Common use of Interest on Term Loan Clause in Contracts

Interest on Term Loan. (a) The outstanding amount of the Term Loan shall bear interest until repaid at the rate per annum equal to the sum of Base plus 2.00% unless timely notice is given that all or a portion of the Term Loan is or is to be converted to, a LIBOR Loan. (b) Each portion of the Term Loan which consists of a LIBOR Loan shall bear interest at the sum of LIBOR plus 4.00%. (c) Subject to, and in accordance with, the provisions of this Agreement, the Borrower may cause all or a part of the unpaid principal balance of the Term Loan to bear interest determined by reference to Base or LIBOR as specified from time to time by the Borrower. The Borrower shall notify the Agent, such notice to be irrevocable, at least two (2) LIBOR Business Days prior to the Drawdown Date if all or any portion of such Term Loan is to bear interest at the LIBOR Offer Rate. After the Term Loan has been made, the provisions of Section 2.5 shall apply mutatis mutandis with respect to all or any portion of such Term Loan so that the Borrower may have the same interest rate options with respect to all or any portion of the Term Loan as it would be entitled to with respect to Revolving Credit Loans. (d) The Borrower shall not select, renew, or convert any interest rate for all or any portion of the Term Loan such that, in addition to interest at the Base plus 2.00% rate, there are more than six (6) portions of the Term Loan which are LIBOR Loans at any one time. (e) The Borrower shall pay accrued and unpaid interest on the Term Loan in arrears as follows (i) on the applicable Interest Payment Date for the relevant portion of the Term Loan, (ii) on the Termination Date and on the End Date, and (iii) following the occurrence of any Event of Default, with such frequency as may be determined by the Agent. (f) Following the occurrence and continuance of any Event of Default, at the option of the Agent or at the instruction of the SuperMajority Lenders (determined in this case solely by reference to the Term Loan Lenders), interest shall accrue and shall be payable on the unpaid principal balance of the Term Loan at a rate which is the aggregate of the rate applicable to the unpaid principal balance of the Term Loan as provided in clause (a) herein plus three percent (3%) per annum.

Interest on Term Loan. (a) Borrower shall pay interest to Lender quarterly in arrears on the last day of each calendar quarter, commencing on September 30, 1995 (each, an "Interest Payment Date"), at an annual rate equal to 13% (the "Stated Rate"), based on a year of 365 days for the actual number of days elapsed, and based on the amounts outstanding from time to time under the Term Loan, and as set forth in the following sentence, the Interim Notes. The Term Note issued pursuant to this Agreement refinances the outstanding principal amounts of, and accrued but unpaid interest on, the Interim Notes; accordingly, interest on the Term Note shall accrue (a) on $1,000,000 principal amount of the Term Loan shall bear interest until repaid at the rate per annum equal to the sum of Base plus 2.00% unless timely notice is given that all or a portion indebtedness evidenced hereby from July 1, 1995, (b) on $500,000 principal amount of the Term Loan is or is to be converted toindebtedness evidenced hereby from July 5, a LIBOR Loan1995, and (c) on $500,000 principal amount of the indebtedness evidenced hereby from July 17, 1995. (b) Each portion So long as any Event of Default shall be continuing, the interest rate applicable to the Term Loan which consists of a LIBOR Loan Advances shall bear interest at be increased by two percentage points per annum above the sum of LIBOR plus 4.00%rate otherwise applicable. (c) Subject toNotwithstanding anything to the contrary set forth in this Section 2.5, if at any time until payment in full of all of the Obligations in respect of the Term Loan Advances, the Stated 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 (the "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 shall be equal to the Maximum Lawful Rate; PROVIDED, HOWEVER, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Lender from the making of advances hereunder is equal to the total interest which Lender would have received had the Stated 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 Stated Rate, unless and until the Stated Rate again exceeds the Maximum Lawful Rate, in accordance withwhich event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this AgreementSection 2.5(c), the Borrower may cause all shall make a final determination that Lender has received interest hereunder or a part under