Interest on the Loans. 3.2.1. The Loans shall bear interest at a rate equal to 12 % per annum on the unpaid principal amount thereof from and including the Closing Date until the principal amount shall be paid in full, such interest to be payable in cash in the manner specified in Section 3.7. Notwithstanding the foregoing, upon the ----------- occurrence of an Event of Default hereunder and for so long as an Event of Default is continuing, the interest rate, to the extent permitted by law, on the unpaid principal amount of the Loans shall increase to 14%. 3.2.2. Interest shall be payable with respect to the Loans, in arrears, on the last day of each Interest Period, upon any prepayment of the Loans (to the extent of accrued interest on the principal amount of the Loans so prepaid) and at maturity of the Loans. The "Interest Period" means (i) --------------- initially, the period commencing on the Closing Date (with respect to the Initial Loan) or on the date any subsequent Loan is made (with respect to subsequent Loans) and ending on the next succeeding Interest Payment Date and (ii) thereafter, each quarterly period ending on March 31, June 30, September 30, or December 31, as applicable (each such date for an interest payment, an "Interest Payment Date" ); provided, that, no Interest Period shall extend --------------------- -------- ---- beyond the Maturity Date.
Appears in 1 contract
Samples: Senior Subordinated Loan Agreement (GTCR Golder Rauner LLC)
Interest on the Loans. 3.2.1. The Loans shall bear interest at a rate equal to 12 12% per annum on the unpaid principal amount thereof from and including the Closing Date until the principal amount shall be paid in full, such interest to be payable in cash in the manner specified in Section 3.7. Notwithstanding the foregoing, upon the ----------- occurrence of an Event of Default hereunder and for so long as an Event of Default is continuing, the interest rate, to the extent permitted by law, on the unpaid principal amount of the Loans shall increase to 14%.
3.2.2. Interest shall be payable with respect to the Loans, in arrears, on the last day of each Interest Period, upon any prepayment of the Loans (to the extent of accrued interest on the principal amount of the Loans so prepaid) and at maturity of the Loans. The "Interest Period" means (i) --------------- initially, the period commencing (a) on the date such loans were made (with respect to the Existing GTCR Debt), (b) on the Closing Date (with respect to the Initial Bio Gro Loan) or (c) on the date any subsequent Loan is made (with respect to subsequent Loans) and ending on the next succeeding Interest Payment Date and (ii) thereafter, each quarterly period ending on March 3125, June 3025, September 3025, or December 3125, as applicable (each such date for an interest payment, an "Interest Payment Date" "); provided, that, no Interest Period shall extend beyond --------------------- -------- ---- beyond the Maturity Date.
Appears in 1 contract
Samples: Senior Subordinated Loan Agreement (GTCR Golder Rauner LLC)
Interest on the Loans. 3.2.1. The Loans shall bear interest at a rate equal to 12 12% per annum on the unpaid principal amount thereof from and including the Closing Date until the principal amount shall be paid in full, such interest to be payable in cash in the manner specified in Section 3.7. Notwithstanding the foregoing, upon the ----------- occurrence of an Event of Default hereunder and for so long as an Event of Default is continuing, the interest rate, to the extent permitted by law, on the unpaid principal amount of the Loans shall increase to 14%.
3.2.2. Interest shall be payable with respect to the Loans, in arrears, on the last day of each Interest Period, upon any prepayment of the Loans (to the extent of accrued interest on the principal amount of the Loans so prepaid) and at maturity of the Loans. The "Interest Period" means (i) --------------- initially, the period commencing (a) on the date such loans were made (with respect to the Existing GTCR Debt), (b) on the Closing Date (with respect to the Initial Bio Gro Loan) or (c) on the date any subsequent Loan is made (with respect to subsequent Loans) and ending on the next succeeding Interest Payment Date and (ii) thereafter, each quarterly period ending on March 3125, June 3025, September 3025, or December 3125, as applicable (each such date for an interest payment, an "Interest Payment Date" "); provided, that, no Interest Period shall extend --------------------- -------- ---- beyond the Maturity Date.
Appears in 1 contract
Samples: Senior Subordinated Loan Agreement (Synagro Technologies Inc)
Interest on the Loans. 3.2.1. The Loans shall bear interest at a rate equal to 12 % per annum on the unpaid principal amount thereof from and including the Closing Date until the principal amount shall be paid in full, such interest to be payable in cash in the manner specified in Section 3.7. Notwithstanding the foregoing, upon the ----------- occurrence of an Event of Default hereunder and for so long as an Event of Default is continuing, the interest rate, to the extent permitted by law, on the unpaid principal amount of the Loans shall increase to 14%.
3.2.2. Interest shall be payable with respect to the Loans, in arrears, on the last day of each Interest Period, upon any prepayment of the Loans (to the extent of accrued interest on the principal amount of the Loans so prepaid) and at maturity of the Loans. The "Interest Period" means (i) --------------- initially, the period commencing on the Closing Date (with respect to the Initial Loan) or on the date any subsequent Loan is made (with respect to subsequent Loans) and ending on the next succeeding Interest Payment Date and (ii) thereafter, each quarterly period ending on March 31, June 30, September 30, or December 31, as applicable (each such date for an interest payment, an "Interest Payment Date" "); provided, that, no Interest Period shall extend --------------------- -------- ---- beyond the Maturity Date.
Appears in 1 contract
Samples: Senior Subordinated Loan Agreement (Synagro Technologies Inc)