on the Debentures held by the Property Trustee, such additional amounts as shall be treated as Principal Amount for all purposes under this Note required so that the net amounts received and retained by the Trust and the Note Purchase Agreement and Property Trustee after paying such taxes, duties, assessments or other governmental charges shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added be equal to the Principal Amount shall be automatically evidenced by this Noteamounts the Trust and the Property Trustee would have received had no such taxes, duties, assessments or other government charges been imposed.

Appears in 2 contracts

Sources: Indenture (Matrix Bancorp Capital Trust I), Indenture (Matrix Bancorp Capital Trust I)

Interest. (a) Commencing The Company promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at 9½% per annum from the Issue Date up to (but not including) date hereof until maturity [and shall pay Additional Interest, if any, as provided in the fourth (4th) anniversary of the Issue DateRegistration Rights Agreement, at a rate of fifteen percent (15.00%) per annumdated January 20, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest 2011+ referred below].* The Company shall be payable monthly pay interest [and Additional Interest, if any,] semi-annually in arrears on the last calendar day February 15th and August 15th of each month year (each, each an “Interest Payment Date”). . Interest on the Notes shall accrue from the most recent date to which interest has been paid on the Notes (bor one or more Predecessor Notes) All or, if no interest on has been paid, from the date of original issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be [August 15, the Issuer 2011]:. The Company shall have the option pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay a portion of the accrued and unpaid interest time on this Note on such Interest Payment Date that has accrued demand at the rate borne by the Notes; it shall pay interest (including post-petition interest in excess any proceeding under any Bankruptcy Law) on overdue installments of ten percent interest [and Additional Interest] (10.00%without regard to any applicable grace periods) per annum either (i) in cash or (ii) by capitalizing such interest and adding it from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. If an Interest on this Note will Payment Date is not a Business Day, payment may be compounded quarterly made on the last next succeeding day of each quarter (eachthat is a Business Day, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest and no interest shall be treated as Principal Amount accrue on such payment for all purposes under this the intervening period. [This Exchange Note and was issued in connection with the Note Purchase Agreement and shall bear interest Exchange Offer pursuant to which the 9½% Senior Notes due 2019 in accordance with this Section 2.02like principal amount were exchanged for Exchange Notes. The obligation Exchange Notes rank pari passu in right of payment with the Issuer to pay all such PIK Initial Notes. For any period in which the Initial Note exchanged for this Exchange Note was outstanding, Additional Interest so added to may be due and owing on the Principal Amount shall be automatically evidenced by this NoteInitial Note in connection with the Registration Rights Agreement.]**

Appears in 2 contracts

Sources: Indenture (Laredo Petroleum Holdings, Inc.), Indenture (Laredo Petroleum, Inc.)

Interest. APCOA/Standard Parking, Inc., a Delaware corporation (a) Commencing the "Company"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 14% per annum from January 11, 2002 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 7 of the Registration Rights Agreement referred to below. Interest in the amount of 10% per annum will be paid in cash, and interest in the amount of 4% per annum will be paid in additional Notes (the "PIK Interest”Notes"). The Company will pay interest and Liquidated Damages, it being understood if any, semi-annually in arrears on June 15 and agreed thatDecember 15 of each year, unless or if any such day is not a Business Day, on the Issuer next succeeding Business Day (each, an " Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of such Notes issuance; PROVIDED that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall notify accrue from such next succeeding Interest Payment Date; PROVIDED, FURTHER, that the Holder at least two Business Days prior to the first Interest Payment Date shall be June 15, 2002. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it will pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all months. PIK Interest on this Note Notes will be compounded quarterly issued in denominations of $100.00 principal amount and integral multiples thereof. The amount of PIK Notes issued to any Holder will be rounded down to the nearest $100.00 with any fractional amount paid to such Holder in cash. PIK Notes will bear interest (including interest paid on the last day date of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation maturity of the Issuer Notes) and Liquidated Damages, if any, in a manner identical to all other Notes issued under the Indenture. On the maturity date the Company will pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteHolder 105% of the principal amount hereof, plus interest and Liquidated Damages, if any, then due.

Appears in 2 contracts

Sources: Indenture (Ap Holdings Inc), Indenture (Apcoa Standard Parking Inc /De/)

Interest. Ryerson, Inc., a Delaware corporation, or its successor (a) Commencing together, “Ryerson”), and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ & Son, Inc., a Delaware corporation, or its successor (together, “Co-Issuer” and, together with Ryerson, the “Issuers”), jointly and severally, promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note from the Issue Date up to (but not including“Notes”) the fourth (4th) anniversary of the Issue Date, at a fixed rate of fifteen percent (15.00%) 9% per annum, with such rate to increase by one percent . The Issuers will pay interest in United States dollars (1.00%except as otherwise provided herein) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly semiannually in arrears on April 15 and October 15, commencing on April 15, 2013 or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). (b) All . Interest on the Notes shall accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from and including October 10, 2012; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note shall be paid in cash; provided, that is authenticated between a record date referred to on any the face hereof and the next succeeding Interest Payment Date during (but after October 10, 2012), interest shall accrue from such next succeeding Interest Payment Date, except in the term of this Note, the Issuer shall have the option to pay a portion case of the accrued and unpaid original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on this Note on such Interest Payment Date that has accrued overdue principal at the rate equal to 1% per annum in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such the then applicable interest and adding it rate on the Notes to the then outstanding principal amount extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note interest (“PIK Interest”), it being understood and agreed that, unless without regard to any applicable grace period) at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly months. The interest rate on the last day Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of each quarter (each, a “PIK Interest Payment Date”)general application. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Ryerson Holding Corp), Indenture (Ryerson International Material Management Services, Inc.)

Interest. (a) Commencing on the Issue DateTV One, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateLLC, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited liability Company (the “Interest RateCompany”), TV One Capital Corp., a Delaware corporation (“Capital Corp.”, and together with the Company, the “Issuers”), promise to pay or cause to be paid interest on the principal amount of this Note at 10.00% per annum. Interest shall be payable The Issuers will pay interest, if any, monthly in arrears on the last calendar fifteenth (15th) day of each month of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, a “Monthly Interest Payment Date”); provided that the Issuers may make a one-time election (a “Semiannual Interest Payment Election”) to pay interest, if any, semiannually in arrears on the six-month anniversaries of the Monthly Interest Payment Date immediately preceding the date of the Semiannual Interest Payment Election, or if any such day is not a Business Day, on the next succeeding Business Day (each, a “Semiannual Interest Payment Date” and together with a Monthly Interest Payment Date, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date on which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during shall be March 15, 2011. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 1% higher than the term then applicable interest rate on the Notes to the extent lawful; they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Noteinterest, if any (without regard to any applicable grace period), at a rate that is 1% higher than the Issuer shall have then applicable interest rate on the option Notes to pay the extent lawful. The Issuers may make a portion one-time Semiannual Interest Payment Election at any time prior to the beginning of the accrued and unpaid interest on this Note on such Interest Payment Date period that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it begins immediately prior to the then outstanding principal amount Stated Maturity of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior by delivering a written notice to the Interest Payment Date that it intends to treat some portion of Trustee and the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashHolders. Interest on this Note shall will be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Radio One, Inc.), Indenture (Radio One, Inc.)

Interest. (a) Commencing on the Issue DateLegacy Reserves LP, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Legacy Reserves Finance Corporation, a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 6.625% per annum from May 28, 2013 until maturity and shall pay the Additional Interest payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day June 1 and December 1 of each month year, commencing December 1, 2013, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate equal to the interest rate on the Notes then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Legacy Reserves Inc.), Indenture (Legacy Reserves Lp)

Interest. (a) Commencing on Videotron Ltd., a corporation under the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary laws of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Québec (the “Interest RateCompany”), promises to pay interest (as defined in the Indenture) on the principal amount of this Note at 4.50% per annum until maturity. Interest The Company shall be payable monthly pay interest semi-annually in arrears in equal installments (except as noted below) on April 15 and October 15 of each year, or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). (b) All . Interest on the Notes shall accrue from the most recent date to which interest on this Note shall be has been paid in cashor, if no interest has been paid, from the date of issuance; provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on any the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date during the term of this Noteshall be April 15, the Issuer 2020. The Company shall have the option pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1% per annum in excess of ten percent the interest rate then in effect under the Indenture and this Note; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either on overdue installments of interest (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. In the case of (i) in cash or the first interest period (from October 8, 2019 to April 15, 2020), interest will be calculated on the basis of the actual number of days elapsed from October 8, 2019 to (but excluding) April 15, 2020 divided by 365, and (ii) by capitalizing such the final interest and adding it period, if applicable (from October 15, 2029 to the then outstanding principal amount of this Note (“PIK Interest”January 15, 2030), it being understood and agreed that, unless interest will be calculated on the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion basis of the entire actual number of days elapsed from October 15, 2029 to (but excluding) January 15, 2030 divided by 365. In the case of any other interest period that is shorter than a full semi-annual interest period due to redemption, interest will be calculated on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all basis of the interest in cash. Interest on this Note shall be computed based on a 360365-day year and the actual number of twelve 30-day months days elapsed from (and all PIK including) the date of the previous interest payment to (but excluding) the interest payment date for such interest period. For the purposes of the Interest Act (Canada), whenever interest is computed on this Note will be compounded quarterly on a basis of a year (the last day “deemed year”) which contains fewer days than the actual number of each quarter (eachdays in the calendar year of calculation, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest such rate of interest shall be treated expressed as Principal Amount a yearly rate for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all Interest Act (Canada) by multiplying such PIK Interest so added to rate of interest by the Principal Amount shall be automatically evidenced actual number of days in the calendar year of calculation and dividing it by this Notethe number of days in the deemed year.

Appears in 2 contracts

Sources: Indenture (Quebecor Media Inc), Indenture (Videotron Ltee)

Interest. (a) Commencing on the Issue DateInnophos, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateInc., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware corporation (the “Interest RateCompany”), promises to pay interest on the principal amount of this Note at 8.875% per annum from , 20 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on the last calendar day August 15 and February 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be , the Issuer shall have the option 20 . The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1% per annum in excess of ten percent the rate then in effect to the extent lawful; it will pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either (i) in cash or (ii) by capitalizing such on overdue installments of interest and adding it Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 2 contracts

Sources: Indenture (Innophos, Inc.), Indenture (Innophos Investment Holdings, Inc.)

Interest. (a) Commencing on the Issue DateConsolidated Container Company LLC, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited liability company (the “Interest RateCompany”) and Consolidated Container Capital, Inc., a Delaware corporation (“Capital,” and together with the Company, the “Issuers”). Interest shall be payable monthly in arrears , promises to pay interest on the last calendar day principal amount at maturity of this Note at 10¾% per annum. Unless the Issuers elect to pay cash interest as described below, prior to June 15, 2007, principal on this Note will accrete in the form of an increase in the Accreted Value of the Note compounded semiannually on each month June 15 and December 15 (each, each an “Interest Payment Date”)) commencing June 15, 2004, to an aggregate principal amount of $1,000 per Note at June 15, 2007. Commencing on June 15, 2007, cash interest on the Notes will accrue at the rate of 10¾% per annum and will be payable in cash semiannually on each Interest Payment Date, commencing on December 15, 2007, to holders of record on the immediately preceding June 1 and December 1, respectively. (b) All Notwithstanding the foregoing, the Issuers may irrevocably elect to commence accruing cash interest on this Note shall the Notes before June 15, 2007. If the Issuers do elect to begin accruing and paying cash interest, such election must be paid in cash; provided, that made and declared on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to before the Interest Payment Date that it intends (the “Cash Election Date”) preceding the first cash interest payment. From and after the Cash Election Date, (i) the Issuers will be obligated to treat some portion pay cash interest on each subsequent Interest Payment Date, (ii) the principal amount of the entire Notes will cease to accrete, and cash interest due shall begin to accrue, after the Cash Election Date and (iii) the outstanding principal amount at maturity of each Note will be equal to the Accreted Value of such Note as of the Cash Election Date. (c) Except as otherwise described in the subparagraphs (a) and (b) of this Paragraph 1, cash interest on such the Notes will accrue from the most recent date to which interest has been paid or, if no cash interest on the Notes has been paid prior to June 15, 2007, from and including June 15, 2007; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date as PIK InterestDate, interest shall accrue from such next succeeding Interest Payment Date. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time at a rate that is equal to the Issuer rate then in effect on the Notes pursuant to Section 2.12 of this Indenture. The Issuers shall be deemed pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to have elected any applicable grace periods) from time to pay all time at the same rate to the extent lawful on the Notes pursuant to Section 2.12 of the interest in cashIndenture. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Consolidated Container Co LLC), Global Note (Consolidated Container Co LLC)

Interest. The Notes will bear interest at 7.125% per annum (a) Commencing on the Issue Date“Cash Interest Rate”), interest shall be payable on subject to the outstanding Principal Amount and all overdue amounts under this Note PIK Option as described below, as from the Issue Date up until the principal thereof is paid or made available for payment. Interest (other than PIK Interest as described below) will be payable in arrears in Dollars on each Interest Payment Date (as defined below). With respect to all or a portion of interest accrued as of as of the date prior to each Interest Payment Date occurring on or prior to the five (but not including5) the fourth (4th) year anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Date (the “PIK Option Period”), the Notes will bear interest, at the sole discretion of the Issuer and without the consent of the Holders (and without regard to any restrictions or limitations set forth under Article 4), at (i) the per annum Cash Interest RateRate payable in cash or (ii) subject to the limitations on amounts set forth below, a rate equal to the sum of the Cash Interest Rate plus the applicable premium set forth in the table below per annum payable by increasing the outstanding principal amount of the Notes or, with respect to Certificated Notes, issuing additional notes (“PIK Interest” and such payment of PIK Interest hereinafter referred to as “PIK Payment”). Interest Payment of interest shall be payable monthly in arrears occur semi-annually on the last calendar day June 26 and December 26 of each month year (together with the date of Maturity, the “Interest Payment Dates” and each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on . If any Interest Payment Date during the term of this Notefalls on a day that is not a Business Day, the Issuer shall have required payments of principal, premium, if any, and interest, if any, with respect to the option to pay a portion of Notes will be made on the accrued next succeeding Business Day as if made on the date such payment was due, and unpaid no interest will accrue on this Note on such payment for the period from and after such Interest Payment Date that has accrued at Date, as the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it case may be, to the then outstanding principal amount date of this Note (“PIK Interest”), it being understood and agreed that, unless such payment on the Issuer shall notify the Holder at least two next succeeding Business Days prior to the Day. Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all calculated on the basis of the interest in cash. Interest on this Note shall be computed based on a 360-day year consisting of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on of thirty calendar days each and, in the last day case of each quarter (eachan incomplete month, a “PIK Interest Payment Date”)the number of calendar days elapsed. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture, Indenture

Interest. (a) Commencing Each Security will bear interest at the then applicable Interest Rate for each Interest Payment Period until the principal thereof becomes due and payable, and on any overdue principal and, to the Issue Dateextent that payment of such interest is enforceable under applicable law, on any overdue installment of interest shall be at the then applicable Interest Rate ("Compound Interest"), compounded quarterly, payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly quarterly in arrears on the last calendar day February 15, May 15, August 15 and November 15 of each month year, commencing on August 15, 2004 (each, an "Interest Payment Date"), to the Person in whose name such Security or any Predecessor Security is registered at the close of business on the relevant record date, which will be the fifteenth calendar day (whether or not a Business Day) preceding the relevant Interest Payment Date, except as otherwise provided pursuant to the provisions of Section 2.12. (b) All The amount of interest on this Note shall be paid in cash; provided, that on payable for any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall Period will be computed based on the basis of a 360-day year and the actual number of twelve 30-day months and all PIK days elapsed in such Interest Payment Period. In the event that any Interest Payment Date is not a Business Day, then any interest payable on this Note such date will be compounded quarterly paid on, and such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day that such payment is delayed as a result thereof, except that, if such next Business Day is in the next succeeding calendar month, such payment shall be made on the last day preceding Business Day, in each case with the same force and effect as if made on the date such payment otherwise would have been payable; provided, however, that in the event that the Stated Maturity date or earlier redemption date is not a Business Day, then payment of each quarter principal, interest and premium (each, a “PIK Interest Payment Date”if any) payable on such date will be made on the next Business Day (and without any additional accrual of interest or other payment in respect of any such delay). (c) Amounts representing PIK Interest If, at any time while the Institutional Trustee is the Holder of any Securities, the Trust or the Institutional Trustee is required to pay any taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States, or any other taxing authority, then, in any such case, the Company will pay as additional interest ("Additional Tax Sums") on the Securities held by the Institutional Trustee such additional amounts as shall be treated as Principal Amount for required so that the net amounts received and retained by the Institutional Trustee after paying such taxes, duties, assessments or other governmental charges will be equal to the amounts the Institutional Trustee would have received had no such taxes, duties, assessments or other governmental charges been imposed. (d) All percentages resulting from any calculations on the Securities will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 7.553455% (or .07553455) being rounded to 7.55346% (or .0755346)), and all purposes under this Note dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). (e) On each Determination Date, the Calculation Agent will calculate, and will give notice in writing to the Company and the Note Purchase Agreement Paying Agent of, the applicable Interest Rate for the related Interest Payment Period and shall bear interest give such notice in accordance with this Section 2.02writing to any Holder of Securities that so requests. Absent manifest error, the Calculation Agent's determination of LIBOR and its calculation of the applicable Interest Rate for any Interest Payment Period will be final and binding. The obligation of the Issuer Company shall, from time to pay all such PIK Interest so added time, provide any necessary information to the Principal Amount shall be automatically evidenced by this NotePaying Agent relating to any original issue discount and interest on the Securities that is included in any payment and reportable for taxable income calculation purposes.

