Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of seven and sixty-three one- hundredths percent (7.63%) per annum (the "Original Interest Rate"), computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed.
Interest Rate and Payments. (a) Unless an Event of Default shall have occurred and be continuing, the Loan shall bear interest on the outstanding principal amount thereof until paid in full, at a rate per annum equal to Twelve Percent (12%) (the "Interest Rate").
Interest Rate and Payments. Subject to Sections 5.3 and 6.7 hereof, interest payable on this Note shall accrue at a rate per annum equal to the "prime rate" published in The Wall Street Journal from time to time, plus five (5%) (the "Contract Rate"). The Prime Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in such rate in accordance with the terms of the Security Agreement. Subject to the immediately following sentence, the Contract Rate shall not be less than nine percent (9%). The Contract Rate shall be adjusted as follows: if (i) the Company shall have registered the shares of the Company's common stock underlying the conversion of this Note and that certain warrant issued to Holder of even date herewith on a registration statement declared effective by the Securities Exchange Commission, and (ii) the volume weighted average price of the Common Stock as reported by Bloomberg, L.P. on the principal market for any of the ten (10) trading days immediately preceding a Interest Payment Date (defined below) exceeds the then applicable Fixed Conversion Price by twenty five percent (25%), the Contract Rate for the succeeding calendar month shall automatically be reduced by twenty five basis points (25 b.p.) for such period. In no event shall the Contract Rate be less than 0.00%. Interest shall be payable monthly in arrears commencing on May 1, 2004 and on the first day of each consecutive calendar month thereafter, (each, an "Interest Payment Date").
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
Interest Rate and Payments. A. During the initial term (the “Initial Term”):
Interest Rate and Payments. Subject to Sections 4.1 and 5.7 hereof, interest payable on this Note shall accrue at a rate per annum equal to the Contract Rate, and shall be payable monthly in arrears commencing on June 1, 2004 and on the first day of each consecutive calendar month thereafter (each, an "INTEREST PAYMENT DATE").
Interest Rate and Payments. (a) Interest on the outstanding principal amount of the Loan shall accrue at the rate of one percent (1.0%) per annum, non-compounding, commencing on the Effective Date, and shall be payable in arrears on a monthly basis commencing on the first day after the first calendar month following the Effective Date and continuing on the first day of each calendar month thereafter until the Maturity Date.
Interest Rate and Payments. Company further promises to pay interest on the outstanding principal amount of this Note from the date hereof until payment in full at an interest rate equal to eight percent (8%) per annum, compounded quarterly, and such interest shall be payable in full on the date that the principal amount hereof is required to be paid hereunder. All computations of interest shall be made by Holder on the basis of a year of 360 days based upon the actual number of days elapsed. Notwithstanding the foregoing, all principal and interest payments in respect of this Note shall be subject to the Subordination Agreements and the provisions hereunder.
Interest Rate and Payments. Subject to Sections 4.3 and 5.7 hereof, interest payable on this Note shall accrue at a rate per annum equal to the “Prime Rate” published in The Wall Street Journal from time to time, plus one and three-quarters percent (1.75%) (the “Contract Rate”). The Prime Rate shall be increased or decreased as the case may be for each increase or decrease in the Prime Rate in an amount equal to such increase or decrease in the Prime Rate; each change to be effective as of the day of the change in such rate in accordance with the terms of the Security Agreement. Subject to the immediately following sentence, the Contract Rate shall not be less than five and three-quarters percent (5.75%). Commencing six months after the Closing Date, the Contract Rate shall be adjusted as follows: if (i) the Company shall have registered the shares of the Company’s common stock underlying the conversion of all currently issued and outstanding Minimum Borrowing Notes and that certain warrant issued to Holder of even date herewith on a registration statement declared effective by the Securities Exchange Commission, and (ii) the volume weighted average price of the Common Stock as reported by Bloomberg, L.P. on the principal market for the Common Stock for the seven (7) trading days immediately preceding an Interest Payment Date (defined below) exceeds the then applicable Fixed Conversion Price (as hereinafter defined) in such percentages as outlined in the table below, the Contract Rate for the succeeding calendar month shall automatically be adjusted as follows: Contract Rate 130% of the Fixed Conversion Price Prime Rate 150% of the Fixed Conversion Price Prime Rate minus 0.75% 175% of the Fixed Conversion Price Prime Rate minus 2.00% Interest shall be payable monthly in arrears commencing on April 1, 2004 and on the first day of each consecutive calendar month thereafter, (each, an “Interest Payment Date”).
Interest Rate and Payments. The principal amount of the Advances outstanding from time to time on the Revolving Loan shall bear interest (computed on the basis of actual days elapsed in a 360-day year) at the higher of: (a) a variable rate, reset daily, equal to the LIBOR Rate as determined by Lender plus (i) 1.25% per annum when the Cash Flow Leverage Ratio is less than or equal to 3.00 to 1.00 (as set forth in the compliance certificate delivered to Lender pursuant to Section 5.1 (b)) or (ii) 1.50% per annum when the Cash Flow Leverage Ratio is more than 3.00 to 1.00 (as set forth in the compliance certificate delivered to Lender pursuant to Section 5.1 (b)); and (b) a fixed rate of 5.00% per annum. Upon an Event of Default, the Revolving Loan shall bear interest at the LIBOR Rate as determined by Lender plus 7.50% per annum (the “Default Rate”); provided, however, that in any event no rate change shall be put into effect which would result in a rate greater than the highest rate permitted by law. Interest accruing on the principal balance of the Advances outstanding from time to time shall be payable in arrears on the first day of each month, on the Termination Date and upon payment in full. Borrower agrees that Lender may at any time or from time to time, without the request by Borrower, make an Advance to Borrower, or apply the proceeds of any Advance, for the purpose of paying all such interest when due.