any of the unpaid Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid under the Term Loan, then to the outstanding principal balance installments of the Term Loan to bear interest determined by reference to Base Note in inverse order of maturity (without premium or LIBOR as specified from time to time by the Borrower. The Borrower shall notify the Agent, such notice to be irrevocable, at least two (2) LIBOR Business Days prior to the Drawdown Date if all or any portion of such Term Loan is to bear interest at the LIBOR Offer Rate. After the Term Loan has been made, the provisions of Section 2.5 shall apply mutatis mutandis with respect to all or any portion of such Term Loan so that the Borrower may have the same interest rate options with respect to all or any portion of the Term Loan as it would be entitled to with respect to Revolving Credit Loans. (d) The Borrower shall not select, renew, or convert any interest rate for all or any portion of the Term Loan such that, in addition to interest at the Base plus 2.00% rate, there are more than six (6) portions of the Term Loan which are LIBOR Loans at any one time. (e) The Borrower shall pay accrued and unpaid interest on the Term Loan in arrears as follows (i) on the applicable Interest Payment Date for the relevant portion of the Term Loan, (ii) on the Termination Date and on the End Date, and (iii) following the occurrence of any Event of Default, with such frequency as may be determined by the Agent. (f) Following the occurrence and continuance of any Event of Default, at the option of the Agent or at the instruction of the SuperMajority Lenders (determined in this case solely by reference to the Term Loan Lenderspenalty), interest then to other unpaid Obligations and thereafter shall accrue and shall be payable on the unpaid principal balance refund any excess to Borrower or as a court of the Term Loan at a rate which is the aggregate of the rate applicable to the unpaid principal balance of the Term Loan as provided in clause (a) herein plus three percent (3%) per annumcompetent jurisdiction may otherwise order.

Interest on Term Loan. (a) The outstanding amount of Except as otherwise set forth herein, the Term Loan shall bear interest until repaid on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof at the rate of 7.0% per annum equal annum. (b) Interest payable pursuant to Section 2.5(a) shall be computed on the basis of a 360 day year, in each case for the actual number of days elapsed in the period during which it accrues. In computing interest on the Term Loan, the date of the making of such Term Loan shall be included and the date of payment of such Term Loan shall be excluded; provided, if the Term Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Term Loan. (c) Except as otherwise set forth herein, interest on the Term Loan shall be payable in arrears, and, other than as elected pursuant to Section 2.5(d) below, in Cash on and to (i) each Interest Payment Date applicable to the sum Term Loan; (ii) upon any prepayment of Base plus 2.00% unless timely the Term Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) at maturity, including final maturity. (d) For each Interest Payment Date (other than an Interest Payment Date due to final maturity of the Term Loan), the Borrower may elect, by written notice is given that delivered to the Administrative Agent at least five (5) Business Days prior to any such Interest Payment Date, to pay the interest due on the Term Loan on such Interest Payment Date as follows: (i) all or a portion of the Term Loan is or is interest accrued from the immediately preceding Interest Payment Date (or, if no interest has been paid, the Closing Date) at the interest rate set forth in Section 2.5(a) above and, to the extent applicable, including any additional interest pursuant to the Default Rate set forth in Section 2.6, per annum for such period in kind (the “PIK Portion”) which shall be converted to, a LIBOR Loan. (b) Each portion added to the outstanding principal amount of the Term Loan which consists of a LIBOR Loan shall (and thereafter bear interest at the sum of LIBOR plus 4.00%. (cinterest rate set forth in Section 2.5(a) Subject toabove and, and in accordance withif applicable, the provisions Default Rate and otherwise be treated as Term Loan for purposes of this Agreement) and (ii) the remaining portion of interest accrued, if any, from the immediately preceding Interest Payment Date on which interest was paid (or, if no interest has been paid, the Closing Date) in Cash. Any such written notice from the Borrower may cause all or shall be accompanied by a part certificate of a responsible officer of