Appears in 2 contracts

Sources: Indenture (Proassurance Corp), Indenture (Proassurance Corp)

Interest. HTCC Holdco I B.V., a private limited liability company incorporated under the laws of the Netherlands Antilles (a) Commencing such company and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), for value received promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note from October 30, 2006. Each Note will bear interest at a rate per annum (the PIK InterestApplicable Rate”), it being understood and agreed thatreset quarterly, unless equal to EURIBOR, in each case, plus 8.250% as determined by the calculation agent (the “Calculation Agent”), which will initially be the Trustee, plus the Ratchet Margin (if any). Interest on the Notes will be payable (at the election of the Issuer shall notify the Holder at least two Business Days made prior to the Interest Payment Date that it intends relevant record date in the case of cash interest) either in cash or through the issuance of Additional Notes in a principal amount equal to treat some portion such interest amount (in increments of €1) quarterly in arrears on January 15, April 15, July 15, and October 15, commencing January 15, 2007. The Issuer will make each interest payment to the Holders of record of the entire Notes on the immediately preceding January 1, April 1, July 1 and October 1. The Additional Notes will be identical to the originally issued Notes, except that interest due on such Interest Payment Date as PIK Interest, will begin to accrue from the Issuer shall be deemed to have elected to pay all of date they are issued rather than the interest in cashIssue Date. Interest on this the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the Issue Date. The Calculation Agent will, as soon as practicable after 11:00 a.m. (London time) on each Determination Date, determine the Applicable Rate, and calculate the aggregate amount of interest payable on the Notes in respect of the following Interest Period (the “Interest Amount”). The Interest Amount will be calculated by applying the Applicable Rate to the principal amount of each Note outstanding at the commencement of the Interest Period, multiplying each such amount by the actual number of days in the Interest Period concerned divided by 360. All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point being rounded upwards (e.g. 4.876545% (or .04876545) being rounded to 4.87655% (or .0487655)). All euro amounts used in or resulting from such calculations will be rounded to the nearest euro cent (with one-half euro cent being rounded upwards). The determination of the Applicable Rate and the Interest Rate Amount by the Calculation Agent shall, in the absence of willful default, bad faith or manifest error, be binding on all parties. The Applicable Rate on the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. The Calculation Agent shall be computed based under no obligation to monitor whether the Applicable Rate exceeds such maximum rate. The Calculation Agent will, upon the written request of the Holder of any Note, provide the interest rate then in effect with respect to the Notes. The rights of holders of beneficial interests in the Notes to receive the payments of interest on a 360the Notes are subject to applicable procedures of the book-day year of twelve 30-day months entry depositary and all PIK Euroclear and Clearstream. “Determination Date,” with respect to an Interest on this Note Period relating to EURIBOR, will be compounded quarterly on the last day that is two TARGET Settlement Days preceding the first day of each quarter (each, a “PIK such Interest Payment Date”)Period. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 2 contracts

Sources: Indenture (Invitel Holdings a/S), Indenture (Invitel Holdings a/S)

Interest. (a) Commencing on Central European Media Enterprises Ltd., a company organized under the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary laws of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Bermuda (the “Interest RateIssuer”). Interest shall be payable monthly in arrears , promises to pay interest on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (as defined herein) at the rate of 15.0% per annum. Interest on this Note will be payable semi-annually in arrears on June 1 and December 1, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “interest payment date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the Issue Date. The Issuer promises to pay such interest on the Notes on any interest payment date entirely by (i) paying cash (“Cash Interest”) on such interest payment date or (ii) increasing the principal amount of the outstanding Notes (“PIK Interest”)) on such interest payment date. With respect to interest on the Notes for a semi-annual period due on an interest payment date, it being understood and agreed that, unless the Issuer shall notify may elect, at its option, to pay interest due on the Holder Notes on such interest payment date (i) entirely in Cash Interest at least two Business Days the rate of 15.0% per annum (“Cash Interest Payment”) or (ii) entirely in PIK Interest at the rate of 15.0% per annum (“PIK Interest Payment”). In order to elect to pay Cash Interest on any interest payment date, the Issuer must deliver a written notice of its election to the Trustee no later than 10 days prior to such interest payment date (the “Cash Election Deadline”) specifying that it is electing a Cash Interest Payment (and if the Issuer does not deliver such notice on or prior to the Cash Election Deadline, then a PIK Interest Payment Date that it intends to treat some portion of the entire interest due shall be made on such Interest Payment Date as PIK Interestinterest payment date). Notwithstanding the foregoing, the Issuer shall be deemed to have elected to pay all make a PIK Interest Payment with respect to the entire principal amount of the Notes for all interest payment dates occurring prior to November 15, 2015. PIK Interest on the Notes will be payable in cashthe manner set forth in Section 2.17 of the Indenture. Interest Following an increase in the principal amount of the outstanding Global Notes as a result of the payment of PIK Interest, the Global Notes will bear interest on such increased principal amount from and after the date of such payment. The Issuer shall pay interest on overdue principal and on overdue installments of interest and on any Additional Amounts as specified in the Indenture. Any interest paid on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on increased to the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer extent necessary to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteAdditional Amounts as set forth herein.

Appears in 2 contracts

Sources: Indenture (Central European Media Enterprises LTD), Indenture (CME Media Enterprises B.V.)

Interest. Vanguard Health Holding Company I, LLC, a Delaware limited liability company, (a) Commencing "VHS Holdco I"), Vanguard Holding Company I, Inc., a Delaware corporation and a wholly owned subsidiary of VHS Holdco I (together with VHS Holdco I, the "Issuers"), promise to pay interest on the Issue Dateprincipal amount at maturity of this Senior Discount Note at 11-1/4% per annum from September 23, 2004 until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 8 of the Registration Rights Agreement referred to below. Until October 1, 2009, interest shall be payable will accrue on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, Senior Discount Notes at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) 11-1/4% per annum beginning in the form of an increase in the Accreted Value (representing amortization of original issue discount) between the date of original issuance and October 1, 2009, on a semi-annual basis using a 360-day year comprised of twelve 30-day months, such fourth (4th) anniversary that the Accreted Value shall be equal to the full principal amount at maturity of the Senior Discount Notes on October 1, 2009 (the “Interest Rate”"Full Accretion Date"). Beginning on the Full Accretion Date, cash interest on the Senior Discount Notes will accrue at the rate of 11-1/4% per annum and will be payable semiannually in arrears on April 1, and October 1 of each year to holders of record on the immediately preceding March 15 and September 15 commencing April 1, 2010. Cash interest on the Senior Discount Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including October 1, 2009 until the principal hereof is due. Interest shall be payable monthly in arrears computed on the last calendar day basis of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02months. The obligation Issuers shall pay interest on overdue principal at the rate borne by the Senior Discount Notes, and it shall pay interest on overdue installments of interest at the Issuer to pay all such PIK Interest so added same rate to the Principal Amount shall be automatically evidenced by this Noteextent lawful.

Appears in 1 contract

Sources: Indenture (VHS of Anaheim Inc)

Interest. Riviera Black Hawk, Inc., a Colorado corporation (a) Commencing the "Company"), promises to pay Fixed Interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 13% per annum from June 3, 1999 until maturity and shall pay the Liquidated Damages payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company shall pay Fixed Interest and Liquidated Damages semi-annually in arrears on May 1 and November 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK each an "Interest Payment Date"). Fixed Interest on the Notes shall accrue from the most recent date to which Fixed Interest has been paid or, if no Fixed Interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of Fixed Interest”), it being understood and agreed thatif this Note is authenticated between a record date referred to on the face hereof (each a "Record Date") and the next succeeding Interest Payment Date, unless Interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashNovember 1, 1999. Interest on this Note shall be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. In addition, the Notes will bear Contingent Interest on this Note after the Riviera Black Hawk begins Operating. Installments of accrued Contingent Interest will be compounded quarterly payable semi-annually in arrears on each Interest Payment Date after the Riviera Black Hawk begins Operating to the Holders on the Record Date applicable to the relevant Interest Payment Date, unless all or a portion of the installment is permitted to be deferred as described in the next sentence; provided, that no Contingent Interest is payable with respect to any period prior to the date on which the Riviera Black Hawk becomes Operating. The Company may defer payment of all or a portion of any installment of Contingent Interest then otherwise due and may continue to defer the payment of any installment of Contingent Interest which has already been deferred if, and only to the extent that: (1) the payment of that portion of Contingent Interest will cause the Company's Adjusted Fixed Charge Coverage Ratio for the four consecutive fiscal quarters ending immediately prior to the applicable Record Date to be less than 1.5 to 1.0 on a pro forma basis after giving effect to the assumed payment of the Contingent Interest (but may not defer such portion, which, if paid, would not cause such Adjusted Fixed Charge Coverage Ratio to be less than 1.5 to 1.0); and (2) the principal amount of the Notes corresponding to that Contingent Interest has not then matured and become due and payable, whether at stated maturity, upon acceleration, upon redemption, upon maturity of a repurchase obligation or otherwise. Contingent Interest that is deferred will become due and payable, in whole or in part, upon the earlier of: (1) the next succeeding Interest Payment Date on which all or a portion of that Contingent Interest is not permitted to be deferred; and (2) the maturity of the corresponding principal amount of the Notes, whether at stated maturity, upon acceleration, upon redemption, upon maturity of a repurchase obligation or otherwise. However, all installments of accrued or deferred Contingent Interest will become immediately payable with respect to any Notes that mature, whether at stated maturity, upon acceleration, upon redemption, upon maturity of a repurchase obligation or otherwise. The amount of Contingent Interest payable for any period will be reduced pro rata for reductions in the outstanding principal amount of the Notes prior to the close of business on the Record Date immediately preceding the applicable Interest Payment Date. No interest will accrue on any Contingent Interest that is deferred and which does not become due and payable. Each installment of Contingent Interest will be calculated to accrue (each an "Accrual Period") as follows: (1) from, but not including, the most recent Semiannual Period for which Contingent Interest has been paid or through which Contingent Interest had been calculated and deferred; or (2) if no installment of Contingent Interest has been paid for or deferred, from and including the date on which the Riviera Black Hawk becomes Operating; to, and including, the earlier of: (a) the last day of each quarter the Semiannual Period immediately following the Semiannual Period referred to in clause (each, a “PIK Interest Payment Date”).1) above if the corresponding principal amount of the Notes has not become due and payable; or (cb) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation date of payment if the corresponding principal amount of the Issuer Notes has become due and payable, whether at stated maturity, upon acceleration, upon redemption, upon maturity of repurchase obligation or otherwise. With respect to pay each Accrual Period, Contingent Interest will accrue daily on the principal amount of each Note outstanding during such period as follows: (1) for any portion of an Accrual Period which consists of all or part of a Semiannual Period that ends during such PIK Accrual Period, 1/180 of the Contingent Interest so added with respect to such principal amount for such Semiannual Period until fully accrued; and (2) for any other portion of an Accrual Period, 1/180 of the Principal Amount shall be automatically evidenced by this NoteContingent Interest with respect to such principal amount for the Semiannual Period that began and last ended after the date on which the Riviera Black Hawk becomes Operating.

Appears in 1 contract

Sources: Indenture (Riviera Black Hawk Inc)

Interest. The Chukchansi Economic Development Authority (a) Commencing the "Authority"), a wholly owned unincorporated enterprise of the Picayune Rancheria of Chukchansi Indians, a sovereign tribe recognized by the United States pursuant to 25 C.F.R. Part 83 (the "Tribe"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 14 1/2% per annum from October 8, 2002 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Authority will pay interest and Liquidated Damages, if any, semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; provided, however, that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof (each a "Record Date") and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be April 1, 2003. The Authority will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it will pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Chukchansi Economic Development Authority)

Interest. (a) Commencing on the Issue DateWestern Refining Logistics, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateLP, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and WNRL Finance Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 7.50% per annum [and shall pay the Additional Interest payable pursuant to Section 2 of the Registration Rights Agreement referred to below]. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day February 15 and August 15 of each month year, commencing August 15, 2015, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest [and Additional Interest] (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Western Refining Logistics, LP)

Interest. (a) Commencing on the Issue DateCSI Compressco LP, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and CSI Compressco Finance Inc., a Delaware corporation (together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at the rate set forth below until maturity. Interest shall be payable monthly The Issuers will pay interest semi‑annually in arrears on the last calendar day April 1 and October 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be ___________, the Issuer shall have the option _____. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it equal to the then outstanding principal amount applicable interest rate on the Notes; they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note interest (“PIK Interest”without regard to any applicable grace periods), it being understood and agreed that, unless from time to time on demand at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. Interest on this Note the Notes will be compounded quarterly on payable (1) the last day annual rate of 7.250% payable in cash, plus (2) at the election of the Issuers the annual rate of (i) 2.750% payable in cash (together with the annual rate set forth in clause (1), the “Cash Interest Rate”) or (ii) 3.500% payable by increasing the principal amount of the outstanding Notes represented by one or more Global Notes or, with respect to Definitive Notes represented by individual certificates, if any, by issuing additional “PIK Notes” in certificated form, in each quarter case rounding up to the nearest $1.00 (eachsuch increased principal amount or additional PIK Notes, the “PIK Interest” and each payment of PIK Interest, a “PIK Payment”). In the absence of an interest payment election made by the Issuers as set forth in this paragraph, interest on the Notes will be payable as if the Issuers had elected to pay PIK Interest with respect to the portion of interest payable pursuant to clause (2) of this paragraph. Any PIK Notes issued in certificated form will be dated as of the date of the applicable Interest Payment Date”). (c) Amounts representing Date and will bear interest from and after such date. Following an increase in the principal amount of the outstanding Notes as a result of a PIK Payment, the Notes will accrue interest on such increased principal amount from and after the related Interest Payment Date of such PIK Payment. References herein and in the Indenture to the “principal amount” of the Notes include any increase in the principal amount of the outstanding Notes as a result of a PIK Payment. On any Interest Payment Date on which the Issuers pay PIK Interest shall with respect to a Global Note, the principal amount of such Global Note will increase by an amount equal to the interest payable, rounded up to the nearest $1.00, to be treated as Principal Amount allocated for all purposes under this Note and the Note Purchase Agreement and shall bear interest credit of the Holders pro rata in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added their interests and rounded to the Principal Amount shall be automatically evidenced by this Notenearest $1.00 in accordance with the procedures of DTC.

