Interest; Interest Payments. (a) The unpaid principal balance of the Line of Credit Loan, or any portion thereof, shall bear interest at a rate equal to LIBOR plus the Applicable Margin, as LIBOR and the Applicable Margin change from time to time. (b) The interest accrued on each Borrowing shall be payable on each Interest Payment Date applicable to such Borrowing, upon any prepayment of any Borrowing (to the extent accrued on the amount being prepaid) and at maturity.
Appears in 3 contracts
Samples: Loan and Security Agreement (Forward Air Corp), Loan and Security Agreement (Tweed John A), Loan and Security Agreement (Landair Corp)
Interest; Interest Payments. (a) The unpaid principal balance of the Line of Credit Equipment Loan, or any portion thereof, shall bear interest at a rate equal to LIBOR plus the Applicable Margin, as LIBOR and the Applicable Margin change from time to time.
(b) The interest accrued on each Equipment Loan Borrowing shall be payable on each Interest Payment Date applicable to such Borrowing, upon any prepayment of any Borrowing (to the extent accrued on the amount being prepaid) and at maturity.
Appears in 2 contracts
Samples: Loan and Security Agreement (Forward Air Corp), Loan and Security Agreement (Landair Corp)
