Note Terms, Prepayments Sample Clauses

Note Terms, Prepayments. (a) The Notes shall bear interest at a per annum rate equal to the Index Rate from time to time in effect, plus three percent (3.0%) per annum, but in no event less than eleven percent (11.0%) per annum (collectively, the "Base Rate"). Interest shall be payable monthly on the first day of each calendar month, commencing January 1, 1998. Interest on the Notes shall be calculated daily on the basis of a three hundred sixty (360) day year for the actual number of days elapsed in the period during which it accrues. If the Majority Holders so elect, after the occurrence of an Event of Default and for so long as such Event of Default continues, the Notes shall bear interest at a per annum rate equal to the Base Rate plus 2.0% per annum. The Note Purchasers agree that under no circumstances will the rate of interest chargeable be in excess of the maximum amount permitted by law. If excess interest is charged and paid in error, the Note Purchasers agree that the excess amount will be promptly refunded to the Joint Issuers. The outstanding principal balance of all of the Notes, together with all accrued and unpaid interest thereon, shall be due and payable in full on December ___, 2006. (b) If Holdings or any Joint Issuer issues equity securities, no later than the Business Day following the date of receipt of the proceeds thereof, the Joint Issuers shall prepay the Notes, ratably, in an amount equal to 50% of the proceeds of such equity issuance, net of underwriting discounts and commissions and other reasonable out-of-pocket costs incurred in connection therewith. If Term Loan A and Term Loan B under the Credit Agreement, as the same may be amended, restated, extended, refinanced or refunded have been paid in full in cash the Joint Issuers shall prepay the Notes, ratably, in an amount equal to 100% of such net proceeds of equity issuances. In addition, the Joint Issuers shall prepay the Notes in full upon payment in full in cash of the Senior Loans and termination of the Senior Lenders' commitment to make Senior Loans under the Credit Agreement as in effect on the date hereof. (c) In addition to the mandatory prepayments required under clause (b) above, the Joint Issuers may voluntarily prepay the Notes in whole or in part (in integral multiples of $100,000) at any time upon not less than ten (10) days' prior written notice to the Note Purchasers in an amount not to exceed 25% of the Joint Issuers' Excess Cash Flow for each Fiscal Year within 100 days following t...