Appears in 1 contract

Sources: Indenture (CSI Compressco LP)

Interest. W&T Offshore, Inc., a Texas corporation (a) Commencing the “Company”), promises to pay Cash Interest on the Issue Dateprincipal amount of this Note at 9.00% per annum (the “Cash Interest Rate”) from September 7, 20161 until maturity; provided, however, that for any interest shall be payable period ending on or prior to November 15, 20172, the Company may elect to pay all or any portion of interest in kind on the then outstanding Principal Amount and all overdue amounts under principal amount of this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) 10.75% per annum beginning on such fourth (4th) anniversary (the “PIK Interest Rate”) by increasing the principal amount of the outstanding Notes or by issuing additional Notes (“PIK Interest Notes”) in a principal amount equal to such interest (“PIK Interest”). Interest shall be payable monthly The Company will pay interest semi-annually in arrears on the last calendar day May 15 and November 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . [The initial interest payment on this Note November 15, 2016 will be made solely in PIK Interest at the PIK Interest Rate.]3 On the May 15, 2018 Interest Payment Date, the Company shall be paid permitted to make only part of the interest payment in cash; PIK Interest at the PIK Interest Rate and part of the interest payment in Cash Interest at the Cash Interest Rate, provided, that on any PIK Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note be paid on such Interest Payment Date shall accrue only for the period from November 15, 2017 to, but not including, March 7, 2018, and any remaining interest for such period shall be payable solely in Cash Interest. Interest shall be payable entirely in Cash Interest for all Interest Payment Dates after May 15, 2018. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that has accrued if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be November 15, 20164. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the a rate that is 1% per annum in excess of ten percent (10.00%) per annum either (i) the rate then in cash or (ii) by capitalizing such interest and adding it effect to the then outstanding principal amount extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note interest (“PIK Interest”), it being understood and agreed that, unless without regard to any applicable grace periods) from time to time on demand at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (W&t Offshore Inc)

Interest. Premier Entertainment Biloxi LLC, a Delaware limited liability company (a) Commencing "PREMIER"), and Premier Finance Biloxi Corp. a Delaware corporation ("PREMIER FINANCE" and together with Premier, the "ISSUERS"), jointly and severally, promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 10 3/4% per annum from January 23, 2004 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, if any, semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "INTEREST PAYMENT DATE"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; PROVIDED, HOWEVER, that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof (each a "RECORD DATE") and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; PROVIDED, FURTHER, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be August 1, 2004. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it will pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Note, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: Indenture (Premier Finance Biloxi Corp)

Interest. (a) Commencing on the Issue Date, Borrower agrees to pay interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary principal amount of the Issue DateNote, at the close of each day at a fluctuating rate per annum (computed on the basis of fifteen percent actual number of days elapsed and a year of 360 days) which is at all times equal to Five and One-Quarter Percent (15.005 1/4%) per annum, in excess of the Prime Rate; each change in such fluctuating rate caused by a change in the Prime Rate to occur simultaneously with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary the change in the Prime Rate (the “Interest "Initial Rate"). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, however, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash no event shall the Initial Rate, the Adjusted Rate or the Re-adjusted rate in effect hereunder at any time be less than 8% per annum; and (ii) by capitalizing such interest and adding it payable hereunder with respect to each calendar month shall not be less than $5,575.00 regardless of the then outstanding principal amount of this Note (“PIK Interest”)loans, it being understood and agreed that, unless Advances or other credit extensions that actually may have been outstanding during the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashmonth. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on accrued through the last day of each quarter (each, a “PIK Interest month will be due and payable to Lender on the next Monthly Payment Date”). (c) Amounts representing PIK , commencing November 1, 2003. Interest shall also be treated payable on the Maturity Date or on any earlier Termination Date. Interest accrued after the Maturity Date or earlier Termination Date shall be payable on Demand. Interest may be charged to Borrower's loan account as Principal Amount an Advance at Lender's option, whether or not Borrower then has the right to obtain an Advance pursuant to the terms of this Agreement. In the event Borrower earns Net Profit for all purposes under this Note the 12 months ending June 30, 2004 of at least One Hundred Thousand Dollars ($100,000) and evidences such profit by delivering to Lender the Periodic Financial Report for that period that reflects the required Net Profit, and provided no Event of Default exists or has occurred, then upon Borrower's written request, the Initial Rate shall be reduced to Four and Three Quarter percent (4 3/4%) in excess of the Prime Rate (the "Adjusted Rate") commencing with the next scheduled Monthly Payment Date following Lender's receipt of both Borrower's written request and the Periodic Financial Report. Notwithstanding the foregoing, after an Event of Default, the Note Purchase Agreement and shall bear interest until paid at 5% per annum in accordance excess of the rate otherwise then in effect, which rate shall continue to vary based on further changes in the Prime Rate; provided, however, that after an Event of Default, (i) in no event shall the interest rate in effect under the Note at any time be less than 13% per annum; and (ii) interest payable under the Note with this Section 2.02respect to each calendar month shall not be less than $8,600.00 regardless of the amount of loans, Advances or other credit extensions that actually may have been outstanding during the month. (The Initial Rate, the Adjusted Rate and the Re-adjusted Rate in effect either before or after an Event of Default is referred to herein collectively as the "Interest Rate"). The obligation undersigned shall also pay a late fee equal to 10% of any payment under the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteNote that is more than 10 days past due.

Appears in 1 contract

Sources: General Credit and Security Agreement (Productivity Technologies Corp /)

Interest. (a) Commencing on the Issue Date▇▇▇▇▇ Corning, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware corporation (the “Interest RateCompany”), promises to pay interest on the principal amount of this Note at % per annum from , 20 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 8 of the Notes Registration Rights Agreement referred to below. Interest shall be payable monthly The Company will pay interest and Liquidated Damages, if any, semiannually in arrears on the last calendar day June 1 and December 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be June 1, the Issuer shall have the option 2007. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1% per annum in excess of ten percent the rate then in effect to the extent lawful; it will pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either (i) in cash or (ii) by capitalizing such on overdue installments of interest and adding it Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: Indenture (Owens Corning)

Interest. Hollywood Casino Shreveport, a Louisiana general partnership (a) Commencing the "Partnership"), and Shreveport Capital Corporation, a Louisiana corporation ("Shreveport Capital" and, together with the Partnership, the "Issuers"), jointly and severally, promise to pay Fixed Interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 13% per annum from August 10, 1999 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay Fixed Interest and Liquidated Damages, if any, semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK each an "Interest Payment Date"). Fixed Interest on the Notes will accrue from the most recent date to which Fixed Interest has been paid or, if no Fixed Interest has been paid, from the date of original issuance; provided, however, that if there is no existing Default in the payment of Interest”), it being understood and agreed thatif this Note is authenticated between a record date referred to on the face hereof (each a "Record Date") and the next succeeding Interest Payment Date, unless Fixed Interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashFebruary 1, 2000. Fixed Interest on this Note shall will be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK months. In addition, the Notes will bear Contingent Interest on this Note after the Shreveport Resort begins Operating. Contingent Interest will be compounded quarterly on the last day of calculated to accrue (each quarter (each, a “PIK Interest Payment Date”).an "Accrual Period") as follows: (c1) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and in the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation case of the Issuer to pay all such PIK Interest so added to First Accrual Period, from and including the Principal Amount shall be automatically evidenced by this Note.date on which the Shreveport Resort begins Operating to, and including, the earlier of:

Appears in 1 contract

Sources: Indenture (HCS Ii Inc)

Interest. (a) Commencing on the Issue DateCopano Energy, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.L.C., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited liability company (the “Interest RateCompany”), and Copano Energy Finance Corporation, a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 8.125% per annum from February 7, 2006 until maturity and shall pay the Additional Interest payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day March 1 and September 1 of each month year, commencing September 1, 2006, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Copano Energy, L.L.C.)

Interest. (a) Commencing on the Issue Date▇▇▇▇▇▇▇▇ Resources America Inc., interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware corporation (the “Interest RateCompany”), promises to pay or cause to be paid interest on the principal amount of this Note at 8.750% per annum from April 15, 2014 until maturity. Interest shall be payable monthly The Company will pay interest, if any, semi-annually in arrears on the last calendar day April 15 and October 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during shall be October 15, 2014. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 1% higher than the term then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Noteinterest, the Issuer shall have the option if any, (without regard to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued any applicable grace period), at the same rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year comprised of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: Indenture (Lonestar Resources US Inc.)

Interest. (a) Commencing on The Note will bear interest initially at the Issue Date, interest shall be payable on rate of 6.50% per year (the outstanding Principal Amount and all overdue amounts under this Note "Coupon Rate") from the Issue original date of issuance through and including the day immediately preceding the Reset Effective Date up and at the Reset Rate thereafter until the principal thereof is paid or duly made available for payment and shall bear interest, to (but not including) the fourth (4th) anniversary extent permitted by law, compounded quarterly, on any overdue principal and premium, if any, and on any overdue installment of interest at the Issue DateCoupon Rate through and including the day immediately preceding the Reset Effective Date and at the Reset Rate thereafter, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly quarterly in arrears on the last calendar day February 16, May 16, August 16 and November 16 of each month year (each, an "Interest Payment Date”)") commencing on May 16, 2002, to the Person in whose name such Note, or any predecessor Note, is registered at the close of business on the Regular Record Date for such interest installment. (b) All The interest rate on this Note the Notes will be reset on the Initial Remarketing Date to the applicable Reset Rate (which Reset Rate will be effective on and after November 16, 2004), except in the event of a Failed Initial Remarketing. In the event of a Failed Initial Remarketing, the interest rate on the Notes will be reset on the Secondary Remarketing Date to the applicable Reset Rate (which Reset Rate will be effective on and after the Purchase Contract Settlement Date), except that in the event of a Failed Secondary Remarketing, the interest rate on the Notes will not be reset. On the applicable Reset Announcement Date, the applicable Reset Spread and the Two-Year Benchmark Treasury or Two and One-Quarter Year Benchmark Treasury, as applicable, will be announced by the Company. On the Business Day immediately following such Reset Announcement Date, the Holders of Notes will be notified of such Reset Spread and Two-Year Benchmark Treasury or Two and One-Quarter Year Benchmark Treasury, as applicable, by the Company. Such notice shall be paid sufficiently given to such Holders of Notes if published in cash; provided, that on any Interest Payment Date during an Authorized Newspaper. (c) Not later than seven calendar days nor more than 15 calendar days immediately preceding the term of this Noteapplicable Reset Announcement Date, the Issuer shall have Company will request that the option Depositary or its nominee (or any successor Depositary or its nominee) notify the Holders of Notes of such Reset Announcement Date and, in the case of a Secondary Remarketing, the procedures to pay a portion be followed by such holders of Notes wishing to settle the accrued and unpaid interest related Purchase Contracts with separate cash on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent Business Day immediately preceding the Purchase Contract Settlement Date. (10.00%d) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal The amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall payable for any period will be computed based on the basis of a 360-day year consisting of twelve 30-day months and all PIK Interest on this Note months. The amount of interest payable for any period shorter than a full quarterly period for which interest is computed will be compounded quarterly computed on the last basis of the actual number of days elapsed in the 90-day period. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of each quarter interest payable on such date will be made on the next succeeding day which is a Business Day (each, a “PIK Interest Payment Date”and without any interest or other payment in respect of any such delay). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Supplemental Indenture (Williams Companies Inc)

Interest. (a) Commencing on the Issue DateEV Energy Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.P., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and EV Energy Finance Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note at 8.0% per annum from March 22, 2011 until maturity and shall pay any Additional Interest payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day April 15 and October 15 of each month year (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any commencing October 15, 2011. If an Interest Payment Date during the term of this Notefalls on a day that is not a Business Day, the Issuer shall have the option interest payment to pay a portion of the accrued and unpaid interest on this Note be made on such Interest Payment Date that has accrued at will be made on the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest next succeeding Business Day with the same force and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due effect as if made on such Interest Payment Date Date, and no additional interest will accrue solely as PIK Interest, the Issuer shall be deemed to have elected to pay all a result of the interest in cashsuch delayed payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay (i) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% higher than the then applicable interest rate on the Notes to the extent lawful and (ii) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and any Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (EV Energy Partners, LP)

Interest. Consoltex Inc., a Canadian corporation (a"Consoltex"), and Consoltex (USA) Commencing Inc., a New York corporation ("Consoltex USA" and, together with Consoltex, the "Issuers"), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”)together with any other 11% Notes due [ ] 2009 of the Issuers issued pursuant to the Indenture, it being understood including any Notes issued in payment of interest or Liquidated Damages, if any, hereon or thereon and agreed thatany replacements issued in exchange for any of the foregoing in accordance with Section 2 below, unless collectively, the Issuer "Securities") of 11% per annum from the date such Security is issued until maturity. Interest on the Securities, including interest on overdue principal or installments of interest, if any, shall notify the Holder be paid in cash or, at least two Business Days any time on or prior to April 1, 2005, at the option of the Issuers, through the issuance of additional Securities the principal amount of which is equal to all or a portion of the interest then due, as determined by the Issuers. Liquidated Damages, if any, owed pursuant to Section 13 of the Lock-Up Agreements, on the Securities shall be paid in cash or, at the option of the Issuers, through the issuance of additional Securities the principal amount of which is equal to the Liquidated Damages then due. The Issuers shall pay interest and Liquidated Damages, if any, semi-annually on April 1 and October 1 of each year, commencing April 1, 2002, or if any such day is not a Business Day, on the next succeeding Business Day (each an "Interest Payment Date"). Interest and Liquidated Damages, if any, on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance, to but not including the Interest Payment Date Date; provided that it intends if there is no existing Default in the payment of interest, and if this Security is authenticated between a record date referred to treat some portion on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the entire rate then in effect; they shall pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Consoltex Inc/ Ca)

Interest. (a) Commencing Cash interest on the Issue Date, interest shall be payable Notes will not accrue on the outstanding Principal Amount and all overdue amounts under this Note Notes until May 15, 2003; PROVIDED that if the Company exercises the Cash Interest Election, cash interest will accrue on the Notes from the Issue Semi-Annual Accrual Date up with respect to (but not including) which the fourth (4th) anniversary of Cash Interest Election is made. Cash interest on the Issue Date, Notes will accrue at a rate of fifteen percent (15.00%) per annum11 1/4% PER ANNUM from and including the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the earlier of May 15, 2003 or the Semi-Annual Accrual Date with such rate respect to increase by one percent (1.00%) per annum beginning which the Cash Interest Election is made, through but excluding the date on such fourth (4th) anniversary (the “Interest Rate”)which interest is paid or duly provided for. Interest shall be payable monthly in arrears on each May 15 and November 15 and at stated maturity, commencing on the last calendar day earlier of each month (eachNovember 15, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any 2003 or the Interest Payment Date during immediately following the term of this Note, Semi-Annual Accrual Date with respect to which the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on Cash Interest Election is made (or if any such Interest Payment Date that has accrued at is not a Business Day, on the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”next succeeding Business Day), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months months. The Issuer will pay Liquidated Damages, if any, in cash semi-annually on May 15 and all PIK November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Whether or not the Notes are then otherwise accruing cash interest, the Issuer shall pay cash interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue Accreted Value, principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate of interest on the Notes (whether or not cash interest is then accruing or payable). Whether or not the Notes are then otherwise accruing cash interest, the Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note will be compounded quarterly computed on the last basis of a 360-day year of each quarter (each, a “PIK Interest Payment Date”)twelve 30-day months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Restaurant Co)

Interest. (a) Commencing on the Issue DateClear Channel Worldwide Holdings, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateInc., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Nevada corporation (the “Interest RateIssuer”), promises to pay interest on the principal amount of this Series A Note at 7.625% per annum from March 15, 20122 until maturity and shall pay the Special Interest, if any, payable pursuant to the Series A Registration Rights Agreement referred to below. Interest The Issuer shall be payable monthly pay interest and Special Interest, if any, semi-annually in arrears on the last calendar day March 15 and September 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Series A Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at 1.0% per annum in excess of the interest rate otherwise payable on the Series A Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Special Interest, if any, (without regard to any applicable grace periods) from time to time on demand at 1.0% per annum in excess of the interest rate otherwise payable on the Series A Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. (b) All Not later than the Issue Date, the Issuer will cause the Trustee to establish an account (the “Trustee Account”) to be maintained by the Trustee for the benefit of the Holders with respect to payments of interest on this Note the Series A Notes, over which the Trustee shall have sole control and dominion. Interest on the Series A Notes will accrue, and be paid payable by or on behalf of the Issuer to the Trustee, weekly in casharrears on the last Business Day of each week; provided, provided that the failure by the Issuer to make or have made any such weekly payment to the Trustee on the last Business Day of the applicable week will not constitute a Default so long as (a) (x) no payment or other transfer by the Company or any of its Restricted Subsidiaries shall have been made during the applicable week in respect of which such payment was due and payable under the Cash Management Arrangements or (y) the amount of funds on deposit in the Trustee Account on the last Business Day of the applicable week is equal to the amount of interest which has accrued up to and including the last Business Day of such week and (b) on each Interest Payment Date during the term aggregate amount of this Note, funds deposited in the Issuer shall have the option Trustee Account is sufficient to pay a portion the aggregate amount of interest on the Series A Notes that is payable by the Trustee to the Holders of the accrued and unpaid interest on this Note Series A Notes on such Interest Payment Date Date; provided further, however, that has accrued at the rate in excess payments of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall only be deemed to have elected be overdue to the extent that the aggregate amount of funds deposited in the Trustee Account is not sufficient to pay all the aggregate amount of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Series A Notes that is payable by the Trustee to Holders on the applicable Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation Issuer or any Guarantor will not be the legal owners of the funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in Government Securities or in a combination thereof. Any interest earned on Government Securities held in the Trustee Account will be applied to pay fees and expenses of the Trustee and, to the extent of any excess, returned to the Company. Upon the making by or on behalf of the Issuer of any payment into the Trustee Account, the Issuer’s obligation to pay all such PIK Interest so added accrued interest shall be discharged to the Principal Amount shall extent of the amount so paid. If the Trustee fails to make an interest payment on the Series A Notes but the Issuer has deposited the funds with the Trustee, it will not be automatically evidenced by this Note.a Default. 2 With respect to the Initial Notes

Appears in 1 contract

Sources: Indenture (Clear Channel Outdoor Holdings, Inc.)

