Common use of Calculation and Payment of Interest Clause in Contracts

Calculation and Payment of Interest. (a) With any notice of prepayment of principal, with each payment of interest, the Note Agent shall calculate for the applicable period and for each affected Series of Notes the amount of interest accrued on such Series of Notes at the Interest Rate for such Series plus applicable Default Interest through but not including such payment date. (b) Any prepayment of the principal of any Series of Notes shall be accompanied by the payment of all interest accrued on that Series through, but not including, that date of payment. (c) Upon the occurrence and doing the continuance of an Event of Default, Default Interest shall accrue on each Series of Notes in addition to interest at the Interest Rate. All references to the calculation and payment of “interest” in this Agreement shall include Default Interest to the extent it has accrued. (d) Notwithstanding any provision to the contrary contained in this Agreement, the Issuer shall not be required to pay, and the Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: (i) the provisions of this paragraph shall control; (ii) the Issuer shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that a Note Purchaser may have received hereunder shall be, at the Note Purchaser’s option, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (C) any combination of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Agreement and the Note shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (v) the Issuer shall not have any action against the Note Purchaser for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Note due and owing to the Note Purchaser is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Note due and owing to the Note Purchaser shall, to the extent permitted by law, remain at the Maximum Rate until the Note Purchaser shall have received the amount of interest which the Note Purchaser would have received during such period on the Note due and owing to the Note Purchaser had the rate of interest not been limited to the Maximum Rate during such period.

Calculation and Payment of Interest. (a) With any notice This Note shall bear interest (“Interest”) at a rate equal to twenty-four percent (24%) (the “Interest Rate”) per annum on a 360-day year basis. Interest shall be payable monthly in arrears, compounding daily through and including the last day of prepayment of principaleach calendar month, with the first interest payment being due on July 3, 2011, and continuing on the third day of each payment of interest, and every succeeding month until all amounts owed under the Note Agent shall calculate for have been fully repaid. The Note shall be payable in full on the applicable period earlier of (i) the Maturity Date, and for each affected Series of Notes (ii) the amount of interest accrued on such Series of Notes at Prepayment Date (as defined in Section 4 hereof, as the Interest Rate for such Series plus applicable Default Interest through but not including such payment datecase may be. (b) Any prepayment of the principal of any Series of Notes shall be accompanied by the payment of all interest accrued on The Company agrees that Series through, but not including, that date of payment. (c) Upon upon the occurrence and doing during the continuance continuation of an Event of Default, Default Interest whether or not the Holder has accelerated payment of this Note, and after judgment has been rendered on this Note and after the Maturity Date, the unpaid principal on this Note shall accrue on each Series of Notes in addition to bear interest at the Interest Rate. All references to the calculation Holder at an annual rate of thirty (30%) percent and the Holder shall be entitled to any and all attorneys’ fees, costs and expenses incurred in the collection of the amount of non-payment of “interest” in this Agreement shall include Default Interest on the Note and any accrued but unpaid interest thereon. (c) All payments to be made by the Company hereunder or pursuant to the extent it has accruedNote shall be made, without setoff or counterclaim, in lawful money of the United States and in immediately available funds. (d) Notwithstanding any provision In the event that it is determined that, under the laws relating to usury applicable to the contrary contained in Company or the indebtedness evidenced by this AgreementNote (“Applicable Usury Laws”), the Issuer shall not be required interest charges and fees payable by the Company in connection herewith or in connection with any other document or instrument executed and delivered in connection herewith cause the effective interest rate applicable to pay, and the indebtedness evidenced by this Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: (i) the provisions of this paragraph shall control; (ii) the Issuer shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that a Note Purchaser may have received hereunder shall be, at the Note Purchaser’s option, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (C) any combination of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable by law (the “Maximum Rate”), and this Agreement and the Note then such interest shall be deemed to have been recalculated for the period in question and shall be, reformed and modified to reflect such reduction; and (v) the Issuer shall not have any action against the Note Purchaser for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Note due and owing to the Note Purchaser is calculated at excess over the Maximum Rate rather than the applicable rate under this Agreementpaid with respect to such period shall be credited, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Note due and owing to the Note Purchaser shallwithout further agreement or notice, to the extent permitted Principal Amount outstanding hereunder to reduce said balance by law, remain such amount with the same force and effect as though the Company had specifically designated such extra sums to be so applied to principal and the Payee had agreed to accept such extra payment(s) as a premium-free prepayment. All such deemed prepayments shall be applied to the principal balance payable at maturity. In no event shall any agreed-to or actual exaction as consideration for this Note exceed the Maximum Rate until limits imposed or provided by Applicable Usury Laws in the Note Purchaser shall have received the amount of interest jurisdiction in which the Note Purchaser would have received during such period on the Note due and owing Company is resident applicable to the Note Purchaser had use or detention of money or to forbearance in seeking its collection in the rate of interest not been limited to jurisdiction in which the Maximum Rate during such periodCompany is resident.