the unpaid Borrower specifying (1) the percentage of interest that will constitute the PIK Portion, (2) the dollar amount of the PIK Portion that will be added to the outstanding principal balance amount of the Term Loan to bear on such Interest Payment Date and (3) the dollar amount of interest determined by reference to Base or LIBOR as specified from time to time by the Borrower. The Borrower shall notify the Agent, such notice to that will be irrevocable, at least two (2) LIBOR Business Days prior to the Drawdown Date if all or any portion of such Term Loan is to bear interest at the LIBOR Offer Rate. After the Term Loan has been made, the provisions of Section 2.5 shall apply mutatis mutandis with respect to all or any portion of such Term Loan so that the Borrower may have the same interest rate options with respect to all or any portion of the Term Loan as it would be entitled to with respect to Revolving Credit Loans. (d) The Borrower shall not select, renew, or convert any interest rate for all or any portion of the Term Loan such that, paid in addition to interest at the Base plus 2.00% rate, there are more than six (6) portions of the Term Loan which are LIBOR Loans at any one time. (e) The Borrower shall pay accrued and unpaid interest Cash on the Term Loan in arrears as follows (i) on the applicable such Interest Payment Date for the relevant portion Date; provided, that if no such notice is provided, 100% of the Term Loan, (ii) on the Termination Date and on the End Date, and (iii) following the occurrence of any Event of Default, with such frequency as may be determined by the Agent. (f) Following the occurrence and continuance of any Event of Default, at the option of the Agent or at the instruction of the SuperMajority Lenders (determined in this case solely by reference to the Term Loan Lenders), interest shall accrue and shall be payable on the unpaid principal balance of the Term Loan at a rate which is the aggregate of the rate applicable to the unpaid principal balance of the Term Loan as provided paid in clause (a) herein plus three percent (3%) per annumCash.

Interest on Term Loan. (a) The outstanding So long as no Event of Default has occurred and is continuing, the Borrower shall pay interest on the Term Loan as follows: (i) the Base Rate Loans shall bear interest for the period commencing with the respective Drawdown Dates thereof and ending on the last day of the Interest Period with respect thereto at the rate per annum which is equal to the sum of (A) the Base Rate PLUS (B) the Base Rate Margin as in effect from time to time, (ii) each Eurodollar Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of the Interest Period with respect thereto at the rate per annum which is equal to the sum of (A) the Eurodollar Rate determined for such Interest Period PLUS (B) the Eurodollar Rate Margin as in effect from time to time, and (iii) the Borrower promises to pay interest on each Term Loan in arrears on each Interest Payment Date with respect thereto. (b) While an Event of Default is continuing, but prior to maturity, whether by acceleration or otherwise, amounts payable with respect to the Term Note and the Term Loan Note shall bear interest (compounded monthly and payable at maturity) at a rate per annum which is equal to the sum of (A) the applicable rate of interest determined by reference to Section 3.6(a) PLUS (B) 7% per annum, until such amount is paid in full (after as well as before judgment) or until such Event of Default has been cured or waived in writing in accordance with Section 16.4 hereof. (c) On and after maturity, whether by acceleration or otherwise, the Term Loan shall bear interest until repaid (compounded monthly and payable on demand) at the a rate per annum which is equal to the sum of (A) the rate of interest applicable to a Base Rate Revolving Credit Loan when no Event of Default has occurred and is continuing (i.e., the Base Rate plus 2.00the Base Rate Margin then in effect) PLUS (B) 7% unless timely notice per annum, PROVIDED, HOWEVER, the amount of interest payable pursuant to Section 3.6(b) which is given in excess of that all certain rate of interest applicable to the Revolving Credit Loans or a portion Unpaid Reimbursement Obligations pursuant of Section 2.9(b) shall, except to the extent paid from the proceeds of the Term Loan is or is Real Estate Collateral pursuant to Section 11.4(b), be converted to, a LIBOR Loansubordinated and junior in right of payment to the Borrower's obligations in respect of the Revolving Credit Loans and Reimbursement Obligations. (bd) Each portion Notwithstanding any other provision of the this Agreement, no Term Loan which