Interest. TransDigm Inc., a Delaware corporation (a) Commencing such corporation, and its successors and assigns under the Indenture, being herein called the “Company”), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) 5.50% per annum beginning on such fourth from October 15, 2012 until maturity; provided that, if a Registration Default (4thas defined in the Registration Rights Agreement) anniversary occurs, additional interest (the “Interest RateAdditional Interest) of $0.05 per week per $1,000 principal amount of Notes will accrue on the Notes for the first 90-day period immediately following the occurrence of a Registration Default (increasing by an additional $0.05 per week per $1,000 principal amount of Notes with respect to each subsequent 90-day period until all Registration Defaults have been cured, up to a maximum additional interest rate of 1.00% per annum). The Company shall pay interest and Additional Interest shall be payable monthly in arrears semi-annually on April 15 and October 15 of each year, or if any such day is not a Business Day, on the last calendar day of next succeeding Business Day (each month (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, further, that on any the first Interest Payment Date during shall be April 15, 2013. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is equal to the term interest rate on the Note then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note, the Issuer shall have the option interest and Additional Interest (without regard to pay a portion of the accrued and unpaid interest any applicable grace periods) from time to time on this Note on such Interest Payment Date that has accrued demand at the same rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (TransDigm Group INC)

Interest. ▇▇▇▇▇▇▇ ▇▇▇▇▇ Rental Holdings, L.P., a Pennsylvania limited partnership (a) Commencing "Holdings"), and ▇▇▇▇▇▇▇ ▇▇▇▇▇ Holdings Capital Corporation, a Delaware corporation ("AC Holdings Corp." and, together with Holdings, the "Issuers"), promise to pay interest on the Issue Dateprincipal amount of this Debenture semi-annually on February 1 and August 1 of each year in the manner set forth in this Debenture. Interest on this Debenture accruing through and including the February 1, 2004 interest shall payment date will not be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (paid in cash but not including) the fourth (4th) anniversary of the Issue Date, will accrete as additional principal at a rate of fifteen percent (15.00%) 16 3/8% per annum. All interest accruing on this Debenture after February 1, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest 2004 shall be payable monthly in arrears cash and shall accrue at a rate of 12 3/8% per annum. If any such day is not a Business Day, on the last calendar day of each month next succeeding Business Day (each, an "Interest Payment Date"). ), commencing on February 1, 2004, to Holders of record on the immediately preceding January 15 and July 15. Interest on the Debentures will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 1, 2003. The Issuers shall pay interest (bincluding post- petition interest in any proceeding under any Bankruptcy Law) All interest on this Note shall be paid in cash; providedoverdue principal and premium, if any, from time to time on demand at a rate that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate is 1% per annum in excess of ten percent the rate then in effect; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either on overdue installments of interest (iwithout regard to any applicable grace periods) in cash or (ii) by capitalizing such interest and adding it from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Debenture is exchanged for one or more Regulation S Permanent Global Debentures, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Debenture shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Senior Subordinated Debentures under the Indenture.

Appears in 1 contract

Sources: Indenture (Anthony Crane Rental Holdings Lp)

Interest. (a) Commencing on the Issue DateCalumet Specialty Products Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.P., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Calumet Finance Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 6.50% per annum and shall pay the Additional Interest payable pursuant to Section 2 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day April 15 and October 15 of each month year, commencing October 15, 2014, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Calumet Specialty Products Partners, L.P.)

Interest. Crosstex Energy, L.P., a Delaware limited liability company (a) Commencing the ”Company”), and Crosstex Energy Finance Corporation, a Delaware corporation (the ”Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at 8.875% per annum from February 10, 2010 until maturity and shall pay the Issue Date up Additional Interest payable pursuant to (but not including) the fourth (4th) anniversary Section 5 of the Issue DateRegistration Rights Agreement referred to below. The Issuers will pay interest and Additional Interest, at a rate of fifteen percent (15.00%) per annumif any, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly semi-annually in arrears on the last calendar day February 15 and August 15 of each month year, commencing August 15, 2010, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Crosstex Energy Lp)

Interest. Hollywood Casino Shreveport, a Louisiana general partnership (a) Commencing the "Partnership"), and Shreveport Capital Corporation, a Louisiana corporation ("Shreveport Capital" and, together with the Partnership, the "Issuers"), jointly and severally, promise to pay Fixed Interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 13% per annum from August 10, 1999 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay Fixed Interest and Liquidated Damages, if any, semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK each an "Interest Payment Date"). Fixed Interest on the Notes will accrue from the most recent date to which Fixed Interest has been paid or, if no Fixed Interest has been paid, from the date of original issuance; provided, however, that if there is no existing Default in the payment of Interest”), it being understood and agreed thatif this Note is authenticated between a record date referred to on the face hereof (each a "Record Date") and the next succeeding Interest Payment Date, unless Fixed Interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashFebruary 1, 2000. Fixed Interest on this Note shall will be computed based on the basis of a 360-day year comprised of twelve 30-day months months. In addition, the Notes will bear Contingent Interest after the Shreveport Resort begins Operating. Contingent Interest will be calculated to accrue (each an "Accrual Period") as follows: (1) in the case of the First Accrual Period, from and all PIK Interest including the date on which the Shreveport Resort begins Operating to, and including, the earlier of: (a) the end of the First Accrual Period if the corresponding principal amount of the Notes has not become due and payable; or (b) the date of payment if the corresponding principal amount of the Notes has become due and payable, whether at stated maturity, upon acceleration, upon any mandatory or optional redemption or otherwise; (2) in the case of each Semi-annual Period following the First Accrual Period from, but not including, the end of the First Accrual Period or the end of the immediately preceding Semiannual Period, as applicable, to, and including, the end of each such Semiannual Period if the corresponding principal amount of the Notes has not become due and payable; and (3) in the case of any Interim Period following the First Accrual Period from, but not including, the end of the First Accrual Period or most recent Semiannual Period, A1-2 as applicable, to, and including, the date of payment if the corresponding principal amount of the Notes has become due and payable, whether at stated maturity, upon acceleration, upon any mandatory or optional redemption or otherwise; provided, however, that if there is no existing Default in the payment of Interest, and if this Note will be compounded quarterly on is authenticated between a Record Date and the last day of each quarter (each, a “PIK next succeeding Interest Payment Date”)., Contingent Interest shall accrue from such next succeeding Interest Payment Date; Contingent Interest will be payable semi-annually. On each Interest Payment Date after the First Accrual Period, Contingent Interest with respect to the Accrual Period completed immediately prior to that Interest Payment Date will be payable to the Holders of Notes on the Record Date immediately preceding the applicable Interest Payment Date, unless all or a portion of such Contingent Interest is permitted to be deferred. The Issuers may defer payment of all or a portion of accrued Contingent Interest then otherwise due and payable, and may continue to defer the payment of accrued Contingent Interest which has already been deferred if, and only to the extent that: (c1) Amounts representing PIK the payment of that portion of Contingent Interest on the applicable Interest Payment Date will cause the Partnership's Adjusted Fixed Charge Coverage Ratio for its four consecutive fiscal quarters ending immediately prior to the applicable Interest Payment Date to be less than 1.5 to 1.0, but may not defer such portion, which, if paid, would not cause the Adjusted Fixed Charge Coverage Ratio to be less than 1.5 to 1.0; and (2) the principal amount of the Notes corresponding to that Contingent Interest has not then matured and become due and payable, whether at stated maturity, upon acceleration, upon any mandatory or optional redemption or otherwise. Contingent Interest that is deferred will become due and payable, in whole or in part, upon the earlier of: (1) the next succeeding Interest Payment Date on which all or a portion of that Contingent Interest is not permitted to be deferred; and (2) the maturity of the corresponding principal amount of the Notes, whether at stated maturity, upon acceleration, upon any mandatory or optional redemption or otherwise. The Issuers shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear pay interest (including post-petition interest in accordance with this Section 2.02. The obligation any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the Issuer rate of the Fixed Interest and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of Fixed Interest, Contingent Interest and Liquidated Damages, if any, (without regard to pay all such PIK any applicable grace periods) at a rate that is 1% per annum in excess of the rate of the Fixed Interest so added to the Principal Amount shall be automatically evidenced by this Noteextent lawful. No interest will accrue on deferred Contingent Interest.

Appears in 1 contract

Sources: Indenture (HCS Ii Inc)

Interest. Paramount Resources Ltd., an Alberta, Canada corporation (a) Commencing the "COMPANY"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 8 7/8% per annum from the date of issuance until maturity. The Company will pay interest semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "INTEREST PAYMENT DATE"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; PROVIDED that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; PROVIDED, FURTHER, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be January 15, 2005. The Company will pay interest (including post-petition interest in any proceeding under any A-3 Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it will pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. For purposes of disclosure under the Interest on this Act (Canada), the yearly rate of interest to which interest is calculated under a Note will be compounded quarterly on for any period in any calendar year (the last day "CALCULATION PERIOD") is equivalent to the rate payable under a Note in respect of each quarter (each, the Calculation Period multiplied by a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note fraction the numerator of which is the actual number of days in such calendar year and the Note Purchase Agreement and shall bear interest denominator of which is the actual number of days in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteCalculation Period.

Appears in 1 contract

Sources: First Supplemental Indenture (Paramount Resources LTD)

Interest. GSC HOLDINGS CORP., a Delaware corporation (a) Commencing the "Company"), and GAMESTOP, INC., a Minnesota corporation ("GameStop" and, together with the Company, the "Issuers"), promise to pay interest on the Issue principal amount of this Senior Floating Rate Note at the Applicable Rate per annum until maturity and shall pay Additional Interest, if any, as provided in Section 8 of the Registration Rights Agreement. The Applicable Rate will be reset quarterly. The Applicable Rate for the first quarterly period will be 7.845%. The Issuers shall pay interest quarterly on January 1, April 1, July 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an "Interest Payment Date"). Interest on the Senior Floating Rate Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, however, that if there is no existing Default in the payment of interest, and if this Senior Floating Rate Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be payable January 1, 2006. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time at the outstanding Principal Amount interest rate then in effect under the Indenture and all this Senior Floating Rate Note; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue amounts under this Note installments of interest and Additional Interest, if any, from time to time at the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such same rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”)extent lawful. Interest shall be payable monthly in arrears computed on the last calendar day basis of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Gamestop Corp)

Interest. (a) Commencing on the Issue DateDelek Logistics Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateLP, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Delek Logistics Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay or cause to be paid interest on the principal amount of this Note at 6.750% per annum from May 23, 2017 until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 4 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest semi-annually in arrears on the last calendar day May 15 and November 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any . If an Interest Payment Date during the term of this Notefalls on a day that is not a Business Day, the Issuer shall have the option interest payment to pay a portion of the accrued and unpaid interest on this Note be made on such Interest Payment Date that has accrued at will be made on the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest next succeeding Business Day with the same force and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due effect as if made on such Interest Payment Date Date, and no additional interest will accrue as PIK Interest, the Issuer shall be deemed to have elected to pay all a result of the interest in cashsuch delayed payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be November 15, 2017. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is equal to the interest rate on the Notes to the extent lawful; and they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Delek Logistics Partners, LP)

Interest. Targa Resources Partners LP, a Delaware limited partnership (a) Commencing “Targa Resources Partners”), and Targa Resources Partners Finance Corporation, a Delaware corporation (“Finance Corp.” and, together with Targa Resources Partners, the “Issuers”), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at 5% per annum from January 30, 2015 until maturity and shall pay the Issue Date up Liquidated Damages, if any, payable pursuant to (but not including) the fourth (4th) anniversary Section 4 of the Issue DateRegistration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, at a rate of fifteen percent (15.00%) per annumif any, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly semi-annually in arrears on the last calendar day January 15 and July 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be July 15, the Issuer shall have the option 2015. The Issuers will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay a portion of the accrued and unpaid interest time on this Note on such Interest Payment Date that has accrued demand at the rate then in excess effect to the extent lawful; they will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it Liquidated Damages, if any (without regard to any applicable grace periods), from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Targa Resources Partners LP)

Interest. ▇▇▇▇▇▇-Standard Automotive Inc., an Ohio corporation (athe “Issuer”), promises to pay interest on the principal amount set forth on the face hereof at a rate of 13.50% per annum in cash (“Cash Interest”); provided, however, that for the first four (4) Commencing interest periods after the Issue Date, the Issuer will have the option, in its sole discretion (a “PIK Election”), to pay such interest on the Notes, in an amount up to 4.50% per annum as specified by the Issuer for each interest period (the “PIK Interest”), by increasing the principal amount of the outstanding Notes in a principal amount equal to the PIK Interest (rounded up to the nearest $1.00) (the “PIK Principal Increase”) or if, and in the limited circumstances where, the Notes are no longer held in global form, by issuing additional Notes under the Indenture (as defined below) in a principal amount equal to the PIK Interest (rounded up to the nearest $1.00), having the same terms and conditions as the Notes (the “PIK Notes”). For any interest period for which the Issuer makes a PIK Election, the Issuer will pay a combination of (x) PIK Interest for such period and (y) Cash Interest at a rate equal to 13.50% per annum, minus the PIK Interest for such period, For all interest periods after the first four (4) interest payment periods after the Issue Date, interest shall will be payable solely in cash. Interest hereon will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including January 27, 2023 to but excluding the date on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”)which interest is paid. Interest shall be payable monthly in arrears on each June 15 and December 15, commencing on June 15, 2023, or if any such day is not a Business Day, on the last calendar day of each month next succeeding Business Day (each, an “Interest Payment Date”). (b) All and no interest on this Note shall be paid such payment will accrue in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion respect of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashdelay. Interest on this Note shall will be computed based on the basis of a 360-day year of comprising twelve 30-day months months, and all PIK Interest on this Note will be compounded quarterly on in the last day case of each quarter (eachan incomplete month, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02number of actual days elapsed. The obligation of the Issuer to shall pay all such PIK Interest so added interest on overdue principal and on overdue interest (to the Principal Amount shall be automatically evidenced extent lawful) at the rate borne by this Notethe Notes.

Appears in 1 contract

Sources: Indenture (Cooper-Standard Holdings Inc.)

Interest. Trinity Industries, Inc., a Delaware corporation (a) Commencing such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”)Security at the rate of 37/8% per annum. The Company will pay interest semiannually on June 1 and December 1 of each year commencing December 1, it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash2006. Interest on this Note shall the Securities will accrue from the most recent date to which interest has been paid on the Securities or, if no interest has been paid, from June 7, 2006. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. Interest on this Note Securities converted after the close of business on a Regular Record Date, but prior to the opening of business on the corresponding interest payment date, will be compounded quarterly paid to the Holder on the last day Regular Record Date but, upon conversion, the Holder must pay the Company the interest which has accrued and will be paid to the Holder on such interest payment date. No such payment need be made with respect to Securities in respect of each quarter (each, which a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest Redemption Date has been declared that falls within such period or on such interest payment date. A Holder shall be treated as Principal Amount entitled to receive accrued and unpaid interest, including any Contingent Interest, in respect of a Security (A) if the Company calls such Security for all purposes under redemption and such Holder converts such Security on or prior to the Redemption Date, (B) if the Company establishes a Fundamental Change Purchase Date during the period from the close of business on any Regular Record Date to the opening of business on the corresponding interest payment date has been established that falls within this Note period or on such interest payment day and such Holder converts its Security prior to the Note Fundamental Change Purchase Agreement and shall bear Date, (C) if a Holder converts the Securities following the Record Date immediately preceding the Stated Maturity, or (D) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to a Security. If the principal hereof or any portion of such principal is not paid when due (whether upon acceleration, upon the date set for payment of the redemption price pursuant to paragraph 6 hereof, upon the date set for payment of a Purchase Price or Fundamental Change Purchase Price pursuant to paragraph 7 hereof or upon the Stated Maturity of this Security) or if interest (including Contingent Interest, if any) due hereon or any portion of such interest is not paid when due in accordance with this Section 2.02. The obligation paragraph, then in each such case the overdue amount shall bear interest at the rate of the Issuer to pay all such PIK Interest so added 37/8 % per annum, compounded semiannually (to the Principal Amount extent that the payment of such interest shall be automatically evidenced by this Notelegally enforceable), which interest shall accrue from the date such overdue amount was due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable on demand.

Appears in 1 contract

Sources: Indenture (Trinity Industries Inc)

Interest. (a) Commencing on the Issue DateCalumet Specialty Products Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.P., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Calumet Finance Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 9.375% per annum and shall pay the Additional Interest payable pursuant to Section 2 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day May 1 and November 1 of each month year, commencing November 1, 2011, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from [date of issuance]; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Calumet Specialty Products Partners, L.P.)

