Common use of Interest on Eurocurrency Loans Clause in Contracts

Interest on Eurocurrency Loans. Subject to the provisions of Section 4.6, each Eurocurrency Loan shall bear interest on its unpaid principal amount at a rate per annum equal to the applicable Eurocurrency Rate plus the Applicable Margin, as the same may be adjusted pursuant to the provisions of the definition of Applicable Margin. Such interest shall be payable on the last day of each Interest Period with respect to such Eurocurrency Loan (or, in the case of Interest Periods in excess of three months, on each three month anniversary of the making of such Eurocurrency Loan and the last day of such Interest Period), at the date of Conversion of such Eurocurrency Loan (or a portion thereof) to a Base Rate Loan and at maturity of such Eurocurrency Loan, and after maturity of such Eurocurrency Loan (whether by acceleration or otherwise), upon demand. The Administrative Agent upon determining the Eurocurrency Rate for any Interest Period shall promptly notify the Funds Administrator and the Lenders by telephone (confirmed promptly in writing) or in writing thereof. Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.