consists of a LIBOR Loan shall bear interest at an Applicable Rate greater than the sum of LIBOR plus 4.00%. (c) Subject to, and in accordance with, the provisions of this Agreement, the Borrower may cause all or a part of the unpaid principal balance of the Term Loan to bear interest determined by reference to Base or LIBOR as specified from time to time by the Borrower. The Borrower shall notify the Agent, such notice to be irrevocable, at least two (2) LIBOR Business Days prior to the Drawdown Date if all or any portion of such Term Loan is to bear interest at the LIBOR Offer Maximum Rate. After the Term Loan has been made, the provisions of Section 2.5 shall apply mutatis mutandis with respect to all or any portion of such Term Loan so that the Borrower may have the same interest rate options with respect to all or any portion of the Term Loan as it would be entitled to with respect to Revolving Credit Loans. (d) The Borrower shall not select, renew, or convert any interest rate for all or any portion of the Term Loan such that, in addition to interest at the Base plus 2.00% rate, there are more than six (6) portions of the Term Loan which are LIBOR Loans If at any one time. (e) The Borrower time the Applicable Rate shall pay accrued and unpaid exceed the Maximum Rate, thereby causing the interest on the Term Loan to be limited to the Maximum Rate, then any subsequent reduction in arrears as follows (i) the Applicable Rate shall not reduce the rate of interest on the applicable Interest Payment Date for the relevant portion of the Term Loan, (ii) on the Termination Date and on the End Date, and (iii) following the occurrence of any Event of Default, with such frequency as may be determined by the Agent. (f) Following the occurrence and continuance of any Event of Default, at the option of the Agent or at the instruction of the SuperMajority Lenders (determined in this case solely by reference to the Term Loan Lenders), below the Maximum Rate until the aggregate amount of interest shall accrue and shall be payable accrued on the unpaid principal balance of the Term Loan at a rate which is equals the aggregate amount of the rate applicable to the unpaid principal balance of interest which would have accrued on the Term Loan as provided if the Applicable Rate had at all times been in clause (a) herein plus three percent (3%) per annumeffect.

Interest on Term Loan. (a) The outstanding amount of the Term Loan shall bear interest until repaid at the rate per annum equal to the sum of Base plus 2.001.25% unless timely notice is given that all or a portion of the Term Loan is or is to be converted to, a LIBOR Loan. (b) Each portion of the Term Loan which consists of a LIBOR Loan shall bear interest at the sum of LIBOR plus 4.002.75%. (c) Subject to, and in accordance with, the provisions of this Agreement, the Borrower may cause all or a part of the unpaid principal balance of the Term Loan to bear interest determined by reference to Base or LIBOR as specified from time to time by the Borrower. The Borrower shall notify the Agent, such notice to be irrevocable, at least two (2) LIBOR Business Days prior to the Drawdown Date if all or any portion of such Term Loan is to bear interest at the LIBOR Offer Rate. After the Term Loan has been made, the provisions of Section 2.5 shall apply mutatis mutandis with respect to all or any portion of such Term Loan so that the Borrower may have the same interest rate options with respect to all or any portion of the Term Loan as it would be entitled to with respect to Revolving Credit Loans. (d) The Borrower shall not select, renew, or convert any interest rate for all or any portion of the Term Loan such that, in addition to interest at the Base plus 2.001.25% rate, there are more than six (6) portions of the Term Loan which are LIBOR Loans at any one time. (e) The Borrower shall pay accrued and unpaid interest on the Term Loan in arrears as follows (i) on the applicable Interest Payment Date for the relevant portion of the Term Loan, (ii) on the Termination Date and on the End Date, and (iii) following the occurrence of any Event of Default, with such frequency as may be determined by the Agent. (f) Following the occurrence and continuance of any Event of Default, at the option of the Agent or at the instruction of the SuperMajority Lenders (determined in this case solely by reference to the Term Loan Lenders), interest shall accrue and shall be payable on the unpaid principal balance of the Term Loan at a rate which is the aggregate of the rate applicable to the unpaid principal balance of the Term Loan as provided in clause (a) herein plus three percent (3%) per annum.