Interest. ▇▇▇▇▇ Media Company LLC, a Virginia limited liability company (a) Commencing "BMC"), and ▇▇▇▇▇ Media Management, Inc., a Virginia corporation (together with BMC, the "Issuers"), jointly and severally, promise to pay interest on the Issue Dateprincipal amount of this Security at the rate and in the manner specified below. The Issuers shall pay, in cash, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note Security at the rate per annum of 7 1/2% per annum from the Issue Date up to (but not including) the fourth (4th) anniversary date of the Issue Dateoriginal issuance until December 15, 1999, and at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) 12% per annum beginning on such fourth (4th) anniversary (the “Interest Rate”)from and including December 15, 1999 until maturity. Interest shall be payable monthly The Issuers will pay interest semiannually in arrears on the last calendar day June 15 and December 15 of each month year (each, each an "Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”"), it being understood and agreed thatcommencing June 15, unless 1998, or if any such day is not a Business Day on the Issuer shall notify the Holder at least two next succeeding Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashDay. Interest on this Note shall will be computed based on the basis of a 360-day year consisting of twelve 30-day months and all PIK months. Interest shall accrue from the most recent Interest Payment Date to which interest has been paid or, if no interest has been paid, from the date of the original issuance of the Securities. To the extent lawful, the Issuers shall pay interest on overdue principal at the rate of 2% per annum in excess of the then applicable interest rate on the Securities; they shall pay interest on overdue installments of interest (without regard to any applicable grace periods) at the same rate to the extent lawful. The rate of interest payable on this Note will Security shall be compounded quarterly subject to the assessment of additional interest (the "Additional Interest") as follows: (i) if neither the Exchange Offer Registration Statement (as defined below) nor the Shelf Registration Statement (as defined below) is filed within 60 days following the Issue Date (the "Filing Date"), Additional Interest shall accrue on the last Initial Securities over and above the stated interest at a rate of 0.50% per annum for the first 60 days commencing on the 61st day after the Filing Date, such Additional Interest rate increasing by an additional 0.50% per annum at the beginning of each quarter (each, a “PIK Interest Payment Date”).subsequent 30-day period; (cii) Amounts representing PIK if neither the Exchange Offer Registration Statement nor the Shelf Registration Statement is declared effective within 150 days following the Filing Date, Additional Interest shall be treated as Principal Amount accrue on the Initial Securities over and above the stated interest at a rate of 0.50% per annum for all purposes under this Note the first 120 days commencing on the 151st day after the Filing Date, such Additional Interest rate increasing by an additional 0.50% per annum at the beginning of each subsequent 30-day period; or (iii) if (A) the Issuers and the Note Purchase Agreement and shall bear interest Subsidiary Guarantors have not exchanged all Securities validly tendered in accordance with this Section 2.02. The obligation the terms of the Issuer Exchange Offer on or prior to pay all such PIK Interest so added 180 days after the Filing Date or (B) the Exchange Offer Registration Statement ceases to be effective at any time prior to the Principal Amount time that the Exchange Offer is consummated or (C) if applicable, the Shelf Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any time prior to the second anniversary of the Issue Date (unless all the Securities have been sold thereunder), then Additional Interest shall accrue on the Initial Securities over and above the stated interest at a rate of 0.50% per annum for the first 30 days commencing on (x) the 181st day after the Filing Date with respect to the Securities validly tendered and not exchanged by the Issuers, in the case of (A) above, or (y) the day the Exchange Offer Registration Statement ceases to be automatically evidenced effective or usable for its intended purpose in the case of (B) above, or (z) the day such Shelf Registration Statement ceases to be effective in the case of (C) above, such Additional Interest rate increasing by this Notean additional 0.50% per annum at the beginning of each subsequent 30-day period; provided, however, that the Additional Interest rate on the Securities may not exceed in the aggregate 1.5% per annum in any event; and provided further, that (1) upon the filing of the Exchange Offer Registration Statement or Shelf Registration Statement (in the case of clause (i) above), (2) upon the effectiveness of the Exchange Offer Registration Statement or Shelf Registration Statement (in the case of (ii) above), or (3) upon the exchange of Exchange Securities for all Securities tendered (in the case of clause (iii)(A) above), or upon the effectiveness of the Exchange Offer Registration Statement which had ceased to remain effective (in the case of clause (iii)(B) above), or upon the effectiveness of the Shelf Registration Statement which had ceased to remain effective (in the case of clause (iii)(C) above), Additional Interest on the Initial Securities as a result of such clause or the relevant subclause thereof, as the case may be, shall cease to accrue.

Appears in 1 contract

Sources: Indenture (Central Michigan Distribution Co Lp)

Interest. (a) Commencing on Grupo ▇▇▇▇▇▇▇, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary laws of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Mexico (the “Interest RateCompany”). Interest shall be payable monthly in arrears , promises to pay interest on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at the Applicable Interest Rate in accordance with the terms hereof. Interest on the Notes will accrue on (a) the principal amount of the Notes at a rate equal to the Applicable Interest Rate and (b) in the case the PIK Interest Election (as defined below) is exercised in accordance with the terms hereof, (i) at least half of the principal amount of the Notes at the Applicable Interest Rate and (ii) up to half of the principal amount of the Notes at a rate equal to the sum of the Applicable Interest Rate plus a 2.00% premium (the “PIK Interest Rate”) and be payable in-kind in accordance with the terms hereof (“PIK Interest”). Interest shall accrue from the most recent date on which interest has been paid [or, it being understood and agreed thatif no interest has been paid, unless from the Issuer shall notify date of the Holder at least two Business Days prior to original issuance of the Notes]. The Company will pay interest semi-annually in arrears on each Interest Payment Date that it intends to treat some portion of Date, with the entire first cash interest due payment on such December 30, 2021.14 Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK months. Interest on this Note will the Notes shall be compounded quarterly payable entirely in cash (“Cash Interest”) on each Interest Payment Date, except that the last day of each quarter Company may, at is option (each, a the “PIK Interest Payment DateElection”). , for the Interest Payment Dates occurring on June 30, 2022, December 30, 2022, June 30, 2023 and December 30, 2023, elect to accrue interest on up to half of the principal amount of the Notes for such period in-kind as PIK Interest at the PIK Interest Rate (c) Amounts representing and the remaining principal amount of the Notes shall accrue interest for such period as Cash Interest at the Applicable Interest Rate). The PIK Interest shall be treated as Principal Amount for all purposes under this Note and payable (x) with respect to Notes represented by one or more Global Notes registered in the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation name of, or held by, DTC or its nominee on the relevant record date, by increasing the principal amount of the Issuer outstanding Global Note by an amount equal to pay 13 On the effective date of the plan of restructuring, for each US$1,000 in principal amount and all such PIK Interest so added accrued and unpaid interest prior to the petition date in respect of the existing notes, holders of the existing notes will receive the following: new Notes in the aggregate principal amount equal to (i) US$1,000 plus (ii) an amount (the “Additional Initial Principal Amount Amount”) equal to the sum of (x) 4% of a US$1,000 principal amount (computed on the basis of daily compounding) multiplied by (y) a fraction equal to the (A) the number of days that has elapsed from (and including) August 1, 2021 to (and including) the Issue Date divided by (B) 365 days; provided that if the Issue Date shall occur on or after January 1, 2022, then the amount calculated above for the period from August 1, 2021 to December 31, 2021 shall be automatically evidenced by this Notepaid to each holder of a Note on the Issue Date and such amount shall not be included as Additional Initial Principal Amount. On the Effective Date and subject to consummation of the Plan of Reorganization with the terms set forth in Exhibit A, the Holders agree to waive the right to receive accrued and unpaid interest on the existing notes from December 31, 2019 through July 31, 2021. 14 NTD: Same as above; calculation of interest owing on December 30, 2021 to be agreed given no accrual of interest during Chapter 11 proceeding.

Appears in 1 contract

Sources: Indenture Agreement

Interest. (a) Commencing The Company will pay interest on any overdue principal amount at the interest rate borne by the Securities at the time such interest on the Issue Dateoverdue principal amount accrues, compounded quarterly. This Security will bear interest shall be payable on the outstanding Principal Amount at an annual rate equal to 3-month LIBOR, reset quarterly, minus 0.40%, and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, will initially bear interest at a rate of fifteen percent (15.004.96%) ; provided that such rate shall never be less than 0% per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall will be payable monthly quarterly in arrears on the last calendar day March 20, June 20, September 20 and December 20 of each month year (each, an “Interest Payment Date”). (b) All , subject to Section 2.05 of the Indenture, commencing March 20, 2007. The Company will pay interest on this Note any overdue principal amount at the interest rate borne by the Floating Rate Exchangeable Senior Notes due December 20, 2036 (the “Securities”) at the time such interest on the overdue principal amount accrues, compounded quarterly, and it shall pay interest on overdue installments of interest (without regard to any applicable grace period), at the same interest rate, compounded quarterly. Interest (including Liquidated Damages, if any) on the Securities will be computed using the actual number of days elapsed between the LIBOR Rate Reset Dates divided by 360. The Holders of the Securities shall be paid in cash; provided, that on any Interest Payment Date during entitled to the term of this Note, the Issuer shall have the option to pay a portion benefits of the accrued and unpaid interest on this Note on Registration Rights Agreement, including the right to receive Liquidated Damages in the event of Registration Defaults (as defined in the Registration Rights Agreement under Section 2(e) thereof), such Interest Payment Date that has accrued Liquidated Damages to be payable at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest same times and adding it to the then outstanding principal amount of this Note (“PIK Interest”)same Persons as regular interest is payable with respect to the Securities, it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior that any reference in this Security to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer “interest” shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a include PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest Liquidated Damages” if then owing in accordance with this Section 2.02. The obligation the terms of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteRegistration Rights Agreement.

Appears in 1 contract

Sources: Indenture (PNC Financial Services Group Inc)

Interest. (a) Commencing on the Issue DateINTEREST. LPL Holdings, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateInc., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware corporation (the “Interest Rate”Issuer’), promises to pay interest on the principal amount of this Note at 10.75% per annum from December 28, 2005 until maturity. Interest shall be payable monthly The Issuer will pay interest, if any, semi-annually in arrears on the last calendar day June 15 and December 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). . Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be June 15, 2006. If, at any time prior to the first day on which the Initial Purchasers shall fail to own at least a majority in aggregate principal amount of the Notes then outstanding (b) All exclusive of any Notes then held by the Issuer or any of its Affiliates), unless waived by the Initial Purchasers, a default in the payment when due of interest on, principal of, or premium, if any, on, the Notes or an Event of Default has occurred and is continuing, then in each case this Note will accrue interest at the stated interest rate on this Note plus the Default Interest Rate until such time as no such Default or such Event of Default shall be paid continuing (to the extent that the payment of such interest shall be legally enforceable). At any other time, any amounts payable under or in cash; provided, that on any Interest Payment Date during the term respect of this Note, Note not paid when due will accrue interest at the Issuer shall have the option to pay a portion of the accrued and unpaid stated interest rate on this Note on plus the Default Interest Rate until such time as such overdue amounts are paid in full, including any interest thereon (to the extent that the payment of such interest shall be legally enforceable). Default Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) shall be payable in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashdemand. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and actual days elapsed. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: Indenture (LPL Investment Holdings Inc.)

Interest. (a) Commencing Quorum Health Corporation, a Delaware corporation, promises to pay interest on the Issue Dateprincipal amount of this Note at 11.625% per annum from April 22, interest 20163 until maturity. Additional Interest, if any, shall be payable on the outstanding Principal Amount Notes if and all overdue amounts to the extent payable under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”)Registration Rights Agreement. Interest shall be payable monthly The Issuer will pay interest semi-annually in arrears every April 15 and October 15 of each year, or if any such day is not a Business Day, on the last calendar day of each month next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes shall accrue from the most recent date to which interest on this Note shall be has been paid in cashor, if no interest has been paid, from April 22, 20164; provided, that on any the first Interest Payment Date during the term of this Noteshall be October 15, the 2016.5 The Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued overdue principal at the rate borne by the Notes, and it shall pay interest (including post-petition interest in excess any proceeding under any Bankruptcy Law) on overdue installments of ten percent interest (10.00%without regard to any applicable grace period) per annum either (i) in cash or (ii) by capitalizing such interest and adding it at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall the Notes will be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK Interest months. Each interest period will end on this Note will be compounded quarterly on (but not include) the last day of each quarter (each, a “PIK relevant Interest Payment Date. In addition to the rights provided to Holders of the Notes under the Indenture, Holders of Initial Securities and Exchange Securities (as defined in the Registration Rights Agreement) shall have all rights set forth in the Registration Rights Agreement, dated as of April 22, 2016, among the Issuer, the other party named on the signature pages thereto and the Guarantors that shall join such agreement by joinder on the Escrow Release Date (as amended, supplemented or otherwise modified from time to time, the “Registration Rights Agreement”). (c) Amounts representing PIK Interest , including the right to receive Additional Interest, if any, in certain circumstances. If applicable, Additional Interest, if any, shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added paid to the Principal Amount shall be automatically evidenced by this Notesame Persons, in the same manner and at the same times as regular interest.

Appears in 1 contract

Sources: Indenture (Quorum Health Corp)

Interest. UNIVERSAL CITY FLORIDA HOLDING CO. I, a Florida general partnership (a“Holding I”), UNIVERSAL CITY FLORIDA HOLDING CO. II, a Florida general partnership (“Holding II”), UCFH I FINANCE, INC., a Florida corporation (“Finance I”) Commencing and UCFH II FINANCE, INC., a Florida corporation (“Finance II”), as joint and several obligors (the “Co-Issuers”), promise to pay interest on the Issue Date, interest shall be payable on principal amount of this Floating Rate Senior Note (the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including“Note”) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate reset quarterly equal to increase LIBOR plus 4.75%, as determined by one percent (1.00%) per annum beginning on such fourth (4th) anniversary an agent appointed by the Co-Issuers to calculate LIBOR for purposes of the Indenture (the “Interest RateCalculation Agent”), which shall initially be the Trustee, from the date of the original issuance of the Notes until maturity. Interest shall The Co-Issuers will pay interest on February 1, May 1, August 1 and November 1 of each year, but if such date is not a business day such payment may be payable monthly in arrears made on the last calendar next succeeding business day with the same force and effect as if made on such day, and no interest shall accrue for the period from and after such date to the date of each month payment (each, an “Interest Payment Date”). (b) All , commencing February 1, 2005. Interest on the Notes will accrue from the most recent date to which interest on this Note shall be has been paid in cashor, if no interest has been paid, from the date of original issuance; provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on any the face hereof and the next succeeding Interest Payment Date during the term of this NoteDate, the Issuer interest shall have the option to pay a portion of the accrued and unpaid interest on this Note on accrue from such next succeeding Interest Payment Date that has accrued Date. The Co-Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent lawful at the interest rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it applicable to the then outstanding principal amount Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note interest (“PIK Interest”), it being understood and agreed that, unless without regard to any applicable grace periods) from time to time on demand at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year and actual number of twelve 30-day months and all PIK days in each period. For purposes of this Section 1, the following terms shall have the meaning indicated below: “Determination Date,” with respect to an Interest on this Note Period, will be compounded quarterly on the last second London Banking Day preceding the first day of each quarter (each, a “PIK the Interest Payment Date”)Period. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Universal City Florida Holding Co. I)

Interest. (a) Commencing on the Issue DateVenture Global Plaquemines LNG, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateLLC, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited liability company (the “Interest RateCompany”), promises to pay interest on the principal amount of this Note (as defined herein) at 6.50% per annum from July 3, 2025 until maturity. Interest shall be payable monthly The Company will pay interest semi-annually in arrears on the last calendar day January 15 and July 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). . Interest on the 6.50% Senior Secured Notes due 2034 (bthe “Notes”) All will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Unmatured Event of Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest #100795054v3 Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during the term of this Noteshall be January 15, the Issuer shall have the option 2026. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion rate that is 0.50% per annum in excess of the accrued and unpaid rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on this Note overdue installments of interest (without regard to any applicable grace periods) from time to time on such Interest Payment Date that has accrued demand at the rate equal to 0.50% per annum in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing the then applicable interest rate on the Notes of such interest and adding it series to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: First Supplemental Indenture (Venture Global, Inc.)

Interest. CEMEX España, S.A., acting through its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (atogether with its successors and assigns, the “Issuer”) Commencing promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at the rate per annum shown above. The Issuer will pay interest semiannually in arrears on each Interest Payment Date of each year commencing October 31, 2012; provided that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from March 28, 2012; provided that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after March 28, 2012), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from March 28, 2012. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“PIK Defaulted Interest”), it being understood and agreed thatwithout regard to any applicable grace period, unless at the Issuer shall notify the Holder at least two Business Days prior same rate to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note months. All payments made by the Issuer in respect of the Notes will be compounded quarterly made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied by or on behalf of any Taxing Authority, unless such withholding or deduction is required by law or by the last day of interpretation or administration thereof. In that event, the Issuer will pay to each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation Holder of the Issuer to pay all such PIK Interest so added Notes Additional Amounts as provided in the Indenture subject to the Principal Amount shall be automatically evidenced by this Notelimitations set forth in the Indenture.

Appears in 1 contract

Sources: Indenture (Cemex Sab De Cv)

Interest. (a) Commencing on the Issue DateCalumet Specialty Products Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.P., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Calumet Finance Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 7.75% per annum and shall pay the Additional Interest payable pursuant to Section 2 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day April 15 and October 15 of each month year, commencing October 15, 2015, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Calumet Specialty Products Partners, L.P.)