Calculation and Payment of Interest. (a) With any notice This Note shall bear interest (“Interest”) at a rate equal to fifteen (15%) percent (the “Interest Rate”) per annum on a 360-day year basis. Interest shall be payable monthly in arrears commencing on December 31, 2009, and continuing on the last day of prepayment of principal, with each payment of interest, succeeding month on all outstanding principal until all amounts owed under the Note Agent shall calculate for be fully repaid and shall be payable in full on the applicable period earlier of (i) the Base Period Maturity Date or the Extended Period Maturity Date, as the case may be, and for each affected Series of Notes (ii) the amount of Prepayment Date (as defined in Section 4 hereof, as the case may be); provided, however, that notwithstanding anything to the contrary provided herein or elsewhere any interest accrued accruing on such Series of Notes at the overdue amounts pursuant to Section 3(b) hereof shall be payable on demand. Interest Rate for such Series plus applicable Default Interest through but not including such payment dateshall be calculated on a simple interest basis and shall accrue monthly and be payable monthly, in arrears. (b) Any prepayment of the principal of any Series of Notes shall be accompanied by the payment of all interest accrued on The Company agrees that Series through, but not including, that date of payment. (c) Upon upon the occurrence and doing during the continuance continuation of an Event of Default, Default Interest whether or not the Holder has accelerated payment of this Note, or after judgment has been rendered on this Note or after the Base Period Maturity Date or Extended Period Maturity Date, as the case may be, the unpaid principal of all advances shall accrue bear interest on each Series of Notes in addition to interest at the Interest Rate. All references all amounts which are not paid or reimbursed to the calculation Holder at an annual rate equal to nineteen and one-half percent (19.5%) and Holder shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in the collection of the amount of non-payment of “interest” in this Agreement shall include Default Interest to on the extent it has accruedNote or any accrued but unpaid interest thereon. (dc) Notwithstanding any provision All payments to be made by the contrary contained in this Agreement, the Issuer shall not be required Company hereunder or pursuant to pay, and the Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: (i) the provisions of this paragraph shall control; (ii) the Issuer shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that a Note Purchaser may have received hereunder shall be, at the Note Purchaser’s option, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (C) any combination of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Agreement and the Note shall be deemed to have been and shall bemade, reformed and modified to reflect such reduction; and (v) the Issuer shall not have any action against the Note Purchaser for any damages arising out without setoff or counterclaim, in lawful money of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Note due United States and owing to the Note Purchaser is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Note due and owing to the Note Purchaser shall, to the extent permitted by law, remain at the Maximum Rate until the Note Purchaser shall have received the amount of interest which the Note Purchaser would have received during such period on the Note due and owing to the Note Purchaser had the rate of interest not been limited to the Maximum Rate during such periodin immediately available funds.

