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Common use of Interest on Term Loan Clause in Contracts

Interest on Term Loan. (a) Subject to Section 2.05, the Term Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding, from the date of the making of such Term Loan until such principal amount is repaid in full, at a rate per annum equal to 12% (the “Interest Rate”), provided that such interest that has accrued during such period may be capitalized on such Interest Payment Date and added to the outstanding principal amount of the Term Loan. For purposes of this Agreement and the other Loan Documents, the amounts so capitalized hereunder shall bear interest in accordance with this Section 2.04 as though such amounts constituted a Term Loan made by the Lender hereunder. (b) Accrued interest on the Term Loan shall be payable monthly in arrears, on the first Business Day of each month (the “Interest Payment Date”), commencing on November 1, 2005, at maturity (whether by acceleration or otherwise), and after such maturity on demand. (c) The Borrower shall repay the entire unpaid balance of the Term Loan (including, without limitation, all capitalized interest thereon) and all accrued and unpaid interest thereon on the Termination Date.

Appears in 1 contract

Samples: Loan Agreement (Act Teleconferencing Inc)

Interest on Term Loan. (a) Subject to Section 2.05, the Term Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding, from the date of the making of such Term Loan until such principal amount is repaid in full, at a rate per annum equal to 1215% (the “Interest Rate”), provided that such interest that has accrued during such period may be capitalized on such Interest Payment Date and added to the outstanding principal amount of the Term Loan. For purposes of this Agreement and the other Loan Documents, the amounts so capitalized hereunder shall bear interest in accordance with this Section 2.04 as though such amounts constituted a Term Loan made by the Lender hereunder. (b) Accrued interest on the Term Loan shall be payable monthly in arrears, on the first Business Day of each month (the “Interest Payment Date”), commencing on November August 1, 2005, at maturity (whether by acceleration or otherwise), and after such maturity on demand. (c) The Borrower shall repay the entire unpaid balance of the Term Loan (including, without limitation, all capitalized interest thereon) and all accrued and unpaid interest thereon on the Termination Date.

Appears in 1 contract

Samples: Loan Agreement (Act Teleconferencing Inc)

Interest on Term Loan. (a) Subject to Section 2.05, the Term Loan Loans shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding, from the date of the making of such Term Loan until such principal amount is repaid in full, at a rate per annum equal to 12% (the “Interest Rate”), provided that such interest that has accrued during such period may be capitalized on such Interest Payment Date and added to the outstanding principal amount of the Term Loan. For purposes of this Agreement and the other Loan Documents, the amounts so capitalized hereunder shall bear interest in accordance with this Section 2.04 as though such amounts constituted a Term Loan made by the Lender hereunder. (b) Accrued interest on the Term Loan Loans shall be payable monthly in arrears, on the first Business Day of each month (the “Interest Payment Date”), commencing on November 1, 2005, at maturity (whether by acceleration or otherwise), and after such maturity on demand. (c) The Borrower shall repay the entire unpaid balance of the Term Loan Loans (including, without limitation, all capitalized interest thereon) and all accrued and unpaid interest thereon on the Termination Date.

Appears in 1 contract

Samples: Loan Agreement (Act Teleconferencing Inc)

Interest on Term Loan. (a) Subject to Section 2.052.10, the Term Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) on the principal amount thereof from time to time outstanding, from the date of the making of such Term Loan until such principal amount is repaid in full, at a rate per annum equal to 1225% (the “Interest Rate”), provided that that, such interest that has accrued during such period may be capitalized on such Interest Payment Date and added to the outstanding principal amount of the Term Loan. For purposes of this Agreement and the other Loan Documents, the amounts so capitalized hereunder shall bear interest in accordance with this Section 2.04 2.09 as though such amounts constituted a Term Loan made by the Lender Lenders hereunder. (b) Accrued interest on the Term Loan shall be payable monthly in arrears, on the first Business Day of each month (the “Interest Payment Date”), commencing on November December 1, 20052004, at maturity (whether by acceleration or otherwise), and after such maturity on demand. (c) The Borrower Borrowers shall repay the entire unpaid balance of the Term Loan (including, without limitation, all capitalized interest thereon) and all accrued and unpaid interest thereon on the Termination Date.

Appears in 1 contract

Samples: Credit Agreement (Wet Seal Inc)