Interest. (a) Commencing This Security shall accrue interest at an initial rate of 6% per annum. The Company promises to pay interest on the Issue DateSecurities in cash semiannually on each February 15 and August 15, interest shall be payable commencing August 15, 2010, to Holders of record at the close of business on the outstanding Principal Amount immediately preceding February 1 and all overdue amounts under this Note from August 1 (August , 2010 in the Issue Date up to (but not including) the fourth (4th) anniversary case of the Issue DateAugust 15, at a rate 2010 interest payment date in respect of fifteen percent (15.00%) per annumSecurities originally issued on August , with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”2010), it being understood and agreed thatrespectively, unless the Issuer shall notify the Holder at least two whether or not such day is a Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashDay. Interest on this Note the Securities will accrue from the most recent date to which interest has been paid, or if no interest has been paid, from February 23, 2010, until the Principal Amount is paid or duly made available for payment. The Company will pay interest on any overdue Principal Amount at the interest rate borne by the Securities at the time such interest on the overdue Principal Amount accrues, compounded semiannually, and it shall pay interest on overdue installments of interest and Liquidated Damages, if any (without regard to any applicable grace period), at the same interest rate compounded semiannually. Interest on the Securities will be computed based on the basis of a 360-day year comprised of twelve 30-day months months. Upon the occurrence and all PIK Interest during the continuation of an Event of Default, the interest rate applicable hereunder shall be increased by 2% per annum. Notwithstanding the foregoing, and provided that the payment of the interest in shares of Common Stock would not result in a violation or violations of the limitation on conversion set forth in Section 10.16 of the Indenture, to the extent that (i) the Company is not permitted to pay the entire amount of interest then due and payable on this Note Security and the other Securities issued pursuant to the Indenture (such amount of interest that is not paid in cash, “Bank Restricted Interest”) pursuant to the terms of any Financing Facility as in effect of the date of the Indenture or (ii) the Company and its Subsidiaries, collectively, determine in their reasonable judgment that they lack sufficient funds to necessary to pay the entire amount of the interest then due and payable on this Security and the other Securities issued pursuant to the Indenture or is otherwise deferring scheduled payments of interest, commitment fees and letter of credit fees any Financing Facility (provided that the Company and its Subsidiaries would be deemed to have sufficient funds to the extent they had available borrowing capacity under the Financing Facilities or other lines of credit or sources of capital that is permitted to be used for this purpose) (such amount of interest for which sufficient funds are lacking, together with Bank Restricted Interest, “Restricted Interest”), the Company may elect to pay Restricted Interest due on this Security by issuing shares of Common Stock that are qualified for registration with the SEC upon the resale of such shares by the holder thereof and listed or quoted on a Principal Market in an amount of shares equal to the quotient of (x) the amount of such Restricted Interest then due on this Security divided by (y) the Restricted Interest Conversion Price (as hereinafter defined), rounded up to the nearest whole share of Common Stock; provided that such rounding shall be with respect to all Restricted Interest then due to the Holder under this Security and any other Securities owned by the Holder. On or prior to the record date immediately preceding the interest payment date for which Restricted Interest will be compounded quarterly paid, the Company must give written notice to the Trustee and file a Current Report on the last day Form 8-K of each quarter (each, a “PIK its intention to issue shares of Common Stock in respect of Restricted Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest amount of Restricted Interest per $1,000 in accordance with this Section 2.02. The obligation principal amount of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteSecurities.

Appears in 1 contract

Sources: Supplemental Indenture (YRC Worldwide Inc.)

Interest. The ▇▇▇▇▇▇▇▇▇ Corporation, a Delaware corporation (a) Commencing such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the "Company"), promises to pay interest on the Issue Dateprincipal amount of this Security at the rate per annum shown above[; provided, however, -------- ------- that if a Registration Default (as defined in the Registration Rights Agreement) occurs, interest shall be payable will accrue on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, Security at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) 0.50% per annum beginning from and including the date on which any such fourth (4th) anniversary (Registration Default shall occur to but excluding the “Interest Rate”). Interest shall be payable monthly in arrears date on which all Registration Defaults have been cured, calculated on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note Security as of the date on which such interest is payable; provided, however, that (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior i) no holder of Securities who is -------- ------- not entitled to the Interest Payment Date benefits of a Shelf Registration Statement shall be entitled to receive additional interest by reason of a Registration Default that it intends pertains to treat some portion a Shelf Registration Statement; and (ii) no holder of Securities constituting an unsold allotment from the original sale of the entire interest due on such Interest Payment Date as PIK Interest, Securities or any other holder of Securities who is entitled to the Issuer benefits of a Shelf Registration Statement shall be deemed entitled to have elected receive additional interest by reason of a Registration Default that pertains to a Registered Exchange Offer. Such interest is payable in addition to any other interest payable from time to time with respect to this Security]/1/. The Company will pay all interest semiannually on April 15 and October 15 of the interest in casheach year. Interest on this Note shall the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from April 20, 1999 [date of issuance of any Additional Securities]. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02months. The obligation Company shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments of interest at the Issuer to pay all such PIK Interest so added same rate, in each case, to the Principal Amount shall be automatically evidenced by this Noteextent lawful.

Appears in 1 contract

Sources: Indenture (Marson Creative Fastener Inc)

Interest. WICKES INC., a Delaware corporation (a) Commencing the “Company”), promises to pay interest on the principal amount of this Security from the Issue Date through and including December 15, 2003 at a rate equal to 11 5/8% per annum and thereafter (the “Second Interest Period”) at a rate equal to 18% per annum, except a portion shall accrue as simple interest. The portion of the interest to be paid in cash shall be 11 5/8% per annum, plus, during the Second Interest Period, the amount of Excess Cash Flow, if any, for the Twelve Month Period ending immediately preceding applicable Interest Payment Date, as set forth in a notice the Trustee required pursuant to Section 4.01 of the Indenture, up to but not exceeding an aggregate payment of 18% per annum. Cash interest to be paid out of Excess Cash Flow shall be paid on the second Interest Payment Date immediately succeeding the end of each fiscal quarter of the Company. To the extent the cash portion of the interest during the Second Interest Period is less than 18% per annum, the unpaid balance shall accrue as simple interest and be payable on the outstanding Principal Amount Maturity Date. If, during the Second Interest Period, the Company receives any Net Cash Proceeds from any Real Estate Asset Sales and all overdue amounts under this Note from of the Issue outstanding principal of the Securities has been paid, the Company shall pay on the next Interest Payment Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with an amount equal to such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the Net Cash Proceeds all then accrued and unpaid interest on this Note the Securities. The Company will pay the interest monthly on such each Interest Payment Date that has accrued at Date, or if any such day is not a Business Day, on the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two next succeeding Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashDay. Interest on this Note shall the Securities will accrue from the most recent date on which interest has been paid, or, if no interest has been paid, from the date of original issuance. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02months. The obligation Company shall pay interest on overdue principal from time to time on demand at the rate borne by the Securities plus 2% per annum; it shall pay interest on overdue installments of the Issuer interest (which shall not include any interest permitted to pay all such PIK Interest so added be accrued with respect to the Principal Amount shall be automatically evidenced Second Interest Period), without regard to any applicable grace periods, from time to time on demand at the rate borne by this Notethe Securities plus 2% per annum to the extent lawful.

Appears in 1 contract

Sources: Indenture (Wickes Inc)

Interest. Grove Investors LLC, a Delaware limited liability company (a"Grove Investors") Commencing and Grove Investors Capital, Inc., a Delaware corporation ("Grove Investors Capital" and together with Grove Investors, the "Issuers"), promise to pay interest on the Issue principal amount of this Debenture at 14 1/2% per annum from August 1, 1998 until maturity and shall pay the Liquidated Damages payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, if any, quarterly on February 1, May 1, August 1 and November 1 (each an "Interest Payment Date") of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Debentures will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; PROVIDED that if there is no existing Default in the payment of interest, and if this Debenture is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; PROVIDED FURTHER, that the first Interest Payment Date shall be payable November 1, 1998. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on the outstanding Principal Amount overdue principal and all overdue amounts under this Note premium, if any, from the Issue Date up time to (but not including) the fourth (4th) anniversary of the Issue Date, time on demand at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) that is 1% per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent the rate then in effect; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either (i) in cash or (ii) by capitalizing such on overdue installments of interest and adding it Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Senior Debenture Agreement (Grove Investors Capital Inc)

Interest. Key Energy Group, Inc., a Maryland corporation (a) Commencing the "COMPANY"), promises to pay interest on the Issue Dateprincipal amount of this Note at ___% per annum from ________ __, 19__ until maturity and shall pay the Liquidated Damages payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest shall be payable and Liquidated Damages semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to next succeeding Business Day (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”each an "INTEREST PAYMENT DATE"). Interest shall be payable monthly in arrears on the last calendar day of each month (eachNotes will accrue from the most recent date to which interest has been paid hereunder or, an “Interest Payment Date”). (b) All if no interest on has been paid hereunder, from the date that this Note shall be paid was first released from Escrow (as defined in cash; provided, that on the Indenture) together with any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on the Loan that was converted into this Note under the Bridge Loan Agreement (as defined in the Indenture); provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be ________ __, 19__. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that has accrued at the rate is 2% per annum in excess of ten percent the rate then in effect; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either (i) in cash or (ii) by capitalizing such on overdue installments of interest and adding it Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Key Energy Group Inc)

Interest. [Reorganized Comdisco, Inc.], a Delaware corporation (athe "Company") Commencing and [New Leasing Co., Inc.] a Delaware corporation ("NLC" and, together with the Company, the "Issuers"), promise to pay interest on the Issue principal amount of this Note the Applicable Rate (as defined below) per annum from ______ ___, 2002 until maturity. The Issuers will pay interest quarterly in arrears on September 30, December 31, March 31 and June 30 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, however, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be payable ______ ___, 2002. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on the outstanding Principal Amount overdue principal and all overdue amounts under this Note premium, if any, from the Issue Date up time to (but not including) the fourth (4th) anniversary of the Issue Date, time on demand at a rate that is 1% per annum in excess of fifteen percent the rate then in effect; it shall pay interest (15.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum, with such on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”)extent lawful. Interest shall will be payable monthly in arrears computed at the Applicable Rate on the last calendar day basis of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term actual number of days elapsed over a year of 360 days. For purposes of this Note, the Issuer shall have term "Applicable Rate" means the option annual interest rate equal to pay a portion the sum of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or three-month U.S. Dollar LIBOR as quoted on Bloomberg Page BBAM 1 (British Bankers Association page) ("LIBOR") plus (ii) by capitalizing an additional 3.00% per annum. In the event that such interest and adding it to rate does not appear on the then outstanding principal amount Bloomberg Page BBAM 1 (or otherwise on the Bloomberg Page BBAM), the LIBOR component for purposes of this Note definition shall be determined by reference to such other comparable publicly available service for displaying the three-month U.S. Dollar LIBOR as may be selected by the Issuers. The LIBOR component of the Applicable Rate for each quarter shall be fixed two (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days 2) business days prior to the Interest Payment Date that it intends to treat some portion commencement of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed applicable fiscal quarter to have elected to pay all of which the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)payment relates. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Comdisco Inc)

Interest. (a) Commencing Subject to Article IV, interest on the Issue Date, interest Series A Notes shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly quarterly in arrears on the last calendar day January 1, April 1, July 1 and October 1 of each month year (each, subject to adjustment in accordance with Section 2.5(b), an “Interest Payment Date”). (b) All interest , commencing October 1, 2014 and at Stated Maturity, to the Person in whose name the relevant Series A Notes are registered at the close of business on this Note shall be paid in cash; provided, that on any Interest Payment the Regular Record Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on for such Interest Payment Date except that has accrued interest payable at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it Stated Maturity shall be paid to the then outstanding Person to whom principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the is payable. Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all calculated on the basis of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months months, and all PIK Interest on this Note will be compounded quarterly with respect to any period less than a full calendar month, on the last basis of the actual number of days elapsed during a 30-day of each quarter (each, a “PIK month. If any Interest Payment Date”), Redemption Date, the Stated Maturity or the date (if any) on which the Company is required to purchase the Series A Notes pursuant to Section 9.5 is not a Business Day, then the applicable payment shall be made on the next succeeding day that is a Business Day and no interest shall accrue or be paid in respect of such delay. Section 15.5 of the Base Indenture is hereby superseded in its entirety, with respect to the Series A Notes, by the immediately preceding sentence. (cb) Amounts representing PIK The Series A Notes will bear interest initially at the rate of 2.00% per year (the “Coupon Rate”) from and including June 11, 2014 to, but excluding, the date the principal amount thereof is paid or made available for payment, or in the event of a Successful Remarketing, the Remarketing Settlement Date. In the event of a Successful Remarketing of the Series A Notes, the interest rate applicable to the Series A Notes may be reset by the Remarketing Agent(s) to the applicable Reset Rate with effect from the Remarketing Settlement Date, as set forth in Section 9.3. If the interest rate is so reset, the Series A Notes will bear interest at the applicable Reset Rate from, and including, the Remarketing Settlement Date to, but excluding, the date the principal amount thereof is paid or made available for payment. In the event of a Successful Remarketing, following the applicable Remarketing Settlement Date, interest on Series A Notes will be payable semi-annually on April 1 and October 1. If there is no Successful Remarketing, the interest rate applicable to the Series A Notes will not be reset, the Interest Payment Dates shall remain the same and the Series A Notes shall continue to bear interest at the Coupon Rate. The Series A Notes shall bear interest, to the extent permitted by law, on any overdue principal and interest at the Coupon Rate, unless a Successful Remarketing shall have occurred, in which case on and after the Remarketing Settlement Date the Series A Notes shall bear interest, to the extent permitted by law, on any overdue principal and interest at the Reset Rate. The second paragraph of Section 2.3 of the Base Indenture (except for the last sentence thereof, which sentence shall be treated deemed to apply to the term “Regular Record Date” as Principal Amount defined herein) shall not apply with respect to the Series A Notes, and any reference in the Base Indenture to such provision shall, for all purposes under this Note and of the Note Purchase Agreement and shall bear interest in accordance with Series A Notes, be deemed to refer instead to this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note2.5.

Appears in 1 contract

Sources: First Supplemental Indenture (Laclede Group Inc)

Interest. PMD Group Inc., a Delaware corporation (a) Commencing the "COMPANY"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 11% per annum from September 15, 2001 until maturity and shall pay the Liquidated Damages payable pursuant to Section 5 of the Registration Rights Agreement referred to below. Interest on the Notes will accrue at the rate of 11% per year. The Company will pay interest and Liquidated Damages semi-annually on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "INTEREST PAYMENT DATE"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; PROVIDED that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between an Interest Record Date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; and PROVIDED FURTHER that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be September 15, 2001. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it shall pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on entitled to the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated same benefits as Principal Amount for all purposes other Notes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this NoteIndenture.

Appears in 1 contract

Sources: Indenture (Noveon Inc)

Interest. CCO Holdings, LLC, a Delaware limited liability company (a) Commencing the “Company”), and CCO Holdings Capital Corp., a Delaware corporation (“Capital Corp” and, together with the Company, the “Issuers”), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Note at the rate of 5.750% per annum from the Issue Date up until maturity and shall pay the Special Interest, if any, payable pursuant to (but not including) the fourth (4th) anniversary Registration Rights Agreement referred to below. The interest rate on the Notes is subject to increase pursuant to the provisions of the Issue DateRegistration Rights Agreement, at a rate of fifteen percent as applicable. The Issuers will pay interest (15.00%including Special Interest, if any) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly semi-annually in arrears on the last calendar day March 1 and September 1 of each month year (each, each an “Interest Payment Date”). (b) All , or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, further, that on any the first Interest Payment Date during the term of this Noteshall be September 1, the Issuer 2013. The Issuers shall have the option pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1.00% per annum in excess of ten percent the rate then in effect; they shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either on overdue installments of interest (iincluding Special Interest, if any) in cash or (iiwithout regard to any applicable grace periods) by capitalizing such interest and adding it from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Seventh Supplemental Indenture (Charter Communications, Inc. /Mo/)

Interest. (a) Commencing on the Issue DateClear Channel Worldwide Holdings, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateInc., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Nevada corporation (the “Interest RateIssuer”), promises to pay interest on the principal amount of this Series B Note at 6.50% per annum from November 19, 20122 until maturity and shall pay the Special Interest, if any, payable pursuant to the Series B Registration Rights Agreement referred to below. Interest The Issuer shall be payable monthly pay interest and Special Interest, if any, semi-annually in arrears on the last calendar day May 15 and November 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Series B Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at 1.0% per annum in excess of the interest rate otherwise payable on the Series B Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Special Interest, if any, (without regard to any applicable grace periods) from time to time on demand at 1.0% per annum in excess of the interest rate otherwise payable on the Series B Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. (b) All Not later than the Issue Date, the Issuer will cause the Trustee to establish an account (the “Trustee Account”) to be maintained by the Trustee for the benefit of the Holders with respect to payments of interest on this Note the Series B Notes, over which the Trustee shall have sole control and dominion. Interest on the Series B Notes will accrue, and be paid payable by or on behalf of the Issuer to the Trustee, weekly in casharrears on the last Business Day of each week; provided, provided that the failure by the Issuer to make or have made any such weekly payment to the Trustee on the last Business Day of the applicable week will not constitute a Default so long as (a) (x) no payment or other transfer by the Company or any of its Restricted Subsidiaries shall have been made during the applicable week in respect of which such payment was due and payable under the Cash Management Arrangements or (y) the amount of funds on deposit in the Trustee Account on the last Business Day of the applicable week is equal to the amount of interest which has accrued up to and including the last Business Day of such week and (b) on each Interest Payment Date during the term aggregate amount of this Note, funds deposited in the Issuer shall have the option Trustee Account is sufficient to pay a portion the aggregate amount of interest on the Series B Notes that is payable by the Trustee to the Holders of the accrued and unpaid interest on this Note Series B Notes on such Interest Payment Date Date; provided further, however, that has accrued at the rate in excess payments of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall only be deemed to have elected be overdue to the extent that the aggregate amount of funds deposited in the Trustee Account is not sufficient to pay all the aggregate amount of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Series B Notes that is payable by the Trustee to Holders on the applicable Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation Issuer or any Guarantor will not be the legal owners of the funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in Government Securities or in a combination thereof. Any interest earned on Government Securities held in the Trustee Account will be applied to pay fees and expenses of the Trustee and, to the extent of any excess, returned to the Company. Upon the making by or on behalf of the Issuer of any payment into the Trustee Account, the Issuer’s obligation to pay all such PIK Interest so added accrued interest shall be discharged to the Principal Amount shall extent of the amount so paid. If the Trustee fails to make an interest payment on the Series B Notes but the Issuer has deposited the funds with the Trustee, it will not be automatically evidenced by this Note.a Default. 2 With respect to the Initial Notes

Appears in 1 contract

Sources: Indenture (Clear Channel Outdoor Holdings, Inc.)