Calculation and Payment of Interest. (a) With any notice of prepayment of principal, with each payment of interest, the Note Agent shall calculate for the applicable period and for each affected Series of Notes the amount of interest accrued Interest on such Series of Notes at the Interest Rate for such Series plus applicable Default Interest through but not including such payment date. (b) Any prepayment of the principal of any Series of Notes shall be accompanied by the payment of all interest accrued on that Series through, but not including, that date of payment. (c) Upon the occurrence and doing the continuance of an Event of Default, Default Interest shall accrue on each Series of Notes in addition to interest at the Interest Rate. All references to the calculation and payment of “interest” in this Agreement shall include Default Interest to the extent it has accrued. (d) Notwithstanding any provision to the contrary contained in this Agreement, the Issuer shall not be required to pay, and the Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: (i) the provisions balance of this paragraph shall control; (ii) the Issuer shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that a Note Purchaser may have received hereunder shall be, at the Note Purchaser’s option, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (C) any combination of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed outstanding from time to time under applicable law until paid in full shall accrue at the rate of ten percent (10%) per annum computed on the “Maximum Rate”)basis of a 365 or 366-day year, as appropriate, for the actual number of days elapsed, commencing on the date hereof. Such interest shall be payable semi-annually in arrears, beginning on June 15, 1999 and this thereafter on each June 15 and December 15 until the Maturity Date; PROVIDED, HOWEVER, that any amount of cash interest which is not paid as a result of the application of the provisions of Section 8.7 of the Credit Agreement or any similar provision contained in any documents relating to the refinancing thereof (each, a "PAYMENT RESTRICTION") shall be made by the issuance of a PIK Note and the Note Payor shall be deemed to have been issued a PIK Note for any such interest regardless of whether Payor shall have actually delivered any such PIK Note. Each PIK Note, together with all accrued interest thereon, shall be due and shall be, reformed and modified to reflect such reduction; payable on the earlier of (i) the Maturity Date and (vii) the Issuer shall not have any action against first day following the Note Purchaser for any damages arising out expiration of the payment or collection first 365 day period in which no Payment Restriction exists; PROVIDED, HOWEVER, that, with respect to clause (ii) above, in no event shall more than an aggregate of $880,000 of (i) principal and interest with respect to all PIK Notes then outstanding and (ii) current interest on all Promissory Notes (as defined in the Purchase Agreement) then outstanding, become due and payable in any Excess Interestfiscal year. Notwithstanding the foregoing, if for any period of time Principal and interest on any PIK Note that is not paid solely by reason of the proviso in the preceding sentence shall be due and owing to the Note Purchaser is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on the first Business Day of the next succeeding fiscal year, subject to such Note due and owing proviso. Each Holder, by its acceptance hereof, acknowledges (i) that Payor is contractually bound hereunder to the Note Purchaser shall, pay cash interest only to the extent permitted not prohibited by lawa Payment Restriction, remain at the Maximum Rate until the Note Purchaser shall have received the amount of interest which the Note Purchaser would have received during such period on the Note due and owing to the Note Purchaser had the rate of (ii) that any cash interest not been limited so paid shall be paid in the form of a PIK Note, and (iii) the failure to the Maximum Rate during such periodpay cash interest as a result of a Payment Restriction shall not constitute a default or Event of Default under this Note.

Calculation and Payment of Interest. (a) With All Obligations hereunder shall bear interest at the Contract Rate set forth on the Fee Schedule annexed hereto; except, that, (i) at any notice time that an Over-Formula Amount exists, all Obligations hereunder shall bear interest at the Over-Formula Rate set forth on the Fee Schedule annexed hereto, and (ii) from the occurrence of prepayment an Event of principalDefault (as defined in Section 8.2 below), with and at all times during its continuance, all Obligations hereunder shall bear interest at the Default Rate set forth on the Fee Schedule annexed hereto. Interest hereunder is payable daily and shall be charged to Client’s account daily as an Advance. All interest due and payable hereunder by Client shall be calculated on the basis of a 360 day year, for actual days elapsed. The Contract Rate shall be increased or decreased, as the case may be, as the LIBOR Rate is increased or decreased and to the extent thereof; each such change to be effective as of the Business Day on which the related change in such LIBOR Rate occurs. In no event shall the Contract Rate be less than the Minimum Contract Rate as set forth on the Fee Schedule annexed hereto, nor shall the Contract Rate be in excess of the maximum interest rate permitted under the laws of the State of New York; provided, however, that, if Factor receives payment of interestinterest in excess of such highest lawful rate, the Note Agent shall calculate for the applicable period Client agrees that Client’s sole remedy is to seek repayment of such excess, and for each affected Series of Notes the amount of interest accrued on such Series of Notes at the Interest Rate for such Series plus applicable Default Interest through but not including such payment dateClient irrevocably waives any and all other rights and remedies which may be available to Client under law or in equity. (b) Any prepayment If Client purchases goods or services from another factored client of Factor, and Client fails to timely make payment to Factor of the principal of any Series of Notes shall be accompanied by the payment of all invoices in connection with such purchases, Factor may charge to Client’s account as an Advance a late interest accrued on that Series through, but not including, that date of payment. (c) Upon the occurrence and doing the continuance of an Event of Default, Default Interest shall accrue on each Series of Notes in addition to interest at the Interest Rate. All references to the calculation and payment of “interest” in this Agreement shall include Default Interest to the extent it has accrued. (d) Notwithstanding any provision to the contrary contained in this Agreement, the Issuer shall not be required to pay, and the Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: (i) the provisions of this paragraph shall control; (ii) the Issuer shall not be obligated to pay any Excess Interest; (iii) any Excess Interest that a Note Purchaser may have received hereunder shall becharge, at the Note PurchaserFactor’s optionthen late interest rate, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or for accrued and unpaid interest thereunder (not with respect to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (C) any combination of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Agreement and the Note shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (v) the Issuer shall not have any action against the Note Purchaser for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Note past due and owing to the Note Purchaser is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Note due and owing to the Note Purchaser shall, to the extent permitted by law, remain at the Maximum Rate until the Note Purchaser shall have received the amount of interest which the Note Purchaser would have received during such period on the Note due and owing to the Note Purchaser had the rate of interest not been limited to the Maximum Rate during such periodinvoices.

