Common use of Interest accrued Clause in Contracts

Interest accrued. on each Eurodollar Loan shall be payable on the first day of each month, commencing with the first such date to occur after the Closing Date, and on the maturity date of that Eurodollar Loan. Agent shall use its best efforts to notify Borrowers of the amount of interest so payable prior to each interest payment date, but failure of Agent to do so shall not excuse payment of such interest when payable. Except as otherwise provided in Section 3.6, the unpaid principal amount of any Eurodollar Loan shall bear interest at a rate per annum equal to the Eurodollar Rate for that Eurodollar Loan plus the Eurodollar Rate Spread.

Appears in 4 contracts

Samples: Loan Agreement (Sports Club Co Inc), Loan Agreement (Sports Club Co Inc), Loan Agreement (Sports Club Co Inc)

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Interest accrued. on each Eurodollar Loan shall be payable on the first day of each month, commencing with the first such date to occur after the Closing Date, and on the maturity date of that Eurodollar Loan. Agent Bank shall use its best efforts to notify Borrowers Borrower of the amount of interest so payable prior to each interest payment date, but failure of Agent Bank to do so shall not excuse payment of such interest when payable. Except as otherwise provided in Section 3.6, the unpaid principal amount of any Eurodollar Loan shall bear interest at a rate per annum equal to the Eurodollar Rate for that Eurodollar Loan plus the Eurodollar Rate Spread.

Appears in 1 contract

Samples: Loan Agreement (Sports Club Co Inc)

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