Bridge Loan. (Term C Loan). Absent the occurrence of any Event of Default, the unpaid principal amount of the Bridge Loan outstanding hereunder shall bear interest at the rate of eleven percent (11%) per annum. Absent the occurrence of any Event of Default, one half of the interest accruing at this rate shall accrue, but not be payable, until maturity of the Term C Loan and Term C Note (whether pursuant to acceleration or otherwise) and the other half shall be due and payable in cash on a quarterly basis on the last Business Day of each March, June,
Appears in 3 contracts
Sources: Bridge and Consolidated Term Loan Agreement (Donlar Corp), Bridge and Consolidated Term Loan Agreement (Donlar Biosyntrex Corp), Bridge and Consolidated Term Loan Agreement (Donlar Corp)