Interest on Term Loan. (a) The Interest shall accrue on the outstanding amount of the Term Loan shall bear interest until repaid at the rate per annum equal to the sum of Base plus 2.00% unless timely notice is given that all or a portion of the Term Loan is or is to be converted to, a LIBOR Loan. (b) Each portion of the Term Loan which consists of a LIBOR Loan shall bear interest at the sum of LIBOR plus 4.00%. (c) Subject to, and in accordance with, the provisions of this Agreement, the Borrower may cause all or a part of the unpaid principal balance of the Term Loan to bear interest determined by reference to Base or LIBOR in arrears for the preceding calendar month as specified from time to time by the Borrower. The Borrower shall notify the Agent, such notice to be irrevocable, at least two (2) LIBOR Business Days prior to the Drawdown Date if all or any portion of such Term Loan is to bear interest at the LIBOR Offer Rate. After the Term Loan has been made, the provisions of Section 2.5 shall apply mutatis mutandis with respect to all or any portion of such Term Loan so that the Borrower may have the same interest rate options with respect to all or any portion of the Term Loan as it would Closing Date and the first accrual determination date shall be entitled to with respect to Revolving Credit Loans. (d) The Borrower July 1, 2008, and interest shall not select, renew, or convert any interest rate for all or any portion of the Term Loan such that, in addition to interest at the Base plus 2.00% rate, there are more than six (6) portions of the Term Loan which are LIBOR Loans at any one time. (e) The Borrower shall pay accrued and unpaid interest on the Term Loan in arrears as follows be payable (i) on the applicable Interest Payment Date for the relevant portion of the Term Loan, Maturity Date, and (ii) on if any interest accrues or remains payable after the Termination Date and on the End Maturity Date, upon demand. If any interest or other payment under this Agreement 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 (iii) following the occurrence of any Event of Default, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such frequency as may be determined by the Agentextension. (fb) Following the occurrence and continuance of any Event of Default, at the option of the Agent or at the instruction of the SuperMajority Lenders (determined in this case solely by reference to the Term Loan Lenders), interest shall accrue and Borrower shall be payable obligated to pay interest to Lender on the unpaid principal outstanding balance of the Term Loan at a rate equal to twelve percent (12.0%) per annum. All computations of interest shall be made on the basis of a three hundred and sixty (360) day year, in each case for the actual number of days occurring in the period for which such interest is payable. (c) Upon the aggregate occurrence and during the continuance of any Event of Default, the interest rate applicable to all of the unpaid principal balance Obligations automatically shall be the Default Rate. (d) Notwithstanding anything to the contrary set forth in this Section 1.4, if, at any time prior to the Termination Date, the rate of interest payable to Lender hereunder exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the “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 to Lender shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter the rate of interest payable hereunder is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder to Lender at the Maximum Lawful Rate until such time as the total interest received by Lender from the making of the Term Loan hereunder is equal to the total interest which Lender would have received had the interest rate payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in clause this Agreement. Thereafter, the interest rate payable to Lender hereunder shall be the rate of interest provided in Sections 1.4 (ab) herein plus three percent or (3%) per annumc), as applicable, of this Agreement, unless and until the rate of interest again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section 1.4(d), shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by Applicable Law, promptly apply such excess first to any lawful interest due and not yet paid hereunder, then to the outstanding principal of the Obligations, then to Fees and any other unpaid Obligations and thereafter shall promptly refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.