Interest on Loan. (i) At the Borrower's election in accordance with the provisions of Paragraph 2.6(b) below, in the absence of the existence and continuance of an Event of Default hereunder and prior to maturity or judgment, and subject to clause (ii) below, any Portion of the Loans shall bear interest at either of the following rates:
Interest on Loan. (a) Borrower shall pay interest to Lender with respect to the Loan in arrears on each June 30 and December 31, commencing June 30, 1996. Interest shall be payable in an amount equal to the quotient of (i) an amount equal to (A) the sum of the daily unpaid principal amount of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period from the Closing Date through June 30, 1996) multiplied by (B) a rate equal to 9% (provided that the rate applicable to the period prior to the date of this Agreement shall be 8%) ("Stated Rate"), divided by (ii) 365.
(b) If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.
(c) So long as an Event of Default shall be continuing the Stated Rate applicable to the Loan shall be increased by 8% per annum ("Default Interest Rate"), retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Date.
(d) Notwithstanding anything to the contrary set forth in this Section, if at anytime until payment in full of all of the obligations in respect of the Loan, the Default Interest Rate exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto ("Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder with respect to the Loan to which such Default Interest Rate applies shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder with respect to the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender hereunder is equal to the total interest which Lender would have received had such Default Interest Rate been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable hereunder shall be the Default Interest Rate unless and until such Default Interest Rate again exceeds the Maximum Lawfu...
Interest on Loan. Interest shall accrue on the sum of the daily unpaid principal balance of the Loan outstanding on each day in lawful money of the United States of America from the Effective Date until all such principal amounts shall have been paid in full, which interest shall accrue at a rate equal to eight percent (8%) per annum. Interest shall be compounded quarterly and computed at the above rate on the basis of the actual number of days elapsed year of 365 days; provided, however, that in no event shall Borrower be bound to pay for the use or forbearance of the money loaned pursuant hereto, interest of more than the maximum rate permitted by law to be charged by Lender; the right to demand any such excess being hereby expressly waived by Lender. All accrued and unpaid interest attributable to the principal amount of the Loan then being paid shall be payable concurrently with such payment of principal, whether in connection with any prepayment, on the Maturity Date or otherwise.
Interest on Loan. (a) (i) From the Closing Date through and including the Commitment Termination Date, interest accrues on the amount outstanding from time to time under the Loan at the rate of eleven and one-half percent (11-1/2%) per annum, calculated on the basis of a 360 day year for the number of days elapsed. Interest will be capitalized on June 30, of each year of the Loan and shall be added to the principal amount outstanding at such time under the Loan.
Interest on Loan. The Borrower shall pay the Lender interest on the outstanding balance of the Loan at a rate per annum equal to six percent (6.0%), compounded monthly and not in advance. After an Event of Default, interest on the Loan will accrue, from the date of such Event of Default, at a rate per annum of eighteen percent (18%), compounded monthly.
Interest on Loan. Borrower shall pay interest quarterly, in arrears, on the fifth day after the end of each fiscal quarter of the Borrower, on the outstanding principal amount of the Loan at the Loan Interest Rate. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, Borrower shall pay interest on the Loan at a rate which is five percent (5.0%) per annum above the Loan Interest Rate (the “Default Rate”). Notwithstanding anything contained herein to the contrary, in no event shall any interest to be paid under this Agreement or under any Loan Document exceed the maximum rate permitted by law.
Interest on Loan. 1. Interest shall be calculated from the actual date of issuance of the loan according to the actual amount of the loan and the actual term of the loan.The interest is payable monthly (month/quarter), and the date of settlement is the twentieth of each month (month/quarter end) Day. If the last repayment date of the borrowed principal is not on the settlement date, the unpaid interest accrues with the original clear.
2. The Borrower shall pay the interest on each settlement date and the Lender may deduct the interest directly from the Borrower’s account at the Bank of Xxxxxxx.Xx the event that the Borrower fails to pay the interest on time, the Lender may.
Interest on Loan. (i) The unpaid principal amount of the Term Loan shall bear interest from the date thereof until the Term Maturity Date (whether by acceleration or otherwise) at 8.25% fixed.
(ii) The unpaid principal amount of the aggregate outstanding balance of the Revolving Loan shall bear interest from the date of each advance thereof until the Revolving Maturity Date, at the Prime Rate plus 3.0% floating, but in no case less than 8.25%.
Interest on Loan. (i) At the Company's election in accordance with the provisions of Paragraph 2.6(c) below, in the absence of an Event of Default or Default hereunder, and prior to maturity, any Portion of the Loan shall bear interest at any one of the following rates:
(A) Base Rate. The Base Rate, such rate to change when and as the Base Rate changes.
(B) Adjusted Libor-Based Rate. The Adjusted Libor Rate plus the Applicable Margin.
(ii) Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default or Default hereunder, including after maturity and before and after judgment, Borrowers hereby agree to pay to Banks interest on the outstanding principal balance of the Loan at the rate of two percent (2%) per annum in excess of the rates then available to and elected by the Company for each Portion then outstanding, and with respect to Portions bearing interest based on the Adjusted Libor Rate, at the end of the applicable Interest Periods and thereafter, such Portions shall bear interest at the rate of two percent (2%) per annum in excess of the Base Rate, such rate to change when and as the Base Rate changes.