Interest. (a) Commencing on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary The Mohegan Tribal Gaming Authority (the “Interest RateAuthority) promises to pay interest on the principal amount of this Note at 11% per annum from _______ until maturity (except as otherwise described below). Interest shall be payable monthly The Authority will pay interest semi-annually in arrears on the last calendar day March 15 and September 15 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All to the holders of record on the preceding March 1 and September 1, respectively. Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of original issuance; provided that, if there is no existing Default in the payment of interest with respect to the Notes, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, further, that on any the first Interest Payment Date during the term of this Noteshall be ___________. The Authority shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, the Issuer shall have the option if any, from time to pay time on demand at a portion of the accrued and unpaid interest on this Note on such Interest Payment Date rate that has accrued at the rate is 1% per annum in excess of ten percent the rate then in effect; it shall pay interest (10.00%including post-petition interest in any proceeding under any Bankruptcy Law) per annum either on overdue installments of interest (iwithout regard to any applicable grace periods) in cash or (ii) by capitalizing such interest and adding it from time to time on demand at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months months. [The interest payment on the Notes due on September 15, 2012 will be payable entirely in cash.] For any [subsequent] interest period through March 15, 2018, the Authority may, at its option, elect to pay interest on the Notes entirely in cash (“Cash Interest”) or by paying the interest in a combination of (i) Cash Interest and all (ii) increasing the principal amount of the outstanding Notes or issuing Additional Notes (either option pursuant to this clause (ii), “PIK Interest”). If the Authority elects to pay interest on the Notes with PIK Interest in any period, Cash Interest on this Note the Notes will accrue at a rate of 9% per annum and PIK interest will accrue for such period at a rate of 2% per annum. If the Authority elects to pay any PIK Interest, it will increase the principal amount of the Notes or issue Additional Notes in an amount equal to the amount of PIK Interest for the applicable interest payment period (rounded up to the nearest $1.00) to Holders on the relevant record date. The Authority must elect the form of interest payment with respect to each interest period by delivering a notice to the Trustee at least five business days prior to the beginning of each interest period. The Trustee will promptly deliver a corresponding notice to the Holders. In the absence of such an election, interest on the Notes will be compounded quarterly payable in the form paid for the prior interest period. After March 15, 2018 the Authority will make all interest payments on the last day Notes entirely in cash. PIK Interest will be payable (x) with respect to Notes represented by one or more global notes registered in the name of, or held by, The Depository Trust Company (“DTC”) (or any successor depositary) or its nominee on the relevant record date, by increasing the principal amount of each quarter the outstanding global notes, effective as of the applicable interest payment date, by an amount equal to the amount of PIK Interest for the applicable interest period (eachrounded up to the nearest $1.00) and (y) with respect to Notes represented by certificated notes, by issuing Additional Notes in certificated form, dated as of the applicable interest payment date, in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest $1.00) and the Trustee will, at the request of the Authority, authenticate and deliver such Additional Notes in certificated form for original issuance to the Holders on the relevant record date, as shown in the records of the Registrar. The payment of PIK Interest according to sections (x) and (y) of this paragraph shall be known as a “PIK Interest Payment.” Following an increase in the principal amount of the outstanding Notes represented by global notes as a result of a PIK Payment, such Notes will bear interest on such increased principal amount from and after the date of such PIK Payment. Any Additional Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after such date. All Additional Notes issued pursuant to a PIK Payment Date”). (c) Amounts representing PIK Interest shall will mature on September 15, 2018 and will be treated as Principal Amount for all purposes under this Note governed by, and subject to the Note Purchase Agreement terms, provisions and conditions of, the Indenture and shall bear interest in accordance have the same rights and privileges as the Initial Notes. Any certificated Additional Notes will be issued with this Section 2.02. The obligation the description “PIK” on the face of the Issuer to pay all each such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Additional Note.

Appears in 1 contract

Sources: Global Note (Mohegan Tribal Gaming Authority)

Interest. (a) Commencing on the Issue DateEquinix Europe 2 Financing Corporation LLC, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited liability company (the “Interest RateIssuer”), promises to pay interest on the principal amount of this Note at 4.000% per annum from May 19, 2025, until maturity. Interest shall be payable monthly The Issuer will pay interest annually in arrears on the last calendar day May 19 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day and no additional interest shall accrue on such payment for the intervening period (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be paid in cashaccrue from such next succeeding Interest Payment Date; provided, provided further that on any the first Interest Payment Date during shall be May 19, 2026. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is equal to the term interest rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of this Note, the Issuer shall have the option interest (without regard to pay a portion of the accrued and unpaid interest any applicable grace periods) from time to time on this Note on such Interest Payment Date that has accrued demand at the same rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall the Notes will be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last day of each quarter date on which interest was paid on the Notes (eachor May 19, a “PIK 2025 if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Sixth Supplemental Indenture (Equinix Inc)

Interest. (a) Commencing on the Issue DateVenture Global Plaquemines LNG, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateLLC, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited liability company (the “Interest RateCompany”), promises to pay interest on the principal amount of this Note at 7.50% per annum from April 21, 2025 until maturity. Interest shall be payable monthly The Company will pay interest semi-annually in arrears on the last calendar day May 1 and November 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes will accrue from the most recent date to which interest on has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Unmatured Event of Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest #100513604v3 Payment Date shall be paid November 1, 2025. The Company will pay interest (including post-petition interest in cash; providedany proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion is 0.50% per annum in excess of the accrued and unpaid rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on this Note overdue installments of interest (without regard to any applicable grace periods) from time to time on such Interest Payment Date that has accrued demand at the rate equal to 0.50% per annum in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing the then applicable interest rate on the Notes of such interest and adding it series to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: Indenture (Venture Global, Inc.)

Interest. (a) Commencing on the Issue Date, The Notes will bear interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not includingi) the fourth (4th) anniversary of the Issue Date, at a an initial rate of fifteen percent (15.00%) 5.625% per annum, with such rate payable semi-annually in arrears on February 15 and August 15 of each year (each, a “Fixed Rate Interest Payment Date”), commencing on February 15, 2017, from and including the date of issuance to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary but excluding August 15, 2021 (the “First Reset Date”) and (ii) from and after August 15, 2021 at an annual floating rate equal to Three-Month LIBOR as determined by the Company on each Reset Rate Determination Date for the applicable Interest Rate”). Interest shall be Period, plus a spread of 450.2 basis points, payable monthly quarterly in arrears on the last calendar day February 15, May 15, August 15, and November 15 of each month year (each, a “Floating Rate Interest Payment Date,” and together with the Fixed Rate Interest Payment Dates, the “Interest Payment Dates”), commencing on November 15, 2021. The determination of Three-Month LIBOR for each relevant Interest Period by the Company will (in the absence of manifest error) be final and binding. The Company’s calculation of the amount of any interest payable after the First Reset Date will be maintained on file at the Company’s principal offices. (b) Interest on the Notes will accrue from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the date of issuance of the Notes, if no interest has previously been paid or duly provided for with respect to any of the Notes) to but excluding the applicable Interest Payment Date or the Maturity Date (each, an “Interest Payment DatePeriod”). (bc) All interest Interest on this Note shall be paid in cash; provided, that the Notes on any Interest Payment Date during shall be payable to the term Persons in whose names the relevant Notes are registered at the close of this Note, business on the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on Regular Record Date for such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture. For the purpose of determining the Persons in whose names the relevant Notes are registered at the close of business on a Regular Record Date that has accrued at is not a Business Day, the rate in excess close of ten percent business shall mean 5:00 p.m., New York City time, on the Regular Record Date. (10.00%d) per annum either (i) in cash Any interest payable on the Notes on or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment First Reset Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall will be computed based on the basis of a 360-day year consisting of twelve 30-day months and all PIK Interest any interest payable on this Note the Notes after the First Reset Date will be compounded quarterly computed on the last day basis of each quarter (eachthe actual number of days in the Interest Period in respect of which interest is payable divided by 360. Dollar amounts resulting from that calculation will be rounded to the nearest cent, a “PIK Interest Payment Date”)with one-half cent being rounded upward. (ce) Amounts representing PIK In the event that a Fixed Rate Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, then the amounts payable on such date will be paid on the next succeeding Business Day without the accumulation of additional interest. In the event that a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to but excluding such Business Day. (f) All references in the Indenture and the Notes to any interest payable on or with respect to the Notes shall be treated deemed to include any Additional Interest payable by the Company pursuant to the Registration Rights Agreement. The Company shall pay Additional Interest, if any, in the amounts as Principal Amount provided for all purposes in the Registration Rights Agreement and at the time and in the manner that it pays interest under this Note the Indenture. The Company shall furnish to the Trustee and the Note Purchase Agreement principal Paying Agent Officers’ Certificates, as provided for in Section 4.06 of the Base Indenture, with respect to any Additional Interest payable on any Interest Payment Date or at any other time under the Indenture and shall bear interest the Notes. (g) The determination of Three-Month LIBOR for each applicable Interest Period commencing on the First Reset Date by the Company will (in accordance with this Section 2.02the absence of manifest error) be final and binding. The obligation Company’s calculation of the Issuer amount of any interest payable after the First Reset Date will be maintained on file at the Company’s principal offices. (h) Any interest that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted Interest”) shall cease to pay all such PIK Interest so added be payable to the Principal Amount shall Holder on the relevant Regular Record Date by virtue of having been a Holder on such date, and such Defaulted Interest may be automatically evidenced paid by this Notethe Company to the person in whose name the notes are registered at the close of business on a special record date for the payment of Defaulted Interest.

Appears in 1 contract

Sources: Subordinated Indenture (Old Line Bancshares Inc)

Interest. Jitney-Jungle Stores of America, Inc., a Mississippi corporation, or its successor (a) Commencing the "Company"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at the rate of 103/8% per annum and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, in United States dollars (“PIK Interest”except as otherwise provided herein) semi-annually in arrears on March 15 and September 15, commencing on March 15, 1998 (each an "Interest Payment Date"), it being understood and agreed thator if any such day is not a Business Day, unless on the Issuer shall notify the Holder at least two next succeeding Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashDay. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; PROVIDED that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest (1) These paragraphs should be removed upon the exchange of Senior Subordinated Notes for New Senior Subordinated Notes in the Exchange Offer or upon the registration of the Senior Subordinated Notes pursuant to the terms of the Registration Rights Agreement. (2) These paragraphs should be removed upon the exchange of the Regulation S Temporary Global Notes for Regulation S Permanent Global Notes pursuant to the Indenture. Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any applicable grace period) at the same rate to the extent lawful. Interest shall be computed based on the basis of a 360-day year comprised of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Supermarket Cigarette Sales Inc)

Interest. RathGibson, Inc., a Delaware corporation (a) Commencing the "Company"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 11.25% per annum from ________________, 20__ until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on February 15 and August 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK each, an "Interest Payment Date"). Interest”), it being understood and agreed thatLiquidated Damages, unless if any, on the Issuer Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, or Liquidated Damages, if any, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest and Liquidated Damages, if any, shall notify accrue from such next succeeding Interest Payment Date; provided further that the Holder at least two Business Days prior to the first Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed _____________, 20__. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on demand at a rate that is equal to have elected to pay all 1% per annum in excess of the interest rate then in casheffect on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall and Liquidated Damages, if any, will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (RathGibson Inc)

Interest. (a) Commencing on the Issue DateCalumet Specialty Products Partners, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue DateL.P., at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary Delaware limited partnership (the “Interest RateCompany”), and Calumet Finance Corp., a Delaware corporation (the “Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 9.625% per annum and shall pay the Additional Interest payable pursuant to Section 2 of the Registration Rights Agreement referred to below. Interest shall be payable monthly The Issuers will pay interest and Additional Interest, if any, semi-annually in arrears on the last calendar day February 1 and August 1 of each month year, commencing February 1, 2013, or if any such day is not a Business Day, on the next succeeding Business Day (each, each an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Calumet Specialty Products Partners, L.P.)

Interest. (a) Commencing on the Issue DatePlatinum Group Metals Ltd., interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary British Columbia corporation (the “Interest RateCompany”). Interest shall be payable monthly in arrears , promises to pay interest on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”)Security at the rate per annum shown above. The Company will pay interest, it being understood payable semi-annually in arrears, on January 1 and agreed thatJuly 1 of each year, unless with the Issuer shall notify first payment to be made on January 1, 2018. Interest will be paid in cash or at the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion Company’s election, in Common Shares or in a combination of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashcash and Common Shares. Interest on this Note shall the Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, June 30, 2017, in each case to, but excluding, the next interest payment date or Maturity Date, as the case may be. Interest will be computed based on the basis of a 360-day year of twelve 30-day months months. For purposes only of providing the disclosure required by the Interest Act (Canada), the yearly rate of interest for purposes of that Act that is equivalent to the rate payable under the Securities is the rate payable under the Securities multiplied by the actual number of days in the year divided by 360. The term “interest” includes (i) any Additional Interest payable pursuant to Section Error! Reference source not found. and all PIK Section Error! Reference source not found. of the Indenture, and (ii) any Additional Amounts payable pursuant to Section Error! Reference source not found. of the Indenture. If the Company pays Interest on this Note in whole or in part in Common Shares, then the number of Common Shares a Holder will receive will be compounded quarterly that number of Common Shares equal to the quotient of (i) the amount of the interest to be paid to such holder in Common Shares, divided by (ii) the product of (a) the simple average of the Daily VWAP of the Common Shares for the 10 consecutive Trading Days ending on the last day second Trading Day immediately preceding the payment date multiplied by (b) 92.5% . The Company will inform Holders through the Trustee on the relevant payment date of each quarter (eachthe number of Common Shares and amount of cash, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes if any, payable. The Company will not issue fractional shares and instead will pay cash in lieu of fractional Common Shares if permitted under this Note and Indenture or, at its election, round up the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation number of the Issuer to pay all such PIK Interest so added Common Shares deliverable to the Principal Amount shall be automatically evidenced by this Note.next higher whole number of Common Shares

Appears in 1 contract

Sources: Supplement to Indenture (Platinum Group Metals LTD)

Interest. (a) Commencing InVentiv Health, Inc., a Delaware corporation, promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note from [—] or from the most recent date to which interest has been paid or provided for until maturity at a rate per annum of (i) 10.0% with respect to Cash Interest or (ii) 12.0% with respect to interest on the Notes paid in the form of an increase in the principal amount of the outstanding Notes or by issuing additional Notes (“PIK Notes”) having an aggregate principal amount equal to the amount of interest paid thereby (“PIK Interest”). The Issuer will pay interest on this Note semi-annually in arrears on each Interest Payment Date, it being understood and agreed thatcommencing February 15, unless the Issuer shall notify the Holder at least two Business Days prior 2015, to the Interest Payment Date that it intends to treat some portion Holders of record at the entire interest due close of business on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashimmediately preceding Record Date. Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the [Issue Date]1. The Issuer shall pay Cash Interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate equal to the then applicable interest rate on the Notes for Cash Interest to the extent lawful; the Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) from time to time on demand on overdue installments of interest (without regard to any applicable grace period) in cash at the same rate to the extent lawful. Interest on the Notes will be computed based on the basis of a 360-day year comprised of twelve 30-day months months. For any Interest Period after the Interest Period commencing on the Issue Date (with respect to the Initial Notes issued on the Issue Date) and all the Exchange Issue Date (with respect to the Initial Notes issued on the Exchange Issue Date), the Issuer may, at its option, elect to pay interest on the Notes entirely as PIK Interest on this Note will be compounded quarterly or any combination of Cash Interest and PIK Interest. The Issuer may only elect to pay PIK Interest with respect to any portion of the interest on the last day of each quarter Notes for six Interest Periods in the aggregate (each, a “including the Interest Period commencing on the Issue Date (with respect to the Initial Notes issued on the Issue Date) and the Exchange Issue Date (with respect to the Initial Notes issued on the Exchange Issue Date)). If the Issuer elects to pay any PIK Interest Payment with respect to an Interest Period it shall comply with the notice requirements set forth in Section 2.14(c) of the Indenture. The Issuer shall not be required to deliver a notice to the Trustee or Holders with respect to the payment of PIK Interest for the Interest Period commencing on the Issue Date (with respect to the Initial Notes issued on the Issue Date) and the Exchange Issue Date (with respect to the Initial Notes issued on the Exchange Issue Date). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Campbell Alliance Group Inc)