Calculation and Payment of Interest. (a) With any notice Interest on the principal balance of prepayment this Note outstanding from time to time until paid in full in cash shall accrue at the rate equal to the Applicable Rate per annum, computed on the basis of principala 365 or 366-day year, with each payment of interestas appropriate, the Note Agent shall calculate for the applicable period actual number of days elapsed, commencing on the date hereof (and for each affected Series on the date of Notes issuance with respect to any PIK Note). “Applicable Rate” shall mean (A) 10.0% prior to the amount of interest accrued on such Series of Notes at the Interest Rate for such Series plus applicable Default Interest through but not including such payment date. (b) Any prepayment of the principal occurrence of any Series Event of Notes shall be accompanied by the payment of all interest accrued on that Series throughDefault (as defined below) hereunder and, but not including, that date of payment. (cB) Upon 15.0% after the occurrence and doing during the continuance of an Event of Default; provided, Default however, that if this Note is voluntarily prepaid in full in cash on or before the date that is six (6) months from the date hereof, “Applicable Rate” shall mean 0%. Interest shall accrue be payable quarterly in arrears, beginning on the last day of the first calendar quarter following the Issue Date and on the last day of each Series calendar quarter thereafter; provided that after the occurrence and during the continuance of Notes any Event of Default, interest shall be payable monthly in addition to interest at arrears, beginning on the last day of the first month following the applicable Event of Default and on the last date of each month thereafter (each, an “Interest Rate. All references to the calculation and payment of “interest” Payment Date”) until paid in this Agreement shall include Default Interest to the extent it has accrued. (d) Notwithstanding any provision to the contrary contained in this Agreement, the Issuer shall not be required to payfull, and the Note Purchasers shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by law (“Excess Interest”). If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement, then in such event: made either (i) by the deemed issuance of a promissory note in a principal amount equal to interest accrued but not otherwise paid (by the issuance of a PIK Note or otherwise) on the principal amount hereof through and including such Interest Payment Date and otherwise having such terms and provisions that are the same as the terms and provisions of this paragraph Note (each such promissory note a “PIK Note”), and Payor shall control; (ii) the Issuer be deemed to have issued a PIK Note for any such interest and shall not be obligated to pay actually deliver any Excess Interest; (iii) any Excess Interest that a such PIK Note Purchaser may have received hereunder shall be, at the Note Purchaser’s option, (A) applied as a credit against the Outstanding Principal Amount of the Note (without any prepayment penalty therefor) or for accrued and unpaid interest thereunder (not to exceed the maximum amount permitted by law), (B) refunded to the Issuer, or (Cii) any combination by increasing the principal amount of the foregoing; (iv) the Interest Rate shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Agreement and the Note shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (v) the Issuer shall not have any action against the Note Purchaser for any damages arising out of the payment or collection of any Excess Interest. Notwithstanding the foregoing, if for any period of time interest on any Note due and owing to the Note Purchaser is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Note due and owing to the Note Purchaser shall, to the extent permitted by law, remain at the Maximum Rate until the Note Purchaser shall have received the amount of such cash interest which (such payment of interest, whether made under subclause (i) or (ii), the Note Purchaser would have received during “Interest”). For the avoidance of doubt, if the “Applicable Rate” shall mean 0% as a result of a qualifying prepayment pursuant to this Section 1.1, all PIK Notes will (and any interest accrued on such period on the Note due and owing PIK Notes) will be equal to the Note Purchaser had the rate of interest not been limited to the Maximum Rate during such period$0.