Common use of Payment of Principal, Interest Clause in Contracts

Payment of Principal, Interest. (a) In lieu of paying interest on the Notes on a current basis, the Accreted Value of the Notes shall be due and payable on the Stated Maturity; provided, however, that if any amount payable hereunder is not paid when due (including, without limitation, payment of the Accreted Value under Section 7.2), then in each such case the overdue amount shall bear interest at a rate of 15% per annum, compounded semi-annually, 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 (including any interest accruing during the pendency of any bankruptcy or similar proceeding, whether or not a claim for post-petition interest is allowed as a claim in any such bankruptcy or proceeding). All such interest shall be payable on demand. The accrual of such interest on overdue amounts shall, in the case of any late payment of the Accreted Value or Change of Control Redemption Price, be in lieu of, and not in addition to, the continued accrual of the Accreted Value.