Interest. Ziff ▇▇▇▇▇ Media Inc., a Delaware corporation (a) Commencing the "Company"), promises to pay interest on the Issue Dateprincipal amount of this Note at a rate per annum in accordance with this paragraph from August 12, 2002 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 4 of the Registration Rights Agreement referred to below. The Company shall pay interest shall be payable and Liquidated Damages, if any, semi-annually on February 15 and August 15 of each year, or if any such day is not a Business Day, on the outstanding Principal Amount and all overdue amounts under this Note from next succeeding Business Day (each an "Interest Payment Date"). From the Issue Date up to (but not including) through and including the fourth (4th) second anniversary of the Issue Date, interest on a Note shall accrue at a the rate of fifteen percent (15.00%i) per annum, with such rate to increase by one percent (1.00%) 12% per annum beginning on such fourth (4th) anniversary (from the most recent date to which interest has been paid, or if no interest has been paid, from the date of issuance of the Note through the most recent Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month Payment Date (each, an "Interest Payment Date”). (bPeriod") All with respect to the interest on this the Note shall be paid in cash; provided, for such Interest Period that on any Interest Payment Date during the term of this Note, the Issuer shall have the option Company has elected to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it 13% per annum during any applicable Interest Period with respect to the then outstanding principal amount interest on the Note for such Interest Period that was compounded on the Compounded Value. From the second anniversary of the Issue Date through and including the fourth anniversary of the Issue Date, interest on a Note shall accrue at a rate of (i) 13% per annum during any applicable Interest Period with respect to the interest on the Note for such Interest Period that the Company has elected to pay in cash or (ii) 14% per annum during any applicable Interest Period with respect to the interest on the Notes for such Interest Period that was compounded on the Compounded Value. Following the fourth anniversary of the Issue Date, interest on a Note shall accrue at a rate of 12% per annum. Any interest payment made on the Notes through a combination of cash and compounding to the Compounded Value shall be made on a pro rata basis. If there is no existing Default in the payment of interest, and if this Note (“PIK Interest”)is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, it being understood and agreed thatinterest shall accrue from such next succeeding Interest Payment Date; provided, unless that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be February 15, 2003. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that it intends to treat some portion is 1% per annum in excess of the entire rate then in effect; it shall pay interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Ziff Davis Intermediate Holdings Inc)

Interest. SoftBrands, Inc., a Delaware corporation, and Atlantis Merger Sub, Inc., a Delaware corporation, (a) Commencing such corporations, and their successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuers”), promise to pay interest on the Issue Dateprincipal amount of this Note at 11.5% per annum from July 5, 2011 until maturity and shall pay Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuers will pay interest shall be payable semi-annually in arrears every July 15 and January 15 of each year, or if any such day is not a Business Day, on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month next succeeding Business Day (each, an “Interest Payment Date”). (b) All . Interest on the Notes shall accrue from the most recent date to which interest on this Note shall be has been paid in cashor, if no interest has been paid, from the date of issuance; provided, that on any the first Interest Payment Date during the term of this Noteshall be January 15, the Issuer 2012. The Issuers shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued overdue principal at the rate specified herein, and they shall pay interest (including post-petition interest in excess any proceeding under any Bankruptcy Law) on overdue installments of ten percent interest (10.00%including Additional Interest) per annum either (iwithout regard to any applicable grace period) in cash or (ii) by capitalizing such interest and adding it at the same rate to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cashextent lawful. Interest on this Note shall the Notes will be computed based on the basis of a 360-day year comprised of twelve 30-day months months. In addition to the rights provided to Holders of the Notes under the Indenture, Holders of [Exchange Securities] (as defined in the Registration Rights Agreement) shall have all rights set forth in the Registration Rights Agreement, dated as of July 5, 2011, among the Issuers, the Guarantors named therein and all PIK Interest on this Note will be compounded quarterly the other parties named on the last day of each quarter signature pages thereto (each, a the PIK Interest Payment DateRegistration Rights Agreement”). (c) Amounts representing PIK , including the right to receive Additional Interest in certain circumstances. If applicable, Additional Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added paid to the Principal Amount same Persons, in the same manner and at the same times as regular interest. [Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be automatically evidenced by entitled to receive payments of interest hereon; until so exchanged in full, this NoteRegulation S Temporary Global Note shall in all other respects be entitled to the same benefits as other Notes under the Indenture.]

Appears in 1 contract

Sources: Indenture (Trisyn Group, Inc.)

Interest. Each of JII Holdings, LLC, a Delaware limited liability company (a) Commencing the "Company"), and JII Holdings Finance Corporation, a Delaware corporation ("JII Finance" and together with the Company, the "Issuers"), jointly and severally, promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 13% per annum from ________________, 20__ until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Article 14 of the Indenture. The Issuers will pay interest and Liquidated Damages, if any, semi-annually in arrears on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; provided, that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; provided further that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date shall be _____________, 20__. The initial interest payment made on August 1, 2004 shall be in an amount equal to the sum of (1) interest accruing on the Notes since the date of issuance and (2) interest accruing on the Old JII Notes that it intends to treat some portion are exchanged in the JII Exchange Offer from February 1, 2004 to, but not including, the date of issuance of the entire Notes. The Issuers will pay interest due (including post-petition interest in any proceeding under any Bankruptcy Law) on such Interest Payment Date as PIK Interestoverdue principal and premium, the Issuer shall be deemed if any, from time to have elected to pay all time on demand at a rate that is 1% per annum in excess of the rate then in effect; they will pay interest (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and months. Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all PIK Interest on this Note will other respects be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added entitled to the Principal Amount shall be automatically evidenced by this Notesame benefits as other Notes under the Indenture.

Appears in 1 contract

Sources: Indenture (Jordan Industries Inc)

Interest. Cole National Group, Inc., a Delaware corporation (a) Commencing the "Comp▇▇▇"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 8 7/8% per annum from November 15, 2002 until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each, an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the Issuer shall notify the Holder at least two Business Days prior to the first Interest Payment Date that it intends shall be the first May 15 or November 15 to treat some portion occur after the date of issuance, unless such May 15 or November 15 occurs within one calendar month of such date of issuance, in which case the entire interest due on such first Interest Payment Date as PIK Interest, the Issuer shall be deemed the second of May 15 or November 15 to have elected occur after the date of issuance. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to pay all time on demand at a rate that is 1% per annum in excess of the rate then in effect; it will pay interest (including post-petition interest in cashany proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Cole National Corp /De/)

Interest. ‌ 4.1 You will not be charged any interest on your Loan if you repay the Loan Amount in full on or before the 12 Month Date, except that interest will still accrue from day to day in accordance with clause 4.2 from the date the Loan Amount is made available to you: (a) Commencing if you do not repay the Loan Amount in full on or before the Issue 12 Month Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”).; or‌‌‌ (b) All if you are required to repay the Loan Amount (or any Outstanding Amount) before the 12 Month Date in accordance with clause 11.2; or‌ (c) at our discretion, if: (i) an Event of Default occurs or exists before the 12 Month Date and you do not promptly notify us in accordance with clause 8.1(d)(i); or (ii) you have voluntarily repaid the Loan Amount in full before the 12 Month Date but, if you had not done so, we could have required you to repay the Loan Amount (or any Outstanding Amount) due to circumstances existing before such voluntary repayment.‌ 4.2 Subject to clause 4.1, interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option will accrue from day to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued day at the rate in excess of ten percent (10.00%) 3% per annum either (i) in cash or (ii) by capitalizing such interest and adding it to on the then outstanding principal amount of this Note the Loan Amount from the date the Loan Amount is made available to you. 4.3 You will be charged additional interest on your Loan if at any time you fail to comply with the undertaking in clause 3.2. The additional interest will be treated as having accrued from the date the Loan Amount was made available to you and will accrue from day to day at the IRD Rate on the outstanding principal amount of the Loan Amount . 4.4 Interest on your Loan will not compound or itself bear interest (“PIK Interest”except in accordance with clause 4.5) and will be calculated on the basis of the actual number of days elapsed and a year of 365 days (or 366 days in a leap year). • If you repay the Loan Amount in full on or before the 12 Month Date then (subject to the exceptions in clauses 4.1(a), it being understood (b) and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to pay all of the interest in cash. Interest on this Note shall be computed based on a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall above) you will not be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02charged any interest. The obligation If you only repay part of the Issuer Loan Amount on or before the 12 Month Date, you will be charged interest at the rate of 3% per annum for the entire period since the Loan Amount was made available to pay all such PIK Interest so added you. • • If at any time you fail to comply with the undertaking in clause 3.2, you will be charged an additional amount of interest which is calculated at the IRD Rate for the entire period the Loan Amount is made available to you. This will be in addition to the Principal Amount shall be automatically evidenced 3% per annum interest rate already charged on the Loan Amount. 4.5 If any amount is not paid to us in full when due then you must, on demand by this Note.us, pay to us interest on the overdue amount from the due date for payment until the actual date of payment to us (both before and after judgment) at the Default Interest Rate.‌

Appears in 1 contract

Sources: R&d Loan Scheme Offer Letter

Interest. (a) Commencing The Company promises to pay interest on the Issue principal amount of this 10-Year Dollar Note at 10 3/4% per annum and shall pay the Liquidated Damages payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company shall pay interest and Liquidated Damages, if any, semi-annually on February 15 and August 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an "Interest Payment Date"). Interest on the 10-Year Dollar Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from February 18, 2000(3); provided that if there is no existing Default in the payment of interest, and if this 10-Year Dollar Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note accrue from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “next succeeding Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, further, that on if the Exchange Offer is consummated [FOR INITIAL NOTES ONLY:] [and Exchange Notes are issued in exchange for this 10-Year Dollar Note in connection therewith, any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this 10-Year Dollar Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note (“PIK Interest”), it being understood and agreed that, unless the Issuer shall notify the Holder at least two Business Days prior to the Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected accrued with respect to, and shall be paid with respect to, such Exchange Notes] [FOR EXCHANGE NOTES ONLY:] [and this 10-Year Dollar Note is issued in exchange for Initial Notes in connection therewith, interest will accrue on this 10-Year Dollar Note from the last day on which interest was paid on such Initial Notes prior to the issuance of this 10-Year Dollar Note or, if no such interest has been paid, from February 18, 2000(3)]; provided, further, that the first Interest Payment Date shall be August 15, 2000(3). The Company shall pay all of the interest (including post- petition interest in cashany proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate of 10 3/4% per annum. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Azurix Corp)

Interest. Hawker Beechcraft Acquisition Company LLC, a Delaware limited liability company (a) Commencing the “Issuer”), and Hawker Beechcraft Notes Company, a Delaware Corporation (the “Co-Issuer” and, together with the Issuer, the “Company”), promise to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under principal amount of this Senior PIK Election Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (set forth below from , 20 until maturity and shall pay the “Interest Rate”)Special Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. Interest shall be payable monthly The Company will pay interest and Special Interest, if any, semi-annually in arrears on the last calendar day April 1 and October 1 of each month year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). . Interest on the Senior PIK Election Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be , 20 . The Company will pay interest (bincluding post-petition interest in any proceeding under any Bankruptcy Law) All on overdue principal and premium, if any, from time to time on demand at the interest rate on the Senior PIK Election Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Special Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Senior PIK Election Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. For any interest period through April 1, 2011, the Company, may, at its option, elect to pay interest on this Senior PIK Election Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) entirely in cash or (“Cash Interest”), (ii) entirely by capitalizing such interest and adding it to increasing the then outstanding principal amount of this Senior PIK Election Note or by issuing PIK Notes (“PIK Interest”), it being understood ) or (iii) 50% as Cash Interest and agreed that, unless 50% as PIK Interest. The Company must elect the Issuer shall notify form of interest payment with respect to each interest period by delivering a notice to the Holder at least two Business Days Trustee prior to the Interest Payment Date that it intends beginning of each interest period. The Trustee shall promptly deliver a corresponding notice to treat some portion the Holder of this Senior PIK Election Note. In the entire absence of such an election for any interest due period, interest on such Interest Payment Date as this Senior PIK Interest, Election Note will be payable in the Issuer shall be deemed to have elected to pay all form of the interest payment for the prior interest period. Interest for the first period commencing on the Issue Date shall be payable in cash. After April 1, 2011, the Company will make all interest payments on this Senior PIK Election Note in cash. Cash Interest on this Senior PIK Election Note shall be computed based on a 360-day year will accrue at the rate of twelve 30-day months and all 8.875% per annum. PIK Interest on this Senior PIK Election Note will accrue at the rate of 9.625% per annum and be compounded quarterly payable [by increasing the principal amount of this Senior PIK Election Note by an amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest $1,000)]1 [by issuing PIK Notes in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest whole dollar) and the Trustee will, at the request of the Company, authenticate and deliver such PIK Notes for original issuance to the Holder of this Senior PIK Election Note on the last day relevant record date, as shown by the records of each quarter (each, a “PIK Interest Payment Date”). (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement Register]2. Following an increase in the principal amount of this Senior PIK Election Note as a result of a PIK Payment, this Senior PIK Election Note will bear interest on such increased principal amount from and after the date of such PIK Payment. [Any PIK Notes will be dated as of the applicable interest payment date and will bear interest from and after such date.]2 All PIK Notes issued pursuant to a PIK Payment will mature on April 1, 2015 and will be governed by, and subject to the terms, provisions and conditions of, the Indenture and shall bear interest in accordance have the same rights and benefits as the Senior PIK Election Notes issued on the Issue Date. [Any PIK Notes will be issued with this Section 2.02. The obligation the description “PIK” on the face of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.Note.]2

Appears in 1 contract

Sources: Indenture (Hawker Beechcraft Quality Support Co)

Interest. Tesoro Petroleum Corporation, a Delaware corporation (a) Commencing the "Company"), promises to pay interest on the Issue Date, interest shall be payable on the outstanding Principal Amount and all overdue amounts under this Note from the Issue Date up to (but not including) the fourth (4th) anniversary of the Issue Date, at a rate of fifteen percent (15.00%) per annum, with such rate to increase by one percent (1.00%) per annum beginning on such fourth (4th) anniversary (the “Interest Rate”). Interest shall be payable monthly in arrears on the last calendar day of each month (each, an “Interest Payment Date”). (b) All interest on this Note shall be paid in cash; provided, that on any Interest Payment Date during the term of this Note, the Issuer shall have the option to pay a portion of the accrued and unpaid interest on this Note on such Interest Payment Date that has accrued at the rate in excess of ten percent (10.00%) per annum either (i) in cash or (ii) by capitalizing such interest and adding it to the then outstanding principal amount of this Note at 9% per annum, from July 2, 1998 until maturity and shall pay the Liquidated Damages payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on January 1 and July 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (“PIK Interest”each an "Interest Payment Date"). Interest on the Notes will accrue from the most recent date to which interest has been paid or, it being understood if no interest has been paid, from the date of original issuance; provided that if there is no existing Default in the payment of interest, and agreed thatif this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, unless interest shall accrue from such next succeeding Interest Payment Date, except in the Issuer case of the original issuance of Notes, in which case interest shall notify accrue from date of authentication; provided, further, that the Holder at least two Business Days prior to the first Interest Payment Date that it intends to treat some portion of the entire interest due on such Interest Payment Date as PIK Interest, the Issuer shall be deemed to have elected to January 1, 1999. The Company shall pay all of the interest (including postpetition interest in cashany proceeding under the Bankruptcy Code) on overdue principal and premium, if any, from time to time on demand at the rate borne on the Notes; it shall pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest on this Note shall will be computed based on the basis of a 360-day year of twelve 30-day months and all PIK Interest on this Note will be compounded quarterly on the last day of each quarter (each, a “PIK Interest Payment Date”)months. (c) Amounts representing PIK Interest shall be treated as Principal Amount for all purposes under this Note and the Note Purchase Agreement and shall bear interest in accordance with this Section 2.02. The obligation of the Issuer to pay all such PIK Interest so added to the Principal Amount shall be automatically evidenced by this Note.

Appears in 1 contract

Sources: Indenture (Victory Finance Inc)